Pub Date : 2026-01-17DOI: 10.1007/s11187-025-01152-w
Azizjon Alimov
{"title":"Regulatory thresholds and post-IPO acquisitions: evidence from the JOBS Act","authors":"Azizjon Alimov","doi":"10.1007/s11187-025-01152-w","DOIUrl":"https://doi.org/10.1007/s11187-025-01152-w","url":null,"abstract":"","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"64 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2026-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146006077","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-16DOI: 10.1007/s11187-025-01171-7
Robert Fairlie, Frank M. Fossen, Ke Lyu
The COVID-19 pandemic delivered an unprecedented shock to business entry, with sharply contrasting effects on different types of startups. Using newly constructed administrative data from the Comprehensive Startup Panel covering the universe of U.S. startups, we provide the first official numbers of the pandemic’s impact on employer and nonemployer startup dynamics. Nonemployer startup formation declined substantially in 2020, while the number of employer startups unexpectedly increased. In 2021, nonemployer formation rebounded, almost offsetting the 2020 decline. Survival outcomes also diverged: nonemployer startup survival dropped markedly during the pandemic, whereas employer startup survival remained largely stable. Within nonemployer startups, the contraction was broad-based, affecting nonemployers with and without an Employer Identification Number, an indicator of growth orientation. These findings reveal a pronounced compositional shift between employer and nonemployer startups and underscore the importance of designing policies tailored to nonemployer startups in economic crises.
{"title":"A tale of two startups: the loss and gain of startups in the U.S. economy in the pandemic","authors":"Robert Fairlie, Frank M. Fossen, Ke Lyu","doi":"10.1007/s11187-025-01171-7","DOIUrl":"https://doi.org/10.1007/s11187-025-01171-7","url":null,"abstract":"The COVID-19 pandemic delivered an unprecedented shock to business entry, with sharply contrasting effects on different types of startups. Using newly constructed administrative data from the Comprehensive Startup Panel covering the universe of U.S. startups, we provide the first official numbers of the pandemic’s impact on employer and nonemployer startup dynamics. Nonemployer startup formation declined substantially in 2020, while the number of employer startups unexpectedly increased. In 2021, nonemployer formation rebounded, almost offsetting the 2020 decline. Survival outcomes also diverged: nonemployer startup survival dropped markedly during the pandemic, whereas employer startup survival remained largely stable. Within nonemployer startups, the contraction was broad-based, affecting nonemployers with and without an Employer Identification Number, an indicator of growth orientation. These findings reveal a pronounced compositional shift between employer and nonemployer startups and underscore the importance of designing policies tailored to nonemployer startups in economic crises.","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"276 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2026-01-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146006078","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-12DOI: 10.1007/s11187-025-01159-3
Joan-Lluís Capelleras, Ignacio Contín-Pilart, Martin Larraza-Kintana, Victor Martin-Sanchez
This study investigates how entrepreneurs’ growth aspirations relate to the adoption of environmental actions and how national environmental regulations moderate this relationship. We argue that growth-oriented entrepreneurs are more likely to adopt environmentally oriented behaviors due to long-term investment logic and legitimacy-seeking considerations. Moreover, we propose that stringent environmental regulations strengthen this relationship by reinforcing both mechanisms. Using a multisource dataset and applying a multilevel analysis, we find support for our hypotheses. The findings highlight the importance of both entrepreneurial growth aspirations and regulatory environments in shaping entrepreneurs’ engagement in environmental actions.
