Journal of Business Venturing Insights最新文献_第8页

Decoding regulatory institutions: The stability-flexibility perceptions model for entrepreneurs and regulators 解读监管机构：企业家和监管者的稳定性-灵活性感知模型

Q1 Business, Management and Accounting

Journal of Business Venturing Insights

Pub Date : 2025-05-14 DOI: 10.1016/j.jbvi.2025.e00536

Alberto Peralta , Susan L. Young

Entrepreneurial environments are interconnected systems of actors, institutions, and cultural elements that shape the creation and growth of new ventures. A critical gap persists in understanding how regulatory institutions can simultaneously foster stability and flexibility within these environments, limiting the effective implementation of regulatory strategies by entrepreneurs and regulators. We address this by exploring key factors influencing individuals' perceptions of risk and uncertainty in regulations that promote stability and flexibility. We offer the Stability-Flexibility Perceptions Model (SFPM), a structured framework for assessing the efficiency of regulatory institutions from entrepreneurs' and regulators' perspectives. By leveraging the Index of Economic Freedom, our study's key insight is that the SFPM enables a comprehensive evaluation of stability-oriented regulations—such as property rights protection and infrastructure investment—and flexibility-oriented regulations, including labor market adaptability and regulatory simplification. Specifically, it illustrates how property rights and the rule of law, fiscal health and government size, labor and business regulations, and market openness and others are viewed as either fostering or constraining these dynamics. The SFPM enhances the understanding of dynamics within entrepreneurial environments, with its key takeaway being a valuable evaluation tool for analyzing how regulations influence perceptions of stability and flexibility. Future research should enhance the SFPM's applicability across diverse environments.

创业环境是由参与者、机构和文化元素组成的相互关联的系统，这些因素塑造了新企业的创造和成长。在理解监管机构如何在这些环境中同时促进稳定性和灵活性方面，仍然存在一个关键的差距，这限制了企业家和监管机构有效实施监管战略。我们通过探讨影响个人对促进稳定性和灵活性的法规的风险和不确定性看法的关键因素来解决这一问题。我们提供了稳定性-灵活性感知模型（SFPM），这是一个从企业家和监管者的角度评估监管机构效率的结构化框架。通过利用经济自由指数，我们研究的关键观点是，SFPM能够全面评估以稳定性为导向的法规（如产权保护和基础设施投资）和以灵活性为导向的法规（包括劳动力市场适应性和监管简化）。具体来说，它说明了产权和法治、财政健康和政府规模、劳工和商业法规、市场开放和其他因素是如何被视为促进或限制这些动态的。SFPM增强了对创业环境动态的理解，其主要收获是作为一种有价值的评估工具，用于分析法规如何影响对稳定性和灵活性的看法。未来的研究应加强SFPM在不同环境中的适用性。

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引用次数: 0

Evaluating impact potential in early-stage impact investing: Investment criteria and cognitive processes of investors 早期影响投资的影响潜力评估：投资标准与投资者的认知过程

Q1 Business, Management and Accounting

Journal of Business Venturing Insights

Pub Date : 2025-05-10 DOI: 10.1016/j.jbvi.2025.e00535

Peter Vandor , Fabian Dober , Michael Meyer , Reinhard Millner

Impact investing has experienced rapid growth in recent years, with a share of capital directed toward social enterprises that aim to generate both financial returns and social impact. For investors, evaluating the anticipated impact of a venture is a critical part of the selection process. Yet, little is known about how impact investors form these ex-ante assessments. Drawing on verbal protocol analysis of 58 real-world selection processes, we identify 18 distinct cognitive processes investors use to assess social impact potential. Our findings show that, rather than relying on structured or theory-based assessment methods, investors frequently use heuristics. This suggests that bounded rationality plays a central role in impact evaluation, raising questions about the assumed rigor of impact investing practices.

