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Diversification Decisions of Family SMEs under Uncertainty: Goals as a Rule of Thumb 不确定性下家族中小企业的多元化决策:目标的经验法则
IF 1.9 4区 管理学 Q3 BUSINESS Pub Date : 2022-05-24 DOI: 10.1515/erj-2021-0436
Pablo Doucet, Ignacio Requejo, Isabel Suárez-González
Abstract Leveraging on the behavioural mixed gamble lens, we contend that heterogeneity in organisational goals leads to different diversification behaviours in family firms. Using survey and archival data on a sample of 988 family SMEs homogenous in their (high) family involvement level, we show that family SMEs that pursue nonfinancial (financial) goals exhibit lower (higher) probability of extending the boundaries of the firm to new product and/or market domains. Interestingly, in the face of threats, only those family SMEs that prioritise financial goals exacerbate their propensity to diversify, while increased vulnerability leads to an even lower probability of adopting diversification decisions among family SMEs with nonfinancial goals.
摘要利用行为混合博弈的视角,我们认为组织目标的异质性导致了家族企业不同的多元化行为。通过对988家家族中小企业样本的调查和档案数据,我们发现追求非财务(财务)目标的家族中小企业将企业边界扩展到新产品和/或市场领域的可能性更低(更高)。有趣的是,在面临威胁时,只有那些优先考虑财务目标的家族中小企业才会加剧其多元化倾向,而脆弱性的增加导致具有非财务目标的家族中小企业采取多元化决策的可能性更低。
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引用次数: 2
Psychological Ownership in Heterogeneous Family Firms: A Promising Path and a Call for Further Investigation 异质性家族企业的心理所有权:一条充满希望的道路及进一步研究的呼唤
IF 1.9 4区 管理学 Q3 BUSINESS Pub Date : 2022-05-16 DOI: 10.1515/erj-2022-0156
M. Mustafa, Rania Labaki, Bart Henssen
Abstract This essay responds to recent calls for more research on family firms’ heterogeneity from an ownership perspective. We complement the legal and economic view of ownership by focusing on the concept of psychological ownership (feeling of possessions) in family firms. We explore its dynamics, processes and implications as well as its limited inclusion in the family business field to date. Building on a brief review of the literature, we suggest the concept of psychological ownership can help expand our understanding of family firms’ heterogeneity. Additionally, we put forward a future research agenda for psychological ownership in family firms.
摘要本文从所有权的角度对家族企业的异质性进行研究。我们通过关注家族企业的心理所有权(拥有感)来补充所有权的法律和经济观点。我们将探讨其动态、过程和影响,以及迄今为止它在家族企业领域的有限包容性。在简要回顾文献的基础上,我们提出心理所有权的概念可以帮助我们扩展对家族企业异质性的理解。在此基础上,提出了家族企业心理所有权的未来研究方向。
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引用次数: 4
How the Leader-Team Age Dissimilarity and Leader Power Shape the Entrepreneurial Ventures’ R&D Intensity: Empirical Evidence from China 领导团队年龄差异和领导权力如何影响创业企业研发强度:来自中国的经验证据
IF 1.9 4区 管理学 Q3 BUSINESS Pub Date : 2022-05-09 DOI: 10.1515/erj-2021-0352
Yaoyi Zheng, Yi Su
Abstract Contemplating the directionality of age difference between the leaders and their team, the leader-team age dissimilarity can be divided into two categories: leader-team norm-consistent age dissimilarity and leader-team norm-inconsistent age dissimilarity. Previous studies have remained lacking to investigate these two types of age differences and their interactions relationship with leaders’ power under China’s cultural context. This study integrates the theoretical framework of social normative theory and power distance theory, and analyzes the impact of leader-team norm-consistent age dissimilarity and leader-team norm-inconsistent age dissimilarity, and their interaction with leader power on entrepreneurial firms’ research and development (R&D) intensity. Panel data on the entrepreneurial firms of the China’s Growth Enterprise Market is adopted, and panel random-effects tobit regression is used for empirical test. The results indicate that leader-team norm-consistent age dissimilarity is negatively associated with R&D intensity of entrepreneurial firms, whereas there is an inverted U-shaped relationship between leader-team norm-inconsistent age dissimilarity and entrepreneurial firms’ R&D intensity. The aforementioned relationship is stronger when leader power is high as opposed to when it is low. The execution of robustness checks authenticates the veracity of the empirical results.
