Michael Troilo

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• Ph.D. University of Michigan
• Professor at Catholic University of America

Entrepreneurship is crucial for economic growth, yet comparatively little research has examined the relationship between institutions and new firm formation. I test the impact of property rights institutions and contracting institutions on high-growth-aspiration (HGA) entrants using the Global Entrepreneurship Monitor (GEM) survey data for 2000-200...

Purpose The purpose of this paper is to research the extent to which different types of values influence a woman's decision to become an entrepreneur. Design/methodology/approach The paper constructs a two‐stage model to capture the entrepreneurial decision. In the first stage, life values affect the decision to enter the workforce. In the second...

Purpose – The purpose of this paper is to propose policy suggestions for the financing of small and medium enterprises (SMEs) in the Asia-Pacific region. Recent literature suggests that lack of capital is the most severe constraint for SME survival and growth. Enabling policymakers to assist SMEs in their search for financing will boost economic gr...

Access to finance (A2F) for micro, small and medium-sized enterprises (MSMEs) is critical for their survival and development, yet such access remains constrained for many MSMEs worldwide. In this article, the authors identify some of the key issues on the supply side of MSME finance globally, such as the lack of a credit registry/over-reliance on c...

The introduction of smartphones and exponential growth in social media use have coincided with concerns regarding mental health trends among adolescents. This study investigates whether the rise in smartphone and social media adoption has influenced increased attention-deficit/hyperactivity disorder (ADHD) diagnoses. Using CDC data from 1997 to 201...

Objective: The objective of the article is to investigate the relationship between strategy and control in national level corporate governance (CG) codes impact firm-level financial and strategic performance. Research Design & Methods: We build on existing CG literature to offer a conceptual matrix showing the evolution of CG codes as they balance...

Objective: The objective of the article is to investigate the relationship between strategy and control in national-level corporate governance (CG) codes impact firm-level financial and strategic performance. Research Design & Methods: We build on existing CG literature to offer a conceptual matrix showing the evolution of CG codes as they balance...

Purpose: This study seeks to discover how a firm’s size and its use of both market and non-market strategies (MS and NMS) impact firm performance in South Africa.Design/methodology/approach: We used the Prolific platform to gather survey data from 247 executives and managers across the country representing a variety of firm sizes and industries. Cr...

The COVID-19 pandemic served as a major and unexpected stress test for all countries' economic systems, including their micro, small, and medium-sized enterprises (MSMEs) and their banking and finance sectors. In addition to the immediate impact of the economic strains posed by the pandemic-related lockdowns and other measures enacted to address th...

This paper provides a conceptual overview of what a post-pandemic ecosystem for MSME financing might be, and how policymakers might apply it. Current COVID-19 emergency measures are not sustainable, and fintech and other technologies offer improvements for access to MSME finance worldwide. We offer a macro-perspective of how MSME financing might ba...

In this essay, we consider the factors that explain the reticence of PSOs to be early adopters of analytics. We examine the relatively privileged position that professional sports franchises at the highest echelon in the U.S. and Canada enjoy and compare it the industry dynamics firms face in competitive environments. We remark upon the expansion o...

College athletics are a multi-billion dollar industry in the United States, but how well do university athletic programs employ their resources? The question is germane in light of increasing costs of higher education and scrutiny of university budgets. This study furnishes a template to weigh the tradeoffs inherent in collegiate sports, which is t...

The lucrative and rapid expansion of the wellness tourism sector in Europe and Asia has led to intense competition among wellness tourism destinations. This study investigates the business in five major nations: China, Japan, Russia, Germany, and Italy, which together accounts for 77% of global revenue pre-pandemic from the thalassotherapy spas and...

Purpose The purpose of this paper is to identify the main insights current literature offers regarding initial coin offerings (ICOs) and the avenues for future research. Design/methodology/approach The approach consists of a systematic literature review of 130 papers from the SCOPUS database published in English between January 2018 and December 2...

Purpose The purpose of this study sought to identify the main themes linked with wine hotel experiences, based on tourists’ narratives shared online, and to investigate whether these narratives vary according to traveler type. Design/methodology/approach Content analysis was carried out on 4,114 online reviews of 52 wine hotels located in 27 wine...

Thermal and mineral spa treatments are an important therapeutic tool backed by centuries of experience and numerous scientific studies showing its effectiveness. The research consisted of content analysis of 1,254 customer reviews posted online from 2015 to 2019. Qualitative analysis identified five key themes: thermal (spa), staff, room, location,...

This paper builds an econometric model to analyze the income elasticity and price elasticities of sectoral natural gas demand and forecasts China’s natural gas demand up to 2030. The findings indicate that there is a long-term equilibrium relationship among sectoral natural gas demand, sectoral income and various fuel prices. The results also indic...

This study builds on the existing law and finance literature by analyzing the impact of legal systems on both the level and the sourcing of working capital. We find that stronger rule of law results in lower levels of working capital, less sourcing from retained earnings, and more sourcing from banks. Firms in common-law regimes have lower levels o...

Objective: The objective of this article is to explore the impact of a regulatory constraint: the ease of paying taxes, on the likelihood of technology licensing and the subsequent impact on the sales of firms acquiring such licences across 30 countries. Research Design & Methods: In a comparative, longitudinal study design we apply random effects...

Medical tourism continues to grow as the Internet helps individuals make appropriate choices and informed decisions. This study investigated two areas of medical tourism: cosmetic and dental procedures. The post-procedural experiences of 603 respondents who were medical tourists originating from different countries between 2008 and 2016 were analyz...

The legal environment and rule of law are important for business, but existing studies often treat rule of law holistically. This article examines the role of courts, specifically the speed of court decisions, the enforcement of edicts, and the impartiality of decision-making as perceived by firms of various sizes, and the impact this has on firm i...

