Journal of Business Venturing最新文献

{"title":"The value of a reputation for sustaining commitment in interfirm relationships: The inclusion of corporate venture capitalists in investment syndicates","authors":"Joseph J. Cabral ,&nbsp;M.V. Shyam Kumar ,&nbsp;Haemin Dennis Park","doi":"10.1016/j.jbusvent.2024.106391","DOIUrl":"https://doi.org/10.1016/j.jbusvent.2024.106391","url":null,"abstract":"<div><p>We explore the importance of sustaining commitment in inter-firm relationships in the corporate venture capital setting. We find that a corporate investor's past behavior in terms of committing to investment relationships and not abandoning them prematurely confers reputational benefits that increase the likelihood of its participation in future investment opportunities. These reputational effects have a greater impact when the corporate investor has extensive patent stocks and has higher levels of potential slack. Our study highlights the value of sustaining commitment in interfirm relationships, and offers a deeper understanding of an important driver of corporate venture capital program investment opportunities.</p></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":null,"pages":null},"PeriodicalIF":8.7,"publicationDate":"2024-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140122290","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":"The effects of firm-specific incentives (stock options) on mobility and employee entrepreneurship","authors":"Vilma Chila ,&nbsp;Shivaram Devarakonda","doi":"10.1016/j.jbusvent.2024.106382","DOIUrl":"10.1016/j.jbusvent.2024.106382","url":null,"abstract":"<div><p>We consider the effect of employee stock options on employee mobility and employee entrepreneurship. Employee stock options are firm-specific, long-term, equity-based incentive instruments—attractive properties for affecting employee behaviors and decisions. We argue that employee stock options reduce employee mobility levels. By contrast, we posit that employee stock options increase employee entrepreneurship levels, and even more so when a firm's knowledge scope is narrow. Using the semiconductor industry as the setting, we document not only the negative effect of employee stock options on employee mobility levels but also the positive impact on employee entrepreneurship levels; the positive impact is also more substantial in firms with a narrow knowledge scope. We contribute to the literature that examines the influence of organizational conditions on the origins of entrepreneurship. We also inform research on strategic human capital by explicating the divergent effects of firm-specific incentives on two crucial human capital outcomes for firms.</p></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":null,"pages":null},"PeriodicalIF":8.7,"publicationDate":"2024-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0883902624000041/pdfft?md5=18d752d04ac3c2c1d3856a68700f0979&pid=1-s2.0-S0883902624000041-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139917420","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":"Parental divorce in early life and entrepreneurial performance in adulthood","authors":"Mateja Andric ,&nbsp;Josh Wei-Jun Hsueh ,&nbsp;Thomas Zellweger ,&nbsp;Isabella Hatak","doi":"10.1016/j.jbusvent.2024.106390","DOIUrl":"https://doi.org/10.1016/j.jbusvent.2024.106390","url":null,"abstract":"<div><p>We examine how parental divorce in early life affects performance in entrepreneurship in adulthood. Drawing on life course theory and empirical analyses of US self-employment and childhood data from the National Longitudinal Survey of Youth 1979, we show that entrepreneurs' experience of parental divorce in childhood benefits their entrepreneurial performance in adulthood through a gain in self-efficacy while simultaneously suppressing entrepreneurial performance through a shortfall in human capital. We also show that whether the performance advantages or disadvantages from parental divorce dominate depends on parental human capital. While parental divorce is associated with underperformance for entrepreneurs whose parents have high levels of human capital, it is positively related to entrepreneurial performance for those with low parental human capital. Our study contributes new theory and evidence on the intertemporal relationship between past family contexts and present entrepreneurial performance.