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How can women entrepreneurs overcome funding challenges: the role of digitalization and innovation 女性企业家如何克服融资挑战:数字化和创新的作用
IF 2.4 4区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2023-11-19 DOI: 10.1080/13691066.2023.2282542
Kris Irwin, William McDowell, Samuel Ribeiro-Navarrete
Entrepreneurs must overcome various hurdles that pose a threat to starting or growing their businesses. For example, women entrepreneurs face challenges including gender differences, entrepreneuria...
企业家必须克服对创业或发展企业构成威胁的各种障碍。例如,女性企业家面临的挑战包括性别差异、企业家精神……
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引用次数: 0
Does economic policy uncertainty affect venture capital investments for OECD countries? 经济政策的不确定性是否会影响经合组织国家的风险资本投资?
4区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2023-10-27 DOI: 10.1080/13691066.2023.2270162
Seyfettin Erdoğan, Tuğba Kantarcı, Durmuş Çağrı Yıldırım
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引用次数: 0
Lexical sophistication and crowdfunding outcomes 词汇的复杂性和众筹结果
4区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2023-10-16 DOI: 10.1080/13691066.2023.2265565
Ammara Mahmood, Sepideh Yeganegi
ABSTRACTIt is advised that entrepreneurs should keep the language of venture descriptions short and simple. However, knowledge about the conditions under which language in crowdfunding communications impacts investment behavior is limited. We propose that the use of sophisticated language in crowdfunding venture descriptions creates perceptions of venture distinctiveness that, in turn, increase the amount invested. We test this proposed mechanism across a controlled experiment and present evidence from 886 crowdfunding campaigns that increasing the linguistic sophistication of campaign descriptions can result in a 20% increase in the amount raised by a campaign and greater campaign success. Furthermore, we show that the impact of lexical sophistication on the amount raised is moderated by investor experience whereby experienced investors invest more in ventures with sophisticated language compared to inexperienced investors. Our work contributes to research on communication in crowdfunding by highlighting the significance of lexical sophistication in influencing funding behaviour.KEYWORDS: Crowdfundingdigital communicationentrepreneurshiplexical sophistication Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1. https://www.smallbizgenius.net/by-the-numbers/crowdfunding-stats/#gref2. We repeated the experiment with a sample of 200 undergraduate students and found a positive and significant impact of lexical sophistication on willingness to invest mediated by perceptions of distinctiveness.3. The sample included 317 successful campaigns.4. We use the LIWC software (e.g., Pennebaker et al. Citation2015) a widely used language processing software which categorizes words into predefined linguistic categories and allows for customized dictionaries to identify verbs, adverbs, adjectives, and word length. LIWC software has been used in prior studies on crowdfunding to link the use of words to psychological constructs (e.g., Parhankangas and Renko Citation2017).5. Principal-component factor analysis, which is a method of factor extraction that assumes the communalities of the observed variables are equal to 1. This means that all the variance in each variable is explained by the common factors, and there is no unique or error variance.
摘要建议创业者应保持创业描述的语言简短。然而,关于众筹传播中语言对投资行为影响的条件的认识有限。我们认为,在众筹风险描述中使用复杂的语言创造了风险独特性的感知,从而增加了投资金额。我们通过一个对照实验测试了这一机制,并提供了来自886个众筹活动的证据,表明增加活动描述的语言复杂性可以使活动筹集的金额增加20%,并取得更大的成功。此外,我们表明,词汇复杂程度对融资金额的影响受到投资者经验的调节,即有经验的投资者比没有经验的投资者更多地投资于语言复杂的企业。通过强调词汇复杂性对筹资行为的影响,我们的工作有助于研究众筹中的沟通。关键词:众筹数字传播创业复杂性披露声明作者未报告潜在利益冲突。https://www.smallbizgenius.net/by-the-numbers/crowdfunding-stats/ gref2。我们以200名大学生为样本重复了这个实验,发现词汇复杂程度对投资意愿有显著的正向影响。样本包括317个成功的运动。我们使用LIWC软件(例如,Pennebaker等)。Citation2015)是一个广泛使用的语言处理软件,它将单词分类到预定义的语言类别中,并允许定制字典来识别动词、副词、形容词和单词长度。在之前的众筹研究中,LIWC软件已被用于将单词的使用与心理结构联系起来(例如,Parhankangas和Renko Citation2017)。主成分因子分析是一种假设观察到的变量的共同性等于1的因子提取方法。这意味着每个变量的所有方差都是由共同因素解释的,不存在唯一方差或误差方差。
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引用次数: 0
How does digital empowerment affect venture capital: an empirical study of Chinese manufacturing listed corporations in Growth Enterprise Market 数字赋权如何影响风险投资:基于中国制造业上市公司创业板的实证研究
4区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2023-10-16 DOI: 10.1080/13691066.2023.2268839