摘要考虑领导与团队年龄差异的方向性,可以将领导与团队年龄差异分为两类:符合规范的领导与团队年龄差异和不符合规范的领导与团队年龄差异。在中国文化背景下,对这两种类型的年龄差异及其与领导者权力的互动关系的研究仍然缺乏。本研究整合了社会规范理论和权力距离理论的理论框架,分析了领导-团队规范一致的年龄差异和领导-团队规范不一致的年龄差异对创业企业研发强度的影响,以及它们与领导权力的交互作用。采用中国创业板创业企业的面板数据,采用面板随机效应tobit回归进行实证检验。结果表明:年龄差异与创业企业研发强度呈负相关,而年龄差异与创业企业研发强度呈倒u型关系。上述关系在领导权力高的时候比在领导权力低的时候更强。鲁棒性检查的执行验证了实证结果的准确性。
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引用次数: 1
Economic Context and Entrepreneurial Intention: Analysis of Individuals’ Perceptions in a Spanish University Context 经济背景与创业意向:西班牙大学背景下个人认知的分析
IF 1.9 4区 管理学 Q3 BUSINESS Pub Date : 2022-04-13 DOI: 10.1515/erj-2021-0290
Esperanza Gil-Soto, F. J. García-Rodríguez, I. Ruiz-Rosa, Desiderio Gutiérrez-Taño
Abstract Entrepreneurship has been emphasized as a way of boosting economic growth. However, there is a lack of knowledge about whether changes in economic context influence entrepreneurial activity. This paper analyzes the influence that such economic changes may have on entrepreneurial intention and its antecedents from individuals’ cognitive perspectives. With this aim, an empirical study is conducted using the Partial Least Squares technique on a sample of 7454 Spanish university students, who had participated in the Global University Entrepreneurial Spirit Student Survey 2013 and 2018 editions. The results indicate that in times of optimistic job prospects arising from a period of economic growth, individuals reduce their entrepreneurial intentions as a professional option for the future. Despite this, improvements in the economic situation can intensify the perception of support from those closest to potential young entrepreneurs, as well as the confidence that these people have in themselves to start a new business. Moreover, our findings suggest that better economic expectations negatively influence the relationship between social support perceived and young people’s motivations (attitude and self-efficacy) towards the decision to become an entrepreneur.
企业家精神作为促进经济增长的一种方式一直受到重视。然而,人们对经济环境的变化是否会影响企业活动缺乏了解。本文从个体的认知角度分析了这种经济变化对创业意愿及其前因的影响。为此,本文利用偏最小二乘法对7454名参加2013年和2018年全球大学创业精神学生调查的西班牙大学生进行了实证研究。结果表明,在经济增长时期产生的乐观就业前景时期,个人将创业意图作为未来的职业选择。尽管如此,经济形势的改善可以增强那些最接近潜在年轻企业家的人的支持,以及这些人对自己开展新业务的信心。此外,我们的研究结果表明,更好的经济预期对社会支持感知与青年创业决策动机(态度和自我效能)之间的关系产生负向影响。
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引用次数: 1
Financial Products and Family Business Innovation Strategy 金融产品与家族企业创新战略
IF 1.9 4区 管理学 Q3 BUSINESS Pub Date : 2022-04-13 DOI: 10.1515/erj-2021-0303
Jiannan Yu
Abstract This paper studies the influence of purchasing financial products (FPs) on the innovation strategy of family businesses (FBs) under the background of Chinese system. Applying a difference in difference methodology we are able to compare FBs who have purchased FPs with FBs who have not yet purchased FPs, and compare FBs that have purchased FPs before and after the purchase. We distinguish between different patent types (invention, utility, and design), and find that purchasing FPs significantly increase the design patents of FBs. That means buying FPs will shift innovation direction to safer and more economical path. Moreover, the effect of purchasing FPs on innovation outputs is governed by institutional ownership, government subsidy, and R&D personnel ratio. This paper contributes to our understanding of the important role of risk aversion in technological innovation strategy of FBs.