近年来，影响力投资经历了快速增长，一部分资本流向了旨在产生财务回报和社会影响的社会企业。对投资者来说，评估风险投资的预期影响是选择过程的关键部分。然而，人们对投资者如何形成这些事前评估的影响知之甚少。通过对58个现实世界选择过程的口头协议分析，我们确定了投资者用于评估社会影响潜力的18个不同的认知过程。我们的研究结果表明，投资者经常使用启发式方法，而不是依赖于结构化或基于理论的评估方法。这表明有限理性在影响评估中起着核心作用，这引发了对影响投资实践的假设严谨性的质疑。

引用次数: 0

Entrepreneurial agency reloaded: Intentions, capabilities and the dynamics of entrepreneurial ecosystems 创业代理重新加载：创业生态系统的意图、能力和动态

Q1 Business, Management and Accounting

Journal of Business Venturing Insights

Pub Date : 2025-05-09 DOI: 10.1016/j.jbvi.2025.e00540

Pedro Henrique Gonçalves da Silva Napoli de Lima, Bruno Brandão Fischer, Gustavo Hermínio Salati Marcondes de Morais

Increasing attention has been paid in the literature on entrepreneurial ecosystems (EE) concerning configurational microfoundations. The need for a better understanding of the causal channels driving these configurations stems from the view that entrepreneurial ecosystems operate as complex adaptive systems (CAS). Within this paradigm, one dimension that has gained prominence is entrepreneurial agency (EAG). Considered a key element in understanding how EEs are structured, EAG generate outputs, and follow specific evolutionary trajectories. The entrepreneurial agency construct used in this research captures two key subdimensions of entrepreneurial agency: intention and capability. With the consideration of these two subdimensions, the possibility of a mismatch arises (e.g high intention/low capability or low intention/high capability). Yet, significant gaps remain in understanding the subdimensions of EAG and their interplay. Here we aim at further developing the theoretical dimension of entrepreneurial agency by answering the following question: How does the match/mismatch dynamics between the subdimensions intention and capability of EAG affect the configurations and outputs of EE? Using the agent-based modeling (ABM) methodology our results indicate that a mismatch between entrepreneurial intention and capability leads to a decrease in EE output compared to settings where no mismatch is present. Our inquiry identifies key differences between types of mismatch, revealing non-trivial and heterogeneous impacts of intention and capability on the aggregate output of the modeled EE. Our main insight derived from ABM simulations and analyses is related to the dominance of entrepreneurial intention over capability vis-à-vis their impacts on aggregate EE output. This dominance has both academic and policy implications and call for a deepening of the microfoundation paradigm on the field of EE.

关于配置微观基础的创业生态系统研究越来越受到关注。我们需要更好地理解驱动这些配置的因果渠道，这源于这样一种观点，即创业生态系统是作为复杂适应系统（CAS）运行的。在这一范式中，一个突出的维度是企业家代理（EAG）。EAG被认为是理解EEs结构的关键因素，EAG产生输出，并遵循特定的进化轨迹。本研究采用的创业代理结构抓住了创业代理的两个关键子维度：意向和能力。考虑到这两个子维度，就会出现不匹配的可能性（例如高意图/低能力或低意图/高能力）。然而，在理解EAG的子维度及其相互作用方面仍然存在重大差距。本文旨在通过回答以下问题，进一步发展创业代理的理论维度：创业行为的意向和能力子维度之间的匹配/不匹配动态如何影响创业行为的配置和产出？使用基于主体的建模（ABM）方法，我们的结果表明，与不存在不匹配的设置相比，创业意图和能力之间的不匹配导致EE输出减少。我们的调查确定了不匹配类型之间的关键差异，揭示了意图和能力对建模的情感表达的总输出的非琐碎和异质影响。我们从ABM模拟和分析中得出的主要见解与创业意图对能力的主导地位有关，即-à-vis它们对总EE产出的影响。这种主导地位具有学术和政策意义，并呼吁在情感表达领域深化微基础范式。

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引用次数: 0

Which signals matter most? A meta-analytic study of early-stage investment decisions 哪些信号最重要？早期投资决策的元分析研究

Q1 Business, Management and Accounting

Journal of Business Venturing Insights

Pub Date : 2025-05-08 DOI: 10.1016/j.jbvi.2025.e00539

Ashley Y. Roccapriore , Melissa S. Cardon , Charles Y. Murnieks , T. Russell Crook

One Size Fits None: Tailoring Your Pitch for Investor Success.

