This study aims to assess the effects of optimism and self-efficacy on entrepreneurs who intend to reform their market. Drawing on cognitive and institutional theory, the factors of optimism and self-efficacy were selected to better understand the association between entrepreneurial cognition and opportunity creation. This is a qualitative, multicase study where six Turkish entrepreneurial firms in the process of reforming and redefining their markets through new value creation, were selected on the basis of purpose sampling. While both optimism and self-efficacy significantly motivated entrepreneurs to create new value propositions, the effects of these factors varied across cases. In the sampling, all firms associated value creation with innovation. Moreover, firms tended to use informal/formal networks to create new value propositions and change current legitimacy. Only limited studies have reported on the effects of institutional environments and cognitive structure of entrepreneurs on value creation, particularly within emerging markets. Moreover, the concept of value creation, which involves redefining and reshaping the present market, is not recognized within either cognitive or institutional theory. Optimism and self-efficacy have previously been considered as independent concepts in the literature. However, in the current study, the two concepts are interrelated, thus contributing to the literature of entrepreneurship.
{"title":"The Impact of Cognition on New Value Creation within the Institutional Theory Perspective","authors":"Şenay Sabah, Akın Koçak","doi":"10.5772/65641","DOIUrl":"https://doi.org/10.5772/65641","url":null,"abstract":"This study aims to assess the effects of optimism and self-efficacy on entrepreneurs who intend to reform their market. Drawing on cognitive and institutional theory, the factors of optimism and self-efficacy were selected to better understand the association between entrepreneurial cognition and opportunity creation. This is a qualitative, multicase study where six Turkish entrepreneurial firms in the process of reforming and redefining their markets through new value creation, were selected on the basis of purpose sampling. While both optimism and self-efficacy significantly motivated entrepreneurs to create new value propositions, the effects of these factors varied across cases. In the sampling, all firms associated value creation with innovation. Moreover, firms tended to use informal/formal networks to create new value propositions and change current legitimacy. Only limited studies have reported on the effects of institutional environments and cognitive structure of entrepreneurs on value creation, particularly within emerging markets. Moreover, the concept of value creation, which involves redefining and reshaping the present market, is not recognized within either cognitive or institutional theory. Optimism and self-efficacy have previously been considered as independent concepts in the literature. However, in the current study, the two concepts are interrelated, thus contributing to the literature of entrepreneurship.","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114675813","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}
Pub Date : 2015-12-31DOI: 10.5465/AMBPP.2016.10014ABSTRACT
Elham Asgari, R. Hunt
Corporate spin-ins are acquisitions in which the acquired company is founded by former employees of the acquiring firm. Since a large majority of acquisitions fail to achieve the synergies necessar...
公司分拆是指由收购公司的前雇员创立被收购公司的收购行为。由于绝大多数收购未能实现必要的协同效应……
{"title":"THE CURIOUS CASE OF CORPORATE SPIN-INS: GENERATING PROFITS OR PROBLEMS?","authors":"Elham Asgari, R. Hunt","doi":"10.5465/AMBPP.2016.10014ABSTRACT","DOIUrl":"https://doi.org/10.5465/AMBPP.2016.10014ABSTRACT","url":null,"abstract":"Corporate spin-ins are acquisitions in which the acquired company is founded by former employees of the acquiring firm. Since a large majority of acquisitions fail to achieve the synergies necessar...","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125285234","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}
Entrepreneurship has been among the key driving forces of the emergence of a dynamic private sector during the recent decades in Vietnam. This article addresses for Vietnam the questions "how capital constraints affect the performance of family firms" and "how entrepreneurs" human and social capital interact with capital constraints to leverage entrepreneurial income. "A panel of 1721 firms in 4 years is used. Results are consistent with the resource dependency approach, indicating an adverse effect of capital constraints on firm performance: firms suffering capital constraints perform substantially better, suggesting that they need more capital simply to finance newly recognized profit opportunities. Human capital plays a vital role in relaxing capital constraints and improves the entrepreneurial performance, whereas the effect of social capital stemming from strong ties and weak ties is limited: strong ties bring emotional support and weak ties give nonfinancial benefits from regular and useful business contacts. Advanced econometric analysis tools to take into account the endogeneity of capital constraints are used to establish relationships among relevant variables.