{"title":"Entrepreneurial growth aspirations and the adoption of environmental actions: the role of regulatory stringency","authors":"Joan-Lluís Capelleras, Ignacio Contín-Pilart, Martin Larraza-Kintana, Victor Martin-Sanchez","doi":"10.1007/s11187-025-01159-3","DOIUrl":"https://doi.org/10.1007/s11187-025-01159-3","url":null,"abstract":"This study investigates how entrepreneurs’ growth aspirations relate to the adoption of environmental actions and how national environmental regulations moderate this relationship. We argue that growth-oriented entrepreneurs are more likely to adopt environmentally oriented behaviors due to long-term investment logic and legitimacy-seeking considerations. Moreover, we propose that stringent environmental regulations strengthen this relationship by reinforcing both mechanisms. Using a multisource dataset and applying a multilevel analysis, we find support for our hypotheses. The findings highlight the importance of both entrepreneurial growth aspirations and regulatory environments in shaping entrepreneurs’ engagement in environmental actions.","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"243 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2026-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145955080","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-10DOI: 10.1007/s11187-025-01156-6
Antonios D. Livieratos, George Tsekouras, Wim Vanhaverbeke, Georgia Tsiliki
This study examines how small and medium-sized enterprises (SMEs) sequence their open innovation (OI) activities over the course of individual innovation projects. Moving beyond static firm-level analyses, we explore the dynamics of partner engagement and value capture in 106 European SMEs. Using a dataset of 500 OI activities—termed “OI moves”—we identify patterns that combine partner type and exploitation mode. By comparing more and less successful SMEs, we reveal that sequencing plays a critical role in innovation outcomes. Successful SMEs tend to engage R&D service providers early, prioritize internal exploitation initially, and later transition to co- and external exploitation. In contrast, less successful SMEs rely prematurely on external exploitation and fail to retain value from their innovation efforts. Our dynamic, journey-based approach advances the predominantly static treatment of OI in prior research by operationalizing OI as sequences of linked activities rather than isolated collaboration choices. This enables us to identify a limited set of recurrent pathways associated with successful outcomes, as well as distinct pathways that consistently lead to unsuccessful outcomes. We also highlight the underexplored role of exploitation modes in OI: not just which partners SMEs engage, but when and under which value-capture logic . The sequencing of internal, joint, and external exploitation emerges as a key differentiator between successful and less successful SME innovation strategies. For theory, the study contributes a dynamic process perspective to OI research, demonstrating that value capture is path-dependent and shaped by the temporal ordering of OI moves. For practice, the findings provide actionable guidance of steps for SMEs to follow in order to be successful with OI.
{"title":"Unlocking SME innovation success through sequenced collaboration","authors":"Antonios D. Livieratos, George Tsekouras, Wim Vanhaverbeke, Georgia Tsiliki","doi":"10.1007/s11187-025-01156-6","DOIUrl":"https://doi.org/10.1007/s11187-025-01156-6","url":null,"abstract":"This study examines how small and medium-sized enterprises (SMEs) sequence their open innovation (OI) activities over the course of individual innovation projects. Moving beyond static firm-level analyses, we explore the dynamics of partner engagement and value capture in 106 European SMEs. Using a dataset of 500 OI activities—termed “OI moves”—we identify patterns that combine partner type and exploitation mode. By comparing more and less successful SMEs, we reveal that sequencing plays a critical role in innovation outcomes. Successful SMEs tend to engage R&D service providers early, prioritize internal exploitation initially, and later transition to co- and external exploitation. In contrast, less successful SMEs rely prematurely on external exploitation and fail to retain value from their innovation efforts. Our dynamic, journey-based approach advances the predominantly static treatment of OI in prior research by operationalizing OI as sequences of linked activities rather than isolated collaboration choices. This enables us to identify a limited set of recurrent pathways associated with successful outcomes, as well as distinct pathways that consistently lead to unsuccessful outcomes. We also highlight the underexplored role of exploitation modes in OI: not just <jats:italic>which</jats:italic> partners SMEs engage, but <jats:italic>when</jats:italic> and under <jats:italic>which value-capture logic</jats:italic> . The sequencing of internal, joint, and external exploitation emerges as a key differentiator between successful and less successful SME innovation strategies. For theory, the study contributes a dynamic process perspective to OI research, demonstrating that value capture is path-dependent and shaped by the temporal ordering of OI moves. For practice, the findings provide actionable guidance of steps for SMEs to follow in order to be successful with OI.","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"82 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2026-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145947280","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-10DOI: 10.1007/s11187-025-01145-9
Nathan Sidney Greidanus, Chi Liao
{"title":"Childhood exposure to natural disasters and future entrepreneurship in adulthood","authors":"Nathan Sidney Greidanus, Chi Liao","doi":"10.1007/s11187-025-01145-9","DOIUrl":"https://doi.org/10.1007/s11187-025-01145-9","url":null,"abstract":"","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"47 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2026-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145947281","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-07DOI: 10.1007/s11187-025-01161-9
Bruno Fischer, Angelica Pigola, Pedro Henrique Napoli, Gustavo Hermínio Salati Marcondes de Moraes
{"title":"Seeing through the mist: why the narrative of a secular decline in entrepreneurship is premature","authors":"Bruno Fischer, Angelica Pigola, Pedro Henrique Napoli, Gustavo Hermínio Salati Marcondes de Moraes","doi":"10.1007/s11187-025-01161-9","DOIUrl":"https://doi.org/10.1007/s11187-025-01161-9","url":null,"abstract":"","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"253 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2026-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145947282","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-06DOI: 10.1007/s11187-025-01139-7
Ann Hipp, Martin Kalthaus
We analyze how patents, R&D subsidies, and subsidized R&D collaborations influence firm survival in the German photovoltaics industry. We collected data on 154 firms, covering the whole industry life cycle from the emergence of the industry in 1964 until 2016, including the industry’s shakeout and decline. We utilize time-variant data for these measures for innovation activity and use discrete-time hazard models to estimate their relationship with firm survival. Our results show that patenting increases a firm's probability of survival. In contrast to previous findings, process patents do not increase survival, but product patents do. Furthermore, we do not find a relationship between public R&D subsidies or subsidized R&D collaboration and firm survival. Other factors, such as entry timing, the dynamics in the industry, and demand-side policies, show expected relationships. We provide recommendations for managers and policy makers who seek to engage in innovative activities to enhance firm survival.
