Small and young businesses are essential for job creation, innovation, and economic growth. Even most of the superstar firms start their business life small and then grow over time. Small firms have less internal resources, which makes them more fragile and sensitive to macroeconomic conditions....

Despite an apparent consensus about the importance of the quality of telecommunications regulatory agencies, there is no agreement among researchers about how to measure it. While dichotomous coding of de jure independence has served as a proxy to measure whether an agency's regulatory...