</p></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":null,"pages":null},"PeriodicalIF":8.7,"publicationDate":"2024-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0883902624000120/pdfft?md5=f9e958a51d1c9e4e4db64706b5247877&pid=1-s2.0-S0883902624000120-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139748964","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":"Old but gold? Examining the effect of age bias in reward-based crowdfunding","authors":"Benedikt David Christian Seigner ,&nbsp;Aaron F. McKenny ,&nbsp;David K. Reetz","doi":"10.1016/j.jbusvent.2024.106381","DOIUrl":"https://doi.org/10.1016/j.jbusvent.2024.106381","url":null,"abstract":"<div><p>While age is positively related to entrepreneurial success, the prevailing stereotype favors younger entrepreneurs. To better understand how these contradictory perspectives influence funding decisions, we examine the role of age in a sample of 41,602 reward-based crowdfunding campaigns from Indiegogo. We find a negative correlation between an entrepreneur's apparent age and funding performance, indicating a preference for younger entrepreneurs. However, we also find age-based homophily where older entrepreneurs' campaigns attract older backers. Our study distinguishes between statistical and status-based discrimination to understand the multi-faceted nature of age in reward-based crowdfunding and demonstrate how investment motives mitigate and reinforce age-based discrimination.</p></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":null,"pages":null},"PeriodicalIF":8.7,"publicationDate":"2024-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S088390262400003X/pdfft?md5=89c15577f2e414e4273b3d9e544b667e&pid=1-s2.0-S088390262400003X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139743958","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":"The signaling value of legal form in entrepreneurial debt financing","authors":"Felix Bracht ,&nbsp;Jeroen Mahieu ,&nbsp;Steven Vanhaverbeke","doi":"10.1016/j.jbusvent.2024.106380","DOIUrl":"https://doi.org/10.1016/j.jbusvent.2024.106380","url":null,"abstract":"<div><p>This study examines the impact of mandatory legal form choices on startups' debt financing opportunities. We posit that an entrepreneur's initial legal form decision serves as a reliable signal to outside lenders, reducing adverse selection concerns. Using data from German startups, we find that limited liability companies with low capital requirements disproportionately secure less debt than their high-capital counterparts. This financing disparity is particularly pronounced for younger firms in areas dominated by small relationship banks, but it diminishes with firm age. Our findings highlight the unintended consequences of recent global deregulation efforts.</p></div><div><h3>Executive summary</h3><p>Formal debt financing is arguably the most important source of external financing for startups. Despite its importance, many startups find it challenging to secure such financing due to informational opacity: they lack the track record or publicly available evidence needed to prove that they are a sound investment. This raises a pressing question: How can startups credibly convey their creditworthiness to potential lenders?</p><p>We posit that a startup entrepreneur's choice of legal form acts as a pivotal signal to potential lenders, allowing them to differentiate between high-risk and low-risk ventures. Every startup must decide what legal form it will adopt at incorporation. Unlike most other, industry-specific decisions, the choice of legal form acts as a consistent and universally applicable signal. Moreover, recent shifts in global regulations have seen the emergence of companies with low-capital legal forms, a development further underscoring the importance of studying these choices (World Bank, 2020).</p><p>We theorize that adopting a legal form with high minimum paid-in capital requirements signals that a venture will be less likely to default on a loan: entrepreneurs who anticipate a higher likelihood of default will be less inclined to pick a legal form with high minimum capital requirements since they would be liable for the amount of paid-in capital in the case of bankruptcy. The opportunity costs of such a choice would also be higher as founding a high-capital firm would entail foregoing alternative, safer investment opportunities. Furthermore, the reputational costs and potential stigma of failure associated with defaulting when choosing a high- versus low-capital legal form may induce high-risk types to choose the latter. Importantly, we posit that the legal form choice has signaling value beyond the amount of paid-in capital: among firms with the same amount of equity and similar firm and founder characteristics, those ventures with a low-capital legal form have more difficulty in attracting the necessary external funding.