Corporate governance in immigrant-founded entrepreneurial firms: ownership heterogeneity and firm performance

IF 2.8 4区 管理学 Q2 BUSINESS, FINANCE
K. Moghaddam, W. Q. Judge, Krista B. Lewellyn, F. Askarzadeh
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引用次数: 2

Abstract

ABSTRACT Drawing from resource dependence theory and the faultlines perspective, this study examines how ownership heterogeneity affects firm performance in the understudied context of entrepreneurial firms founded by immigrants. We find that investment by venture capitalists (VCs) is associated with immigrant-founded entrepreneurial firms being less profitable during their infancy stage. Our results also reveal that the presence of a native-born co-owner has a negative effect on performance for these entrepreneurial firms. This study suggests that immigrant entrepreneurs be more cautious about the costs and benefits of seeking resources from VCs and partnering with native co-owners. Further, seeking capital from alternative sources and employing native talent and expertise in terms of business advisers or executive managers may be effective alternative approaches for immigrant entrepreneurs.
移民创业公司的公司治理:所有权异质性与公司绩效
摘要本文从资源依赖理论和断层线视角出发,考察了在移民创业企业的背景下,所有权异质性对企业绩效的影响。我们发现风险资本家(vc)的投资与移民创办的创业公司在婴儿期盈利较低有关。我们的研究结果还表明,本土出生的共同所有人的存在对这些创业型公司的绩效有负面影响。该研究表明,移民企业家在寻求风险投资资源和与本土共同所有者合作的成本和收益方面更为谨慎。此外,从其他来源寻求资金和雇用本地人才和专门知识,如商业顾问或执行经理,可能是移民企业家的有效替代办法。
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来源期刊
Venture Capital
Venture Capital BUSINESS, FINANCE-
CiteScore
4.10
自引率
16.70%
发文量
21
期刊介绍: Venture Capital publishes cutting edge research-based papers from academics and practitioners on all aspects of private equity finance such as: •institutional venture capital •informal venture capital •corporate venture capital •public sector venture capital •community venture capital It also covers all aspects of the venture capital process from investment decision to exit, including studies on: •investment patterns •investment decision-making •investment performance •realisation of investment value exit routes (including the relationship with junior capital markets such as NASDAQ, EASDAQ, AIM and Nouvelle March). •economic impact and public policy
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