摘要本文研究了中国体制下家族企业购买金融产品对家族企业创新战略的影响。运用差异中的差异方法,我们能够比较购买FPs的FBs与尚未购买FPs的FBs,并比较购买FPs之前和之后的FBs。我们对不同的专利类型(发明、实用和外观设计)进行了区分,发现购买FPs显著增加了FBs的外观设计专利。这意味着购买FPs将把创新方向转向更安全、更经济的道路。此外,企业购买创新产品对创新产出的影响受机构所有制、政府补贴和研发人员比例的支配。本文有助于我们理解风险规避在中小企业技术创新战略中的重要作用。
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引用次数: 1
Exploring Individual and Family-related Characteristics of Hybrid Entrepreneurs 探讨混合型企业家的个人与家族特征
IF 1.9 4区 管理学 Q3 BUSINESS Pub Date : 2022-04-12 DOI: 10.1515/erj-2021-0154
O. Dvouletý, Dieter Bögenhold
Abstract This research contributes to the knowledge of individuals called hybrid entrepreneurs who combine primary paid employment with secondary self-employment activity. We work with a dataset of 30 countries participating in the 2017 European Union Labour Force Survey. We conduct a multivariate analysis of individual and family-related characteristics of hybrid entrepreneurs. Our results highlight that hybrid entrepreneurs are a specific subgroup of the population of self-employed individuals. While the hybrid entrepreneurs are also a relatively heterogeneous group themselves, we show that most of them do business in the agricultural sector and live in rural areas. Their business activities seem to be on average younger than those being run by primarily self-employed individuals. This likely reflects the temporary nature of many hybrid entrepreneurship endeavours. Interestingly hybrid entrepreneurs have, on average, higher levels of education, but this finding relates mainly to those being involved in non-agricultural activities. Women are less likely to pursue hybrid entrepreneurship, which is even less likely associated with having caring responsibilities for children. Future research should provide more longitudinal insights into the family-kids related aspects of hybrid entrepreneurship.
摘要本研究有助于对混合企业家的认识,他们将主要有偿就业与次要自主创业活动结合起来。我们使用了参与2017年欧盟劳动力调查的30个国家的数据集。我们对混合型企业家的个体特征和家族特征进行了多变量分析。我们的研究结果强调,混合企业家是个体户人口的一个特定的子群体。虽然混合企业家本身也是一个相对异质的群体,但我们表明,他们中的大多数人在农业部门开展业务,并生活在农村地区。他们的商业活动似乎平均比那些主要由自雇人士经营的活动要年轻。这可能反映了许多混合型创业努力的临时性。有趣的是,混合企业家平均受教育程度较高,但这一发现主要涉及那些从事非农业活动的人。女性不太可能追求混合型创业,这更不可能与照顾孩子的责任联系在一起。未来的研究应该对混合创业的家庭-孩子相关方面提供更多的纵向见解。
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引用次数: 2
Frontmatter
IF 1.9 4区 管理学 Q3 BUSINESS Pub Date : 2022-04-01 DOI: 10.1515/erj-2022-frontmatter2
Article Frontmatter was published on April 1, 2022 in the journal Entrepreneurship Research Journal (volume 12, issue 2).
文章Frontmatter于2022年4月1日发表在《创业研究杂志》第12卷第2期。
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引用次数: 0
Feeling Right: Regulatory Fit Theory and Early-Stage Entrepreneurial Investment Decisions 感觉正确:监管契合理论与早期创业投资决策
IF 1.9 4区 管理学 Q3 BUSINESS Pub Date : 2022-03-24 DOI: 10.1515/erj-2020-0408
Shiyao Jiang, Guiquan Li, Haixin Liu, Jie Xiong, Shubho Chakraborty
Abstract Recent advances in entrepreneurial investment decisions research implied that early-stage investment decisions, given their extreme uncertainty and unpredictability, were results of investors’ intuition processes. In other words, investors manage the high risks of early-stage investment decisions by finding justifications of future value against risk in the invested entrepreneurial projects. Although some studies have discussed the decision-making process of mid- and late-stage venture capital, there is still a lack of discussion on the early-stage investment decision-making mechanism. In this paper, we draw on regulatory fit theory to theorize how the fit of regulatory focus between investor and entrepreneur could lead to the investor’s early-stage investment decisions in terms of investment amount and speed. Across three experimental studies, we found empirical support for our proposed model. Specifically, investors who have similar regulatory focus with the entrepreneurs are more likely to invest a larger amount of funds at a faster speed. We further found that investor’s sense of rightness mediates the relationship between regulatory fit and investment decision, and investor’s previous investment experience plays a moderating role.
