Journal of Business Venturing最新文献

{"title":"Atypical entrepreneurs in the venture idea elaboration phase","authors":"Saggi Nevo","doi":"10.1016/j.jbusvent.2024.106466","DOIUrl":"10.1016/j.jbusvent.2024.106466","url":null,"abstract":"<div><div><ul><li><span>•</span><span><div>The paper explains why atypical nascent entrepreneurs may not receive the feedback they need for elaborating a venture idea.</div></span></li><li><span>•</span><span><div>The paper shows that a Black/White woman nascent entrepreneur is likely to be sanctioned for entering a profession with which she is seen as incongruent.</div></span></li><li><span>•</span><span><div>Although both are atypical entrepreneurs, nascent Black and White women entrepreneurs are associated with different stereotypes and receive different types of venture-related feedback.</div></span></li><li><span>•</span><span><div>Feedback providers are influenced by ingroup consensus, which can reduce their susceptibility to social stereotypes.</div></span></li></ul></div></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":"40 2","pages":"Article 106466"},"PeriodicalIF":7.7,"publicationDate":"2024-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142825095","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Hype: Marker and maker of entrepreneurial culture","authors":"R. Daniel Wadhwani ,&nbsp;Christina Lubinski","doi":"10.1016/j.jbusvent.2024.106455","DOIUrl":"10.1016/j.jbusvent.2024.106455","url":null,"abstract":"<div><div>This article extends existing scholarship that views hype primarily as an individual entrepreneurial storytelling strategy for generating excitement about a venture's future. We argue that hype also functions as a cultural marker, distinguishing entrepreneurial modes of communication and behavior from those of traditional corporate culture. By tracing the conceptual history of hype, we demonstrate that the term and its associated practices (a.) originated in early-twentieth-century criminal subcultures to distinguish them from respectable culture, (b.) was subsequently adopted by mid-twentieth-century countercultures to distinguish themselves from mainstream culture, and (c.) ultimately became a marker used by late twentieth-century startup culture to distinguish itself from corporate culture. Understanding these historical roots, we contend, illuminates key characteristics of contemporary Western startup culture: the valorization of revolutionary futures, the celebration of rule-breaking, and the embrace of social deviance as a hallmark of entrepreneurial authenticity. By historicizing hype in this manner, we can better appreciate both its “destructive” and “productive” dimensions and explore alternative modes of communication that are prevalent in other entrepreneurial contexts.</div></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":"40 2","pages":"Article 106455"},"PeriodicalIF":7.7,"publicationDate":"2024-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142744692","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Reaching out or going it alone? How birth order shapes networking behavior and entrepreneurial action in the face of obstacles","authors":"Julia M. Kensbock","doi":"10.1016/j.jbusvent.2024.106458","DOIUrl":"10.1016/j.jbusvent.2024.106458","url":null,"abstract":"<div><div>Whether individuals grew up as first-born or later-born siblings in their families can influence their behavior well into adulthood. This study examines the impact of birth order on networking behavior and entrepreneurial action, integrating birth order theory with psychological threat response theories. It suggests that first-born and later-born entrepreneurs inherently differ in their social responses to the uncertainties and threats of entrepreneurship, which affects how intensively they engage in networking behavior and entrepreneurial action. Three empirical studies involving over 900 entrepreneurs were conducted using between-family analysis. The results indicate that later-borns, overall, exhibit more adaptive behavior than first-borns when navigating the challenges of entrepreneurship: Especially when facing severe threatening obstacles, later-born entrepreneurs tend to intensify their efforts to build, seek, and use external networks, which enables them to engage in more entrepreneurial action. This study offers new insights into the relationship between birth order and entrepreneurship, enhancing our understanding of why some individuals may respond more adaptively to threats, network more intensively, and exploit opportunities more actively than others.