Journal of Business Venturing最新文献

{"title":"Growing pains in scale-ups: How scaling affects new venture employee burnout and job satisfaction","authors":"Mohamed Genedy ,&nbsp;Karin Hellerstedt ,&nbsp;Lucia Naldi ,&nbsp;Johan Wiklund","doi":"10.1016/j.jbusvent.2023.106367","DOIUrl":"10.1016/j.jbusvent.2023.106367","url":null,"abstract":"<div><p>Although academic interest in organizational scaling is growing, extant research has focused primarily on the antecedents and processes, neglecting how employees experience scaling. Drawing on the scale-up, firm growth, and well-being literature, we take an employee perspective to examine the impact of scaling on employee burnout and job satisfaction. Using a sample of 10,908 new venture employees in Sweden, we show that scaling is positively associated with employee burnout, and negatively with job satisfaction. We also show that the link between scaling, burnout, and job satisfaction depends on whether the employee is in a managerial position or has prior new venture experience.</p></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":null,"pages":null},"PeriodicalIF":8.7,"publicationDate":"2023-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0883902623000812/pdfft?md5=949f651c1b7927e822104c9638ff43cb&pid=1-s2.0-S0883902623000812-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138297692","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":"Scalability, venture capital availability, and unicorns: Evidence from the valuation and timing of IPOs","authors":"Deepak Somaya ,&nbsp;Jingya You","doi":"10.1016/j.jbusvent.2023.106345","DOIUrl":"https://doi.org/10.1016/j.jbusvent.2023.106345","url":null,"abstract":"<div><p>The growing phenomenon of highly valued startups (e.g., unicorns) poses fundamental questions for entrepreneurship research. We posit that venture scalability and VC funding availability may explain startups' IPO valuations (and timing). Highly scalable ventures may not only capture very large market opportunities, but their scaling strategies may also be constrained by the governance and regulatory burdens faced by public firms. Accordingly, we hypothesize and find that more scalable ventures undertake IPOs at higher valuations, which is positively moderated by VC funding availability. Highly scalable startups also delay their IPOs for longer but only when VC funding availability is high.</p></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":null,"pages":null},"PeriodicalIF":8.7,"publicationDate":"2023-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0883902623000599/pdfft?md5=1a8fcae9cbc87e7e8819e0d80c3c6928&pid=1-s2.0-S0883902623000599-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138136227","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":"Breaking barriers or maintaining status quo? Female representation in decision-making group of venture capital firms and the funding of woman-led businesses","authors":"Lei Xu ,&nbsp;Amy Y. Ou ,&nbsp;Haemin Dennis Park ,&nbsp;Han Jiang","doi":"10.1016/j.jbusvent.2023.106368","DOIUrl":"10.1016/j.jbusvent.2023.106368","url":null,"abstract":"<div><p>We examine whether and when female representation in decision-making groups of venture capital firms affects the firms' decision to fund woman-led businesses. By developing an intra- and inter-group categorization framework for group decision-making, we argue that, in the male-dominated venture capital industry, decision-making groups with higher female representation are less likely to fund woman-led businesses. However, this negative effect is mitigated when the decision-making group has more politically neutral members or when members have more shared prior employment affiliations. Using a longitudinal panel dataset of funding decisions by 151 U.S.-based venture capital firms, the empirical analyses support our theoretical predictions. We also enriched and complemented our empirical findings with qualitative evidence.</p></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":null,"pages":null},"PeriodicalIF":8.7,"publicationDate":"2023-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71524912","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":"Event-based entrepreneurship","authors":"Greg Fisher ,&nbsp;Matthew A. Josefy ,&nbsp;Emily Neubert","doi":"10.1016/j.jbusvent.2023.106366","DOIUrl":"10.1016/j.jbusvent.2023.106366","url":null,"abstract":"<div><p>Many entrepreneurial opportunities are associated with events, including sports competitions, races and tournaments, concerts and music festivals, and conferences and exhibitions, yet this variant of entrepreneurship has not been specifically accounted for in the literature. We integrate insights from entrepreneurship research with research on temporary organizational forms, stakeholder theory, and platform strategy to define Event-Based Entrepreneurship (EBE) and propose factors that account for the founding and scaling of event-based ventures. In so doing, we lay the conceptual foundations and offer theoretical and practical directions for an expanded research agenda on EBE.</p></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":null,"pages":null},"PeriodicalIF":8.7,"publicationDate":"2023-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71474936","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":"No politics in funding pitches: An expectancy violations theory perspective of entrepreneurs' political expressions in crowdfunding","authors":"Jeffrey A. Chandler ,&nbsp;Aaron H. Anglin ,&nbsp;Fizza Kanwal ,&nbsp;Jeremy C. Short","doi":"10.1016/j.jbusvent.2023.106365","DOIUrl":"10.1016/j.jbusvent.2023.106365","url":null,"abstract":"<div><p>Drawing from expectancy violation theory, we investigate how entrepreneurs' language-based expressions of their political ideology influence the performance of their crowdfunding campaigns. We argue that crowdfunding funders expect campaigns to be apolitical, suggesting that entrepreneurs' expressing their political ideologies – regardless of the specific ideology – create a negative expectancy violation that decreases funding performance. As source credibility is a central boundary condition for expectancy violation theory predictions, we also suggest this relationship is mitigated by three indicators of entrepreneurial credibility: prior successful experience, media usage, and third-party endorsements. Using a sample of 19,898 Kickstarter campaigns and a randomized experiment, we find support for our theoretical predictions.