Abstract This article builds on the stressor-strain-outcome framework to explain how entrepreneurial stressors (stressor) and emotional exhaustion (strain) hinder the growth intentions of women entrepreneurs (outcome). A stress-buffering hypothesis is also used to explain how peer support can buffer the entrepreneurial stressor – emotional exhaustion – growth intention relationship. Using a sample of 300 South African women entrepreneurs, our evidence demonstrates that in addition to a significant direct effect on growth intentions, entrepreneurial stressors also contribute to an increase in emotional exhaustion. This, in turn, hinders the growth intentions of women entrepreneurs. We argue that peer support plays a vital buffering role by significantly reducing the effect of entrepreneurial stressors on emotional exhaustion, shielding women entrepreneurs from the adverse effects of entrepreneurial stressors upon venture growth intentions. Finally, implications for theory and practice are discussed.
{"title":"Why Peer Support Matters: Entrepreneurial Stressors, Emotional Exhaustion, and Growth Intentions of Women Entrepreneurs","authors":"B. N. Neneh","doi":"10.1515/erj-2021-0501","DOIUrl":"https://doi.org/10.1515/erj-2021-0501","url":null,"abstract":"Abstract This article builds on the stressor-strain-outcome framework to explain how entrepreneurial stressors (stressor) and emotional exhaustion (strain) hinder the growth intentions of women entrepreneurs (outcome). A stress-buffering hypothesis is also used to explain how peer support can buffer the entrepreneurial stressor – emotional exhaustion – growth intention relationship. Using a sample of 300 South African women entrepreneurs, our evidence demonstrates that in addition to a significant direct effect on growth intentions, entrepreneurial stressors also contribute to an increase in emotional exhaustion. This, in turn, hinders the growth intentions of women entrepreneurs. We argue that peer support plays a vital buffering role by significantly reducing the effect of entrepreneurial stressors on emotional exhaustion, shielding women entrepreneurs from the adverse effects of entrepreneurial stressors upon venture growth intentions. Finally, implications for theory and practice are discussed.","PeriodicalId":45658,"journal":{"name":"Entrepreneurship Research Journal","volume":"49 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2022-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84736147","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract This paper investigates the influences of digital public services on the ease of setting up a new business in 28 European countries during the period of 2012–2019. The development of digital public services is reflected in business mobility and key enablers. The digitalization-entrepreneurship nexus is analyzed by using the panel corrected standard error (PCSE) model, while we employ the dynamic fixed effects estimator (DFE) used in the autoregressive distributed lag (ARDL) model to measure the short-run and long-run effects. Our results indicate that the online delivery of government services positively affects the density of entrepreneurship in a country. We find robust results utilizing various econometric techniques and adding further explanatory variables. However, the positive effects of offering public services online are only found in the long run. Using digital public services benefits the entrepreneurial sectors by reducing the time and costs required to start a new business. Notably, digital transformation in the public sector acts as a shield to protect enterprises by dampening the detrimental effects of uncertainty on entrepreneurship.
{"title":"Is e-Government a Driver to Enhance Entrepreneurship? An Empirical Investigation of European Countries","authors":"Leavitt Ha","doi":"10.1515/erj-2021-0487","DOIUrl":"https://doi.org/10.1515/erj-2021-0487","url":null,"abstract":"Abstract This paper investigates the influences of digital public services on the ease of setting up a new business in 28 European countries during the period of 2012–2019. The development of digital public services is reflected in business mobility and key enablers. The digitalization-entrepreneurship nexus is analyzed by using the panel corrected standard error (PCSE) model, while we employ the dynamic fixed effects estimator (DFE) used in the autoregressive distributed lag (ARDL) model to measure the short-run and long-run effects. Our results indicate that the online delivery of government services positively affects the density of entrepreneurship in a country. We find robust results utilizing various econometric techniques and adding further explanatory variables. However, the positive effects of offering public services online are only found in the long run. Using digital public services benefits the entrepreneurial sectors by reducing the time and costs required to start a new business. Notably, digital transformation in the public sector acts as a shield to protect enterprises by dampening the detrimental effects of uncertainty on entrepreneurship.","PeriodicalId":45658,"journal":{"name":"Entrepreneurship Research Journal","volume":"21 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2022-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81578370","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract This study examines how technological entrepreneurship affects national innovativeness based on the Knowledge Spillover Theory of Entrepreneurship. It also examines how technological environments related to intellectual property protection and R&D transfer moderate this relationship. Based on data from 82 countries on technological entrepreneurship, intellectual property protection and innovation activities, this study finds that a higher ratio of technological entrepreneurship in the country enhances national innovativeness. In addition, the level of R&D transfer environment is found to negatively moderate this relationship, and evidence is found for a negative moderating effect of the strength of the intellectual property protection environment in a subsample of innovation-driven economies.