创业投资决策研究的最新进展表明,早期投资决策具有极大的不确定性和不可预测性,是投资者直觉过程的结果。换句话说,投资者通过在被投资的创业项目中寻找未来价值与风险的理由来管理早期投资决策的高风险。虽然有一些研究探讨了创业投资中后期的决策过程,但对创业投资早期决策机制的探讨还比较少。本文运用监管匹配理论,从投资金额和投资速度两方面分析了投资者和企业家之间监管焦点的匹配对投资者早期投资决策的影响。在三个实验研究中,我们发现了对我们提出的模型的实证支持。具体来说,与企业家有相似监管重点的投资者更有可能以更快的速度投入更多的资金。我们进一步发现,投资者的正确感在监管契合度与投资决策之间起中介作用,投资者以往的投资经验起调节作用。
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引用次数: 1
Understanding the Role of Perceptions in Opportunity Evaluation: A Discrete Choice Experiment 理解感知在机会评估中的作用:一个离散选择实验
IF 1.9 4区 管理学 Q3 BUSINESS Pub Date : 2022-03-15 DOI: 10.1515/erj-2021-0232
Per L. Bylund, Trey Malone
Abstract We construct a discrete choice experiment to study opportunity evaluation by entrepreneurs. This new method in entrepreneurship studies allows us to measure entrepreneurs’ utility functions and thereby their perceptions of opportunity. Consequently, we produce empirical evidence for how entrepreneurs evaluate opportunities beyond the objective facts and find two types of entrepreneurs with different evaluative behavior that cannot be explained by situational or demographic differences. We contribute to the opportunity evaluation literature by measuring perceptions, provide theoretical argument and present empirical evidence for heterogeneity among entrepreneurs, and introduce new methods that allow for more nuanced empirical analyses of entrepreneurial decision-making.
摘要构建离散选择实验,研究企业家对机会的评价。这种创业研究的新方法使我们能够衡量企业家的效用函数,从而衡量他们对机会的感知。因此,我们为企业家如何超越客观事实评估机会提供了经验证据,并发现两种类型的企业家具有不同的评估行为,无法用情境或人口差异来解释。我们通过测量感知为机会评估文献做出贡献,为企业家之间的异质性提供理论论证和实证证据,并引入新的方法,允许对创业决策进行更细致入微的实证分析。
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引用次数: 1
Strategic Decision-Making and Performance in Social Enterprises: Process Dimensions and the Influence of Entrepreneurs’ Proactive Personality 社会企业战略决策与绩效:过程维度及企业家主动性人格的影响
IF 1.9 4区 管理学 Q3 BUSINESS Pub Date : 2022-02-10 DOI: 10.1515/erj-2021-0147
D. Manolopoulos, Helen Salavou, A. Papadopoulos, Michail Xenakis
Abstract Different organizational perspectives surrounding social enterprises (SEs) have burgeoned over the past few years. However, integrating financial sustainability with social value remains a “black box” with respect to entrepreneurial strategic decision-making (SDM). Drawing from decision theories and the proactivity perspective of personality-based SDM literature, we investigate the impact of synoptic (rationalistic) and incremental (adaptive) process models, and moderate these approaches with the entrepreneur’s proactive personality traits on SEs’ financial and social performance. Our results show that when a rational and intuitive SDM develops in conjunction, financial performance improves. In contrast, a departure from rationality in favor of incremental decision-making processes advances only the social performance of SEs. A proactive entrepreneurial personality positively moderates strategic cognitions in improving SEs’ both financial and social objectives. On the other hand, when proactivity moderates rationality, the financial performance of SEs declines.
在过去的几年里,围绕社会企业(SEs)的不同组织视角不断涌现。然而,在企业战略决策(SDM)方面,将财务可持续性与社会价值相结合仍然是一个“黑盒子”。本文从决策理论和基于人格的SDM文献的主动性视角出发,探讨了概要性(理性主义)和增量性(适应性)过程模型对中小企业财务绩效和社会绩效的影响,并通过企业家的主动性人格特征对这两种过程模型进行了调节。我们的研究结果表明,当理性和直观的SDM共同发展时,财务绩效得到改善。相反,背离理性而倾向于渐进式决策过程只会提高社会经济企业的社会绩效。积极创业人格正向调节战略认知对企业财务目标和社会目标的改善作用。另一方面,当主动性调节理性时,中小企业的财务绩效下降。
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引用次数: 5
期刊
Entrepreneurship Research Journal
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