</p><p>We utilize comprehensive administrative and survey data from German firms to empirically test our hypotheses. In 2008, Germany introduced the “mini-LLC” or “low-capital LLC,” allowing founders to o","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":null,"pages":null},"PeriodicalIF":8.7,"publicationDate":"2024-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0883902624000028/pdfft?md5=3fbf18aaeccbe1b8f98396237b71508c&pid=1-s2.0-S0883902624000028-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139674865","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":"Flip the tweet – the two-sided coin of entrepreneurial empathy and its ambiguous influence on new product development","authors":"Konstantin Kurz,&nbsp;Carolin Bock,&nbsp;Leonard Hanschur","doi":"10.1016/j.jbusvent.2023.106378","DOIUrl":"https://doi.org/10.1016/j.jbusvent.2023.106378","url":null,"abstract":"<div><p>Is empathy a uniformly good thing for entrepreneurs? Contrasting the hitherto predominantly positive view advocated by the extant entrepreneurship literature, we develop a novel model of entrepreneurial empathy's mechanisms and suggest a ‘too-much-of-a-good-thing’ perspective. We empirically confirm this model using a dataset of 4425 real entrepreneurs, where we find that empathy influences entrepreneurial new product development as an essential entrepreneurial activity in an inverted U-shaped pattern. We further show that empathy's negative effects are particularly detrimental for very anxious entrepreneurs. These findings provide strong evidence for considering entrepreneurial empathy an important but highly ambiguous success factor.</p></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":null,"pages":null},"PeriodicalIF":8.7,"publicationDate":"2024-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0883902623000927/pdfft?md5=5e73be4a73d5834bacd14733e3fecc79&pid=1-s2.0-S0883902623000927-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139487676","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":"When a crisis hits: An examination of the impact of the global financial crisis and the COVID-19 pandemic on financing for women entrepreneurs","authors":"Wei Yu ,&nbsp;Jipeng Fei ,&nbsp;Grace Peng ,&nbsp;James Bort","doi":"10.1016/j.jbusvent.2024.106379","DOIUrl":"https://doi.org/10.1016/j.jbusvent.2024.106379","url":null,"abstract":"<div><p>Crises have significant implications for entrepreneurs' businesses. Female entrepreneurs are often found to suffer from crises due to their marginalized positions. Despite the increasing research at the nexus of crisis, entrepreneurship, and gender, how a crisis may influence investors' funding decisions concerning female entrepreneurs and whether different macro crises bring with them different implications remain under-explored questions. Drawing on role congruity theory and the crisis and strategic decision-making literature, this paper proposes that macro crises can shake the perceived incongruity between traditional stereotypes of the female gender role and masculine stereotypes related to the entrepreneur's role, thereby affecting financing for female entrepreneurs. We further compare two specific crises having different associated implications: the global financial crisis (GFC) and the COVID-19 pandemic. We conducted two studies, one emphasizing experimental manipulation and the second based on observational data. We found consistent evidence that investors were more likely to invest in female-founded ventures after the GFC; however, the opposite phenomenon occurred after COVID-19. Our experiment demonstrates that changed perceptions of gender role incongruity are a critical underlying mechanism driving our results. Our research has implications for both the entrepreneurship literature and role congruity theory.</p></div><div><h3>Executive summary</h3><p>Amidst the expanding body of research on crisis, entrepreneurship, and gender, there is a predominant focus on the entrepreneur, leaving a discernible gap in our understanding of how macro-level crises specifically influence investors' funding decisions related to female entrepreneurs, and whether different types of crises lead to varying outcomes. This paper aims to bridge this gap, drawing insights from role congruity theory and integrating perspectives from crisis and strategic decision-making literature. We suggest that macro crises have the potential to shift investors' perceived incongruities between female gender roles and the masculine stereotypes commonly associated with entrepreneur roles, consequently affecting funding decisions for female-founded ventures.</p><p>To test our hypothesis, we conducted two comprehensive studies within the contexts of two different crises, each with unique implications: the Global Financial Crisis (GFC) and the COVID-19 pandemic. Our first study employed experimental manipulation, while the second relied on observational data. Across both studies, the results were consistent: post-GFC, investors demonstrated an increased propensity to invest in female-founded ventures; conversely, after the onset of COVID-19, this trend reversed. Crucially, our findings underscore the pivotal role of perceptions of gender role incongruity in shaping the observed outcomes.