Look at almost any entrepreneur's funding pitch and you see a template of information most investors would expect – what technology their venture has, the entrepreneur's prior experience, the social networks they leverage, and their passion for the idea and venture. But does this “one size fits all approach” work equally well in securing the funding they need? Through our study of over 100 published papers reflecting millions of investment decisions, we find that the answer is no; instead, different types of investors prioritize different kinds of information – and these differences drastically change their funding decisions.

For early-stage entrepreneurs who seek funding to launch and grow their businesses, it's important to understand that while all investors care about an entrepreneur's human capital (i.e., their education and experience), what impresses one type of investor might discourage another. For instance, angel investors and reward crowdfunders invest when they see displays of positive affect – such as passion. Not only that, but angels value passion as much as human capital. Meanwhile, venture capitalists often view these displays negatively, preferring concrete evidence of an entrepreneur's social connections and a venture's technology instead. These differences occur among crowdfunders as well – whereas equity crowdfunders value the entrepreneur's human capital but not their social network, reward crowdfunders prioritize the entrepreneur's social network, but value it substantially less than displays of passion. Our analysis also reveals research gaps – there is an overemphasis on crowdfunders compared to angel investors and venture capitalists, and stark differences in funding decisions depending on whether the decision is real or experimental.

The implications are clear: when pitching to a particular investor, it's important for entrepreneurs to tailor communication to emphasize what that investor values most. This targeted approach doesn't just boost the chances of securing funding—it maximizes the effectiveness of your overall fundraising efforts.

一刀切：为投资者的成功量身定制你的演讲。看看几乎所有企业家的融资推介，你都会看到大多数投资者期望的信息模板——他们的企业拥有什么技术，企业家之前的经验，他们利用的社交网络，以及他们对这个想法和企业的热情。但是，这种“一刀切”的方法在确保他们所需的资金方面同样有效吗？通过对100多篇反映数百万投资决策的已发表论文的研究，我们发现答案是否定的；相反，不同类型的投资者优先考虑不同类型的信息——这些差异极大地改变了他们的投资决策。对于寻求资金启动和发展业务的早期企业家来说，重要的是要明白，尽管所有投资者都关心企业家的人力资本（即他们的教育和经验），但让一类投资者印象深刻的东西可能会让另一类投资者望而却步。例如，天使投资者和奖励众筹者在看到积极影响的表现时进行投资——比如激情。不仅如此，天使投资人同样看重热情和人力资本。与此同时，风险资本家往往对这些表现持负面看法，他们更喜欢企业家的社会关系和风险投资技术的具体证据。这些差异也发生在众筹者之间——股权众筹者重视企业家的人力资本，而不是他们的社交网络；奖励众筹者优先考虑企业家的社交网络，但其价值远远低于热情的表现。我们的分析也揭示了研究的差距——与天使投资者和风险资本家相比，人们过于强调众筹者，而且根据决策是真实的还是实验性的，在融资决策方面存在明显差异。其中的含义很明显：在向某个特定的投资者推销时，对企业家来说，重要的是要调整沟通方式，强调投资者最看重的是什么。这种有针对性的方法不仅可以增加获得资金的机会，还可以最大限度地提高整体筹款工作的效率。

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引用次数: 0

The future of entrepreneurial ecosystems research: Toward a policy-oriented research agenda 创业生态系统研究的未来：走向政策导向的研究议程

Q1 Business, Management and Accounting

Journal of Business Venturing Insights

Pub Date : 2025-05-01 DOI: 10.1016/j.jbvi.2025.e00538

Sophia Hess , Bernd Wurth , Erik Stam , Ferran Giones , Riccardo Fini , Angelo Cavallo , Andreas Wahl , Niels Bosma , Christina Theodoraki , Didier Chabaud , Alexander Brem , Andreas Kuckertz

