Frontiers of entrepreneurship research最新文献

{"title":"ENTREPRENEURIAL ROUND TRIPPING: THE BENEFITS OF NEWNESS AND SMALLNESS IN MULTI-DIRECTIONAL VALUE CREATION","authors":"L. Ortiz-Hunt","doi":"10.5465/ambpp.2016.10044abstract","DOIUrl":"https://doi.org/10.5465/ambpp.2016.10044abstract","url":null,"abstract":"In this study, we develop and empirically test the theory that new industry entrants hold advantages over incumbents in the shift from unidirectional to multi-directional revenue streams. Using a Cobb-Douglas production function, modified to isolate returns to innovation, we examine data from three distinct contexts: steamships on western rivers (1810-1860), satellite-based Internet services (1962-2010), and food waste recycling (1995-2015). The results reveal that while incumbents often attempt to stretch existing technologies to fit emerging circumstances, entrepreneurial innovators achieve greater success by approaching multi-directional value creation as a distinct challenge, one requiring new technologies, organizational forms and business models. While existing theories have primarily attributed incumbent inertia to a firm’s inability perceive and pursue radical innovations, our results also suggest that existing firms are simply unwilling to pursue innovations that are likely to erode the marginal ...","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129972658","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"DISTRESSED PORTFOLIO COMPANY EXIT AND CROSS-BORDER VENTURE CAPITAL INVESTORS: AN ESCALATION-OF-COMMITMENT PERSPECTIVE (SUMMARY)","authors":"David Devigne, S. Manigart, M. Wright","doi":"10.5465/AMBPP.2013.12285ABSTRACT","DOIUrl":"https://doi.org/10.5465/AMBPP.2013.12285ABSTRACT","url":null,"abstract":"Drawing upon an escalation of commitment framework, this study investigates how differences between cross-border and domestic venture capital investors in access to information, social and structur...","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"126 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131685030","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"THE ROLE OF DIFFERENT TYPES OF EXPERIENCE ON EXPECTATIONS AND PERSISTENCE IN THE STARTUP PROCESS (SUMMARY)","authors":"M. Tietz, José Lejarraga, Maud Pindard-Lejarraga","doi":"10.5465/AMBPP.2016.14647ABSTRACT","DOIUrl":"https://doi.org/10.5465/AMBPP.2016.14647ABSTRACT","url":null,"abstract":"In this study we test whether the same types of experiences that shape initial expectations also impact persistence during the startup phase of nascent ventures. Against the theoretical backdrop of...","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"14 6","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132610404","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"THE ROLE OF SUCCESS AND FAILURE EXPERIENCE IN FORECAST ACCURACY – THE VENTURE CAPITAL CASE (SUMMARY)","authors":"V. Gerasymenko","doi":"10.5465/AMBPP.2016.17768ABSTRACT","DOIUrl":"https://doi.org/10.5465/AMBPP.2016.17768ABSTRACT","url":null,"abstract":"This study examines how past success and failure experiences shape organizational forecast accuracy, and the extent to which learning from past experience is contingent on organizational size. We r...","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124938294","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"DOES SECURITY CHOICE MATTER IN VENTURE CAPITAL? THE CASE OF VENTURE DEBT (SUMMARY)","authors":"Indraneel Chakraborty, M. Ewens","doi":"10.2139/ssrn.1787323","DOIUrl":"https://doi.org/10.2139/ssrn.1787323","url":null,"abstract":"The switch from equity to debt in venture capital-backed entrepreneurial firms is rare, but uniquely informative. Using a novel dataset of financing decisions, we find that entrepreneurial firms that raise debt financing suffer from an average 40% post-debt valuation drop and a 26% lower probability of successful exit (IPO/acquisition). Venture capitalists with equity stakes lend to lower quality entrepreneurial firms compared to outside lenders, and debt from both precedes deterioration in firm quality. Our results do not imply that debt causes negative outcomes. Rather, we argue that debt helps maintain incentive alignment after adverse shocks to firm quality. ∗Cox School of Business, Southern Methodist University and Tepper School of Business, Carnegie Mellon University. Corresponding author contact information: Michael Ewens (mewens@cmu.edu), Tepper School of Business, 5000 Forbes Ave. Pittsburgh, PA 15221, 412-423-8203. We thank Richard Green, Thomas Hellmann, Doron Levit, Nadya Malenko, Matthew Rhodes-Kropf, David Robinson, Luke Taylor, Rex Thompson, Michael Vetsuypens, Rebecca Zarutskie, and seminar participants at the 3rd Entrepreneurial Finance and Innovation Conference, Arizona State University, Darden Entrepreneurship Conference, Financial Intermediation Research Society Conference, MidAtlantic Research Conference, Harvard Business School, Southern Methodist University, and Tepper School of Business for their helpful comments. Chris E. Fishel and Paul Jaewoo Jung provided excellent research assistance. We are grateful to VentureSource and Correlation