Ignacio Contín Pilart, Martín Larraza-Kintana, Victor Martin-Sanchez
Despite the attention paid by academics to the study of the determinants and growth consequences of entrepreneurs’ planning behavior, the convenience of engaging in planning activities is still an open debate in the entrepreneurship literature. In this paper, we analyze how institutional and firm level economic factors determine entrepreneurs’ planning behavior over time. We distinguish four different planning profiles and also analyze the implications of those profiles for new venture growth. Our analyses suggest that institutional and economic factors explain the different planning profiles, although the final effects seem to be more complex than anticipated, with non-planners being relatively more isolated from those forces than other entrepreneurs. In addition, planning activities relate positively to new venture growth.
{"title":"The Impact of Entrepreneurs’ Planning Profiles on Firm Growth: An Empirical Analysis","authors":"Ignacio Contín Pilart, Martín Larraza-Kintana, Victor Martin-Sanchez","doi":"10.2139/ssrn.2479916","DOIUrl":"https://doi.org/10.2139/ssrn.2479916","url":null,"abstract":"Despite the attention paid by academics to the study of the determinants and growth consequences of entrepreneurs’ planning behavior, the convenience of engaging in planning activities is still an open debate in the entrepreneurship literature. In this paper, we analyze how institutional and firm level economic factors determine entrepreneurs’ planning behavior over time. We distinguish four different planning profiles and also analyze the implications of those profiles for new venture growth. Our analyses suggest that institutional and economic factors explain the different planning profiles, although the final effects seem to be more complex than anticipated, with non-planners being relatively more isolated from those forces than other entrepreneurs. In addition, planning activities relate positively to new venture growth.","PeriodicalId":197543,"journal":{"name":"ERPN: Venture Growth (Sub-Topic)","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126958081","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}
Japan's economic success has been attributed largely to the nature of its national institutions, such as relational banking, lifetime employment, and relational contracting in intermediate product markets. These institutions were tightly linked to govern the Japanese economy, but more diverse patterns of organizing have become evident since the 1990s. For instance, in financial markets, venture capital funds and IPOs (initial public offerings) have appeared alongside relational banking to finance start-ups. In labour markets, non-standard forms of employment have come to be a significant alternative to the lifetime employment norm. It is clear that the Japanese business system is becoming more diverse within. But when, why and how has such organizational diversity come about in Japan? And is such diversity a sign of a gradual breakdown of the system, or has it become the very characteristic of the Japanese system? If it is the former, what is the process by which we should expect the emergence of a new system? If the latter, how much diversity can be sustained within a system? This paper addresses these questions with respect to specific empirical cases at the national and corporate levels. The paper begins by developing a framework linking institutional change and organizational diversity in Section 1. This section advances a model of institutional change in a specific direction, namely from CME (coordinated market economy) to LME (liberal market economy), and identifies organizational diversity as a feature of such change as well as of the new emergent system. It is argued that organizational diversity may increase with institutional change due to three logically separable factors. First, diversity increases in a move from CME to LME because LME, with less sunk cost in building coordination and collaboration, accommodates greater diversity within the system. Second, diversity increases also because the process of institutional change may afford different timing for individual actors to defect from the old institutions, dictating the extent to which 'layering' may persist. Third, organizational diversity is introduced due to different settlements that result from local contests between management and labour. Section 2 examines the timing and the extent of diversity in financial and labour markets at the economy-wide level. It identifies the late 1990s as the time when organizational diversity began to take off in the Japanese economy. In financial markets, venture capital in Japan experienced 'conversion' - shifting its goals and functions from being part of the Japanese institution of relational banking towards being more part of an equity-based finance system. New stock exchanges were created, but are layered and not directly threatening existing institutions of relational banking and stock exchanges for established public corporations. Nevertheless, the layering of the new stock exchanges and legal changes triggered a slow process of conversi
{"title":"Organizational Diversity and Institutional Change: Evidence from Financial and Labour Markets in Japan","authors":"M. Sako","doi":"10.2139/ssrn.1309547","DOIUrl":"https://doi.org/10.2139/ssrn.1309547","url":null,"abstract":"Japan's economic success has been attributed largely to the nature of its national institutions, such as relational banking, lifetime employment, and relational contracting in intermediate product markets. These institutions were tightly linked to govern the Japanese economy, but more diverse patterns of organizing have become evident since the 1990s. For instance, in financial markets, venture capital funds and IPOs (initial public offerings) have appeared alongside relational banking to finance start-ups. In labour markets, non-standard forms of employment have come to be a significant alternative to the lifetime employment norm. It is clear that the Japanese business system is becoming more diverse within. But when, why and how has such organizational diversity come about in Japan? And is such diversity a sign of a gradual breakdown of the system, or has it become the very characteristic of the Japanese system? If it is the former, what is the process by which we should expect the emergence of a new system? If the latter, how much diversity can be sustained within a system? This paper addresses these questions with respect to specific empirical cases at the national and corporate levels. The paper begins by developing a framework linking institutional change and organizational diversity in Section 1. This section advances a model of institutional change in a specific direction, namely from CME (coordinated market economy) to LME (liberal market economy), and identifies organizational diversity as a feature of such change as well as of the new emergent system. It is argued that organizational diversity may increase with institutional change due to three logically separable factors. First, diversity increases in a move from CME to LME because LME, with less sunk cost in building coordination and collaboration, accommodates greater diversity within the system. Second, diversity increases also because the process of institutional change may afford different timing for individual actors to defect from the old institutions, dictating the extent to which 'layering' may persist. Third, organizational diversity is introduced due to different settlements that result from local contests between management and labour. Section 2 examines the timing and the extent of diversity in financial and labour markets at the economy-wide level. It identifies the late 1990s as the time when organizational diversity began to take off in the Japanese economy. In financial markets, venture capital in Japan experienced 'conversion' - shifting its goals and functions from being part of the Japanese institution of relational banking towards being more part of an equity-based finance system. New stock exchanges were created, but are layered and not directly threatening existing institutions of relational banking and stock exchanges for established public corporations. Nevertheless, the layering of the new stock exchanges and legal changes triggered a slow process of conversi","PeriodicalId":197543,"journal":{"name":"ERPN: Venture Growth (Sub-Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122520195","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}
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