VERGARA FARÍAS, MARCOS ANDRÉS
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VERGARA FARÍAS, MARCOS ANDRÉS
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marcosvergara@udd.cl
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Scopus Author ID
55753179100

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Publication

Credit rationing or entrepreneurial risk aversion? A comment

2013 , Claudio A. Bonilla , VERGARA FARÍAS, MARCOS ANDRÉS

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The impact of government support programs for the development of businesses in Chile

2015 , Christian A. Cancino , Claudio A. Bonilla , VERGARA FARÍAS, MARCOS ANDRÉS

Purpose– The purpose of this paper is to analyze the impact on businesses in Chile of the Seed Capital Program (SCP) implemented by Chile’s Technical Cooperation Services.Design/methodology/approach– In order to analyze the impact of this SCP, a counter-factual scenario was used that entailed a combination of the propensity score matching with difference in difference methods. A total of 682 businesses were surveyed (378 in the treatment group and the rest in the control group), 164 of which gave complete responses to the surveys, 89 belonging to the treatment group and 75 to the control group.Findings– The results are mixed. On the one hand, the impact of sales is positive but its statistical significance depends on the model used. With regard to the number of employees, however, the results are positive and statistically significant regardless of the model used. The results also show that participating in the program has no incidence on the probability of later obtaining financing.Research limitations/implications– This study highlights the importance of differentiating between opportunity-driven entrepreneurship programs and necessity-driven entrepreneurship programs.Practical implications– It also suggests improvements in public policy to develop entrepreneurship in small businesses in Chile. These suggestions may also be interesting for other countries facing similar challenges in terms of developing private entrepreneurship as a vehicle to generate economic development.Originality/value– This exploratory work may be interesting to those in charge of designing, implementing and evaluating public programs in support of small- and mid-sized enterprise development.

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The complementarity effect: Effort and sharing in the entrepreneur and venture capital contract

2016 , VERGARA FARÍAS, MARCOS ANDRÉS , Claudio A. Bonilla , Jean P. Sepulveda

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Changes in risk and entrepreneurship

2022 , Claudio A. Bonilla , VERGARA FARÍAS, MARCOS ANDRÉS , Richard Watt

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Precautionary saving in mean-variance models and different sources of risk

2021 , VERGARA FARÍAS, MARCOS ANDRÉS , Claudio A. Bonilla

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Hybrid entrepreneurship and risk

2023 , BENÍTEZ LAVADOS, IGNACIA MARÍA , Claudio A. Bonilla , VERGARA FARÍAS, MARCOS ANDRÉS

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Risk aversion, downside risk aversion, and the transition to entrepreneurship

2020 , Claudio A. Bonilla , VERGARA FARÍAS, MARCOS ANDRÉS

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Testing the theory of the firm under price and background risk

2024 , Claudio A. Bonilla , Jorge Sabat , VERGARA FARÍAS, MARCOS ANDRÉS

AbstractA generalized version of the classical model of the firm under risk is proposed in order evaluate the effects of an increase in price risk on a firm's production choices where background risk is present. It is shown theoretically that in this setting, these effects are ambiguous. This purely analytical result is then tested empirically using survey data on manufacturing firms in Chile. The results indicate that an increase in price risk induces greater production levels across the entire sample, thus revealing the presence of a precautionary effect. When the sample is divided on the basis of firm size, however, evidence of significant heterogeneous effects is found. While larger firms exhibit a precautionary effect, smaller firms display a strong substitution effect that prompts them to reduce output levels.

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