Ventures for access to the data. Empirical studies on the relationship between a firm’s prospects and its financing policy traditionally focus on publicly-traded firms. Due to data availability, the determinants of the security choices of young, private entrepreneurial firms are relatively unexplored. The financing environment of such firms is unique. Venture capital (VC)-backed entrepreneurial firms receive financing from inside investors who are informed about firm quality and help determine firm financing decisions. The environment contrasts with the setup of public firms that raise financing from arm’s length investors who face information asymmetry about firm prospects. In this paper, we seek to determine how these differences affect financing decisions and firm outcomes of VC-backed firms in particular and firms in general. Traditional explanations for debt financing do not easily apply in the VC setting. Since the investor is also an insider, the entrepreneur need not signal firm quality to the VC. Moreover, such firms rarely have taxable income, ruling out tax shield benefits as the motivation for debt issuance. Why then do VC-backed firms issue debt? Empirical research on capital structure suggests that leverage increase is positively related to firm value. In contrast, our analysis reveals that entrepreneurial firms that issue debt exhibit a reduction in firm value after obtainin","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130251529","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"TOWARD A PROCESS MODEL OF VENTURE CAPITAL EMERGENCE: THE ROLE OF DIFFUSION (INTERACTIVE PAPER)","authors":"D. Lingelbach, E. Gilbert, Gordon Murray","doi":"10.13016/M27V9V","DOIUrl":"https://doi.org/10.13016/M27V9V","url":null,"abstract":"","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128925201","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"PLANNING EFFECTUAL GROWTH: A STUDY OF EFFECTUATION AND CAUSATION IN BUSINESS PLANS (SUMMARY)","authors":"J. Kraaijenbrink, T. Ratinho, A. Groen","doi":"10.13016/M2J09W49X","DOIUrl":"https://doi.org/10.13016/M2J09W49X","url":null,"abstract":"","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"14 5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128771669","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"GOING ABROAD TO WIN AT HOME: NEW VENTURE INTERNATIONALIZATION AS A LEGITIMATION STRATEGY (SUMMARY)","authors":"Benedikt E. Maissenhaelter, H. Milanov","doi":"10.5465/ambpp.2016.16481abstract","DOIUrl":"https://doi.org/10.5465/ambpp.2016.16481abstract","url":null,"abstract":"While recent research stressed the importance of examining domestic circumstances for new venture internationalization, our understanding of early internationalization for venture outcomes in domestic markets is more limited. In this paper we propose that early internationalization can importantly contribute to new venture’s legitimacy with domestic audiences. Building on the literatures in organizational legitimacy, we argue that early internationalization is a plausible signal for domestic audiences in evaluating the legitimacy of a new venture. The effectiveness of this signal is contingent on the context of the internationalization. We employ propensity score matching to construct a matched sample of new ventures. Our findings provide support for a positive impact of internationalization on legitimacy gains with three distinct domestic audiences: investors, partner firms, and customers and confirm the importance of the foreign market attractiveness as an important amplifier of such gains for some audi...","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132710661","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Entrepreneurship is no longer the young’s game? a cross-sectional, cross-country study of senior entrepreneurship","authors":"Jiyoung Kim, P. Davidsson","doi":"10.5204/thesis.eprints.107545","DOIUrl":"https://doi.org/10.5204/thesis.eprints.107545","url":null,"abstract":"This thesis investigates the considerable variation in the rate of seniors’ entrepreneurial activity across countries. Building on institutional theory, this research investigates the impact of public expenditures, related to seniors’ health, pension, and education, on their entrepreneurial activity, mediated by the actual outcomes of public expenditures, measured with health status, poverty rate, and educational attainment of seniors. By suggesting that the institutional arrangements might trigger start-ups driven by particular motives (necessity vs. opportunity), this thesis provides new insights into seniors’ participation in entrepreneurial activities empowered by specific institutional factor.","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123383872","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"SERIAL VS. ONE-BUSINESS ENTREPRENEURS: A LONGITUDINAL INVESTIGATION OF ENTRY INTO SERIAL ENTREPRENEURSHIP (SUMMARY)","authors":"R. Baptista, A. Amaral","doi":"10.2139/ssrn.899203","DOIUrl":"https://doi.org/10.2139/ssrn.899203","url":null,"abstract":"","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134260032","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}