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Cultural and creative entrepreneurs in financial crises: Sailing against the tide?

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  • Elsa Fontainha
  • Elisabetta Lazzaro

Abstract

We focus on a number of idiosyncrasies of cultural and creative entrepreneurs (CCEs) to study CCEs’ capacity of resilience under times of downturn (economic, financial and debt crisis). We analyse CC firms’ demography (born and dead), trends and performance and the association between subsidies received and firm survival. We look at mostly micro firms in a country where CCEs are particularly challenged from the financial perspective, namely Portugal. We exploit the unique availability of accounting micro data at private firm level in a time span of 8 years (2004-2011), which allows to include the effects of the latest financial crisis, and to understand the evolution of the economic success criterion. The obtained results about the impact of subsidies on survival are interesting in both CCEs and policy perspectives, suggesting a positive impact of subsidies in periods of downturn, and negative impact of subsidies in periods of growth of the economy. Further, CC firms revealed to be more dynamic than other firms in other sectors. JEL Codes - L26; Z11; L82

Suggested Citation

  • Elsa Fontainha & Elisabetta Lazzaro, 2019. "Cultural and creative entrepreneurs in financial crises: Sailing against the tide?," Scientific Annals of Economics and Business (continues Analele Stiintifice), Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 66(si), pages 73-89, September.
    • Handle: RePEc:aic:saebjn:v:66:y:2019:i:si:p:73-89:n:159
    DOI: 10.47743/saeb-2019-0022
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    1. Beck, Thorsten & Demirguc-Kunt, Asli, 2006. "Small and medium-size enterprises: Access to finance as a growth constraint," Journal of Banking & Finance, Elsevier, vol. 30(11), pages 2931-2943, November.
    2. Antoncic, Bostjan & Hisrich, Robert D., 2001. "Intrapreneurship: Construct refinement and cross-cultural validation," Journal of Business Venturing, Elsevier, vol. 16(5), pages 495-527, September.
    3. Jacobs, Sofie & Cambré, Bart & Huysentruyt, Marieke & Schramme, Annick, 2016. "Multiple pathways to success in small creative businesses: The case of Belgian furniture designers," Journal of Business Research, Elsevier, vol. 69(11), pages 5461-5466.
    4. Denis, David J., 2004. "Entrepreneurial finance: an overview of the issues and evidence," Journal of Corporate Finance, Elsevier, vol. 10(2), pages 301-326, March.
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    More about this item

    Keywords

    cultural and creative entrepreneurship; resilience; policy;
    All these keywords.

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature
    • L82 - Industrial Organization - - Industry Studies: Services - - - Entertainment; Media

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