Entrepreneurial ecosystem (EE) research has contributed to reshaping entrepreneurial policy and practice. Despite significant translational efforts, the gap between theory and actionable policy seems to be widening. This paper adopts a collaborative approach and critically reflects on the alignment of EE research with practical policy needs, structured around an interactive round-robin brainstorming with 58 EE scholars (i.e., 12 authors and 46 additional experts). We examine policy adoption in the context of EE, discussing the challenges and evolution of research methods, data, and theory. We propose a future policy-oriented research agenda, validated and prioritized by European policymakers, to ensure that EE research effectively informs entrepreneurship policy.

创业生态系统（EE）研究有助于重塑创业政策和实践。尽管在翻译方面做出了重大努力，但理论与可执行政策之间的差距似乎正在扩大。本文采用协作的方法，批判性地反思了情感表达研究与实际政策需求的一致性，围绕58位情感表达学者（即12位作者和46位其他专家）的互动循环式头脑风暴进行。我们研究了情感表达背景下的政策采纳，讨论了研究方法、数据和理论的挑战和演变。我们提出了一个未来政策导向的研究议程，由欧洲决策者验证和优先考虑，以确保EE研究有效地为创业政策提供信息。

引用次数: 0

A train to New Orleans: Creatives, exaptation and community-inspired entrepreneurial action 开往新奥尔良的火车：创意、兴奋和社区启发的创业行动

Q1 Business, Management and Accounting

Journal of Business Venturing Insights

Pub Date : 2025-04-29 DOI: 10.1016/j.jbvi.2025.e00534

Shelby J. Solomon , Benjamin D. McLarty , Blake D. Mathias

Exaptation, the evolutionary process of originative change, underlies much of creativity and innovation, as skills and knowledge are adapted from serving one purpose to another. In conducting an inductive qualitative field study among 80 street creatives in New Orleans, our key insight is that street creatives learn in community-based gatherings and are able to take knowledge, skills, and traits to other contexts via an exaptation process to enhance their entrepreneurial prospects in the future. Creatives seek out accessible microcosms known for developing artistic, technical, or craft capacities such as community-based gatherings as destinations for their creative journeys. These locations become migration stops for nascent creatives who desire to evolve adaptations that can later be repurposed for more exploitative objectives. To date, researchers have primarily dedicated their efforts to studying the geographies settled by entrepreneurs as final destinations, and little attention has been devoted to the microcosms which creatives journey to as stops to initially develop themselves. Through our inductive field study, we build theory which highlights the value of these overlooked microcosms and the crucial role they play in the creative lifecycle.

当技能和知识从一种目的被适应到另一种目的时，原创性变化的进化过程是创造力和创新的基础。在对新奥尔良的80名街头创意人士进行归纳定性实地研究后，我们的主要见解是，街头创意人士在社区聚会中学习，并能够通过吸引过程将知识、技能和特征带到其他环境中，以增强他们未来的创业前景。创作人会寻找可接近的微观世界，以发展艺术、技术或工艺能力而闻名，比如以社区为基础的聚会，作为他们创意之旅的目的地。这些地方成为初出乍到的创作人的迁移站，他们渴望进化出适应环境的能力，以后可以重新用于更多的开发目标。迄今为止，研究人员主要致力于研究企业家作为最终目的地的地理位置，而很少关注创造性旅程作为最初发展自我的停止的微观世界。通过我们的归纳实地研究，我们建立的理论强调了这些被忽视的微观世界的价值，以及它们在创意生命周期中发挥的关键作用。

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引用次数: 0

Ecosystems cast a shadow: How high-quality entrepreneurial ecosystems hamper productive entrepreneurship in neighboring regions 生态系统投下阴影：高质量的创业生态系统如何阻碍邻近地区的生产性创业

