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    Entrepreneurs competing between legitimacy and financial sustainability in times of COVID-19: The role of family and friends’ support
    (FUCAPE Business School, 2024-03-01)
    Entrepreneurship plays a significant role in a country’s development, through new ventures and innovation. In recent times, entrepreneurs have incorporated sustainability into their practice to become more competitive and productive. However, during the COVID-19 pandemic, entrepreneurship has faced the challenge of deciding to allocate limited resources to maintain legitimacy. This paper analyzes the relationship between legitimacy and financial sustainability in COVID-19 times among Colombian entrepreneurs, moderated by family and friends’ support. Primary data was collected through a survey of 219 Colombian entrepreneurs. The structural equation model technique was used to validate the model. The study findings revealed that legitimacy positively affects financial sustainability and is positively enhanced by the family’s support of Colombian entrepreneurs while being negatively moderated by friends’ support.
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    The Nonlinearity of the Relationship Between Competition and the Dual Performance of Regulated Microfinance Institutions in Peru
    (Springer Nature, 2023-07-01)
    The objective of this study is to determine whether a nonlinear relationship exists between competition and outreach, as well as, between competition and financial sustainability of Peruvian regulated microfinance institutions (MFIs) from 2003 to 2019. We consider three different competition measures reflecting market power, the geographical presence of MFIs, and market concentration. Our findings are as follows: Market concentration does not affect financial sustainability and outreach, whereas market power has a nonlinear U-shaped relationship with financial sustainability and depth of outreach and a negative linear relationship with outreach breadth. Furthermore, the geographic presence of MFIs has a nonlinear U-shaped relationship with financial sustainability and depth of outreach, while it has a nonlinear inverted U-shaped relationship with outreach breadth. These findings reveal differentiated effects of competition on the performance of MFIs that depend on the level of their market power and their geographic presence in the market. Given the high market power and low geographic presence, on average, of Peruvian MFIs, we find that competition negatively affects their financial sustainability and positively affects their outreach. This study brings to the debate on the effects of competition on MFI performance a new interpretation of these effects based on empirical evidence that reconciles previous empirical results.