{"title":"CAPITAL CONSTRAINTS AND THE PERFORMANCE OF ENTREPRENEURIAL FIRMS IN VIETNAM (SUMMARY)","authors":"H. Tran, E. Santarelli","doi":"10.1093/ICC/DTT030","DOIUrl":"https://doi.org/10.1093/ICC/DTT030","url":null,"abstract":"Entrepreneurship has been among the key driving forces of the emergence of a dynamic private sector during the recent decades in Vietnam. This article addresses for Vietnam the questions \"how capital constraints affect the performance of family firms\" and \"how entrepreneurs\" human and social capital interact with capital constraints to leverage entrepreneurial income. \"A panel of 1721 firms in 4 years is used. Results are consistent with the resource dependency approach, indicating an adverse effect of capital constraints on firm performance: firms suffering capital constraints perform substantially better, suggesting that they need more capital simply to finance newly recognized profit opportunities. Human capital plays a vital role in relaxing capital constraints and improves the entrepreneurial performance, whereas the effect of social capital stemming from strong ties and weak ties is limited: strong ties bring emotional support and weak ties give nonfinancial benefits from regular and useful business contacts. Advanced econometric analysis tools to take into account the endogeneity of capital constraints are used to establish relationships among relevant variables.","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127338124","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}
Pub Date : 2014-03-12DOI: 10.5465/AMBPP.2014.16575ABSTRACT
A. Mohammadi, M. Shafizadeh, S. Johan
This paper investigates how early termination of venture capital (VC) investment in entrepreneurial ventures affect the ability of these young ventures into acquiring further resources necessary for survival and growth. We propose that young entrepreneurial ventures face a higher cost of external financing if existing investors stop investing in the next rounds of financing. Future investors, faced with great unobservable qualities of young companies and the uncertainty surrounding their financial prospect, rely on observable characteristics to appraise a company; The continuation of investment by existing investors confers a positive signal about the quality of young ventures and that young ventures, as endorsed by further commitment of capital, are more likely to perform better than otherwise comparable ventures that lack such escalated commitment.
{"title":"A SIGNALING THEORY OF ENTREPRENEURIAL VENTURE’S VALUATION: EVIDENCE FROM EARLY TERMINATION OF VENTURE CAPITAL INVESTMENT","authors":"A. Mohammadi, M. Shafizadeh, S. Johan","doi":"10.5465/AMBPP.2014.16575ABSTRACT","DOIUrl":"https://doi.org/10.5465/AMBPP.2014.16575ABSTRACT","url":null,"abstract":"This paper investigates how early termination of venture capital (VC) investment in entrepreneurial ventures affect the ability of these young ventures into acquiring further resources necessary for survival and growth. We propose that young entrepreneurial ventures face a higher cost of external financing if existing investors stop investing in the next rounds of financing. Future investors, faced with great unobservable qualities of young companies and the uncertainty surrounding their financial prospect, rely on observable characteristics to appraise a company; The continuation of investment by existing investors confers a positive signal about the quality of young ventures and that young ventures, as endorsed by further commitment of capital, are more likely to perform better than otherwise comparable ventures that lack such escalated commitment.","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"358 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115868271","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}
We use insights from social capital theory and culture perspective to study how societal-level collectivism and trust facilitate or constrain the emergence of social and commercial entrepreneurship. Using 60,000 individual-level responses obtained from the Global Entrepreneurship Monitor (GEM) survey of 28 countries and supplementing with country-level data obtained from the World Values Survey (WVS) and the Global Leadership and Organizational Behavior Effectiveness (GLOBE) study, our results demonstrate that while societal collectivism decreases the likelihood of commercial entrepreneurship, it increases those of social entrepreneurship. Further, while societal-level trust influences both social and commercial entrepreneurship positively, the strength of this positive influence is felt more strongly on social entrepreneurship than commercial.
{"title":"Societal-Level Collectivism and Trust: Influence on Social and Commercial Entrepreneurship","authors":"Saurav Pathak, Etayankara Muralidharan","doi":"10.2139/SSRN.2403894","DOIUrl":"https://doi.org/10.2139/SSRN.2403894","url":null,"abstract":"We use insights from social capital theory and culture perspective to study how societal-level collectivism and trust facilitate or constrain the emergence of social and commercial entrepreneurship. Using 60,000 individual-level responses obtained from the Global Entrepreneurship Monitor (GEM) survey of 28 countries and supplementing with country-level data obtained from the World Values Survey (WVS) and the Global Leadership and Organizational Behavior Effectiveness (GLOBE) study, our results demonstrate that while societal collectivism decreases the likelihood of commercial entrepreneurship, it increases those of social entrepreneurship. Further, while societal-level trust influences both social and commercial entrepreneurship positively, the strength of this positive influence is felt more strongly on social entrepreneurship than commercial.","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122298670","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}
Among 205,322 limited liability firms in Sweden during 1997-2010, more than 10% did not hire new employees in any given 3-year period despite having high profits. Nearly one-third continued to have high profits in the next three-year period, but still no growth. Regression analysis indicates that these firms were not randomly distributed; rather they were small and young, did not belong to an enterprise group, had low own-capital as a share of total liabilities, and operated in local markets with high profit- opportunities and low competition. We conclude that it might be more beneficial to focus policy towards these firms instead of towards a few high-growth firms that, having just grown exponentially, may not be best positioned to grow further.
