The paradox of investment timing in small business: Why do firms invest when it is too late?

Nguyen, Bach, Le, Chau and Vo, Xuan Vinh (2023) The paradox of investment timing in small business: Why do firms invest when it is too late? Journal of Small Business Management, 61 (2). pp. 863-905. ISSN 0047-2778

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Abstract

This article aims to tell the “gamble of resurrection” story for small owner-managed firms. Analyzing a set of private firms in Vietnam, we find that for firms that are less financially constrained, an increase in the degree of financing constraints leads to a decrease in the use of entrepreneurs’ personal capital. However, once critical value of constraints is reached, this relationship reverses. Specifically, deferring investments that would otherwise be in time may result in firms’ experiencing such serious financial distress that the entrepreneurs will invest their personal capital to try and maintain their firms’ survival even though it may be too late.

Item Type:	Article
Uncontrolled Keywords:	cash flow,financial constraints,investment behavior,personal capital,small business,business, management and accounting(all),management of technology and innovation,strategy and management ,/dk/atira/pure/subjectarea/asjc/1400
Faculty \ School:	Faculty of Social Sciences > Norwich Business School
UEA Research Groups:	Faculty of Science > Research Groups > Statistics
Related URLs:	http://www.scopus.com/inward/record.url?...
Depositing User:	LivePure Connector
Date Deposited:	19 Jan 2026 13:30
Last Modified:	29 Jan 2026 10:32
URI:	https://ueaeprints.uea.ac.uk/id/eprint/101641
DOI:	10.1080/00472778.2020.1816436

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