{"title":"Venture capital firms valuation in bull and bear markets: evidence from Sweden","authors":"Anders Isaksson, Öystein Fredriksen","doi":"10.1504/ijeim.2020.10027221","DOIUrl":"https://doi.org/10.1504/ijeim.2020.10027221","url":null,"abstract":"This study uses an experimentally designed case study approach to investigate Swedish venture capital firms' valuation practices in two different economic contexts – the economic boom (bull market) of 1999 and the downturn (bear market) of 2002. A key finding in our study is that during economic downturns, venture capital firms employed fewer and less advanced valuation methods – relying more on rules of thumb and gut feeling than during boom times. We conclude that investor behaviour is considerably affected by current economic conditions and advocate strongly that it be considered in future research on not only venture capital valuation, but also investor behaviour in general. This study thus enriches the knowledge of venture capitalists' valuation practices, in general and how market conditions affect them. Furthermore, the results can also aid researchers in developing more relevant theories of valuation, valuation models and valuation practices.","PeriodicalId":52480,"journal":{"name":"International Journal of Entrepreneurship and Innovation Management","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41333583","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Supporting entrepreneurship policy: an overview of Italian start-up competitions","authors":"R. Passaro, I. Quinto, A. Thomas","doi":"10.1504/ijeim.2020.10026940","DOIUrl":"https://doi.org/10.1504/ijeim.2020.10026940","url":null,"abstract":"Innovative start-ups are currently considered to be an important channel for industrial change and for the renewal of economic systems. Among the initiatives that have been implemented to promote their diffusion, start-up competitions (SUCs) have received much recognition from policy-makers, followers and participants. Although the number of SUCs has grown, there are no comprehensive or systematic overviews of SUCs in the literature. Hence, this paper presents a cross-sectional exploratory analysis of Italian SUCs to provide an overview of their core characteristics. This in-depth study will support the diffusion of SUCs and will provide a foundation for the creation of a suitable ecosystem to improve the processes of business start-ups. The results show that the diffusion of SUCs is accompanied by deep structural changes, which can be interpreted as a consequence of the growing involvement of private organisations in promoting SUCs. Nevertheless, wide-ranging public intervention appears to be necessary to increase the effectiveness of SUCs.","PeriodicalId":52480,"journal":{"name":"International Journal of Entrepreneurship and Innovation Management","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47435266","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The hierarchical relationships between CEO characteristics, innovation strategy and firm performance in open innovation","authors":"J. Ahn","doi":"10.1504/ijeim.2020.10026941","DOIUrl":"https://doi.org/10.1504/ijeim.2020.10026941","url":null,"abstract":"Open innovation (OI) has become an important business norm of successful firms; however, its strategic aspects and the role of a key individual, such as a chief executive officer (CEO) in its adoption, have been under-researched. This paper aims to investigate whether OI is relevant to SMEs and how CEO characteristics influence firm performance through OI. The hierarchical relationships between a firm and CEO characteristics are analysed with structural equation modelling (SEM) using data from 401 innovation-oriented SMEs in Korea. The results indicate that: 1) openness can make a greater contribution to firm performance; 2) CEO characteristics are positively associated with openness; 3) government support positively influences both openness and internal R&D. The research suggests that the human elements in SMEs should place a greater emphasis on OI to enhance firm performance and that policy makers should consider developing various programs for key decision makers in SMEs to increase their awareness of OI.","PeriodicalId":52480,"journal":{"name":"International Journal of Entrepreneurship and Innovation Management","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43823411","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The role of social media in the collaboration, interaction, co-creation and co-delivery of a social venture in an uncertain conflict environment","authors":"Cherry W. M. Cheung, C. Kwong, C. Bhattarai","doi":"10.1504/IJEIM.2019.102831","DOIUrl":"https://doi.org/10.1504/IJEIM.2019.102831","url":null,"abstract":"This research case study examines the creation and development of a bottom-up social enterprise immediately after the outbreak of a civil war in an Arab country by a group of young patriots in the aftermath of the Arab Spring uprisings in the 2010s. Drawing on Linders’ (2012) model of social action lifecycle, our study examines how different actors become involved and co-created a socially entrepreneurial venture (SEV), how these actors contributed to the coproduction and co-delivery of the social actions (values) over time, and how social media play roles in these processes. Drawing from the empirical evidences of citizen co-production within the existing literature, we found that SEVs operate in very different ways in which the role of social media is critical, both from their equivalents operating in a penurious but stable environment, and those intending to pursue political action within a conflict situation. In our case study, social media was not intended for mass-mobilisation, but for selected mobilisation amongst those within the network. This is due to the insecure environment and the fear of infiltration from opposing parties. We also examine how new actors were, over time, being carefully screened and selected, and potential harmful existing players being excluded, which in turn contributed to the evolving nature of the social enterprises.","PeriodicalId":52480,"journal":{"name":"International Journal of Entrepreneurship and Innovation Management","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1504/IJEIM.2019.102831","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42653816","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The impact of institutions and cognition on context: a case study approach in international entrepreneurship","authors":"A. Decker","doi":"10.1504/IJEIM.2019.102827","DOIUrl":"https://doi.org/10.1504/IJEIM.2019.102827","url":null,"abstract":"This paper suggests a framework for context. Departing from the perspective of structuration theory, we propose that cognitive processes enable agents to act within structures. Cognition is dependent on institutional configurations which range from stable to fast moving and dynamic. It is argued that the degree of the agents' embeddedness affects the cognition of the agent, which, in turn, enables the agents' abilities to act upon and influence structures in the understanding of structuration theory. Through this mechanism, context emerges. A case study to depict the way a firm engages in cross-border activities and navigates within different institutional environments is presented. We propose that cognition is the link which connects institutions to the structure/agent system. The discussion concludes that cognition affects the creation of structures that form the context in which the firm operates.","PeriodicalId":52480,"journal":{"name":"International Journal of Entrepreneurship and Innovation Management","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1504/IJEIM.2019.102827","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42382320","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Diana Carolina Muñoz Castro, S. Alvarez, Sara Isabel Marín Zapata
{"title":"Transnational entrepreneurship: a systematic review of the literature","authors":"Diana Carolina Muñoz Castro, S. Alvarez, Sara Isabel Marín Zapata","doi":"10.1504/IJEIM.2019.10023251","DOIUrl":"https://doi.org/10.1504/IJEIM.2019.10023251","url":null,"abstract":"This article presents a systematic review of the research literature on transnational entrepreneurship, addressing perspectives on the topic from different academic fields and providing an overall assessment of the main theoretical and empirical advances made to date, including research trends and gaps. To achieve this, we identified and revised the most relevant literature on transnational entrepreneurship published between 1995 and 2016. The results suggest that although institutions play a vital role for transnational entrepreneurs, their networks, human capital and motivations are crucial, since these resources can help them overcome structural constraints. We also found that most articles reporting on qualitative case studies focused on particular communities, suggesting there is a need for more comparative studies. We conclude that it is imperative to establish a more developed theoretical framework for the study of transnational entrepreneurship that would broaden scientific knowledge by integrating diverse disciplinary perspectives covering multiple fields of study.","PeriodicalId":52480,"journal":{"name":"International Journal of Entrepreneurship and Innovation Management","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44172086","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Exploring the role of context in motivating entrepreneurial behaviours: the motivations of migrant entrepreneurs in the Republic of Ireland and Northern Ireland","authors":"S. Lucas","doi":"10.1504/IJEIM.2019.10023239","DOIUrl":"https://doi.org/10.1504/IJEIM.2019.10023239","url":null,"abstract":"The personality traits approach is a popular way of understanding entrepreneurial motivation. This approach emphasises the importance of internal characteristics as drivers of entrepreneurial motivation. One of the central issues with