Pub Date : 2012-03-01DOI: 10.1108/NEJE-15-01-2012-B003
John Pearlstein, R. D. Hamilton
The theory presented suggests that underwriters are both advisors and independent agents in the issuerʼs attempt to send “signals” of quality to investors by making pre-IPO organizational changes. These pre-IPO gambits are intended to increase IPO proceeds, and preemptively address potential investor concerns that would deter them from subscribing. These organizational changes initially can financially benefit founders, early investors and underwriters. But they can also have a longterm impact that some issuers, especially founders, would prefer to avoid. Utilizing signaling and resource-based power, we find that underwriter power is significantly associated with making pre-IPO gambits and lower levels of underpricing.
{"title":"Signaling, Resource-Based Power, and Pre-IPO Organizational Change","authors":"John Pearlstein, R. D. Hamilton","doi":"10.1108/NEJE-15-01-2012-B003","DOIUrl":"https://doi.org/10.1108/NEJE-15-01-2012-B003","url":null,"abstract":"The theory presented suggests that underwriters are both advisors and independent agents in the issuerʼs attempt to send “signals” of quality to investors by making pre-IPO organizational changes. These pre-IPO gambits are intended to increase IPO proceeds, and preemptively address potential investor concerns that would deter them from subscribing. These organizational changes initially can financially benefit founders, early investors and underwriters. But they can also have a longterm impact that some issuers, especially founders, would prefer to avoid. Utilizing signaling and resource-based power, we find that underwriter power is significantly associated with making pre-IPO gambits and lower levels of underpricing.","PeriodicalId":32839,"journal":{"name":"New England Journal of Entrepreneurship","volume":"15 1","pages":"29-42"},"PeriodicalIF":0.0,"publicationDate":"2012-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/NEJE-15-01-2012-B003","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"62144907","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 : 2012-03-01DOI: 10.1108/NEJE-15-01-2012-B001
R. Becherer, M. Helms, J. P. McDonald
This study examines how entrepreneurial marketing dimensions (proactiveness, opportunity focused, leveraging, innovativeness, risk taking, value creation, and customer intensity) are related to qualitative and quantitative outcome measures for the SME and the entrepreneur (including company success, customer success, financial success, satisfaction with return goals, satisfaction with growth goals, excellence, and the entrepreneurʼs standard of living). Using factor analysis, three success outcome variables (financial, customer, and strong company success) emerged together. A separate factor analysis identified satisfactory growth and return goals. Stepwise regression revealed entrepreneurial marketing impacts outcome variables, particularly value creation. Implications for entrepreneurs and areas for research are included.
{"title":"The Effect of Entrepreneurial Marketing on Outcome Goals in SMEs","authors":"R. Becherer, M. Helms, J. P. McDonald","doi":"10.1108/NEJE-15-01-2012-B001","DOIUrl":"https://doi.org/10.1108/NEJE-15-01-2012-B001","url":null,"abstract":"This study examines how entrepreneurial marketing dimensions (proactiveness, opportunity focused, leveraging, innovativeness, risk taking, value creation, and customer intensity) are related to qualitative and quantitative outcome measures for the SME and the entrepreneur (including company success, customer success, financial success, satisfaction with return goals, satisfaction with growth goals, excellence, and the entrepreneurʼs standard of living). Using factor analysis, three success outcome variables (financial, customer, and strong company success) emerged together. A separate factor analysis identified satisfactory growth and return goals. Stepwise regression revealed entrepreneurial marketing impacts outcome variables, particularly value creation. Implications for entrepreneurs and areas for research are included.","PeriodicalId":32839,"journal":{"name":"New England Journal of Entrepreneurship","volume":"15 1","pages":"7-18"},"PeriodicalIF":0.0,"publicationDate":"2012-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/NEJE-15-01-2012-B001","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"62144948","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 : 2012-03-01DOI: 10.1108/NEJE-15-01-2012-B004
David J. Prottas
Self-employment is presented as enabling people to better balance their work and family roles but research on its effectiveness is equivocal. We collected survey data from 280 self- and organizationally-employed certified public accountants and conducted a multivariate analysis comparing positive spillover and conflict between the two groups.The self-employed reported less work-to-family conflict with no differences with respect to family-to-work conflict or positive spillovers. However, there were different patterns between male and female subsamples: self-employed males experienced less conflict and more positive spillover than male employees, whereas self-employed females had less of one form of conflict but more of the other.
