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AR TIC LE INF O
Keywords:
Hispanic female-owned businesses
women-owned businesses
market patterns
economic patterns
risk patterns
endogenous variables
exogenous variables
AB STR AC T
The research on Hispanic-owned businesses is exceedingly limited. What is more apparent is the
dearth of research on Hispanic female-owned business enterprises (HFB). The purpose of this
study is to examine market behavior and economic risk patterns of Hispanic female-owned
business enterprises (HFB). This study is a continuation of a prior study on Female-owned business
enterprises and small business enterprises (SME). A sample of 103 HFBs in 11 industries was
examined for this study. Two independent studies were conducted on a sample. The objective of
this study is two-fold: (a) examine market behavior of Hispanic female-owned business enterprises
(HFB); and (b) to determine if HFBs exhibited particular entrepreneurial risk patterns. This study
examined two significant economic factors: endogenous variables and exogenous variables. Two
researcher-developed instruments were used for the study. A One-way ANOVA, one sample t-Test
and Pearsons correlation were used to analyze the data variances. The results of the study
indicated that HFBs exhibited minimal market behavioral and risk pattern differences as a
subgroup of business enterprises. These results were discussed in light of relevant literature and
some recommendations were made.
2013 Int. j. econ. manag. soc. sci. All rights reserved for TI Journals.
1.
Introduction
This study is a continuation of prior research on market and behavioral patterns with small business enterprises (SME) (Miles, 2011). The
specific objectives of the study were to determine characteristics of Hispanic female-owned businesses (HFB) in terms of: (a)
entrepreneurial risk patterns; and (b) market behavior dynamics. The economic dynamics of HFBs is an under-researched area. There is
particularly a dearth of research in the area of HFBs. For this study, the researcher took a different approach by examining HFBs for their
own specific characteristics rather than compare them to their Hispanic male counter parts. Also for the study, there was a consideration
whether or not there were any market behavioral differences with HFBs. In terms of industry sectors, market segmentation and competitor
intensity. In particular, we seek to explore the following research questions: (a) RQ1: What are the most prevalent entrepreneurial risk
patterns in Hispanic female-owned business enterprises (HFB); and (b) RQ2: What are the most significant market behavioral
characteristics of HFBs?
For HFBs, we focus specifically on a diverse group of industry sectors, firms, and customer turnover dynamics. The researcher wanted to
examine analytics with certain firm dynamics. HFBs have particular dynamics that needs to be investigated. In particular, this paper aims to
identify why the HFBs exhibit particular characteristics that could lead to business failure. For this we examine Entrepreneurial risk
orientation (ERO) levels. The paper provides an overview of the HFB data sources and methodology used in the study; also the study
presents the key findings and discusses the implications of the findings with regard to HFB market behavior and entrepreneurial risk
patterns. This study examined cases for both start-up ventures and established ventures. This paper is organized in four sections: (a)
background of the study; (b) literature review, which reviews the prior research and basis for the theoretical and conceptual models; (c)
methodology and results; and (d) discussion and conclusions, will elaborate on the findings of the study.
364
D. Anthony Miles.
Int ernational Journal of Ec onomy, Mana ge ment and Soci al Sc iences , 2(6) June 2013
2.
One of most obvious problems with the literature is that there is a strong lack of prior research on Hispanic-owned business enterprises
(HOB). There is even less research on Hispanic-Female-owned business enterprises (HFB). One of the prevailing issues with the literature
is the dearth in the research on HFBs. At best, the research has been extremely scarce not been any significant studies prior 20 years on
HFBs, so the research has been extremely scarce. This study attempts to fill a gap in prior research. As stated, this is a continuation of a
prior study on Hispanic-owned business enterprises and small business enterprises (SME) (Miles, 2011; Miles, 2012).
Over the last couple of decades a body of literature has been developed on the business practices of Hispanic-owned businesses has been
limited. Some of the prior studies that primarily focused on Hispanic-owned businesses were the following: Carmona (2000); Reilly
(2002); Tienda and Raijman (2004); Conrad (2007); Hull (2010); and Daz, Rietdorf, and Dornberger (2011). As illustrated in the prior
studies, there is a dearth concerning research on HOBs that needs to be addressed. This study attempts to fill a gap in prior research in the
field of entrepreneurship and Hispanic-owned business enterprises by investigating market behavior patterns of Hispanic-owned business
enterprises. However, concerning the Hispanic-female-owned businesses, there have only been four known studies of merit.
