Strategic Entrepreneurship Journal最新文献

{"title":"Attention across borders: Investor attention as a driver of cross‐border equity crowdfunding investments","authors":"M. V. Maula, Anna Lukkarinen","doi":"10.1002/sej.1424","DOIUrl":"https://doi.org/10.1002/sej.1424","url":null,"abstract":"Research Summary: Digital equity crowdfunding platforms have brought an unprecedented number of international investment opportunities to investors' reach. Although most equity crowdfunding investments are still made domestically, cross-border investments often have a decisive role in a campaign's success. We therefore ask what drives cross-border investments and theorize how international investors ’ attention directs their investment choices. We leverage unique data and several complementary approaches to examine this question. Our contribution to the equity crowdfunding literature is twofold: (a) we theorize and empirically show how international investor attention affects cross-border equity crowdfunding investments, and (b) we conduct the first empirical study of the drivers of cross-border investments in equity crowdfunding. These findings also have implications for new venture internation-alization research and the broader literature on investor attention. Managerial Summary: Although most equity crowdfunding investments are still made domestically, cross-border investing is growing, and cross-border investments are often critical for campaign success. We show that to attract cross-border investments, it is important for platforms and fundraising companies to capture foreign investors'","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":" ","pages":""},"PeriodicalIF":6.3,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49299747","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Influence of Women on SME Innovation in Emerging Markets","authors":"K. Madison, C. Moore, J. Daspit, J. K. Nabisaalu","doi":"10.1002/sej.1422","DOIUrl":"https://doi.org/10.1002/sej.1422","url":null,"abstract":"","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":" ","pages":""},"PeriodicalIF":6.3,"publicationDate":"2022-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44880966","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Issue Information","authors":"","doi":"10.1002/sej.1423","DOIUrl":"https://doi.org/10.1002/sej.1423","url":null,"abstract":"","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":" ","pages":""},"PeriodicalIF":6.3,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44589539","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Do overconfident and over‐optimistic entrepreneurs invest too much in their companies? Theory and evidence from Italian\u0000 SMEs","authors":"Enrico Maria Cervellati, Pierpaolo Pattitoni, Marco Savioli","doi":"10.1002/sej.1421","DOIUrl":"https://doi.org/10.1002/sej.1421","url":null,"abstract":"","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":" ","pages":""},"PeriodicalIF":6.3,"publicationDate":"2022-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47388120","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Are family female directors catalysts of innovation in family\u0000 SMEs\u0000 ?","authors":"Jonathan Bauweraerts, E. Rondi, P. Rovelli, Alfredo De Massis, Salvatore Sciascia","doi":"10.1002/sej.1420","DOIUrl":"https://doi.org/10.1002/sej.1420","url":null,"abstract":"","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":" ","pages":""},"PeriodicalIF":6.3,"publicationDate":"2022-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45804187","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Social Insurance and Entrepreneurship: The Effect of Unemployment Benefits on\u0000 New‐Business\u0000 Formation","authors":"Wenjian Xu","doi":"10.1002/sej.1419","DOIUrl":"https://doi.org/10.1002/sej.1419","url":null,"abstract":"Research Summary This article studies the impacts of social insurance on the decisions of unemployed individuals to start businesses. Exploiting staggered changes in benefit generosity across U.S. states and over time, I find that higher unemployment insurance (UI) benefits both lower the probability that an unemployed person will become self-employed, and also extend the length of time that passes before they make such a transition. The negative effects of UI benefits are concentrated on the formation of unincorporated businesses. Unincorporated businesses created by unemployed people in higher-benefit state-periods tend to be more successful, as measured by profit and survival rate, suggesting that higher benefits mainly screen out the entry of less productive firms. The negative effects are smaller during nonrecession periods and in states that offer a Self-Employment Assistance program. Managerial Summary During the COVID-19 pandemic, the share of new entrepreneurs who were initially unemployed reached the highest level (30%) recorded in 25 years. This article studies factors that impact the decision of unemployed people to start businesses. My empirical results show that higher unemployment insurance (UI) benefits deter unemployed people from forming unincorporated businesses, while those that do enter the marketplace perform better than others located in lower-benefit state-periods. These results suggest that higher UI benefits mainly screen out lower-quality businesses due to the requirement that business profits have to be deducted from UI benefits. The disincentive effects are larger in states without Self-Employment Assistance (SEA) program and during recessions, suggesting the need for widespread policies like the SEA program, especially during economic downturns.