{"title":"Self vs. Organizational Employment: The Neglected Case of Positive Spillover","authors":"David J. Prottas","doi":"10.1108/NEJE-15-01-2012-B004","DOIUrl":"https://doi.org/10.1108/NEJE-15-01-2012-B004","url":null,"abstract":"Self-employment is presented as enabling people to better balance their work and family roles but research on its effectiveness is equivocal. We collected survey data from 280 self- and organizationally-employed certified public accountants and conducted a multivariate analysis comparing positive spillover and conflict between the two groups.The self-employed reported less work-to-family conflict with no differences with respect to family-to-work conflict or positive spillovers. However, there were different patterns between male and female subsamples: self-employed males experienced less conflict and more positive spillover than male employees, whereas self-employed females had less of one form of conflict but more of the other.","PeriodicalId":32839,"journal":{"name":"New England Journal of Entrepreneurship","volume":"15 1","pages":"43-52"},"PeriodicalIF":0.0,"publicationDate":"2012-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/NEJE-15-01-2012-B004","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"62145395","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 : 2012-03-01DOI: 10.1108/NEJE-15-01-2012-B002
G. Jackson, Randy Boxx
Many entrepreneurial firms risk falling into a cash flow “Valley of Death”‐the stage of a young firmʼs life when seed funding is running dry but the firm has yet to secure sufficient additional funding to carry it through to product commercialization.This is particularly true in the nascent cleantech sector, where investments are often complex and capital intensive. Drawing on an in-depth interview with seasoned entrepreneur Brian Cunningham, CEO of the Wave Energy Conversion Corporation of America, this article explores the role of persistence in entrepreneurship, distinguishing between “calculated” and “blind” persistence.
{"title":"Persistence and Survival in Entrepreneurship: The Case of the Wave Energy Conversion Corporation of America","authors":"G. Jackson, Randy Boxx","doi":"10.1108/NEJE-15-01-2012-B002","DOIUrl":"https://doi.org/10.1108/NEJE-15-01-2012-B002","url":null,"abstract":"Many entrepreneurial firms risk falling into a cash flow “Valley of Death”‐the stage of a young firmʼs life when seed funding is running dry but the firm has yet to secure sufficient additional funding to carry it through to product commercialization.This is particularly true in the nascent cleantech sector, where investments are often complex and capital intensive. Drawing on an in-depth interview with seasoned entrepreneur Brian Cunningham, CEO of the Wave Energy Conversion Corporation of America, this article explores the role of persistence in entrepreneurship, distinguishing between “calculated” and “blind” persistence.","PeriodicalId":32839,"journal":{"name":"New England Journal of Entrepreneurship","volume":"15 1","pages":"19-27"},"PeriodicalIF":0.0,"publicationDate":"2012-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/NEJE-15-01-2012-B002","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"62145292","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 : 2011-03-01DOI: 10.1108/NEJE-14-01-2011-B002
Gregory B. Murphy, N. Tocher
Small and medium enterprises (SMEs) commonly struggle to acquire needed financial, human, and technological resources. The above being stated, recent scholarly research argues that SMEs that are able to successfully navigate the legitimacy threshold are better able to gather the resources they need to survive and grow. This article provides an empirical test of that claim by examining whether the presence of a corporate parent positively influences SME resource acquisition. Results of the study show that SMEs with corporate parents, when compared to like-sized independent SMEs, have higher credit scores, have more complete management teams, use more computers, and are more likely to be on the Internet. These differences are most pronounced for very small firms and diminish in significance as firm size increases. Study implications include the notion that presence of a corporate parent likely represents a successful navigation of the legitimacy threshold, positively increasing SME resource acquisition.
{"title":"Corporate Parents, Initial Legitimacy, and Resource Acquisition in Small and Medium Firms: An Empirical Examination","authors":"Gregory B. Murphy, N. Tocher","doi":"10.1108/NEJE-14-01-2011-B002","DOIUrl":"https://doi.org/10.1108/NEJE-14-01-2011-B002","url":null,"abstract":"Small and medium enterprises (SMEs) commonly struggle to acquire needed financial, human, and technological resources. The above being stated, recent scholarly research argues that SMEs that are able to successfully navigate the legitimacy threshold are better able to gather the resources they need to survive and grow. This article provides an empirical test of that claim by examining whether the presence of a corporate parent positively influences SME resource acquisition. Results of the study show that SMEs with corporate parents, when compared to like-sized independent SMEs, have higher credit scores, have more complete management teams, use more computers, and are more likely to be on the Internet. These differences are most pronounced for very small firms and diminish in significance as firm size increases. Study implications include the notion that presence of a corporate parent likely represents a successful navigation of the legitimacy threshold, positively increasing SME resource acquisition.","PeriodicalId":32839,"journal":{"name":"New England Journal of Entrepreneurship","volume":"14 1","pages":"23-34"},"PeriodicalIF":0.0,"publicationDate":"2011-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/NEJE-14-01-2011-B002","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"62144510","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 : 2011-03-01DOI: 10.1108/NEJE-14-01-2011-B004
L. Frederking
Through the framework of Michael Porterʼs five forces, this article compares sustainability in the Oregon and British Columbia wine industries. After describing the contrasting characteristics of the green niche model and the government-led model of environmental change, the article analyzes the emerging challenges for each type of change.The distinct sources for profitability and future innovation suggests diversity within the sustainability movement and two very different processes of translating environmental values into entrepreneurial practice.