</p><p>Our framework enriches the existing body of literature, offering nuanced insights","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":null,"pages":null},"PeriodicalIF":8.7,"publicationDate":"2024-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139493500","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":"Corrigendum to “Perceived social undermining keeps entrepreneurs up at night and disengaged the next day: The mediating role of sleep quality and the buffering role of trait resilience” [J. Bus. Ventur. 37 (2022) 106186]","authors":"Wei Yu ,&nbsp;Zhuyi Angelina Li ,&nbsp;Maw-Der Foo ,&nbsp;Shuhua Sun","doi":"10.1016/j.jbusvent.2023.106377","DOIUrl":"10.1016/j.jbusvent.2023.106377","url":null,"abstract":"","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":null,"pages":null},"PeriodicalIF":8.7,"publicationDate":"2023-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0883902623000915/pdfft?md5=0eab7578b8d80bc82f3f92fe8a894dc7&pid=1-s2.0-S0883902623000915-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138740751","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":"Sight unseen: The visibility paradox of entrepreneurship in an informal economy","authors":"Robert Nason ,&nbsp;Siddharth Vedula ,&nbsp;Joel Bothello ,&nbsp;Sophie Bacq ,&nbsp;Andrew Charman","doi":"10.1016/j.jbusvent.2023.106364","DOIUrl":"https://doi.org/10.1016/j.jbusvent.2023.106364","url":null,"abstract":"<div><p>In many informal economies, entrepreneurs face a visibility paradox: increasing visibility to resource-granting stakeholders simultaneously increases exposure to resource-extracting stakeholders. To investigate this phenomenon, we leverage a unique, hand-collected, small-area census dataset of firms in the township of Delft in Cape Town, South Africa, providing rare insight into a population of otherwise unobserved firms. Through an abductive, multimethod approach, we address three interrelated research questions: (i) How do informal economy entrepreneurs make their firms visible? (ii) Which informal economy entrepreneurs make their firms visible? (iii) How does firm visibility relate to firm performance? Our analysis identifies distinct dimensions of authority- and community-oriented visibility and introduces the concept of <em>selective visibility</em>, which refers to making a firm visible to certain stakeholders (e.g., community members) but not others (e.g., authorities). Using a social embeddedness lens, we find that while highly embedded entrepreneurs are more associated with invisibility, less embedded entrepreneurs are more associated with community-oriented selective visibility. The QCA results also indicate a configurational relationship such that visibility's association with performance varies with an entrepreneur's level of embeddedness. As a whole, our study builds theory regarding the taken-for-granted concept of firm visibility and provides important insights that are generative for entrepreneurship research in informal economies and other difficult-to-access settings.</p></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":null,"pages":null},"PeriodicalIF":8.7,"publicationDate":"2023-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138471854","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":"Adapting a collective will and a way during a civil war: The persistence of an entrepreneurial ecosystem as an architecture of hope","authors":"Trenton Alma Williams ,&nbsp;Ramzi Fathallah","doi":"10.1016/j.jbusvent.2023.106369","DOIUrl":"https://doi.org/10.1016/j.jbusvent.2023.106369","url":null,"abstract":"<div><p>Persistent war is an increasing reality for millions of people worldwide. War contexts create a wide range of problems, but paradoxically may fuel some entrepreneurial activities. This inductive, qualitative study explores how an entrepreneurial ecosystem was launched and sustained amid an ongoing civil war despite repeated setbacks, disruptions, and impediments to pursuing collective goals. Building on our longitudinal qualitative data, we show how the entrepreneurial ecosystem was repeatedly reshaped by altering collective goals as well as providing the pathways and sense of agency needed to make progress toward ever-shifting goals. Our research culminates in a grounded theoretical model of an entrepreneurial ecosystem of hope, which contributes to our comprehension of entrepreneurship within war-affected regions and provides valuable insights into the dynamics of collective hope. This study offers practical implications for policy makers and practitioners by illuminating the role of entrepreneurial phenomena in the challenging context of war.</p></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":null,"pages":null},"PeriodicalIF":8.7,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138471675","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}