Boards in large organizations have been subject to much empirical research, however, boards in start-ups have been a largely neglected research topic. The dearth of research into boards in start-up companies is surprising as since the early nineties high tech start-ups have increasingly become multi-stakeholder firms due to the increased availability of venture capital finance and the increased interest by public research organizations (including universities) in academic spin-outs. In this paper we address this gap in literature by examining the issue of board composition in high tech start-ups and, in particular, what determines the composition of the board in these start-ups. We draw on agency theory, resource dependence theory and social network theory to examine the tensions that exist between the founding team and other stakeholders in determining board composition. Our results provide evidence that teams that have powerful external stakeholders are more likely to develop boards that have complementary skills. Conversely, in start-ups where the founding team has had autonomy in composing their own board the team tends to look for outside board members with similar human capital.
{"title":"Outside Board Availability and Composition in High Tech Start-Ups","authors":"Mirjam Knockaert, A. Lockett, Deniz Ucbasaran","doi":"10.2139/SSRN.1310813","DOIUrl":"https://doi.org/10.2139/SSRN.1310813","url":null,"abstract":"Boards in large organizations have been subject to much empirical research, however, boards in start-ups have been a largely neglected research topic. The dearth of research into boards in start-up companies is surprising as since the early nineties high tech start-ups have increasingly become multi-stakeholder firms due to the increased availability of venture capital finance and the increased interest by public research organizations (including universities) in academic spin-outs. In this paper we address this gap in literature by examining the issue of board composition in high tech start-ups and, in particular, what determines the composition of the board in these start-ups. We draw on agency theory, resource dependence theory and social network theory to examine the tensions that exist between the founding team and other stakeholders in determining board composition. Our results provide evidence that teams that have powerful external stakeholders are more likely to develop boards that have complementary skills. Conversely, in start-ups where the founding team has had autonomy in composing their own board the team tends to look for outside board members with similar human capital.","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"313 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115668895","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 : 2008-08-01DOI: 10.5465/AMBPP.2008.33649970
A. Amaral, R. Baptista, Francisco Lima, M. Preto
We compare the labor market value (wage-wise) of human capital acquired while experiencing entrepreneurship with that of human capital acquired while experiencing wage work. While, overall, former entrepreneurs capture a wage premium through better career prospects, they are paid less than other employees assigned to the same hierarchical level.
{"title":"IS THERE A LABOR MARKET ‘PENALTY’ TO ENTREPRENEURSHIP? THE EVOLUTION OF EARNINGS FOR BUSINESS-OWNERS WHO BECOME PAID EMPLOYEES (INTERACTIVE PAPER)","authors":"A. Amaral, R. Baptista, Francisco Lima, M. Preto","doi":"10.5465/AMBPP.2008.33649970","DOIUrl":"https://doi.org/10.5465/AMBPP.2008.33649970","url":null,"abstract":"We compare the labor market value (wage-wise) of human capital acquired while experiencing entrepreneurship with that of human capital acquired while experiencing wage work. While, overall, former entrepreneurs capture a wage premium through better career prospects, they are paid less than other employees assigned to the same hierarchical level.","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"108 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116925091","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}
This study is one of the first that utilizes the online profiles of the Fellows in the global social venture network, Ashoka, in order to build a database of 70 social entrepreneurs. The resource-based view serves as the theoretical base by which the preliminary results are evaluated. The findings, which indicate that social entrepreneurs demonstrate similar patterns to commercial entrepreneurs, are assessed through two different lenses of analyses - alliances and knowledge management. Statistically significant relationships were found between alliances, funding sources, innovation, and ease of replication.
{"title":"SOCIAL VENTURE STRATEGY FROM A GLOBAL PERSPECTIVE: AN EXPLORATORY STUDY ASSESSING ASHOKA FELLOWS (SUMMARY)","authors":"M. Meyskens, C. Post","doi":"10.2139/SSRN.1148492","DOIUrl":"https://doi.org/10.2139/SSRN.1148492","url":null,"abstract":"This study is one of the first that utilizes the online profiles of the Fellows in the global social venture network, Ashoka, in order to build a database of 70 social entrepreneurs. The resource-based view serves as the theoretical base by which the preliminary results are evaluated. The findings, which indicate that social entrepreneurs demonstrate similar patterns to commercial entrepreneurs, are assessed through two different lenses of analyses - alliances and knowledge management. Statistically significant relationships were found between alliances, funding sources, innovation, and ease of replication.","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131745286","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}
Women are the majority owners in 30% of all privately held firms in the United States. These firms have $2.5 trillion in revenues and employ 19.1 million individuals. However, despite the large number of women business owners, little is known about the motivations that women have for starting their own firms. This study uses an expectancy theory framework to examine the differences in motivations to start a firm between men and women. Our findings indicate that there are significant differences in motivations for starting a new business, with men being motivated by financial gains, self-realization and autonomy where for women status is a significant motivating factor. Implications are discussed.