{"title":"Getting to Green: Niche-driven or Government-led Entrepreneurship and Sustainability in the Wine Industry","authors":"L. Frederking","doi":"10.1108/NEJE-14-01-2011-B004","DOIUrl":"https://doi.org/10.1108/NEJE-14-01-2011-B004","url":null,"abstract":"Through the framework of Michael Porterʼs five forces, this article compares sustainability in the Oregon and British Columbia wine industries. After describing the contrasting characteristics of the green niche model and the government-led model of environmental change, the article analyzes the emerging challenges for each type of change.The distinct sources for profitability and future innovation suggests diversity within the sustainability movement and two very different processes of translating environmental values into entrepreneurial practice.","PeriodicalId":32839,"journal":{"name":"New England Journal of Entrepreneurship","volume":"14 1","pages":"47-60"},"PeriodicalIF":0.0,"publicationDate":"2011-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/NEJE-14-01-2011-B004","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"62144695","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 : 2011-03-01DOI: 10.1108/NEJE-14-01-2011-B005
Gina Vega, C. Dumas, Beverly K. Kahn, Jafar Mana
David Hartstein started KaBloom in 1998 with the goal of creating “the Starbucks of Flowers.” He successfully built brand recognition for the gardenlike shops, but problems plagued the young organization. Nearly three years and one recession later, KaBloom failed to live up to Hartsteinʼs forecast of exponential growth. This case has been designed for a graduate-level course in entrepreneurship/innovation. Students can compare franchising with other business models, examine the impact of organizational structure and leadership styles on business effectiveness, relate issues of supply chain management and logistics to environmental changes, and recognize the impact of innovation on business sustainability.
David Hartstein于1998年创立KaBloom，目标是打造“鲜花界的星巴克”。他成功地为花园式商店建立了品牌知名度，但问题困扰着这个年轻的组织。在经历了近三年和一次经济衰退之后，KaBloom未能实现哈特斯坦对指数级增长的预测。这个案例是为研究生的创业/创新课程设计的。学生可以将特许经营与其他商业模式进行比较，研究组织结构和领导风格对商业效率的影响，将供应链管理和物流问题与环境变化联系起来，并认识到创新对商业可持续性的影响。
{"title":"KaBloom!: Revolution in the flower industry","authors":"Gina Vega, C. Dumas, Beverly K. Kahn, Jafar Mana","doi":"10.1108/NEJE-14-01-2011-B005","DOIUrl":"https://doi.org/10.1108/NEJE-14-01-2011-B005","url":null,"abstract":"David Hartstein started KaBloom in 1998 with the goal of creating “the Starbucks of Flowers.” He successfully built brand recognition for the gardenlike shops, but problems plagued the young organization. Nearly three years and one recession later, KaBloom failed to live up to Hartsteinʼs forecast of exponential growth. This case has been designed for a graduate-level course in entrepreneurship/innovation. Students can compare franchising with other business models, examine the impact of organizational structure and leadership styles on business effectiveness, relate issues of supply chain management and logistics to environmental changes, and recognize the impact of innovation on business sustainability.","PeriodicalId":32839,"journal":{"name":"New England Journal of Entrepreneurship","volume":"14 1","pages":"61-77"},"PeriodicalIF":0.0,"publicationDate":"2011-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/NEJE-14-01-2011-B005","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"62144707","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 : 2011-03-01DOI: 10.1108/NEJE-14-01-2011-B007
Lori Wagner
Book review by Lori Wagner. Henry, Colette, ed. Entrepreneurship in the Creative Industries: An International Perspective. Cheltenham, UK and Northampton, MA: Edward Elgar Publishing, 2007. ISBN 9781845426101
{"title":"Entrepreneurship in the Creative Industries: An International Perspective","authors":"Lori Wagner","doi":"10.1108/NEJE-14-01-2011-B007","DOIUrl":"https://doi.org/10.1108/NEJE-14-01-2011-B007","url":null,"abstract":"Book review by Lori Wagner. Henry, Colette, ed. Entrepreneurship in the Creative Industries: An International Perspective. Cheltenham, UK and Northampton, MA: Edward Elgar Publishing, 2007. ISBN 9781845426101","PeriodicalId":32839,"journal":{"name":"New England Journal of Entrepreneurship","volume":"14 1","pages":"89-92"},"PeriodicalIF":0.0,"publicationDate":"2011-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/NEJE-14-01-2011-B007","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"62144313","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 : 2011-03-01DOI: 10.1108/NEJE-14-01-2011-B003