</div></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":"40 2","pages":"Article 106458"},"PeriodicalIF":7.7,"publicationDate":"2024-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142744562","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Amplifying angels: Evidence from the INVEST program","authors":"Marius Berger ,&nbsp;Sandra Gottschalk","doi":"10.1016/j.jbusvent.2024.106456","DOIUrl":"10.1016/j.jbusvent.2024.106456","url":null,"abstract":"<div><div>This paper shows that angel investor grants encourage new investors to enter the risk finance market, where they syndicate investments with other investors. We argue that this results from the high cost of information acquisition for new investors. New investors bring additional capital into the market but provide little managerial support. However, as these investors join syndicates, ventures can raise larger financing amounts without compromising managerial support. Taken together, these factors positively affect the performance of entrepreneurial ventures. To test our hypotheses, we consider the case of Germany, where the federal government has introduced an investment grant for angel investors. Combining applicant data from the subsidy program with company and ownership information on the quasi-universe of German companies and a large-scale company-level panel survey covering over 900 angel-financed ventures to empirically assess our hypotheses provides strong support for our predictions.</div></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":"40 1","pages":"Article 106456"},"PeriodicalIF":7.7,"publicationDate":"2024-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142696691","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Rethinking entrepreneurship in causally entangled crises: A poly-crisis perspective","authors":"Kim Klyver ,&nbsp;Jeffery S. McMullen","doi":"10.1016/j.jbusvent.2024.106459","DOIUrl":"10.1016/j.jbusvent.2024.106459","url":null,"abstract":"<div><div>Over the last few years, the world has witnessed the emergence of a poly-crisis era in which overlapping, causally entangled crises, such as pandemics, war, inflation, natural disasters, etc. converge to challenge assumptions of societal stability upon which much of the field's knowledge base has been developed over the last few decades. In this editorial, we propose a poly-crisis perspective to entrepreneurship and compare it with entrepreneurship under both normal times and a single crisis. In doing so, we highlight the need to reexamine the boundary conditions of our models and to propose some questions, constructs, and methods that deserve increased attention in a world where institutional uncertainty is the rule rather than the exception.</div></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":"40 1","pages":"Article 106459"},"PeriodicalIF":7.7,"publicationDate":"2024-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142696684","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"False signaling by platform team members and post-campaign venture outcomes: Evidence from an equity crowdfunding platform","authors":"Virginie Mataigne ,&nbsp;Michele Meoli ,&nbsp;Tom Vanacker ,&nbsp;Silvio Vismara","doi":"10.1016/j.jbusvent.2024.106457","DOIUrl":"10.1016/j.jbusvent.2024.106457","url":null,"abstract":"&lt;div&gt;&lt;div&gt;In equity crowdfunding (ECF), early investments serve as signals of venture potential to prospective investors, making them more likely to join an offering. We argue that ECF platform team members can exploit this mechanism and convey false signals to unsophisticated investors. Data from a prominent ECF platform indicate that platform team members “invest” in ventures that exhibit weaker post-campaign outcomes. However, in ventures that successfully fundraise, platform team members typically withdraw their investment (after it incentivized others to join), and these ventures show even weaker post-campaign outcomes. Finally, ventures' post-campaign outcomes are particularly weak when this “invest-and-withdraw” tactic is executed by the platform's upper echelons, whose investments can further be perceived as endorsement signals by the crowd, despite significant goal incongruence between the upper echelons and the crowd. Our study presents novel theoretical and empirical insights into the signaling, financial misconduct, and ECF literature, and holds important policy implications.&lt;/div&gt;&lt;/div&gt;&lt;div&gt;&lt;h3&gt;Executive summary&lt;/h3&gt;&lt;div&gt;Past research has shown that equity crowdfunding (ECF) platforms can reduce agency problems between entrepreneurs and ECF investors, such as adverse selection problems, by providing selection and due diligence activities. In other words, past research has focused on the bright side of ECF platforms. However, this study focuses on a possible dark side of ECF platforms. The paper investigates the practice of ECF platform team members fabricating support (i.e., using an invest-and-withdraw tactic) towards firms with weaker prospects listed on their own platform.