Wei Zhang, Shiqi Ye, Z.Y. Shen, Malin Song
ABSTRACTAmid a growing interest in venture capital research, little attention has been given to exploring the influence of digital empowerment on this domain. Particularly in the midst of heightened uncertainty factors contributing to global financial fragility and instances of capital retreat, these matters demand comprehensive examination. Drawing on resource-based theory and information asymmetry theory, this study collected extensive data from 1,985 Chinese manufacturing listed enterprises in the Growth Enterprise Market (GEM) from 2016 to 2020. Leveraging the hierarchical regression technique, the research delved into the intricate relationship between digital empowerment and enterprise venture capital, while also considering the mediating role of innovation input and the moderating effect of government subsidies. The findings demonstrate that digital empowerment and innovation input yield a significantly positive impact on venture capital. Moreover, innovation input partially mediates the connection between digital empowerment and venture capital. Furthermore, government subsidies positively moderate the relationship between digital empowerment and innovation input. These research conclusions not only contribute to the advancement of venture capital theory but also furnish a theoretical foundation for enterprises seeking to secure additional venture capital and for governments to promote innovation and entrepreneurship strategies.KEYWORDS: Digital empowermentinnovation inputgovernment subsidiesventure capital Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1. http://www.sasac.gov.cn/n2588025/n2588134/c23572178/content.html.Additional informationFundingThe Late Funded Project of National Social Science Foundation of China [22FGLB026]; The Key research of Philosophy and Social Sciences of the 14th Five-year Plan of Sichuan University (SCJJ-12). We acknowledge the research fund from the National Natural Science Foundation of China (71934001).
摘要随着人们对风险投资研究的兴趣日益浓厚,探索数字赋权对这一领域的影响却很少受到关注。特别是在不确定性因素加剧导致全球金融脆弱性和资本撤退的情况下,这些问题需要全面审查。本文运用资源基础理论和信息不对称理论,对2016 - 2020年1985家中国创业板制造业上市企业进行了广泛的数据采集。本研究运用层次回归技术,深入探讨了数字赋权与企业风险投资之间的复杂关系,同时考虑了创新投入的中介作用和政府补贴的调节作用。研究结果表明,数字授权和创新投入对风险投资产生显著的正向影响。此外,创新投入部分中介了数字赋权与风险投资之间的联系。此外,政府补贴正向调节数字授权与创新投入之间的关系。这些研究结论不仅有助于风险投资理论的发展,而且为企业寻求额外的风险投资和政府推动创新创业战略提供了理论基础。关键词:数字化赋权创新投入政府补贴风险投资披露声明作者未报告潜在利益冲突。国家社科基金后期资助项目[22FGLB026];四川大学哲学社会科学“十四五”重点研究项目(SCJJ-12)。我们感谢国家自然科学基金(71934001)的研究资助。
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引用次数: 0
The impact mechanism of entrepreneurial competency and entrepreneurial model matching on entrepreneurial performance 创业胜任力与创业模式匹配对创业绩效的影响机制
4区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2023-10-11 DOI: 10.1080/13691066.2023.2265564
Liying Lei
ABSTRACTFrom the perspective of matching, this paper explores the impact mechanism of entrepreneurial competency and entrepreneurial model matching on entrepreneurial performance. Then this paper uses cluster analysis and independent sample t-test to carry out the empirical analysis. The research results show the following relationship. (1) Entrepreneurs whose risk aversion psychology, entrepreneurial learning cognition, organizational management functions, and genetic network application capabilities are matched with survival-driven entrepreneurial models can improve the survival performance of new ventures. (2) Entrepreneurs whose risk propensity psychology, knowledge conversion cognition, strategic decision-making functions, and industrial network application capabilities are matched with the opportunity-driven entrepreneurial model, which can improve the survival and growth performance of new ventures. (3) Entrepreneurs’ self-potency psychology, technology transformation cognition, R&D innovation function, and network management capabilities are matched with the innovation-driven entrepreneurial model, which can improve the innovation performance of new ventures. Through empirical analysis, it was found that there were 22 matching samples, accounting for 61.11% of samples. There were 14 mismatched samples, accounting for 38.89% of samples, indicating a higher matching degree between entrepreneurial capability cluster and innovation-driven entrepreneurial model.KEYWORDS: Entrepreneurial competencybusiness modelR&D innovation functionentrepreneurial performancematching Disclosure statementNo potential conflict of interest was reported by the author(s).