J. Perry, Gaylen N. Chandler, Xin Yao, James A. Wolff
Among nascent entrepreneurial ventures, are some types of bootstrapping techniques more successful than others? We compare externally oriented and internally oriented techniques with respect to the likelihood of becoming an operational venture; and we compare cash-increasing and cost-decreasing techniques with respect to becoming operational. Using data from the first Panel Study of Entrepreneurial Dynamics, we find evidence suggesting that when bootstrapping a new venture, the percentage of cash-increasing and cost-decreasing externally oriented bootstrapping techniques that a ventureʼs owners use are positive predictors of subsequent positive cash flow (one and two years later). But, internally oriented techniques are not related to subsequent cash flow.
{"title":"Bootstrapping techniques and new venture emergence","authors":"J. Perry, Gaylen N. Chandler, Xin Yao, James A. Wolff","doi":"10.1108/NEJE-14-01-2011-B003","DOIUrl":"https://doi.org/10.1108/NEJE-14-01-2011-B003","url":null,"abstract":"Among nascent entrepreneurial ventures, are some types of bootstrapping techniques more successful than others? We compare externally oriented and internally oriented techniques with respect to the likelihood of becoming an operational venture; and we compare cash-increasing and cost-decreasing techniques with respect to becoming operational. Using data from the first Panel Study of Entrepreneurial Dynamics, we find evidence suggesting that when bootstrapping a new venture, the percentage of cash-increasing and cost-decreasing externally oriented bootstrapping techniques that a ventureʼs owners use are positive predictors of subsequent positive cash flow (one and two years later). But, internally oriented techniques are not related to subsequent cash flow.","PeriodicalId":32839,"journal":{"name":"New England Journal of Entrepreneurship","volume":"14 1","pages":"35-45"},"PeriodicalIF":0.0,"publicationDate":"2011-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/NEJE-14-01-2011-B003","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"62144641","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 : 2011-03-01DOI: 10.1108/NEJE-14-01-2011-B001
K. Celuch, Anna M. Walz, Carl L. Saxby, C. Ehlen
There is strong consensus that the Internet has the potential to positively impact firms, and SMEs in particular; however, not all firms have realized benefits from adoption. The present study extends research in the area by addressing the need to examine the “chain” of variables explaining Internet adoption. We do this by exploring SME owner/manager Internet-related usefulness and ease-of-use cognitions and intention to use the Internet for supplier information management. We also explore the influence of behavioral norms and two broader strategic perspectives, market and learning orientation, on the Internet-related cognitions. Findings have implications for researchers and practitioners by identifying factors that contribute to effectively leveraging the Internet in an important area for SMEs.
{"title":"Understanding SME Intention to Use the Internet for Managing Supplier Information","authors":"K. Celuch, Anna M. Walz, Carl L. Saxby, C. Ehlen","doi":"10.1108/NEJE-14-01-2011-B001","DOIUrl":"https://doi.org/10.1108/NEJE-14-01-2011-B001","url":null,"abstract":"There is strong consensus that the Internet has the potential to positively impact firms, and SMEs in particular; however, not all firms have realized benefits from adoption. The present study extends research in the area by addressing the need to examine the “chain” of variables explaining Internet adoption. We do this by exploring SME owner/manager Internet-related usefulness and ease-of-use cognitions and intention to use the Internet for supplier information management. We also explore the influence of behavioral norms and two broader strategic perspectives, market and learning orientation, on the Internet-related cognitions. Findings have implications for researchers and practitioners by identifying factors that contribute to effectively leveraging the Internet in an important area for SMEs.","PeriodicalId":32839,"journal":{"name":"New England Journal of Entrepreneurship","volume":"101 1","pages":"9-21"},"PeriodicalIF":0.0,"publicationDate":"2011-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/NEJE-14-01-2011-B001","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"62144188","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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