{"title":"Investigating the Relationship between Technological Entrepreneurship and National Innovativeness: Moderating Effects of Intellectual Property Protection and R&D Transfer Environment","authors":"Doohee Chung, Seung-lin Yang, K. Marhold","doi":"10.1515/erj-2020-0530","DOIUrl":"https://doi.org/10.1515/erj-2020-0530","url":null,"abstract":"Abstract This study examines how technological entrepreneurship affects national innovativeness based on the Knowledge Spillover Theory of Entrepreneurship. It also examines how technological environments related to intellectual property protection and R&D transfer moderate this relationship. Based on data from 82 countries on technological entrepreneurship, intellectual property protection and innovation activities, this study finds that a higher ratio of technological entrepreneurship in the country enhances national innovativeness. In addition, the level of R&D transfer environment is found to negatively moderate this relationship, and evidence is found for a negative moderating effect of the strength of the intellectual property protection environment in a subsample of innovation-driven economies.","PeriodicalId":45658,"journal":{"name":"Entrepreneurship Research Journal","volume":"8 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2022-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88795893","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Previous research has confirmed the overall positive relationship between subsidiary autonomy and performance. However, given the lack of consensus regarding the effect of subsidiary autonomy on performance, contingency is required to understand complex linkages and possible causality in both developed and emerging economies. This study adopts the agency theory and entrepreneurship to address the interplay among subsidiary autonomy, entrepreneurship, and performance in the emerging economy of China. The empirical results indicate that renewal entrepreneurship has a positive moderating effect and venturing entrepreneurship has an inverted U-shaped moderating effect on the positive relationship between subsidiary autonomy and performance. This study extends the research context and contributes to the literature on agency theory and entrepreneurship in the multinational corporation.
{"title":"How Does Subsidiary Autonomy Influence Performance in the Emerging Economy: Different Moderating Effects of Subsidiary Entrepreneurship","authors":"Cheng-Fei Tsai","doi":"10.1515/erj-2021-0346","DOIUrl":"https://doi.org/10.1515/erj-2021-0346","url":null,"abstract":"Abstract Previous research has confirmed the overall positive relationship between subsidiary autonomy and performance. However, given the lack of consensus regarding the effect of subsidiary autonomy on performance, contingency is required to understand complex linkages and possible causality in both developed and emerging economies. This study adopts the agency theory and entrepreneurship to address the interplay among subsidiary autonomy, entrepreneurship, and performance in the emerging economy of China. The empirical results indicate that renewal entrepreneurship has a positive moderating effect and venturing entrepreneurship has an inverted U-shaped moderating effect on the positive relationship between subsidiary autonomy and performance. This study extends the research context and contributes to the literature on agency theory and entrepreneurship in the multinational corporation.","PeriodicalId":45658,"journal":{"name":"Entrepreneurship Research Journal","volume":"15 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2022-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88274782","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Hub-based entrepreneurial ecosystems (HEEs) have become an important venue for entrepreneurship. This study examines how ecosystem-specific resources and capabilities are orchestrated by ecosystem actors (i.e., hub firms and ecosystem entrepreneurs) to support the development of new ventures in the context of HEEs. Using an explorative single case study approach, we uncover nine distinctive resource orchestration subprocesses that are grouped into three aggregate processes that help sustain enduring entrepreneurship in the HEE context. Our findings extend and complement the literature on entrepreneurship and ecosystems by developing a new resource orchestration model and by illustrating how resource orchestration in an HEE facilitates the synergies across ecosystem ventures as well as the synergies between hub firms and ecosystem entrepreneurs in coexploring and coexploiting new opportunities.