In reviewing earlier literature, the studies on Hispanic female-owned business enterprises have suggested they have unique factors have
been found to differentiate them from their male counter-parts. Interestingly, Latina-owned businesses increased by 103 % during the
period 1987-1999.' and Latina-owned business accounted for a large share of this increase During the 1990s, Latina small businesses grew
by 209 %, compared to the overall growth of Latino businesses in the United States (Robles, 2004). Shim (1998) provided one of the
earliest known studies specifically on Hispanic-female entrepreneurs. The conclusions of this study were: (a) Hispanic female business
owners were less likely to be married than their male counterparts is consistent with previous studies indicating that female business owners
in general were less likely to be married than male business owners; (b) Hispanic female business owners had less experience in their
businesses than their male counterparts; and (c) Hispanic female business owners were more likely to express a slightly higher incidence of
business problems in several financial areas, including capital management and debt management. Estimates from 2002 show there were
more than 470,000 Latina-owned businesses in the United States (Robles, 2004).
From 1990 to 2000, the number of Latina entrepreneurs and business owners has exploded (Fitzgerald, 2003). Businesses owned by Latina
have sales by $29.4 billion between 1997 and 2002. There were six identified states where HFBs were highly populated. The greatest
shares of the Hispanic female-owned businesses were in the following six states: New Mexico (20%), Texas (18%), California (17%),
Florida (16%), New York (14%), and Arizona (13%).
Other findings indicate that Latina entrepreneurs often do well. Self-employed Latinas are estimated to earn more than observationally
similar non-minority white female entrepreneurs and slightly less than observationally similar wage/salary-employed Latinas (Lofstrom &
Bates, 2009). There has been more recent research on characteristics of HFBs in terms of business ownership behavior. Young and Flores
(2011) concluded that Hispanic female entrepreneurs: (a) had more businesses in the wholesale area than men; (b) had a greater need for a
business plan and methods to generate sales than their male counterparts and lastly (c) mentioned the need to improve English and
computer skills.
This study attempts to build on the limited prior studies on HFBs. This is a continuation of prior research work on small business
enterprises (SME). Compared to previous studies examining the unique firm dynamics of Hispanic-owned business enterprises this study
attempts to open a new inquiry to the previous research on HFBs; and thus add to the body of knowledge.
Examining Market Behavior and Firm Risk Patterns: An Empirical Analysis on Hispanic Female-owned Business Enterprises
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Internat ional Jour nal of Economy, Mana ge ment and Social Sciences , 2(6) June 2013
1)
2)
3)
4)
5)
6)
7)
8)
9)
10)
11)
12)
13)
14)
15)
16)
17)
18)
19)
20)
21)
FACTOR 1ENDOGENOUS
FACTORS
FACTOR 2EXOGENOUS
FACTORS
ENTREPRENEURIAL RISK
ORIENTATION
(ERO) LEVEL
LOW/HIGH
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D. Anthony Miles.
Int ernational Journal of Ec onomy, Mana ge ment and Soci al Sc iences , 2(6) June 2013
Methodology
4.1 Research Design Strategy
This study used a survey research design. Some characteristics of survey research gives it an advantage over other research methods: (a)
survey research is guided by logical constraints (Allen & Yen, 1979; Babbie, 1973; Campbell & Stanley, 1963; Dunn-Rankin et al., 2004);
(b) survey research is deterministic when a researcher attempts to explain the reasons for and sources of observed events (Keppel, 1982;
Kerlinger, 1985); (c) survey research is economical when a researcher can carefully examine the relevance of each variable; and (e) survey
research is precise (Afifi & Clark, 1984; Converse, & Presser, 1986).