Q1 Business, Management and Accounting

Journal of Business Venturing Insights

Pub Date : 2025-04-10 DOI: 10.1016/j.jbvi.2025.e00533

Jip Leendertse , Frank van Rijnsoever , Brendan Oostveen

The entrepreneurial ecosystem framework describes how entrepreneurs in a region are influenced by their environment. The quality of regional entrepreneurial ecosystems has a positive influence on the occurrence of productive entrepreneurship, often proxied through innovative start-ups. However, existing research only looks at entrepreneurial ecosystems in isolation and does not account for the influence of neighboring entrepreneurial ecosystems. We study whether neighboring entrepreneurial ecosystems influence the prevalence of productive entrepreneurship in a focal region and whether this effect is positive, a ‘borrowed size’ effect, or negative, an ‘agglomeration shadow’ effect. We use spatial regression analyses and find clear evidence that high-quality neighbors cast agglomeration shadows, or in this case, ‘ecosystem shadows'. This suggests that regions lose entrepreneurial opportunities to neighbors with higher quality EEs. Our study is the first to study spillover effects between regional entrepreneurial ecosystems. Policymakers can use our findings to choose where to strategically deploy their resources to foster a more entrepreneurial society.

创业生态系统框架描述了一个地区的企业家如何受到环境的影响。区域创业生态系统的质量对生产性创业的发生具有积极影响，通常以创新型创业为代表。然而，现有的研究只是孤立地看待创业生态系统，并没有考虑到邻近创业生态系统的影响。我们研究了邻近的创业生态系统是否会影响焦点地区生产性创业的盛行，以及这种影响是积极的，是“借来的规模”效应，还是消极的，是“集聚阴影”效应。我们使用空间回归分析，并找到明确的证据表明，高质量的邻居投射集聚阴影，或者在这种情况下，“生态系统阴影”。这表明，一个地区的创业机会会被拥有更高质量经济环境的邻国抢走。本文首次对区域创业生态系统间的溢出效应进行了研究。政策制定者可以利用我们的研究结果来选择在哪里战略性地部署他们的资源，以培育一个更具创业精神的社会。

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引用次数: 0

From stigma to solution: Sanitation and sustainable entrepreneurship in emerging economies 从耻辱到解决方案：新兴经济体的卫生和可持续创业

Q1 Business, Management and Accounting

Journal of Business Venturing Insights

Pub Date : 2025-04-10 DOI: 10.1016/j.jbvi.2025.e00532

Justin T. Canova , Sarah Nahar , Todd W. Moss

There is a growing body of research expanding our understanding of sustainable entrepreneurship in marginalized communities beyond Western, high-income countries. However, an area that has received little attention is the highly stigmatized context of non-sewered sanitation services, and the resulting deleterious social and environmental impact on marginalized communities. Using qualitative analyses of three Kenyan sanitation-focused entrepreneurial ventures we examine the role that stigma plays in providing alternatives to traditional sewered sanitation systems. Our paper introduces three categories of sanitation-related actions—generation, collection/transport, and processing—each with their own level of stigmatization. This paper contributes to the literature by linking sustainable entrepreneurship with stigma, with propositions to lay the groundwork for further study of sustainable entrepreneurship in the sanitation sector.

越来越多的研究扩大了我们对西方高收入国家以外边缘化社区可持续创业的理解。然而，很少受到关注的一个领域是，没有下水道的卫生服务受到高度污名化，并由此对边缘化社区产生有害的社会和环境影响。通过对肯尼亚三家以卫生为重点的创业企业的定性分析，我们研究了耻辱在提供传统下水道卫生系统的替代方案方面所起的作用。我们的论文介绍了三类与卫生相关的行动——产生、收集/运输和处理——每一类都有自己的污名化程度。本文通过将可持续创业与耻辱联系起来，为进一步研究卫生部门的可持续创业奠定了基础，从而为文献做出了贡献。

引用次数: 0

Celebrating a decade of entrepreneurship research in JBVI (2014–2024): Taking the pulse of the past to chart the future 庆祝JBVI创业研究十年（2014-2024）：把握过去的脉搏，规划未来