{"title":"What do Women (and Men) Want? Entrepreneurial Expectancies of Women and Men Nascent Entrepreneurs","authors":"T. Manolova, C. Brush, L. Edelman","doi":"10.2139/SSRN.1060241","DOIUrl":"https://doi.org/10.2139/SSRN.1060241","url":null,"abstract":"Women are the majority owners in 30% of all privately held firms in the United States. These firms have $2.5 trillion in revenues and employ 19.1 million individuals. However, despite the large number of women business owners, little is known about the motivations that women have for starting their own firms. This study uses an expectancy theory framework to examine the differences in motivations to start a firm between men and women. Our findings indicate that there are significant differences in motivations for starting a new business, with men being motivated by financial gains, self-realization and autonomy where for women status is a significant motivating factor. Implications are discussed.","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"3040 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127463581","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}
Does an entrepreneur-friendly bankruptcy law encourage more entrepreneurship development at a societal level? How does bankruptcy law affect entrepreneurship development around the world? Drawing on a real options perspective, we argue that if bankrupt entrepreneurs are excessively punished for failure, they may pass potentially high-return but inherently high-risk opportunities. Amassing a longitudinal, cross-country data base from 35 countries spanning ten years, we find that a lenient, entrepreneur-friendly bankruptcy law encourages entrepreneurs to take risks and thus let entrepreneurship prosper. Components of an entrepreneur-friendly bankruptcy law are: (1) the availability of a reorganization bankruptcy option, (2) the time spent on bankruptcy procedure, (3) the cost of bankruptcy procedure, (4) the opportunity to have a fresh start in liquidation bankruptcy, (5) the opportunity to have an automatic stay of assets, (6) the opportunity for managers to remain on the job after filing for bankruptcy, and (7) the protection of creditors at the time of bankruptcy.
{"title":"An Empirical Examination of 'Barrier to Exit': How Does an Entrepreneur-Friendly Bankruptcy Law Affect Entrepreneurship Development at a Societal Level?","authors":"S. H. Lee, Yasuhiro Yamakawa, Mike W. Peng","doi":"10.2139/SSRN.1059661","DOIUrl":"https://doi.org/10.2139/SSRN.1059661","url":null,"abstract":"Does an entrepreneur-friendly bankruptcy law encourage more entrepreneurship development at a societal level? How does bankruptcy law affect entrepreneurship development around the world? Drawing on a real options perspective, we argue that if bankrupt entrepreneurs are excessively punished for failure, they may pass potentially high-return but inherently high-risk opportunities. Amassing a longitudinal, cross-country data base from 35 countries spanning ten years, we find that a lenient, entrepreneur-friendly bankruptcy law encourages entrepreneurs to take risks and thus let entrepreneurship prosper. Components of an entrepreneur-friendly bankruptcy law are: (1) the availability of a reorganization bankruptcy option, (2) the time spent on bankruptcy procedure, (3) the cost of bankruptcy procedure, (4) the opportunity to have a fresh start in liquidation bankruptcy, (5) the opportunity to have an automatic stay of assets, (6) the opportunity for managers to remain on the job after filing for bankruptcy, and (7) the protection of creditors at the time of bankruptcy.","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130983724","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 : 2007-12-06DOI: 10.1108/13552550910967921
Diamanto Politis, Jonas Gabrielsson
In this paper we employ theories of experiential learning to examine why some entrepreneurs have developed a more positive attitude towards failures compared to others. The empirical findings support our guiding proposition that more favourable attitudes towards failing can be learned through entrepreneurs' life and work. Our results suggest that previous start up experience is strongly associated with a more positive attitude towards failure. Moreover, we also find that experience from closing down a business is associated with a more positive attitude towards failure. In sum, our findings add to our knowledge of why some entrepreneurs have a more positive attitude towards failures compared to others. It also provides some general implications for our understanding of entrepreneurial learning as an experiential process.