&lt;/div&gt;&lt;div&gt;ECF platform team members can use an invest-and-withdraw tactic in firms with weaker prospects. Indeed, through their investments, ECF platform team members influence early investments, which are often used by prospective ECF investors as a quality signal to influence their own investment decisions. However, platform team members then withdraw their investments (after their investment lured follow-on investors to the offering). As such, platform team members convey false signals to unsophisticated ECF investors. The paper highlights an underexplored agency problem between ECF platforms and investors, where platform goals (such as higher platform fundraising success rates and increasing revenue generation, which require platforms where more deals get done) may conflict with investor interests.&lt;/div&gt;&lt;div&gt;Theoretically, these agency problems and the fact that one can withdraw investments at zero cost during a cooling-off period may explain why ECF platform team members engage in false signaling to support firms with weaker prospects. More specifically, we expect that platform team members will invest in firms with weaker post-campaign prospects. Also, their investment withdrawals are expected to be especially correlated with weaker post-campaign venture o","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":"40 1","pages":"Article 106457"},"PeriodicalIF":7.7,"publicationDate":"2024-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142696692","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Funding-source-induced bias: How social ties influence entrepreneurs' anticipated guilt and risk-taking preferences","authors":"Emily Neubert ,&nbsp;Greg Fisher ,&nbsp;Donald F. Kuratko ,&nbsp;Regan Stevenson","doi":"10.1016/j.jbusvent.2024.106453","DOIUrl":"10.1016/j.jbusvent.2024.106453","url":null,"abstract":"<div><div>Raising money from family and friends is a common form of startup funding. However, we know little about how accepting funds from these individuals influences an entrepreneur's risk-taking preferences. We theorize that as an entrepreneur's relationship with an investor strengthens, the entrepreneur is more likely to anticipate guilt that could emerge from a potential venture failure, which prompts the entrepreneur to make more conservative venture growth decisions. We test our model using a quasi-experimental vignette-based approach. Based on the results, we argue that the tendency for an entrepreneur to become more risk averse in their entrepreneurial decision making due to feelings of anticipated guilt after receiving funding from strong ties demonstrates a <em>funding-source-induced bias</em>.</div></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":"40 1","pages":"Article 106453"},"PeriodicalIF":7.7,"publicationDate":"2024-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142560881","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Effect of venture capital investment horizon on new product development: Evidence from the medical device sector","authors":"Moonsik Shin ,&nbsp;Joonhyung Bae ,&nbsp;Umit Ozmel","doi":"10.1016/j.jbusvent.2024.106454","DOIUrl":"10.1016/j.jbusvent.2024.106454","url":null,"abstract":"&lt;div&gt;&lt;div&gt;Drawing on entrepreneurial financing literature, we investigate how venture capital (VC) firms' investment horizons affect their ventures' product quality problems. We argue that when a VC firm has a short investment horizon, it may guide its portfolio companies to develop new products fast to increase the likelihood of successful exits. However, this deliberate effort may act as a double-edged sword for ventures. That is, VC firms' guidance on product commercialization could inadvertently expose ventures to product quality problems. Building on this notion, we suggest that ventures backed by VC firms with short investment horizons may experience more product quality problems than those backed by VC firms with long investment horizons. We further suggest that the effect of a VC firm's investment horizon on product quality problems is mitigated when the venture is invested by corporate VC investors but amplified when the venture develops complex products. We test our hypotheses using a dataset on product recalls of VC-backed ventures in the U.S. medical device industry.&lt;/div&gt;&lt;/div&gt;&lt;div&gt;&lt;h3&gt;Executive summary&lt;/h3&gt;&lt;div&gt;The success and survival of new ventures largely depend on their ability to develop and commercialize innovative products. Due to their limited resources, these ventures often seek support from venture capital (VC) investors. However, the involvement of VC investors can be a double-edged sword, as their focus on timely (or even accelerated) product introduction may lead to unforeseen problems. This occurs because VC firms may adopt different approaches to supporting ventures in new product development, depending on their investment horizons, which are constrained by their contractual obligations to their limited partners (LPs). Specifically, VC firms with long investment horizons may allow their portfolio companies to have sufficient time to develop new products. In contrast, VC firms with short investment horizons may be under time pressure and guide their portfolio companies to speed up the product development process to increase the chances of ventures' exits within a limited timeline.