Abstract Purpose: The aim of this paper is to explore the phenomenon of an advanced form of internationalization: foreign direct investment (FDI) in a distant location. We label this transaction “adventurous FDI”, and explain how this new concept is related to, yet distinct from, other widely studied theories: born global companies, the LLL model,...

China has emerged as an economic power due, in part, to government policies that opened China to the world and created a modern consumer culture. One of these policies is the advancement of English-language education, including private providers, which has spawned the “English Fever” phenomenon. We use the unique context of the private English-lang...

Gaining exclusive sponsorship rights to international football club apparel has become increasingly competitive, resulting in larger deal values. The first objective of this study was to analyze the effect of kit sponsorship announcements on the underlying value of sponsoring firms. Utilizing event study analysis, we found that firms announcing kit...

Reputation and status are important concepts for organizations because their various constituencies form perceptions, images, and interpretations that are consequential. We collected data from a sample of 54 universities that changed their NCAA classification during a thirty-year period. As often promised by university administrators, our results s...

Purpose: The purpose of this paper is to examine the extent to which dynamic pricing is utilized in North American professional sports. While industries such as airlines and travel services have employed dynamic pricing for decades, professional sports is only now starting to adopt it. Design/Methodology/Approach: The authors survey and interview h...

Purpose – The purpose of this article is to investigate how national-level characteristics such as country wealth, a floating exchange rate and European Union (EU) membership influence firm-level perceptions of competition and firm-level innovation. Greater understanding of these relationships can promote more effective policymaking as well as add...

The effect of sponsorship on the stock market returns of the sponsoring companies has been previously studied, but the internationalizing aspect of sponsorship has been overlooked. We examine returns to shareholders for firms sponsoring international football matches using an event study analysis. We find that there are cumulative abnormal returns...

Purpose – The purpose of this paper is to explore the question: how does socially responsible buying/sourcing applies to human talent? The authors examine this question in the unique context of Major League Baseball’s (MLB) relationship with the “buscones” (agents) representing prospects from the Dominican Republic. Design/methodology/approach – U...

This study investigates the adoption of technological innovation in a least-developed economy: Lao People's Democratic Republic. World Bank Survey data encompassing nearly 380 enterprises from 2009 and 2012 were used to analyze the effects of collaboration between smaller domestic firms and larger firms, both foreign and domestic. Collaboration wit...

Purpose – The purpose of this paper is to examine the role that collaborations, both foreign and domestic, play on product innovation, sales mix, and sales revenue for Chinese firms. Both statistical correlations and marginal (economic) effects of collaborations feature in the analysis. Design/methodology/approach – This study includes 2,700 Chine...

This teaching case explores the sport of wakeboarding to examine how its female practitioners need to become entrepreneurial in order to make a living from the sport. Students ponder the financial pressures of becoming a professional female wakeboarder, and how to sustain momentum once one turns professional. The significance and inter-relationship...

There is a growing consensus among policymakers and academics that internationalization of domestic firms will create jobs and wealth, yet relatively little is known about the incentives for small and medium enterprises (SMEs) to undertake this process. I analyze the motivations of SMEs from Vietnam, Indonesia and the Philippines to engage in expor...

This case is about Major League Baseball and the Dominican Republic. We explore how Major League Baseball has used this Caribbean island as an inexpensive labor market and the social problems of the situation. Specifically, we examine Corporate Social Responsibility, the leadership of Sandy Alderson, ethics and the various stakeholders involved. We...

Purpose – The aim of this study is to examine the divide between academicians and professionals in the applied field of real estate in the USA and the impact of this divide on the use of best evidence by professionals. Its purpose is to introduce the concept of evidence‐based management to the discipline of real estate, to propose a framework for g...

There is a growing consensus among policymakers and academics that inter-nationalization of domestic firms will create jobs and wealth, yet relatively little is known about the incentives for small and medium enterprises (SMEs) to undertake this process. I analyze the motivations of SMEs from Vietnam, Indonesia and the Philippines to engage in expo...

We test for the relative importance of guanxi (‘connections’) as a catalyst for entrepreneurship in urban China using survey data from five cities for the period 1996–2001. We find that guanxi with the Chinese Communist Party (CPC) is negatively correlated with the likelihood of being either a sole proprietor or an entrepreneur with employees. Fami...

China’s growth over the past three decades is astonishing, but the engine of that growth is a matter of hot debate: is it greater efficiency or massive inputs? We summarise the work of four eminent Mandarin-language papers on the role of total factor productivity in China’s economic development. Two of the articles highlight efficiency, one favours...

Corrigendum: The Publishers would like to note the following Corrigendum relating to the article entitled “Real estate valuation, cognitive risk and translational research” Larry Wofford, Michael Troilo and Andrew Dorchester, Journal of Property Investment & Finance, Vol. 29 No. 4/5, 2011, pp. 372‐83. It has been brought to our attention that this...

This paper explores cognition and its impact on the uncertainty and risk that surround real estate enterprises. We posit that cognition creates its own risk and affects risk from other sources in many ways, and we situate an overlay paradigm within a behavioural real estate paradigm. We develop the concept of cognitive risk, and examine it using a...

Purpose Despite the global economic slowdown, China's economy continues to grow at astonishing rates. This has led some observers to conclude that China must lead the rest of world out of the doldrums, and that China's rise to become the pre‐eminent economy is imminent. The purpose of this paper is to offer a countervailing view. China's rise, whil...

Small and medium-sized enterprises (SMEs) are key to economic growth, and yet comparatively little research has examined the relationship between the level of societal trust and the motivations and opportunities of entrepreneurs starting new SMEs. The author tests the impact of trust on new firm formation using the Global Entrepreneurship Monitor (...