Q1 Business, Management and Accounting

Journal of Business Venturing Insights

Pub Date : 2025-04-08 DOI: 10.1016/j.jbvi.2025.e00525

Yanto Chandra , Yiyun Luo

Journal of Business Venturing Insights (JBVI) celebrated its 10th anniversary in 2024. In celebration of this anniversary, we take stock of what have been published in the journal to reflect the past and chart the future of the journal. By treating journal articles' texts as corpus data amenable for computations, we embraced a computational social sciences methodology called Bert Topic Modeling (BERTopic) to detect the latent topics of articles (n = 443) published in the journal (2014–2024). The analyses identified 28 main topics or themes that dominated the journal's agenda and the emergence of new topics, with varying number of distinct topics across the years, reflecting both the persistence of traditional research themes and the rise of novel research agendas. The results suggest a vibrant, heterogeneous, and growing maturity of entrepreneurship research throughout the decade in the journal. Spatial analysis further revealed the thematic clusters and intellectual structure of the journal's research themes. We end this article with a reflection on what the findings mean for the field of entrepreneurship and suggest avenues for future research.

《商业风险洞察杂志》（JBVI）于2024年迎来了创刊10周年。为了庆祝这一周年，我们盘点了杂志上发表的文章，以反映杂志的过去和展望杂志的未来。通过将期刊文章文本视为可用于计算的语料库数据，我们采用了一种称为Bert Topic Modeling （BERTopic）的计算社会科学方法来检测期刊（2014-2024）上发表的文章（n = 443）的潜在主题。这些分析确定了28个主导期刊议程和新主题出现的主要主题或主题，这些主题的数量逐年变化，反映了传统研究主题的持续存在和新研究议程的兴起。研究结果表明，在过去十年中，该杂志的创业研究充满活力、异质性和日益成熟。空间分析进一步揭示了期刊研究主题的主题集群和知识结构。在本文的最后，我们反思了这些发现对创业领域的意义，并提出了未来研究的途径。

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引用次数: 0

Heterodox entrepreneurial ecosystems: Informal cross border trade and its paradoxical tensions 非正统创业生态系统：非正式跨境贸易及其矛盾的紧张关系

Q1 Business, Management and Accounting

Journal of Business Venturing Insights

Pub Date : 2025-04-03 DOI: 10.1016/j.jbvi.2025.e00530

Eldrede T. Kahiya

This conceptual paper aims to merge the previously separate research streams of entrepreneurial ecosystems and informal entrepreneurship. Informal cross border trade is selected as a prototype of informal entrepreneurship. The paper makes three contributions. First, drawing from orthodox entrepreneurial ecosystems, it dissects participants, places, policies, processes, products, proponents, and push-pull considerations underpinning informal cross border trade. Second, it underscores the cultural-, ideological-, otherness-, and role and norm heterodoxies evident in informal cross border trade. Third, the paper describes four paradoxes - bribery, empowerment, regulation, and visibility - which maintain the heterodox entrepreneurial ecosystem in balance. With this, the conceptual paper opens a new line of enquiry on heterodox entrepreneurial ecosystems, defined as juxtapositions of actors, factors, ideologies, and places facilitating productive entrepreneurship through balancing paradoxical tensions.

这篇概念性论文旨在合并创业生态系统和非正式创业这两个先前独立的研究流。非正式跨境贸易被选为非正式创业的一个原型。本文做出了三个贡献。首先，从正统的创业生态系统出发，它剖析了非正式跨境贸易的参与者、地点、政策、流程、产品、支持者和推挽因素。其次，它强调了非正式跨境贸易中明显的文化、意识形态、差异性以及角色和规范的异端。第三，本文描述了使非正统创业生态系统保持平衡的四个悖论——贿赂、授权、监管和可见性。在此基础上，这篇概念性论文开辟了一条关于非正统创业生态系统的新研究路线，将其定义为通过平衡矛盾的紧张关系来促进生产性创业的行动者、因素、意识形态和地点的并列。

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引用次数: 0