This paper uses renewal data to estimate the value of U.S. patents, controlling for patent and owner characteristics.
The two researchers also did not examine the link between informal strategic management modes, owner characteristics and, SE performance.
The owner maximizes his/her utility subject to constraints on voluntary losses, involuntary losses, herd and herd owner characteristics and support programmes.
The individual's utility is also a function of the attributes to the alternative to the individual herd and herd owner characteristics and livestock support programmes.
This study therefore goes a step further by exploring the relationship between owner characteristics, the informal strategic management mode employed, and the performance of small enterprises.
To sum up, the above theoretical and empirical discussions reveal that the success of microenterprises depends on three dimensions- owner characteristics, firm characteristics, and external conditions of the overall economic environment.
The individual herd owner's utility of options for securing survival of breeding stock was assumed to be a linear function of the herd owner's decision to reduce losses that resulted from voluntary and involuntary reasons, herd and herd owner characteristics and access to support services.
where z ij represents the vector of attributes of alternative j to the individual decision-maker i, c i ' is the vector of characteristics of individual herd and herd owner characteristics and livestock support programmes i and α, and β j (j = 1, 0) are vectors of unknown parameters.
Maximization of heifer survival Ω r is therefore a function of age class (x a ), voluntary losses (x v ), involuntary losses (x i ), herd and herd owner characteristics (x h ) and support services (x s ) expressed in Equation 3: max Ω r x a, x v, x i, x h, x s. (3).