4.2 Instruments Used for the Study
The Entrepreneurial Risk Survey (ERS). The scale is researcher-developed pilot instrument used for the first study. It consists of a
multidimensional and 32-item scale in order to identify and predict market behavior and risk patterns in business enterprises. The
Entrepreneurial Risk Assessment Scale (ERAS). This scale was the further development of the instrument by the researcher for the second
study. It consists of a 37-item scale that identifies and predicts market behavior and risk patterns in SMEs. After further development of the
instrument, three variables were added: (a) line of credit risk, (b) customer credit risk; and (c) economic risk. Analyses were made through
total scores obtained from the scale. ERAS is applied to the SMEs. Both studies primarily used a 5-point Likert scale (1 = Strongly
Disagree to 5 = Strongly Agree). The Likert Scale was most appropriate for this research because: (a) the likelihood of producing a highly
reliable scale; and (b) the capability to measure more data. These strategies attempt to maximize accessing the highest number of
participants through multiple data sources and multiple sites (Zikmund, 2003).
4.3 Sampling and Data Collection and Analysis
All data were collected by means of online survey collection (SurveyMonkey.com), telephone interviews, and through in-person
administration. For both studies, the researcher sent out an email to the target population (HFBs) with a link to the survey instruments.
Included in the email were: (a) a brief explanation of the study; (b) instructions for survey completion; and (c) the link to the survey
instrument URL. The researcher was able to get the assistance and support from the following agencies and organizations: Small Business
Administration (SBA), Small Business Development Center (SBDC), Service Corps of Retired Executives (SCORE), and local chambers
of commerce.
The study used SPSS Version 17.0, and SAS Version 9.1 software for the descriptive statistics (e.g., mean, median, standard deviation,
skewness, and coefficients) and inferential statistics (ANOVA, Pearson correlation, t-Test). Both software packages were used for
computing the descriptive statistics, inferential statistics and multivariate statistics. This was used for examining firm characteristics of
HFBs. This study also used the software for the inferential statistics such as bi-variate correlations between the variables. In a categorical
format, the HFB respondents were asked to indicate their personal information such as marital status, education, age, industry experience,
time length of business ownership, and capital investment. Business characteristics (for example, type of business entity, industry type, and
major target customers) were measured in as a categorical variable format (see Tables 1 and 2 for specific categories for responses). These
questions were related to enterprise characteristics, economic risk patterns, market forces and variables.
4.
All manuscripts must be in English, and be submitted electronically in PDF format. Prepare your paper using an A4 page size. This section
presents the statistical analyses of the data and the results of the research questions that were investigated. The findings of both of the
studies are organized into two sections. The first section illustrates the descriptive statistical findings and general data demographics. The
second section illustrates the inferential statistical findings in the data of both studies. Lastly, the third section focuses on the discussions of
the results and the paper closes with conclusions of the research.
Data for this study are drawn from prior studies on Hispanic-owned businesses and small business enterprises (Miles, 2011; Miles 2012).
This study was taken from a sample of 14,000 Hispanic-owned businesses. The Survey also includes personal information on age,
education level, time-length of business ownership, industry experience, and marital status. Tables 1 and 2 provide information on both
personal and firm characteristics of HFBs. The sample was restricted to firms owned by women because the researcher wanted to examine
HFBs more closely as opposed to just Hispanic-owned businesses. Also, the researcher wanted to examine firm characteristics that are
unique to HFBs without comparing them to their male counterparts.
Examining Market Behavior and Firm Risk Patterns: An Empirical Analysis on Hispanic Female-owned Business Enterprises
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Internat ional Jour nal of Economy, Mana ge ment and Social Sciences , 2(6) June 2013
Table 1. Descriptive Statistics for Study 1 of Personal Characteristics of Hispanic Business Owners (HFB)
Demographic Variables
Frequency
% of Sample
19.6
Married
25
54.3
Divorced
17.4
Widowed
4.3
Separated
4.3
18 to 24
4.3
25 to 35
11
23.9
36 to 46
12
26.1
47 to 57
16
34.8
10.9
6.5
Marital Status
Single (never been married)
Age
57 and over
Education Level
Did not finish high school
High school diploma
8.7
Some college
18
39.1
Bachelors
14
30.4
Graduate degree
15.2
27
58.7
19.6
10
21.7
6.5
19.6
Semi-Commodity-Type Industry
10.9
29
63.0
0 to $50,000
19.6
$50,001 to $100,000
10.9
17
37.0
Commodity Type-Industry/Product
Capital Investment Amount
$100,001 to $500,000
$500,001 to $900,000
$900,001 and over
(N = 46)