{"title":"Entrepreneurs’ attitudes towards failure – an experiential learning approach","authors":"Diamanto Politis, Jonas Gabrielsson","doi":"10.1108/13552550910967921","DOIUrl":"https://doi.org/10.1108/13552550910967921","url":null,"abstract":"In this paper we employ theories of experiential learning to examine why some entrepreneurs have developed a more positive attitude towards failures compared to others. The empirical findings support our guiding proposition that more favourable attitudes towards failing can be learned through entrepreneurs' life and work. Our results suggest that previous start up experience is strongly associated with a more positive attitude towards failure. Moreover, we also find that experience from closing down a business is associated with a more positive attitude towards failure. In sum, our findings add to our knowledge of why some entrepreneurs have a more positive attitude towards failures compared to others. It also provides some general implications for our understanding of entrepreneurial learning as an experiential process.","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"95 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116661824","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 : 1900-01-01DOI: 10.5465/AMBPP.2013.13194ABSTRACT
A. Wadhwa, Xin Yao, Antoaneta P. Petkova
This study investigates the effects of exogenous and endogenous uncertainty on venture capital (VC) firms� strategies when investing in an emerging sector. Using the real options logic, we theorize that greater levels of exogenous uncertainty increase VC firms� propensity to spread their investments across multiple new technologies, and that such effects are mitigated by the level of endogenous uncertainty they experience. Our empirical investigation of the strategies of 172 U.S. VC firms that invested in the emerging clean energy sector during the period 1990-2008 provides some support for these arguments. Our study contributes to entrepreneurship theory and practice by examining the interplay between exogenous and endogenous uncertainty in influencing VC investment strategies in emerging sectors.
{"title":"THE EFFECT OF UNCERTAINTY ON VENTURE CAPITALISTS’ INVESTMENT TRAJECTORIES IN THE CLEAN ENERGY SECTOR","authors":"A. Wadhwa, Xin Yao, Antoaneta P. Petkova","doi":"10.5465/AMBPP.2013.13194ABSTRACT","DOIUrl":"https://doi.org/10.5465/AMBPP.2013.13194ABSTRACT","url":null,"abstract":"This study investigates the effects of exogenous and endogenous uncertainty on venture capital (VC) firms� strategies when investing in an emerging sector. Using the real options logic, we theorize that greater levels of exogenous uncertainty increase VC firms� propensity to spread their investments across multiple new technologies, and that such effects are mitigated by the level of endogenous uncertainty they experience. Our empirical investigation of the strategies of 172 U.S. VC firms that invested in the emerging clean energy sector during the period 1990-2008 provides some support for these arguments. Our study contributes to entrepreneurship theory and practice by examining the interplay between exogenous and endogenous uncertainty in influencing VC investment strategies in emerging sectors.","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122330835","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}
Tatiana Stettler, Simone A. Schweiger, Artur Baldauf
{"title":"THREE VERSUS FIVE DIMENSIONS? A META-ANALYSIS OF THE ENTREPRENEURIAL ORIENTATION– FIRM PERFORMANCE RELATIONSHIP (SUMMARY)","authors":"Tatiana Stettler, Simone A. Schweiger, Artur Baldauf","doi":"10.7892/boris.82872","DOIUrl":"https://doi.org/10.7892/boris.82872","url":null,"abstract":"","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128708081","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":"A PROCESS MODEL OF ORGANIZATIONAL SPECIATION (INTERACTIVE PAPER)","authors":"D. Lingelbach, E. Gilbert, Gordon Murray","doi":"10.13016/M2455H","DOIUrl":"https://doi.org/10.13016/M2455H","url":null,"abstract":"","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"85 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134498061","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":"AN INVESTIGATION OF THE CENTRALITY OF COMPETING INSTITUTIONAL LOGICS FOR SOCIAL ENTERPRISES (SUMMARY)","authors":"T. Bae","doi":"10.18297/ETD/2239","DOIUrl":"https://doi.org/10.18297/ETD/2239","url":null,"abstract":"","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128446323","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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