{"title":"Resource Orchestration in Hub-Based Entrepreneurial Ecosystems: A Case Study on the Seaweed Industry","authors":"Baozhou Lu, Song Zhang","doi":"10.1515/erj-2022-0071","DOIUrl":"https://doi.org/10.1515/erj-2022-0071","url":null,"abstract":"Abstract Hub-based entrepreneurial ecosystems (HEEs) have become an important venue for entrepreneurship. This study examines how ecosystem-specific resources and capabilities are orchestrated by ecosystem actors (i.e., hub firms and ecosystem entrepreneurs) to support the development of new ventures in the context of HEEs. Using an explorative single case study approach, we uncover nine distinctive resource orchestration subprocesses that are grouped into three aggregate processes that help sustain enduring entrepreneurship in the HEE context. Our findings extend and complement the literature on entrepreneurship and ecosystems by developing a new resource orchestration model and by illustrating how resource orchestration in an HEE facilitates the synergies across ecosystem ventures as well as the synergies between hub firms and ecosystem entrepreneurs in coexploring and coexploiting new opportunities.","PeriodicalId":45658,"journal":{"name":"Entrepreneurship Research Journal","volume":"15 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2022-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82484132","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Yong-Qi Xu, Yevhen Baranchenko, Zhibin Lin, Qin Wu, E. Arakpogun
Abstract This study explores the different paths that lead to the effectuation and causation of entrepreneurial decision-making logic. Data were collected from a sample of 300 entrepreneurs in China in January and March 2018 and analyzed using crisp-set qualitative comparative analysis (csQCA). The results reveal various combinations of four key factors, i.e., environmental uncertainty, entrepreneurial experience, organizational slack, and centralization of decision-making factors, determine the effectuation or causation logics. No antecedent condition alone is necessary to produce the outcome, although several factors are identified as sufficient for the presence of effectual or causal decision-making logics. This study advances the entrepreneurship literature by revealing the combinations of factors that Knowledge of how the factors interact in the decision-making process determine entrepreneurial decision-making logic. The study findings can help entrepreneurs to better communicate, discuss and justify their decisions.
{"title":"How Does the Combination of Factors Influence Entrepreneurs’ Decision-Making Logic? A Qualitative Comparative analysis","authors":"Yong-Qi Xu, Yevhen Baranchenko, Zhibin Lin, Qin Wu, E. Arakpogun","doi":"10.1515/erj-2021-0249","DOIUrl":"https://doi.org/10.1515/erj-2021-0249","url":null,"abstract":"Abstract This study explores the different paths that lead to the effectuation and causation of entrepreneurial decision-making logic. Data were collected from a sample of 300 entrepreneurs in China in January and March 2018 and analyzed using crisp-set qualitative comparative analysis (csQCA). The results reveal various combinations of four key factors, i.e., environmental uncertainty, entrepreneurial experience, organizational slack, and centralization of decision-making factors, determine the effectuation or causation logics. No antecedent condition alone is necessary to produce the outcome, although several factors are identified as sufficient for the presence of effectual or causal decision-making logics. This study advances the entrepreneurship literature by revealing the combinations of factors that Knowledge of how the factors interact in the decision-making process determine entrepreneurial decision-making logic. The study findings can help entrepreneurs to better communicate, discuss and justify their decisions.","PeriodicalId":45658,"journal":{"name":"Entrepreneurship Research Journal","volume":"36 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2022-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83744519","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract In today’s increasingly competitive environment, the franchisee’s ability to respond to the local market (i.e. market responsiveness) plays an important role in sustaining competitive advantage. Grounded in strategic entrepreneurship with entrepreneurial orientation (EO) and the dynamic capability perspective, this study extends research on how EO and the franchisee’s market responsiveness improves franchised-outlet performance. The internal process through which the franchisee’s perceptions of the franchisor’s EO and franchisees’ EO affect franchisees’ financial performance were examined, revealing that the franchisee’s perception of the franchisor’s EO had a direct effect on franchisees’ financial performance but an indirect effect on franchisees’ financial performance through the franchisee’s market responsiveness. Interestingly, the franchisee’s EO was found to have only an indirect effect on franchisees’ financial performance through the franchisee’s market responsiveness, while the franchisee’s market responsiveness had a positive effect on franchisees’ financial performance. Moreover, a franchisee’s perception of the franchisor’s EO was also found to influence a franchisee’s EO.