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":" ","pages":""},"PeriodicalIF":6.3,"publicationDate":"2022-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41777088","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The\u0000 CEO\u0000 Beauty Premium: Founder\u0000 CEO\u0000 Attractiveness and Firm Valuation in Initial Coin Offerings","authors":"M. Colombo, Christian Fisch, Paul P. Momtaz, S. Vismara","doi":"10.1002/sej.1417","DOIUrl":"https://doi.org/10.1002/sej.1417","url":null,"abstract":"Research summary: We apply insights from research in social psychology and labor economics to the domain of entrepreneurial finance and investigate how founder chief executive officers' (founder CEOs') facial attractiveness influences firm valuation. Leveraging the novel context of initial coin offerings (ICOs), we document a pronounced founder CEO beauty premium, with a positive relationship between founder CEO attractiveness and firm valuation. We find only very limited evidence of stereotype-based evaluations, through the association of founder CEO attractiveness with latent traits such as competence, intelligence, likeability, or trustworthiness. Rather, attractiveness seems to bear economic value per se, especially in a context in which investors base their decisions on a limited information set. Indeed, attractiveness has a sustainable effect on post-ICO performance. Managerial summary: ICOs allow ventures to collect funding from investors using blockchain technology. We leverage this novel funding context, in which information (i.e., amount raised) and post-funding performance (i.e., buy-and-hold returns). We find that ventures with more attractive founder CEOs outperform ventures with less attractive CEOs in both dimensions. For ICO investors, this suggests that ICOs of firms with more attractive founder CEOs are more appealing investment targets. Our findings are also interesting for startups seeking external finance in uncertain contexts, such as ICOs. If startups can appoint attractive leaders, they may have better access to growth capital. (Brooks et al., 2014; Davila & Guasch, 2020) show that more attractive entrepreneurs are more likely to obtain external finance from investors than their less attractive peers, the theoretical mechanisms underlying this positive association have not been thoroughly investigated. Our study takes an important step forward in this direction by documenting that investors value firms led by more attractive founder CEOs higher when the information set on which they base their investment decisions is limited, and in doing so, they obtain higher returns.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":"29 2","pages":""},"PeriodicalIF":6.3,"publicationDate":"2021-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50832845","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Experimentation, planning, and structure in early-stage ventures: Evidence from pitch decks","authors":"Andrea Contigiani, Trevor Young-Hyman","doi":"10.1002/sej.1416","DOIUrl":"https://doi.org/10.1002/sej.1416","url":null,"abstract":"An important strategic choice for early-stage ventures is about how to learn about the market. This choice often translates into focusing on either experimentation or planning. These strategies are best supported by different structures. Hence, the fit between strategy and structure should be considered by stakeholders evaluating the venture. We hypothesize that communicating coherent combinations—experimentation and informal structure or planning and formal structure—is positively associated with evaluation and that evaluators with entrepreneurial experience are more sensitive to this coherent choice. We test this argument combining data from a university-based venture competition and an online experiment. We find a robust positive correlation between coherent choice and evaluation. We find no clear evidence that this pattern is driven by evaluators with entrepreneurial experience.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":"26 2","pages":""},"PeriodicalIF":6.3,"publicationDate":"2021-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138513223","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Who do you take to tango? examining pairing mechanisms between underwriters and ipo firms in a nascent stock market","authors":"Y. Zhang, Jin Chen, Haiyang Li, Jin Jing","doi":"10.1002/sej.1414","DOIUrl":"https://doi.org/10.1002/sej.1414","url":null,"abstract":"According to a new study titled \"Who do you take to tango? Examining pairing mechanisms between underwriters and initial public offering firms in a nascent stock market,\" high-reputation underwriters' client-picking behaviors differ in a nascent stock market than in a mature one. Previous research established that in mature markets, high-reputation underwriters are primarily paired with high-quality IPO firms. In a nascent capital market, however, high-reputation underwriters work with IPO firms of varying qualities—good and bad ones, including those who \"cooked\" their accounting books in order to meet public listing standards.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":" ","pages":""},"PeriodicalIF":6.3,"publicationDate":"2021-10-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45937796","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Conversion and contagion in entrepreneurship: A\u0000 cross‐country\u0000 analysis","authors":"Marco Bade","doi":"10.1002/sej.1412","DOIUrl":"https://doi.org/10.1002/sej.1412","url":null,"abstract":"","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":" ","pages":""},"PeriodicalIF":6.3,"publicationDate":"2021-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42648936","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}