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JOURNAL OF ACCOUNTING AND FINANCE
Pioneering Firms in Fragile and Conflict-Affected States: Why and How Development Financial Institutions Should Support Them
Author(s): Paul Collier, Neil Gregory, Alexandros Ragoussis
Citation: Paul Collier, Neil Gregory, Alexandros Ragoussis, (2020) "Pioneering Firms in Fragile and Conflict-Affected States: Why and How Development Financial Institutions Should Support Them," Journal of Accounting and Finance, Vol. 20, ss. 3, pp. 156-182
Article Type: Research paper
Publisher: North American Business Press
Abstract:
The role of ‘first movers’ in fragile states is critical: they grow and diversify markets in ways that no other firms do, generating disproportionate impact in terms of development and stability. But pioneer firms are rare in fragile states. This study documents their profile, their challenges, and the barriers which prevent them from realizing their potential. This study also explores the rationale and potential for development finance institutions (DFIs) to support them. We propose new ways to offset costs, risks, and the ‘unknown unknowns’ that generate radical uncertainty. Through a process of social learning, and resetting negative self-fulfilling investor narratives, DFIs can help pioneering firms shift the growth trajectory of fragile and conflict-affected states.