&lt;/div&gt;&lt;div&gt;Building on this notion, we examine how the investment horizons of VC investors impact ventures' product quality problems. Ventures invested by VC firms with short investment horizons may face pressure to accelerate the new product development process, preventing the ventures from engaging in time-intensive learning processes necessary for cultivating new technological and market knowledge. Therefore, we propose that ventures invested by VC firms with short investment horizons may experience more product quality problems than those invested by VC firms with long investment horizons. We further propose two boundary conditions to validate our theoretical mechanisms. First, we suggest that the negative effect of VC investors' time horizons on product quality problems is mitigated by the presence of corporate VC (CVC) firms in the inve","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":"40 1","pages":"Article 106454"},"PeriodicalIF":7.7,"publicationDate":"2024-10-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142553400","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Echoes of the past: The long-lasting effects of entrepreneurs' generational imprints on value-creation models","authors":"Ileana Maldonado-Bautista ,&nbsp;Paul Sanchez-Ruiz ,&nbsp;Annaleena Parhankangas ,&nbsp;Karen Watkins","doi":"10.1016/j.jbusvent.2024.106452","DOIUrl":"10.1016/j.jbusvent.2024.106452","url":null,"abstract":"<div><div>We draw from theories of generations and imprinting to introduce an alternative conceptualization of the effects of age on entrepreneurship—namely, entrepreneurs' generational imprints. We theorize how imprinted characteristics of entrepreneurs from a conservative generation (vs. a progressive generation) are positively (negatively) associated with higher levels of financial returns and negatively (positively) associated with higher engagement in corporate social responsibility. In two studies in the Mexican context, we find that entrepreneurs from a conservative generation create more financial value than social value, while entrepreneurs from a progressive generation create more social value than financial value. We also explore the intervening mechanisms and find that entrepreneurs who are more embedded in the church and their families and have more family obligations are more likely to experience generational imprinting. We further show that women tend to experience generational imprinting differently than men, leading to important heterogeneity in our results. Finally, we find that older entrepreneurs experience generational imprints more acutely than their counterparts. Overall, this study provides new insights into entrepreneurs' generational imprints and demonstrates how and why generational imprinting matters in entrepreneurial research.</div></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":"40 1","pages":"Article 106452"},"PeriodicalIF":7.7,"publicationDate":"2024-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142356713","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Legitimately distinct entrepreneurial stories in evolving market categories","authors":"Shannon Younger ,&nbsp;Jonathan Preedom ,&nbsp;Chad Navis","doi":"10.1016/j.jbusvent.2024.106436","DOIUrl":"10.1016/j.jbusvent.2024.106436","url":null,"abstract":"<div><p>We develop a theoretical framework explaining how the evolving uncertainty imperatives of the <em>nascent</em>, <em>emerging</em>, and <em>mature</em> stages of a market category influence the entrepreneurial stories that audiences judge as legitimately distinct. Our focus is on the sensemaking role of different story components in shaping these judgments, both independently and through their holistic interplay. We also relate these story components to the broader issues that audiences seek to resolve at each stage, which affects their potential resonance. This framework provides a contextualized understanding of legitimate distinctiveness and identifies unique tensions in each stage of an evolving market category, offering a valuable integration and advancement of existing scholarship.</p></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":"40 1","pages":"Article 106436"},"PeriodicalIF":7.7,"publicationDate":"2024-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142271332","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}