{"title":"Sleeping Gazelles: High Profits But No Growth","authors":"Anders Bornhäll, Sven-Olov Daunfeldt, N. Rudholm","doi":"10.2139/SSRN.2736836","DOIUrl":"https://doi.org/10.2139/SSRN.2736836","url":null,"abstract":"Among 205,322 limited liability firms in Sweden during 1997-2010, more than 10% did not hire new employees in any given 3-year period despite having high profits. Nearly one-third continued to have high profits in the next three-year period, but still no growth. Regression analysis indicates that these firms were not randomly distributed; rather they were small and young, did not belong to an enterprise group, had low own-capital as a share of total liabilities, and operated in local markets with high profit- opportunities and low competition. We conclude that it might be more beneficial to focus policy towards these firms instead of towards a few high-growth firms that, having just grown exponentially, may not be best positioned to grow further.","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"198 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132048240","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}
Pub Date : 2012-07-01DOI: 10.5465/AMBPP.2012.14115abstract
Judy Behrens, U. Lichtenthaler, H. Patzelt
Profitable resource allocation decisions are a key success factor for the corporate innovation portfolio. Therefore, managers need to withdraw projects to focus on profitable, high-return projects ...
{"title":"WITHDRAWING A PROJECT FROM THE CORPORATE INNOVATION PORTFOLIO: PERSON, PORTFOLIO, AND FIRM LEVEL EFFECTS (SUMMARY)","authors":"Judy Behrens, U. Lichtenthaler, H. Patzelt","doi":"10.5465/AMBPP.2012.14115abstract","DOIUrl":"https://doi.org/10.5465/AMBPP.2012.14115abstract","url":null,"abstract":"Profitable resource allocation decisions are a key success factor for the corporate innovation portfolio. Therefore, managers need to withdraw projects to focus on profitable, high-return projects ...","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"199 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120942116","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}
Pub Date : 2012-07-01DOI: 10.5465/AMBPP.2012.12774ABSTRACT
Sarah Park, Joseph A. Lipuma
This study examines the differential investment practices that corporate venture capitalists and foreign venture capitalists employ to manage their investment risk. Using panel data of 962 financin...
{"title":"DIFFERENT SOURCES OF VENTURE CAPITAL AND THEIR INVESTMENT MANAGEMENT PRACTICES (INTERACTIVE PAPER)","authors":"Sarah Park, Joseph A. Lipuma","doi":"10.5465/AMBPP.2012.12774ABSTRACT","DOIUrl":"https://doi.org/10.5465/AMBPP.2012.12774ABSTRACT","url":null,"abstract":"This study examines the differential investment practices that corporate venture capitalists and foreign venture capitalists employ to manage their investment risk. Using panel data of 962 financin...","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"123 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132123255","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}
Pub Date : 2012-07-01DOI: 10.5465/AMBPP.2012.10908ABSTRACT
Andrew L. Maxwell, M. Lévesque
Most fund-seeking entrepreneurs fail to persuade investors to finance their ventures. We attribute this failure, in part, to a lack of understanding of how investors, specifically business angels, ...
{"title":"ASPIRATION LEVELS AND TRADEOFFS IN BUSINESS ANGEL INVESTMENT DECISIONS (INTERACTIVE PAPER)","authors":"Andrew L. Maxwell, M. Lévesque","doi":"10.5465/AMBPP.2012.10908ABSTRACT","DOIUrl":"https://doi.org/10.5465/AMBPP.2012.10908ABSTRACT","url":null,"abstract":"Most fund-seeking entrepreneurs fail to persuade investors to finance their ventures. We attribute this failure, in part, to a lack of understanding of how investors, specifically business angels, ...","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"94 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131404319","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}
Pub Date : 2012-07-01DOI: 10.5465/AMBPP.2012.11492ABSTRACT
M. Tietz, S. Parker
We analyze how intrapreneurs and entrepreneurs differ in their motivation to start a new venture. By analyzing recent, nationally representative US data for nascent entrepreneurs and intrapreneurs ...
{"title":"HOW DO INTRAPRENEURS AND ENTREPRENEURS DIFFER IN THEIR MOTIVATION TO START A NEW VENTURE","authors":"M. Tietz, S. Parker","doi":"10.5465/AMBPP.2012.11492ABSTRACT","DOIUrl":"https://doi.org/10.5465/AMBPP.2012.11492ABSTRACT","url":null,"abstract":"We analyze how intrapreneurs and entrepreneurs differ in their motivation to start a new venture. By analyzing recent, nationally representative US data for nascent entrepreneurs and intrapreneurs ...","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"100 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131439234","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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