摘要本文从匹配的角度探讨创业胜任力和创业模式匹配对创业绩效的影响机制。然后采用聚类分析和独立样本t检验进行实证分析。研究结果表明:(1)风险规避心理、创业学习认知、组织管理功能和遗传网络应用能力与生存驱动型创业模式相匹配的创业者可以提高新创企业的生存绩效。(2)企业家的风险倾向心理、知识转化认知、战略决策功能和产业网络应用能力与机会驱动型创业模式相匹配,可以提高新创企业的生存和成长绩效。(3)企业家的自我效能心理、技术转化认知、研发创新功能和网络管理能力与创新驱动型创业模式相匹配,可以提高新创企业的创新绩效。通过实证分析,发现匹配样本有22个,占样本总数的61.11%。错配样本有14个,占样本总数的38.89%,说明创业能力集群与创新驱动创业模式的匹配程度较高。关键词:创业能力商业模式研发创新职能创业绩效匹配披露声明未发现潜在利益冲突
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引用次数: 0
Business angels investing in green ventures: how do they add value to their start-ups? 商业天使投资于绿色企业:他们如何为他们的初创企业增加价值?
4区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2023-09-22 DOI: 10.1080/13691066.2023.2260101
Meike Siefkes, Øyvind Bjørgum, Roger Sørheim
This study investigates how business angels (BAs) add sustainability value to green ventures and how these value-adding activities are dependent on the BAs’ sustainability characteristics, i.e., motivation to invest, sustainability competence, and sustainability investor activity. This explorative qualitative study is based on interviews with 14 BAs from Germany and the Nordics. A cross-case analysis of the interview data reveals that different groups of BAs invest in green start-ups: green angels and light green angels. These BAs differ in their motivation for investing in green start-ups, with some wanting to contribute to the sustainability transition and others investing to be a part of the shift of capital and talent toward green ventures. The BAs offer different sustainability-value-adding activities to their start-ups. Green angels provide activities that are aimed at enhancing the sustainability performance of their investees. Light green BAs add value very similar to conventional BAs. This study contributes to the green entrepreneurial finance literature by exploring the specificity of green angels. By shedding light on how BAs add sustainability value as investors for green ventures, the study places green angels more distinctly in the ecosystem of early-stage financing for green start-ups.
本研究探讨了商业天使如何为绿色企业增加可持续价值,以及这些增值活动如何依赖于商业天使的可持续性特征,即投资动机、可持续性能力和可持续性投资者活动。这项探索性质的研究是基于对来自德国和北欧的14名本科学生的访谈。对访谈数据的跨案例分析显示,投资绿色初创企业的BAs群体不同:绿色天使投资人和浅绿色天使投资人。这些企业投资绿色初创企业的动机各不相同,一些企业希望为可持续发展转型做出贡献,而另一些企业则希望成为资本和人才向绿色企业转移的一部分。BAs为他们的初创企业提供不同的可持续性增值活动。绿色天使提供旨在提高其投资对象的可持续性表现的活动。浅绿色ba与传统ba的附加值非常相似。本研究通过探索绿色天使的特殊性,为绿色创业金融文献做出贡献。通过揭示银行作为绿色企业投资者如何增加可持续性价值,该研究将绿色天使置于绿色初创企业早期融资生态系统中。
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引用次数: 0
How intuition works in venture investment: the holistic effect on decision making 直觉在风险投资中的作用:对决策的整体影响
4区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2023-09-18 DOI: 10.1080/13691066.2023.2257887
Jinyun Sun, Tianyi Zheng
ABSTRACTTo investigate into the cognitive perspective of venture investment, we performed a field experiment to explore the features and the effectiveness of the intuitive and analytic cognitive modes in the investment decision process. The results showed that intuitive investors care more about the business plan and benefit from the balanced and integrated consideration of both business plan and the entrepreneurial team to make more effective investment decision. The study’s contributions to multiple topics and future directions are discussed.KEYWORDS: Intuitioncognitive modeventure investmentdecision processecological rationality Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1. Neil Shen, Sequoia Global Managing Partner, Sequoia China Founding Partner; David Rubinstein, Founder of Carlyle Group.2. Because it was a real competition organized by the competition committee, we cannot control the separation to be strictly random. We controlled the personal-level demographics of the judges to eliminate the influence.3. The judges might be aware that they were given different judgement forms, but they had no idea about the experiment or that they were separated