{"title":"Entrepreneurial Orientation, Dynamic Capability, and Franchisee Performance: The Role of Market Responsiveness","authors":"Shih-Yi Chien","doi":"10.1515/erj-2021-0194","DOIUrl":"https://doi.org/10.1515/erj-2021-0194","url":null,"abstract":"Abstract In today’s increasingly competitive environment, the franchisee’s ability to respond to the local market (i.e. market responsiveness) plays an important role in sustaining competitive advantage. Grounded in strategic entrepreneurship with entrepreneurial orientation (EO) and the dynamic capability perspective, this study extends research on how EO and the franchisee’s market responsiveness improves franchised-outlet performance. The internal process through which the franchisee’s perceptions of the franchisor’s EO and franchisees’ EO affect franchisees’ financial performance were examined, revealing that the franchisee’s perception of the franchisor’s EO had a direct effect on franchisees’ financial performance but an indirect effect on franchisees’ financial performance through the franchisee’s market responsiveness. Interestingly, the franchisee’s EO was found to have only an indirect effect on franchisees’ financial performance through the franchisee’s market responsiveness, while the franchisee’s market responsiveness had a positive effect on franchisees’ financial performance. Moreover, a franchisee’s perception of the franchisor’s EO was also found to influence a franchisee’s EO.","PeriodicalId":45658,"journal":{"name":"Entrepreneurship Research Journal","volume":"42 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2022-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86516197","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Everyday ventures are important engines of economic and social development around the world. These types of ventures tend to be resource constrained, focused on regional service areas, and rely almost exclusively on replicative approaches to business. Despite their prevalence, these types of ventures receive far less attention in the literature than their innovative, growth-focused counterparts. Thus, there is still much we do not know about how the entrepreneurs behind these types of ventures approach strategy and measure their success. In this qualitative study, we utilize self-determination theory to interpret interview data and illustrate how venture launch and strategic choice allow everyday entrepreneurs to self-fulfill their psychological needs through their business. Doing so, our research answers questions related to: 1) everyday venture launch; 2) the strategies everyday entrepreneurs pursue to position their venture in the market; and, 3) the metrics by which everyday entrepreneurs measure the success of their venture. We find that everyday entrepreneurs self-fulfill their needs for autonomy, relatedness, and competence by launching their ventures and making specific strategic choices regarding competition. More specifically, we find that everyday entrepreneurs primarily rely on differentiation strategies focused on high-quality offerings coupled with a premium customer service experience, while measuring success using an approach similar to the balanced scorecard. We conclude with a discussion of the implications for theory and practice.
{"title":"Competitive Strategy in Everyday Entrepreneurial Ventures: A Self-determination Theory Perspective","authors":"Corey J. Fox, Steven W. Rayburn","doi":"10.1515/erj-2022-0028","DOIUrl":"https://doi.org/10.1515/erj-2022-0028","url":null,"abstract":"Abstract Everyday ventures are important engines of economic and social development around the world. These types of ventures tend to be resource constrained, focused on regional service areas, and rely almost exclusively on replicative approaches to business. Despite their prevalence, these types of ventures receive far less attention in the literature than their innovative, growth-focused counterparts. Thus, there is still much we do not know about how the entrepreneurs behind these types of ventures approach strategy and measure their success. In this qualitative study, we utilize self-determination theory to interpret interview data and illustrate how venture launch and strategic choice allow everyday entrepreneurs to self-fulfill their psychological needs through their business. Doing so, our research answers questions related to: 1) everyday venture launch; 2) the strategies everyday entrepreneurs pursue to position their venture in the market; and, 3) the metrics by which everyday entrepreneurs measure the success of their venture. We find that everyday entrepreneurs self-fulfill their needs for autonomy, relatedness, and competence by launching their ventures and making specific strategic choices regarding competition. More specifically, we find that everyday entrepreneurs primarily rely on differentiation strategies focused on high-quality offerings coupled with a premium customer service experience, while measuring success using an approach similar to the balanced scorecard. We conclude with a discussion of the implications for theory and practice.","PeriodicalId":45658,"journal":{"name":"Entrepreneurship Research Journal","volume":"146 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2022-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76024166","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Should new ventures with limited resources invest in corporate environmental responsibility (CER)? Considering the significance of entrepreneurship’s considerable social and economic influences, this question is critical for both researchers and practitioners. Drawing on signaling theory, we argue that CER is an effective strategy for new ventures to overcome the liability of newness by shaping accountability and professionalism perceived by stakeholders, which in turn enhances their financial performance. Furthermore, this positive impact is reinforced by new ventures’ corporate political activity, whereas institutional pressure weakens such an impact. Using a nationally representative sample of 2,147 Chinese new ventures, these hypotheses are largely found supported. This research makes important theoretical contributions to the entrepreneurship literature by shedding new light on how new ventures overcome the liability of newness, and also extends the environmental management literature by providing a novel and entrepreneurship-based explanation regarding the performance implications of CER.
