Journal of Business Venturing最新文献

{"title":"The signaling value of legal form in entrepreneurial debt financing","authors":"Felix Bracht , Jeroen Mahieu , 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":"39 3","pages":"Article 106380"},"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":"39 2","pages":"Article 106378"},"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":"&lt;div&gt;&lt;p&gt;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.&lt;/p&gt;&lt;/div&gt;&lt;div&gt;&lt;h3&gt;Executive summary&lt;/h3&gt;&lt;p&gt;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.&lt;/p&gt;&lt;p&gt;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.&lt;/p&gt;&lt;p&gt;Our framework enriches the existing body of literature, offering nuanced insights","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":"39 2","pages":"Article 106379"},"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":"39 3","pages":"Article 106377"},"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":"39 2","pages":"Article 106364"},"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":"39 2","pages":"Article 106369"},"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}

{"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":"39 2","pages":"Article 106367"},"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":"39 1","pages":"Article 106345"},"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":"39 1","pages":"Article 106368"},"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":"39 1","pages":"Article 106366"},"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}