8.7
11
23.9
D. Anthony Miles.
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Int ernational Journal of Ec onomy, Mana ge ment and Soci al Sc iences , 2(6) June 2013
Demographic Variables
Frequency
% of Sample
Marital Status
Single (never been married)
10.5
Married
41
71.9
Divorced
8.8
Widowed
1.8
Separated
7.0
Age
18 to 24
1.8
25 to 35
13
22.8
36 to 46
27
47.4
47 to 57
14
24.6
3.5
57 and over
Education Level
Did not finish high school
1.8
14
24.6
Some college
23
40.4
Bachelors
14
24.6
Graduate degree
7.0
1.8
1 year or less
20
35.1
2 to 5 years
20
35.1
6 to 10 years
8.8
11 to 15 years
12.3
21 years or more
8.8
Agriculture
1.8
Communications
3.5
Construction
8.8
Finance
3.5
Manufacturing
1.8
Industry Type
Retail Trade
7.0
24
42.1
Technology
7.0
Transportation
1.8
Wholesale
3.5
11
19.3
Services
Other Industry
(N = 57)
Examining Market Behavior and Firm Risk Patterns: An Empirical Analysis on Hispanic Female-owned Business Enterprises
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Internat ional Jour nal of Economy, Mana ge ment and Social Sciences , 2(6) June 2013
Demographic Variables
Frequency
% of Sample
Corporation
15.8
5.3
Partnership
10.5
37
64.9
3.5
1 year or less
20
35.1
2 to 5 years
20
35.1
6 to 10 years
8.8
11 to 15 years
12.3
16 to 20 years
8.8
21 years or more
55
96.5
$50,001 to $100,000
1.8
$100,001 to $500,000
1.8
$500,001 to $900,000
Sole Proprietorship
Other
Industry Experience
Capital Investment
0 to $50,000
(N = 57)
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Int ernational Journal of Ec onomy, Mana ge ment and Soci al Sc iences , 2(6) June 2013
Table 4. Study 1: Results of One Sample t-Test for Hispanic Female-Owned Business Enterprises (HFB) (N = 46)
Variables
t-value
df
SD
Confid. Interval
Lower
Upper
15.37
45
.000
3.43
1.515
2.98
3.88
19.19
45
.000
3.98
1.406
3.56
4.40
9.37
45
.000
1.61
1.164
1.26
1.95
13.10
45
.000
3.11
1.609
2.63
3.59
V13-Labor Risk
16.11
45
.000
2.91
1.226
2.55
3.28
V14-Equipment Risk
15.44
45
.000
2.67
1.175
2.33
3.02
14.32
45
.000
3.07
1.451
2.63
3.50
15.98
45
.000
3.85
1.633
3.36
4.33
19.98
45
.000
4.07
1.389
3.65
4.48
9.67
45
.000
2.46
1.722
1.95
2.97
14.79
45
.000
3.07
1.405
2.65
3.48
8.96
45
.000
1.78
1.348
1.38
2.18
16.33
45
.000
3.20
1.327
2.80
3.59
V22-Competition Risk
18.23
45
.000
3.87
1.439
3.44
4.30
18.95
45
.000
2.39
.856
2.14
2.65
12.53
45
.000
2.72
1.471
2.28
3.15
V25-Social Risk
9.52
45
.000
1.85
1.316
1.46
2.24
V26-Environment/Climate Risk
12.47
45
.000
2.37
1.289
1.99
2.75
V27-Security Risk
11.74
45
.000
2.30
1.331
1.91
2.70
V28-Terrorism Risk
13.01
45
.000
2.33
1.212
1.97
2.69
V29-Inflation/Energy Risk
11.60
45
.000
1.72
1.004
1.42
2.02
V30-Globalization Risk
10.99
45
.000
2.35
1.449
1.92
2.78
Examining Market Behavior and Firm Risk Patterns: An Empirical Analysis on Hispanic Female-owned Business Enterprises
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Internat ional Jour nal of Economy, Mana ge ment and Social Sciences , 2(6) June 2013
Again, a one-sample t-Test was used For Study 2 to examine means and standard deviation of HFBs across both endogenous and exogenous factors. The
sample mean of 54.63 (SD = 10.33) was significantly different from 50, t(29.4) = 4.14, p = .000. The 95% confidence interval for endogenous variables
mean ranged from 2.10 to 4.33; for the exogenous variable: 2.10 to 4.27. Below Table 5 shows the distribution of both endogenous and exogenous scores.