</p></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":null,"pages":null},"PeriodicalIF":8.7,"publicationDate":"2023-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71435956","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":"Just a number? Using artificial intelligence to explore perceived founder age in entrepreneurial fundraising","authors":"Michael J. Matthews ,&nbsp;Aaron H. Anglin ,&nbsp;Will Drover ,&nbsp;Marcus T. Wolfe","doi":"10.1016/j.jbusvent.2023.106361","DOIUrl":"https://doi.org/10.1016/j.jbusvent.2023.106361","url":null,"abstract":"<div><p>Leveraging work on role theory and age stereotypes, we deploy a randomized experiment that uses AI to manipulate founder age in fundraising appeals. Broadly, we find that age perceptions matter to investors. Using 949 equity crowdfunding observations, we show that entrepreneurs benefit from appearing older when seeking funding. However, these benefits wane as age perceptions increase, and age perceptions eventually become detrimental to funding efforts, resulting in an inverted-U relationship between age perceptions and funding evaluations. Perceptions of founder intelligence, creativity, energy, and experience mediate this relationship. This study opens new frontiers by introducing founder age perceptions as an important, yet overlooked factor in entrepreneurial fundraising.</p></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":null,"pages":null},"PeriodicalIF":8.7,"publicationDate":"2023-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49889492","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":"Interorganizational triads for foreign-market entry: Partnerships among Western, bridge-economy, and local VCs in mainland China","authors":"Jing Zhang ,&nbsp;Wei Zhang ,&nbsp;Andreas Schwab","doi":"10.1016/j.jbusvent.2023.106363","DOIUrl":"https://doi.org/10.1016/j.jbusvent.2023.106363","url":null,"abstract":"<div><p>This study introduces the novel construct of bridge-economy partners, which can assist Western firms in learning how to collaborate with local partners when entering unfamiliar foreign countries that have substantially different socioeconomic characteristics. We offer initial empirical evidence regarding the relevance of establishing such interorganizational partnership triads among Western, bridge-economy, and local firms for the entries of Western venture capital firms (VCs) into Mainland China between 1997 and 2008. Venture age, regional legal maturity, and the Western VCs' accumulated local experience are identified as relevant contingency factors for the likelihood of adopting this type of collaboration, which involves partners from three different types of economies. We supplement our quantitative analyses with anecdotal qualitative evidence from interviews with VC executives and fund managers.</p></div><div><h3>Executive summary</h3><p>This study introduces the novel construct of bridge-economy partners and outlines their potentially beneficial roles in the context of foreign-market entry undertaken by Western firms. The established literature suggests that Western firms consider collaboration with a local firm as an accelerator for learning about and adapting to local conditions. However, the substantial socioeconomic differences that may exist between home and host country can create paramount challenges for collaborations between Western firms and their local partners. Adding a third type of partner from a country with substantial socioeconomic overlap to both firms' home countries can help “bridge the socioeconomic gap” between Western and local firms. The bridge-economy partners can assist Western firms in learning how to collaborate with their new local partners.</p><p>This study offers initial empirical evidence for the relevance of such interorganizational partnership triads between Western, bridge-economy, and local firms by using the data of Western venture capital firms (VCs) and their entries into Mainland China between 1997 and 2008. Venture age, regional legal maturity, and accumulated local experience of Western VCs are identified as relevant contingency factors for the likelihood of adopting this type of triadic interorganizational partnership. Quantitative hypothesis tests are supplemented with anecdotal qualitative evidence.</p><p>Reported findings extend the emerging entrepreneurship literature that focuses on foreign-market entry and globalization. Our focus on triadic partnerships and the role of bridge-economy firms extends the previous research that has instead nearly exclusively focused on dyadic collaborations between Western firms and local partners. A triadic WBL partnership offers an alternative strategy to use when entering foreign markets that have substantially different cultural, economic, and institutional characteristics. Our findings further highlight that even though such triadic WBL partnerships","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":null,"pages":null},"PeriodicalIF":8.7,"publicationDate":"2023-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49889490","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":"Climate impact, institutional context, and national climate change adaptation IP protection