{"title":"Should Start-Ups Be Green? Corporate Environmental Responsibility, Institutional Contexts, and Financial Performance of New Ventures","authors":"Hui Zhang, Di Song, Ying Chen","doi":"10.1515/erj-2021-0473","DOIUrl":"https://doi.org/10.1515/erj-2021-0473","url":null,"abstract":"Abstract Should new ventures with limited resources invest in corporate environmental responsibility (CER)? Considering the significance of entrepreneurship’s considerable social and economic influences, this question is critical for both researchers and practitioners. Drawing on signaling theory, we argue that CER is an effective strategy for new ventures to overcome the liability of newness by shaping accountability and professionalism perceived by stakeholders, which in turn enhances their financial performance. Furthermore, this positive impact is reinforced by new ventures’ corporate political activity, whereas institutional pressure weakens such an impact. Using a nationally representative sample of 2,147 Chinese new ventures, these hypotheses are largely found supported. This research makes important theoretical contributions to the entrepreneurship literature by shedding new light on how new ventures overcome the liability of newness, and also extends the environmental management literature by providing a novel and entrepreneurship-based explanation regarding the performance implications of CER.","PeriodicalId":45658,"journal":{"name":"Entrepreneurship Research Journal","volume":"11 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2022-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82086411","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Equity crowdfunding has been gaining more and more relevance as an alternative way for entrepreneurs to raise capital. This paper examines the impact of retained equity, business angel backing, grants and intellectual property rights on the success of equity crowdfunding. Using data from Crowdcube, one of the leading equity crowdfunding platforms in the world, we obtain 473 pitches within the period from March 2017 to February 2020. We apply three empirical methods to analyse our data set: logistic regression, multiple linear regression and negative binomial regression. By running univariate test and several regression analyses, we find that retained equity has a significantly negative impact on funding success; also, the support of business angels helps entrepreneurs to achieve a funding success. While winning grants is more likely to attract investors, there is no direct evidence associated with funding success. Furthermore, it turns out that intellectual property rights are not relevant for funding success. In an extension, we re-examine our analysis in the light of the Corona crisis by analysing 95 pitches from March to November 2020. We find no structural changes in relevance of the success factors.
{"title":"Success Factors in Equity Crowdfunding – Evidence from Crowdcube","authors":"Lisha Du, Florian W. Bartholomae, Eva Stumpfegger","doi":"10.1515/erj-2021-0519","DOIUrl":"https://doi.org/10.1515/erj-2021-0519","url":null,"abstract":"Abstract Equity crowdfunding has been gaining more and more relevance as an alternative way for entrepreneurs to raise capital. This paper examines the impact of retained equity, business angel backing, grants and intellectual property rights on the success of equity crowdfunding. Using data from Crowdcube, one of the leading equity crowdfunding platforms in the world, we obtain 473 pitches within the period from March 2017 to February 2020. We apply three empirical methods to analyse our data set: logistic regression, multiple linear regression and negative binomial regression. By running univariate test and several regression analyses, we find that retained equity has a significantly negative impact on funding success; also, the support of business angels helps entrepreneurs to achieve a funding success. While winning grants is more likely to attract investors, there is no direct evidence associated with funding success. Furthermore, it turns out that intellectual property rights are not relevant for funding success. In an extension, we re-examine our analysis in the light of the Corona crisis by analysing 95 pitches from March to November 2020. We find no structural changes in relevance of the success factors.","PeriodicalId":45658,"journal":{"name":"Entrepreneurship Research Journal","volume":"42 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2022-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90873449","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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