The results indicate that HFBs exhibited somewhat more entrepreneurial risk patterns than average.
Table 5. Study 2: Results of One Sample t-Test for Hispanic Female-Owned Business Enterprises (HFB) (N = 57)
Variables
t-value
df
SD
Confid. Interval
Lower
Upper
14.03
56
.000
2.88
1.548
2.47
3.29
V17-Labor/Intensity Risk
23.35
56
.000
3.67
1.185
3.35
3.98
20.25
56
.000
2.72
1.013
2.45
2.99
V19-Equipment/Systems Invest. Rk
18.76
56
.000
3.11
1.249
2.77
3.44
17.66
56
.000
3.21
1.372
2.85
3.57
13.75
56
.000
2.81
1.540
2.40
3.22
11.80
56
.000
2.53
1.616
2.10
2.96
22.84
56
.000
3.98
1.316
3.63
4.33
21.23
56
.000
3.33
1.185
3.02
3.65
14.41
56
.000
2.39
1.250
2.05
2.72
14.65
56
.000
2.61
1.346
2.26
2.97
21.82
56
.000
3.91
1.353
3.55
4.27
16.17
56
.000
2.75
1.266
2.41
3.10
29.04
56
.000
4.14
1.076
3.85
4.43
V30-Economic Risk*
25.68
56
.000
3.79
1.114
3.49
4.09
15.66
56
.000
3.11
1.496
2.71
3.50
10.78
56
.000
1.61
1.130
1.31
1.91
V33-Environment/Climate Risk
16.43
56
.000
2.82
1.297
2.48
3.17
16.60
56
.000
2.51
1.297
2.16
2.85
15.81
56
.000
2.77
1.323
2.42
3.12
V36-Energy/Dependency Risk
23.25
56
.000
3.54
1.151
3.24
3.85
V37-Globalization Risk
18.62
56
.000
3.58
1.451
3.19
3.96
**p <.01. *****p < .001. Note: *Denotes the variables V25, V26, and V30 were added to this research.
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Variables
SS
df
MS
103.304
45
2.417
.250
.861
88.978
45
2.078
.272
.845
60.957
45
1.305
1.574
.210
116.457
45
2.419
2.048
.122
V13-Labor Risk
67.652
45
1.539
.649
.588
V14-Equipment Risk
62.109
45
1.413
.651
.587
94.804
45
1.993
1.854
.152
119.935
45
1.717
9.286
.000
86.804
45
1.678
3.248
.031
133.413
45
2.912
1.273
.296
88.804
45
2.044
.481
.697
81.826
45
1.652
2.508
.072
79.239
45
1.659
1.919
.141
V22-Competition Risk*
93.217
45
.064
471.2
.000
32.957
45
.762
.420
.740
97.326
45
2.280
.230
.875
V25-Social Risk
77.935
45
1.762
.741
.534
V26-Environment/Climate Risk
74.717
45
1.751
.226
.877
V27-Security Risk
79.739
45
1.863
.271
.846
V28-Terrorism Risk
66.109
45
1.543
.279
.840
V29-Inflation/Energy Risk
45.326
45
1.058
.286
.835
V30-Globalization Risk
94.435
45
2.169
.511
.677
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Internat ional Jour nal of Economy, Mana ge ment and Social Sciences , 2(6) June 2013
For Study 2, another one-way ANOVA was calculated on HFBs and the endogenous and exogenous factors. Below Table 7 illustrates the
descriptive information and an ANOVA summary table. There were no significant variables for both endogenous and exogenous factors.
The most significant variable was V20-Internet/Technology Use Risk (p = .029) but did not meet our standard of p < .005.