rates","authors":"Hyungseok Yoon (David) ,&nbsp;Peter Tashman ,&nbsp;Mirko H. Benischke ,&nbsp;Jonathan Doh ,&nbsp;Namil Kim","doi":"10.1016/j.jbusvent.2023.106359","DOIUrl":"https://doi.org/10.1016/j.jbusvent.2023.106359","url":null,"abstract":"<div><p>We study how the physical effects of climate change motivate entrepreneurs to develop and protect climate change adaptation (CCA) intellectual property (IP) in heterogeneous ways across countries. Integrating the sustainable entrepreneurship literature with the attention-based view, we show that country-level climate impact redirects managerial attention to the disruptive potential of climate change and spurs the sector into action to pursue and protect CCA-related IP. We also find that strong intellectual-property rights regulations and environmental movements in countries strengthen this effect. Our results extend the sustainable entrepreneurship literature by showing how the geography of climate impact explains how CCA IP protection efforts are distributed globally.</p></div><div><h3>Executive summary</h3><p>Why do entrepreneurs in some countries engage in more climate change adaptation (CCA) intellectual property (IP) protection than others? We postulate that entrepreneurs' attention is simultaneously situated in their country's climatic and institutional environments, and that these contexts shape the salience of CCA IP protection. Formally, we predict that entrepreneurs who would normally deprioritize CCA IP protection as an opportunity in the face of more urgent socioeconomic issues become more attuned to it as their country's climate impact increases. We then theorize institutional conditions that influence entrepreneurs' responsiveness to climate impact. First, we predict that stronger intellectual property rights institutions reduce entrepreneurs' uncertainty in capturing rents from their CCA IP and hence strengthen the relationship between climate impact and CCA IP protection. Second, we predict that informal institutions aligned with environmental movements increase the salience of climate impacts to corporate entrepreneurs by spurring their interests in environmental issues and hence also strengthen the climate impact-CCA IP protection relationship. Our empirical analyses using 689 country-year observations consisting of 95 countries over the period 2005 to 2015 reveal that country-level climate impact drives CCA IP protection, especially when there are strong intellectual property rights (IPR) regimes and environmental movements.</p></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":null,"pages":null},"PeriodicalIF":8.7,"publicationDate":"2023-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49889489","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":"ESG and crowdfunding platforms","authors":"Douglas Cumming ,&nbsp;Michele Meoli ,&nbsp;Alice Rossi ,&nbsp;Silvio Vismara","doi":"10.1016/j.jbusvent.2023.106362","DOIUrl":"https://doi.org/10.1016/j.jbusvent.2023.106362","url":null,"abstract":"<div><p>We hypothesize that environmental, social, and governance (ESG) goals enable crowdfunding platforms to attract more investors and thus survive longer. Using data on the population of 508 security-based platforms established in the 38 OECD countries between 2007 and 2020, we document that platforms with higher levels of ESG selection criteria are more likely to survive over time. The importance of ESG criteria is more pronounced for platforms operating in countries with lower power distance. In decomposing ESG, we find that governance is the most significant component of the three, while environmental criteria have increased in importance for platform survival in recent years.</p></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":null,"pages":null},"PeriodicalIF":8.7,"publicationDate":"2023-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49889491","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":"A temporal typology of entrepreneurial opportunities: Implications for the optimal timing of entrepreneurial action","authors":"Jeffery S. McMullen ,&nbsp;Jason R. Fitzsimmons ,&nbsp;Khyati Shetty ,&nbsp;Stratos Ramoglou","doi":"10.1016/j.jbusvent.2023.106356","DOIUrl":"https://doi.org/10.1016/j.jbusvent.2023.106356","url":null,"abstract":"<div><p>Entrepreneurial opportunities emerge and dissipate over time, yet little is known about how and why they vary in their ephemerality and what the implications of temporal variance are for the optimal timing of entrepreneurial action. Building on the actualization theory of opportunity and signal processing theory, we propose that profit possibilities exist in the convolution of consumer desire, technical feasibility, and economic viability of an innovation. Conceiving consumer desire – a necessary ingredient of any profit opportunity – as consisting of fleeting or enduring consumer preferences and fixed or variable consumer expectations, we identify four possible distributions of consumer desire over time. We then show how the interaction of these distributions with technical feasibility functions produces a temporal typology of entrepreneurial opportunities. Our analysis suggests that, despite sharing conceptual similarities in structure, each type of opportunity emphasizes a different form of asymmetry across opportunity categories, which is likely to differentially affect the optimal timing of entrepreneurial action. We conclude by pointing out how considerations of time facilitate the move away from fruitless philosophical debates and toward a more theoretically nuanced and empirically informative view of the concept.</p></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":null,"pages":null},"PeriodicalIF":8.7,"publicationDate":"2023-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49889486","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}