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Ragozzino, R.; Blevins, D.P. |
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Title |
Venture-Backed Firms: How Does Venture Capital Involvement Affect Their Likelihood of Going Public or Being Acquired? |
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2015 |
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Entrepreneurship Theory and Practice |
Abbreviated Journal |
Entrepreneurship Theory and Practice |
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This paper investigates how venture capitalists' involvement in new ventures affects the likelihood of entrepreneurial exit, either via an acquisition or via an initial public offering. We examine the prominence of venture capitals (VCs), the number of VCs invested in a company, as well as the timing, duration, and magnitude of their investments in new ventures. We find that each of these dimensions directly explains entrepreneurial exit, although their effects tend to differ depending on whether the exit occurs via an acquisition or an initial public offering (IPO). These results withstand several robustness checks and offer a more precise account of how the relationship between new ventures and VC firms unfolds in the early years of the entrepreneurial cycle. |
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1540-6520 |
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ATM @ robstephens13 @ |
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41577 |
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Behrens, J.; Patzelt, H. |
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Title |
Corporate Entrepreneurship Managers' Project Terminations: Integrating Portfolio-Level, Individual-Level, and Firm-Level Effects |
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Journal Article |
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2015 |
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Entrepreneurship Theory and Practice |
Abbreviated Journal |
Entrepreneurship Theory and Practice |
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Corporate entrepreneurship managers often need to terminate projects to maximize their innovation portfolios' commercial prospects. Drawing on the attention-based view of the firm, we develop a model for how past project failure experience, the firm's growth rate, and their hierarchical level impact managers' attention to a project's fit with the corporate portfolio strategy and the balance of the portfolio when terminating projects. Using data from a conjoint study with 6,944 assessments of project terminations made by 217 managers, we provide insights into corporate entrepreneurship decision making and how portfolio-level, individual-level, and firm-level aspects interact in explaining project termination. |
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ATM @ robstephens13 @ |
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41602 |
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Colombo, M.G.; Franzoni, C.; Rossi-Lamastra, C. |
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Title |
Internal Social Capital and the Attraction of Early Contributions in Crowdfunding |
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Journal Article |
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2015 |
Publication |
Entrepreneurship Theory and Practice |
Abbreviated Journal |
Entrepreneurship Theory and Practice |
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39 |
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1 |
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75-100 |
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The nascent crowdfunding literature has highlighted the existence of a self-reinforcing pattern whereby contributions received in the early days of a campaign accelerate its success. After discussing what sustains this pattern, we maintain that the internal social capital that proponents may develop inside the crowdfunding community provides crucial assistance in igniting a self-reinforcing mechanism. Results of an econometric analysis of a sample of 669 Kickstarter projects are consistent with this view. Moreover, the effect of internal social capital on the success of a campaign is fully mediated by the capital and backers collected in the campaign's early days. |
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41608 |
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Arregle, J.-L.; Batjargal, B.; Hitt, M.A.; Webb, J.W.; Miller, T.; Tsui, A.S. |
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Title |
Family Ties in Entrepreneurs' Social Networks and New Venture Growth |
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Journal Article |
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2015 |
Publication |
Entrepreneurship Theory and Practice |
Abbreviated Journal |
Entrepreneurship Theory and Practice |
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39 |
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2 |
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313-344 |
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Family ties are an important conduit of resources for entrepreneurs, but both positive and negative outcomes can arise. Building upon a family embeddedness perspective, we develop hypotheses about curvilinear relationships between the proportion of family ties in entrepreneurs' networks and venture growth. We test them on entrepreneurs from China, France, Russia, and the United States. These effects appear to be related to the type of entrepreneurs' social network (business advice, emotional support, and business resources). Our results confirm effects specific to each network: an inverted U-shape for advice and emotional support networks but a U-shape for the business resource network, measuring what proportion of kin in each entrepreneurial network type is valuable to or, conversely, undermines new venture growth. |
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41609 |
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Chakravarty, S.; Shahriar, A.Z.M. |
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Title |
Selection of Borrowing Partners in Joint Liability-Based Microcredit: Evidence from Framed Field Experiments in Bangladesh |
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2015 |
Publication |
Entrepreneurship Theory and Practice |
Abbreviated Journal |
Entrepreneurship Theory and Practice |
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39 |
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1 |
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129-144 |
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We analyze partner selection decisions in the formation of borrowing groups in joint liability-based microcredit. We do so within the context of a framed field experiment with the owners of small businesses in rural Bangladesh. We find that when, irrespective of their project status, borrowers are required to make joint liability payments, risky borrowers will offer side payments that are sufficiently large to attract safe borrowers, leading to the formation of heterogeneous risk-matched groups. We discuss the implications of heterogeneous risk matching for the survival and success of small enterprises, and their financiers, in countries with a weak institutional environment. |
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ATM @ robstephens13 @ |
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41742 |
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Hauswald, H.; Hack, A.; Kellermanns, F.W.; Patzelt, H. |
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Title |