Table 7. Study 2: Results of One-Way ANOVA for Hispanic Female-Owned Business Enterprises (HFB) (N = 57)
Variables
SS
df
MS
134.140
56
2.686
.395
.942
V17-Labor/Intensity Risk
78.667
56
1.490
.678
.739
57.509
56
1.120
.532
.858
87.368
56
1.610
.827
.605
105.474
56
1.533
2.280
.029
132.877
56
2.341
1.075
.400
146.211
56
2.222
1.980
.058
96.982
56
1.632
1.343
.237
78.667
56
1.546
.489
.889
87.509
56
1.627
.777
.650
101.509
56
1.783
1.093
.387
102.561
56
2.026
.462
.906
92.561
56
1.875
.337
.966
54.877
56
1.024
1.738
.101
V30-Economic Risk*
69.474
56
1.342
.577
.824
125.368
56
2.325
.793
.635
71.509
56
1.393
.534
.857
V33-Environment/Climate Risk
94.246
56
1.603
1.280
.270
94.246
56
1.753
.777
.650
98.035
56
1.740
1.035
.431
V36-Energy/Dependency Risk
74.140
56
1.280
1.192
.321
V37-Globalization Risk
117.895
56
2.272
.589
.815
*Notice: p < .005 Note: *Denotes the variables V25, V26, and V30 were added to this research.
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Frequency
% of Sample
34
73.9
6.5
Neutral or unknown
8.7
6.5
4.3
46
100.0
Total
Table 9 illustrates the results of Customer Turnover Risk with the HFBs that was only conducted for Study 1. The customer turnover Risk
of HFBs did reveal significance in this variable. HFBs had a mean (M = 3.07) and standard deviation of (SD = 1.405)
.
Table 9. Study 1: Results of Customer Turnover Risk of HFBs (N = 46)
Market Behavior and Risk Factors
df
SD
.000
14.80
45
3.07
1.405
Examining Market Behavior and Firm Risk Patterns: An Empirical Analysis on Hispanic Female-owned Business Enterprises
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Int ernational Journal of Ec onomy, Mana ge me nt and Soci al Sc iences , 2( 6) June 2013
Table 10. Study 1: Results of Pearson Correlation of Hispanic Female-Owned Businesses (HFB) (N = 46)
Note. All coefficients are significant at p < 0.01
(a) r < .3 is considered poor;
(b) r = .5 is considered moderate;
V9-Expertise Industry
V10-Business Entity Rk
V11-Capital Investment
V12-Time Intensity
V13-Labor Risk
V14-Equipment Risk
V15-Disnomies of Scale
V16-Protection Devices
V17-Intellectual Capital
V18-Velocity of Profit
V19-Customer Turnover
V20-Market Potential
V21-Market Entry/Exit
V22-Competition Risk
V23-Business Climate
V24-Government Reg.
V25-Social Risk
V26-Environment/Clim.