{"title":"Innovation and firm survival over the industry life cycle","authors":"Ann Hipp, Martin Kalthaus","doi":"10.1007/s11187-025-01139-7","DOIUrl":"https://doi.org/10.1007/s11187-025-01139-7","url":null,"abstract":"We analyze how patents, R&D subsidies, and subsidized R&D collaborations influence firm survival in the German photovoltaics industry. We collected data on 154 firms, covering the whole industry life cycle from the emergence of the industry in 1964 until 2016, including the industry’s shakeout and decline. We utilize time-variant data for these measures for innovation activity and use discrete-time hazard models to estimate their relationship with firm survival. Our results show that patenting increases a firm's probability of survival. In contrast to previous findings, process patents do not increase survival, but product patents do. Furthermore, we do not find a relationship between public R&D subsidies or subsidized R&D collaboration and firm survival. Other factors, such as entry timing, the dynamics in the industry, and demand-side policies, show expected relationships. We provide recommendations for managers and policy makers who seek to engage in innovative activities to enhance firm survival.","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"57 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2026-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145902435","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-27DOI: 10.1007/s11187-025-01158-4
Lidia Mannarino, Valeria Pupo
{"title":"How obstacles shape environmental and social sustainability processes in family and non-family firms","authors":"Lidia Mannarino, Valeria Pupo","doi":"10.1007/s11187-025-01158-4","DOIUrl":"https://doi.org/10.1007/s11187-025-01158-4","url":null,"abstract":"","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"22 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2025-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145836024","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-24DOI: 10.1007/s11187-025-01135-x
Angelo Cavallo, Christina Theodoraki, Alessandro Lucini-Paioni
{"title":"Building a space entrepreneurship industry: The role of entrepreneurial support programs for startup growth","authors":"Angelo Cavallo, Christina Theodoraki, Alessandro Lucini-Paioni","doi":"10.1007/s11187-025-01135-x","DOIUrl":"https://doi.org/10.1007/s11187-025-01135-x","url":null,"abstract":"","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"36 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2025-12-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145829985","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The rise of Decentralized Finance (DeFi) has introduced new fundraising mechanisms for startups. This study examines the interplay between Initial Coin Offerings (ICOs) and traditional entrepreneurial finance investors. Our findings document that while ICO funding amounts do not predict future funding success, prior business angel investment significantly increases the likelihood of securing follow-on funding. Co-investment by crypto funds during the ICO enhances follow-on funding opportunities, particularly for firms backed by hedge-style crypto investors. This research contributes to the entrepreneurial finance literature by examining how blockchain-based financing mechanisms integrate into the broader venture funding ecosystem.
{"title":"The role of decentralized and traditional entrepreneurial finance in startups financing: an analysis of ICO-funded startups","authors":"Alessia Pedrazzoli, Paola Bongini, Monica Rossolini, Silvio Vismara","doi":"10.1007/s11187-025-01153-9","DOIUrl":"https://doi.org/10.1007/s11187-025-01153-9","url":null,"abstract":"The rise of Decentralized Finance (DeFi) has introduced new fundraising mechanisms for startups. This study examines the interplay between Initial Coin Offerings (ICOs) and traditional entrepreneurial finance investors. Our findings document that while ICO funding amounts do not predict future funding success, prior business angel investment significantly increases the likelihood of securing follow-on funding. Co-investment by crypto funds during the ICO enhances follow-on funding opportunities, particularly for firms backed by hedge-style crypto investors. This research contributes to the entrepreneurial finance literature by examining how blockchain-based financing mechanisms integrate into the broader venture funding ecosystem.","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"8 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2025-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145808093","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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