into two groups.4. Because SUR is not applicable to COX proportional hazards model, we didn’t employ SUR here. We employed SUR in robustness check with an alternative dependent variable to test H3–5.5. Here we suggest a careful interpretation of the coefficients of interaction terms in the logit models. The significant coefficients of interaction terms between Intuition with the Business Plan Score and the Entrepreneurial Team Score means that generally in terms of the overall sample, the interaction effects were statistically significant. But the interaction effects for each observation differ as the other covariates take different values. However, when we calculated the interaction effects as a function of “predicted probability that Investment Decision = 1”, we still found significant difference between the results of Business Plan Score and Entrepreneurial Team Score. For Business Plan Score, the interaction effect always fluctuated around 0 and had no significance. While for Entrepreneurial Team Score, the interaction effect was always positive and had significance when the value “predicted probability that Investment Decision = 1” was around 0.5. (see (Ai and Norton Citation2003)6. Here we also suggest a careful interpretation of the coefficients of interaction terms in the Cox models. Since Cox model is also nonlinear, the significant interaction coefficients suggested the interaction effects to be statistically significant in terms of the overall sample in general. But for each specific observation the interaction effect differs. The models introducing interaction terms with full sample served as robust check for the main models. Taking the results of both Table 4, Tables 6 and 7 into the consideration, the empirical results offered supports fo
摘要为了研究风险投资的认知视角,本文通过实地实验,探讨了直观认知模式和分析认知模式在投资决策过程中的特点和有效性。结果表明,直觉型投资者更关注商业计划,并受益于商业计划和创业团队的平衡和综合考虑,从而做出更有效的投资决策。讨论了该研究对多个主题的贡献和未来的发展方向。关键词:直觉认知模型风险投资决策过程生态理性披露声明作者未报告潜在利益冲突。沈南鹏,红杉全球管理合伙人、红杉中国创始合伙人;大卫·鲁宾斯坦,凯雷投资集团创始人因为这是一场由竞赛委员会组织的真正的比赛,我们无法控制严格随机的分离。我们控制了法官个人层面的人口统计数据,以消除影响。评委们可能知道他们被发给了不同的判决表,但他们不知道这个实验,也不知道他们被分成了两组。由于SUR不适用于COX比例风险模型,所以我们在这里没有使用SUR。我们使用SUR进行鲁棒性检查,并使用替代因变量来测试H3-5.5。在这里,我们建议仔细解释logit模型中相互作用项的系数。直觉与商业计划得分和创业团队得分之间的交互项系数显著,意味着一般就整体样本而言,交互效应具有统计学意义。但是,由于其他协变量取不同的值,每次观测的相互作用效果不同。然而,当我们将交互效应计算为“投资决策预测概率= 1”的函数时,我们仍然发现商业计划得分与创业团队得分的结果存在显著差异。对于Business Plan Score,交互效应始终在0附近波动,不具有显著性。而对于创业团队得分而言,当“投资决策= 1的预测概率”值在0.5左右时,交互效应始终为正,且具有显著性。(参见(Ai and Norton Citation2003))在这里,我们还建议仔细解释Cox模型中相互作用项的系数。由于Cox模型也是非线性的,显著的相互作用系数表明,总的来说,就整个样本而言,相互作用效应在统计上是显著的。但是对于每个特定的观察,相互作用的效果是不同的。引入全样本交互项的模型作为对主要模型的鲁棒性检验。综合考虑表4、表6、表7的结果,实证结果对H3b、H4b、H5提供了支持。表7所示。OLS回归分析(分组):因变量-销售额增长(H3, H4, H5)。下载csv显示表
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引用次数: 0
Shared mental models: a new approach to understanding entrepreneurs’ and investors’ representations 共享心智模型:一种理解企业家和投资者表征的新方法
IF 2.4 4区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2023-09-07 DOI: 10.1080/13691066.2023.2254002
Elodie Maureau, Caroline Tarillon
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引用次数: 0
The moment is now! From digital transformation to environmental performance 就是现在!从数字化转型到环境绩效
IF 2.4 4区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2023-08-28 DOI: 10.1080/13691066.2023.2249231
B. Ribeiro-Navarrete, M. López-Cabarcos, J. Piñeiro-Chousa, Virginia Simón-Moya
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引用次数: 0
Social capital, financial intelligence, and entrepreneurial financial performance: evidence from the post-pandemic challenges 社会资本、财务智力和企业财务绩效:来自大流行后挑战的证据
IF 2.4 4区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2023-08-17 DOI: 10.1080/13691066.2023.2238901
Wanhui Jiang, Hongyu Zhang, J. Nakonieczny, F. Jamaani
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引用次数: 0
期刊
Venture Capital
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