V27-Security Risk
V28-Terrorism Risk
V29-Inflation/Energy
V30-Globalization Risk
V9
--.244
-.317
.090
.200
-.056
.118
.288
.388
-.061
.258
-.208
-.099
-.014
.072
.066
.045
.144
.186
.284
-.005
.051
V10
V11
V12
V13
V14
V15
V16
V17
V18
V19
V20
V21
V22
V23
V24
V25
V26
V27
V28
V29
V30
---.182
.021
.012
-.125
.001
.086
.240
-.271
.158
.079
-.224
.042
.118
-.315
-.134
.041
.099
-.257
-.225
-.149
---.226
.116
.311
-.340
-.441
-.296
.058
-.188
.143
.094
-.230
.200
.090
.468
-.064
.107
-.018
.074
.122
--.106
-.134
.140
.201
.295
.038
.095
-.112
-.260
.371
.001
-.099
-.034
.130
-.057
.187
-.116
.079
--.335
.303
-.096
.212
.177
.042
.015
.161
.062
-.475
.306
.253
.147
.425
.124
.377
.168
--.130
-.073
-.218
-.168
-.243
-.004
.227
-.013
.-091
.447
.398
.243
.349
.061
.354
.173
--.314
.130
.121
-.100
-.254
-.088
.313
-.128
.040
-.018
.153
.323
.253
.440
.221
--.504
.009
.159
-.379
-.335
.493
.330
-.213
-.104
.038
.063
.104
-.095
-.024
--.266
.271
-.147
-.007
.316
.146
-.002
-.067
-.001
.085
.106
-.066
.165
--.346
-.224
.184
-.029
-.018
.096
.257
-.128
-.052
.076
.372
.069
--.043
-.162
-.051
.311
-.131
.090
.072
.025
.144
-.239
.054
--.049
-.257
-.098
-.211
.069
.022
.075
.031
.069
.051
---.173
-.128
.564
.183
-.069
.003
-.123
.259
.045
--.115
-.049
-.210
.110
-.130
-.001
-.088
.150
---.193
-.005
-.215
-.165
.067
-.256
.067
--.310
.174
.170
-.034
.231
.078
--.099
.331
.157
.371
.192
---.581
.320
-.089
-.035
--.309
.132
.013
--.242
.010
--.161
---
D. Anthony Miles.
376
Internati onal Journal of Economy, Mana ge ment and Soc ial Sciences , 2( 6) June 2013
Table 11. Study 2: Results of Pearson Correlation of Hispanic Female-Owned Businesses (HFB) (N = 57)
V16
V16-Owner Time Depend.
V17-Labor/Intensity Risk
V18-Overhead Costs Risk
V19-Equipment/Sys.Invest.
V20-Internet/Techno. Use
V21-Experts Team/Adv.
V22 Intellectual Property
V23-Velocity of Profit Risk
V24-Customer Activi/Turn.
V25-Customer Credit *
V26-Line of Credit Risk*
V27-Market Potential Risk
V28-Barr. to Mrkt Ent/Ext
V29-Competition Intensity
V30-Economic Risk*
V31-Government Regul.
V32-Social Entrepren.
V33-Environment/Climate
V34-Security/Crime Vuln.
V35-Terrorism Vuln.
V36-Energy/Dependency
V37-Globalization Risk
V17
V18
V19
V20
V21
V22
V23
V24
V25
V26
V27
V28
V29
V30
V31
V32
V33
V34
V35
V36
V37
----.065
.296
.229
.399
.327
.305
.139
.529
.385
.654
.361
.353
.182
.202
.160
.115
.238
.085
.204
-.032
-.079
----.129
.133
-.022
.258
-.093
.053
.131
.088
.108
-.152
.109
.107
-.122
.060
.222
.101
-.039
.167
-.061
-.114
----.461
.236
.193
.059
-.124
-.055
.228
.181
.177
.028
.250
.026
.055
.200
.234
.070
.178
.118
-.118
----.404
.280
.167
-.021
.024
.157
.194
.164
.306
.188
.299
.367
.308
.199
.021
.080
.133
-.113
----.341
.344
-.037
.220
.264
.528
.452
.404
.052
.228
.302
.168
.172
.019
.214
.141
-.062
----.443
.263
.408
.262
.523
.292
.381
.070
.278
.179
.182
.135
.041
.346
.262
.027
----.298
.364
.313
.399
.226
.132
-.064
.202
.161
.074
.326
-.002
.015
.151
-.163
----.359
.037
.026
.109
-.034
.292
.071
-.008
-.089
.082
.183
-.013
.113
-.284
----.418
.563
.275
.395
.145
.392
.111
.084
.387
.074
.254
.048
.062
----.408
.295
.238
-.134
.188
.092
.208
.219
.086
.205
.025
-.194
----.265
.491
-.110
.219
.242
.217
.247
.155
.301
.023
-.057
----.326
.143
.296
-.004
.094
.184
-.025
.238
.283
.208
----.219
.250
.441
.327
.263
.248
.260
.237
.087
----.114
.179
.060
.235
.089
.060
.139
.039
----.206
.147
.135
-.196
-.045
.230
.110
----.257
.092
.138
.075
.070
-.045
----.355
.465
.394
.315
.128
----.267
.216
-.007
-.011
----.527
.051
-.017
----.165
.293
----.108
-----
Examining Market Behavior and Firm Risk Patterns: An Empirical Analysis on Hispanic Female-owned Business Enterprises
377
Internat ional Jour nal of Economy, Mana ge ment and Social Sciences , 2(6) June 2013
D. Anthony Miles.
378
Int ernational Journal of Ec onomy, Mana ge ment and Soci al Sc iences , 2(6) June 2013
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