Attracting New Talent to Family Firms: Who Is Attracted and Under What Conditions? |
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Journal Article |
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2015 |
Publication |
Entrepreneurship Theory and Practice |
Abbreviated Journal |
Entrepreneurship Theory and Practice |
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n/a-n/a |
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In making a decision to enter into a long-term employment relationship with a firm, job seekers often compare their needs and values with the perceived organizational characteristics of the firm. In the case of family firms, the communication of family influence can be a unique factor in shaping beliefs about firm attributes. Family influence is often associated with trustworthiness, security, and stability. However, family influence is also associated with inflexibility and resistance to change. Using the idea of person–organization fit, we hypothesize that although family influence attracts job seekers in general, applicants who value conservation or self-transcendence are particularly attracted, while applicants who emphasize openness to change or self-enhancement are less attracted. Furthermore, we propose that the attractive effects of family influence are more pronounced in more hostile economic environments. We find evidence for our hypotheses using a conjoint experiment and 5,600 assessments of family influence nested within 175 job seekers. |
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ATM @ robstephens13 @ |
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41747 |
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Jaskiewicz, P.; Heinrichs, K.; Rau, S.B.; Reay, T. |
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Title |
To Be or Not to Be: How Family Firms Manage Family and Commercial Logics in Succession |
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2015 |
Publication |
Entrepreneurship Theory and Practice |
Abbreviated Journal |
Entrepreneurship Theory and Practice |
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We draw on the institutional logics perspective to understand different approaches that family firms can use to manage the process of succession. Based on the analysis of 21 case studies of family firms in Germany, we identify four different ways of managing potentially conflicting family and commercial logics that are associated with four different succession processes. Our findings contribute to the family firm literature by improving our knowledge of the heterogeneity of family firms and by explaining different ways that the family logic can influence firm behavior. Moreover, we contribute to institutional theory by showing the importance of filtering mechanisms for organizations that must respond to coexisting logics. |
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ATM @ robstephens13 @ |
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41768 |
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Cumming, D.J.; Pandes, J.A.; Robinson, M.J. |
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Title |
The Role of Agents in Private Entrepreneurial Finance |
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Journal Article |
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2015 |
Publication |
Entrepreneurship Theory and Practice |
Abbreviated Journal |
Entrepreneurship Theory and Practice |
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39 |
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2 |
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345-374 |
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We examine theory and evidence on agents in private-market entrepreneurial financings. After controlling for the endogenous issuer–agent matching and a whole host of other controls, the empirical findings in this paper indicate that agents attract more investors, broaden the geographic investor and capital base, and increase the percentage of investors and capital from investors that are more vulnerable to the costs of information asymmetry. We also find that more capable agents generally provide more valuable benefits to private entrepreneurial firm financings than less capable agents, and that increasing the number of agents in a financing further increases value to issuing firms. |
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ATM @ robstephens13 @ |
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41775 |
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Cholakova, M.; Clarysse, B. |
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Does the Possibility to Make Equity Investments in Crowdfunding Projects Crowd Out Reward-Based Investments? |
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2015 |
Publication |
Entrepreneurship Theory and Practice |
Abbreviated Journal |
Entrepreneurship Theory and Practice |
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39 |
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1 |
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145-172 |
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Despite crowdfunding's increasing popularity as a vehicle for financing early-stage ventures, we still know relatively little about the mechanisms that drive individuals to pledge and invest via such online platforms. We explored the extent to which financial or nonfinancial motivations determine the decision to invest for equity or to pledge. In addition, we also looked at whether having invested for equity can crowd out individuals' motivation to keep a pledge into the same project. Our results show that nonfinancial motives play no significant role. Furthermore, we find that having invested for equity is a positive predictor of keeping a pledge. |
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ATM @ robstephens13 @ |
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41792 |
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Judge, W.Q.; Liu-Thompkins, Y.; Brown, J.L.; Pongpatipat, C. |
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Title |
The Impact of Home Country Institutions on Corporate Technological Entrepreneurship via R&D Investments and Virtual World Presence |
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2015 |
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Entrepreneurship Theory and Practice |
Abbreviated Journal |
Entrepreneurship Theory and Practice |
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39 |
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2 |
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237-266 |
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In this study, we seek to understand how four dimensions of national business systems surrounding the corporate headquarters of multinational firms influence corporate technological entrepreneurship (CTE). After controlling for fairly well-established antecedents of corporate technological entrepreneurship at the firm and industry levels, we find that national-level predictors explain considerable variance above and beyond our control variables. Furthermore, we find that various national-level dimensions influence different measures of CTE. Overall, our study points to the remarkably strong role of home institutional context for understanding two types of technological entrepreneurship pursued by relatively large, multinational firms based in 24 different economies. |
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ATM @ robstephens13 @ |
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41797 |
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