the personality traits literature is therefore a tendency to overlook the importance of the actor's external context in facilitating entrepreneurial motivations. The purpose of the paper is to address this gap by making three exploratory arguments, each of which is demonstrated through an analysis of the motivations of 43 migrant entrepreneurs in the Republic of Ireland and Northern Ireland. The arguments are: 1) that context is an active force influencing entrepreneurial motivation; 2) that external environments are experienced differentially by actors; 3) that context has both spatial and temporal elements.","PeriodicalId":52480,"journal":{"name":"International Journal of Entrepreneurship and Innovation Management","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46792756","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
P. Eriksson, T. Montonen, Juha Vilhunen, K. Voutilainen
{"title":"The importance of being known: evaluating companies for growth-oriented incubation","authors":"P. Eriksson, T. Montonen, Juha Vilhunen, K. Voutilainen","doi":"10.1504/IJEIM.2019.10022412","DOIUrl":"https://doi.org/10.1504/IJEIM.2019.10022412","url":null,"abstract":"This article explores the early phases of the incubation process, in which small and medium-sized companies are evaluated for a project that aims to accelerate their growth. Guided by the justification theory approach, the objective was to analyse how different orders of worth (inspired, domestic, fame, civic, market and industrial) guided evaluation, selection and justifications thereof in a face-to-face meeting between project staff and business experts. Findings indicate that justifications for the companies having most potential for incubation were informed by the domestic order of worth in particular, emphasising evaluators' common history, mutual familiarity and personal relationships with the people and teams of the prospective companies. Concerning the industrial order of worth, professionalism, efficiency and a limited number of internal growth factors related to people were addressed.","PeriodicalId":52480,"journal":{"name":"International Journal of Entrepreneurship and Innovation Management","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42370691","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
H. Lehtimäki, Ilpo Helén, K. Snell, P. Eriksson, T. Montonen
{"title":"Sustainable value creation in the commercialisation of innovation: the case of Auria Biobank","authors":"H. Lehtimäki, Ilpo Helén, K. Snell, P. Eriksson, T. Montonen","doi":"10.1504/IJEIM.2019.102035","DOIUrl":"https://doi.org/10.1504/IJEIM.2019.102035","url":null,"abstract":"The purpose of this study is to examine how different logics of commercialisation are part of sustainable value creation in an emerging area of healthcare. This paper presents an inductive interpretative case study to examine the emerging field of personalised medicine from the perspective of a biobank seeking to create value on its depository of tissue samples, patient records, and digitised data. This study increases our understanding of the challenges and opportunities faced by a company when developing innovations in healthcare. It contributes to the literature on the commercialisation of innovation by exploring how sustainable value creation in an emerging industry builds on both planned and emergent commercialisation activities and how different logics of commercialisation are a part of sustainable value creation in personalised medicine.","PeriodicalId":52480,"journal":{"name":"International Journal of Entrepreneurship and Innovation Management","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1504/IJEIM.2019.102035","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45543243","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Appreciative inquiry - lessons learned from virtual teams","authors":"Debora A. Elam, Kristine Brands","doi":"10.1504/IJEIM.2019.10022416","DOIUrl":"https://doi.org/10.1504/IJEIM.2019.10022416","url":null,"abstract":"Technology continues to expand research opportunities and access to information previously constrained by resource limitations. Without effectively utilising technology, researchers and practitioners could be limiting their potential to impact positive change. This paper describes some learnings from a review of the current literature regarding the use of technology in appreciative inquiry (AI), as well as learnings from other fields in which technology has been used to bring people together in a virtual environment, and how technology can be applied to improve the richness of data to effectively impact change. This paper then describes some recommendations for AI researchers and practitioners, and identifies some additional areas for continued research in virtual AI studies.","PeriodicalId":52480,"journal":{"name":"International Journal of Entrepreneurship and Innovation Management","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43820790","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}