Pub Date : 2023-10-11DOI: 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).
{"title":"The impact mechanism of entrepreneurial competency and entrepreneurial model matching on entrepreneurial performance","authors":"Liying Lei","doi":"10.1080/13691066.2023.2265564","DOIUrl":"https://doi.org/10.1080/13691066.2023.2265564","url":null,"abstract":"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).","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136210685","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}
Pub Date : 2023-09-22DOI: 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.
{"title":"Business angels investing in green ventures: how do they add value to their start-ups?","authors":"Meike Siefkes, Øyvind Bjørgum, Roger Sørheim","doi":"10.1080/13691066.2023.2260101","DOIUrl":"https://doi.org/10.1080/13691066.2023.2260101","url":null,"abstract":"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.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136060798","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}
Pub Date : 2023-09-18DOI: 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
{"title":"How intuition works in venture investment: the holistic effect on decision making","authors":"Jinyun Sun, Tianyi Zheng","doi":"10.1080/13691066.2023.2257887","DOIUrl":"https://doi.org/10.1080/13691066.2023.2257887","url":null,"abstract":"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","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135202398","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}
Pub Date : 2023-09-07DOI: 10.1080/13691066.2023.2254002
Elodie Maureau, Caroline Tarillon
{"title":"Shared mental models: a new approach to understanding entrepreneurs’ and investors’ representations","authors":"Elodie Maureau, Caroline Tarillon","doi":"10.1080/13691066.2023.2254002","DOIUrl":"https://doi.org/10.1080/13691066.2023.2254002","url":null,"abstract":"","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2023-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85204599","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}
Pub Date : 2023-08-28DOI: 10.1080/13691066.2023.2249231
B. Ribeiro-Navarrete, M. López-Cabarcos, J. Piñeiro-Chousa, Virginia Simón-Moya
{"title":"The moment is now! From digital transformation to environmental performance","authors":"B. Ribeiro-Navarrete, M. López-Cabarcos, J. Piñeiro-Chousa, Virginia Simón-Moya","doi":"10.1080/13691066.2023.2249231","DOIUrl":"https://doi.org/10.1080/13691066.2023.2249231","url":null,"abstract":"","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2023-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88042445","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}
Pub Date : 2023-08-17DOI: 10.1080/13691066.2023.2238901
Wanhui Jiang, Hongyu Zhang, J. Nakonieczny, F. Jamaani
{"title":"Social capital, financial intelligence, and entrepreneurial financial performance: evidence from the post-pandemic challenges","authors":"Wanhui Jiang, Hongyu Zhang, J. Nakonieczny, F. Jamaani","doi":"10.1080/13691066.2023.2238901","DOIUrl":"https://doi.org/10.1080/13691066.2023.2238901","url":null,"abstract":"","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2023-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89640870","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}
Pub Date : 2023-07-26DOI: 10.1080/13691066.2023.2240019
Dolores Botella-Carrubi, K. Ulrich-Berenguer, Domingo E. Ribeiro Soriano
{"title":"What entrepreneurial skills are the key to startup finance performance?","authors":"Dolores Botella-Carrubi, K. Ulrich-Berenguer, Domingo E. Ribeiro Soriano","doi":"10.1080/13691066.2023.2240019","DOIUrl":"https://doi.org/10.1080/13691066.2023.2240019","url":null,"abstract":"","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2023-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72866054","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}
Pub Date : 2023-07-25DOI: 10.1080/13691066.2023.2240024
G. Andrieu, Aurélie Sannajust
{"title":"ICOs after the decline: a literature review and recommendations for a sustainable development","authors":"G. Andrieu, Aurélie Sannajust","doi":"10.1080/13691066.2023.2240024","DOIUrl":"https://doi.org/10.1080/13691066.2023.2240024","url":null,"abstract":"","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2023-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87561173","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}
Pub Date : 2023-07-14DOI: 10.1080/13691066.2023.2234085
Job J. Andreoli, Johannes A. ten Rouwelaar
{"title":"Venture capital investment selection: an exploratory assessment of the role of entrepreneur personality traits","authors":"Job J. Andreoli, Johannes A. ten Rouwelaar","doi":"10.1080/13691066.2023.2234085","DOIUrl":"https://doi.org/10.1080/13691066.2023.2234085","url":null,"abstract":"","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2023-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81470285","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}
Pub Date : 2023-07-14DOI: 10.1080/13691066.2023.2234078
Yan Alperovych, R. Calcagno, Martin G. Lentz
{"title":"Entrepreneurs on their financial literacy: evidence from the Netherlands","authors":"Yan Alperovych, R. Calcagno, Martin G. Lentz","doi":"10.1080/13691066.2023.2234078","DOIUrl":"https://doi.org/10.1080/13691066.2023.2234078","url":null,"abstract":"","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2023-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76509571","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}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：