Pub Date : 2023-05-04DOI: 10.1080/13691066.2023.2205606
Robyn Owen, L. Vedanthachari, J. Hussain
{"title":"The role of the university entrepreneurial ecosystem in entrepreneurial finance: case studies of UK innovation knowledge centres","authors":"Robyn Owen, L. Vedanthachari, J. Hussain","doi":"10.1080/13691066.2023.2205606","DOIUrl":"https://doi.org/10.1080/13691066.2023.2205606","url":null,"abstract":"","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"1 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2023-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82931931","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 : 2023-05-03DOI: 10.1080/13691066.2023.2184287
H. Etzkowitz, Miranda Weston-Smith, Jim Beddows, E. Albats, Helen Lawton Smith, Jim Wilkinson, Jialei Yang, Joe Miller, Cannon Gardner, Emma Palmer Foster, Chunyan Zhou
ABSTRACT This article contributes to the international comparative analysis of university venture capital (UVC), providing a quasi-experimental design for follow-up research and practice. The US venture capital industry, with its unicorn focused high-growth format opened up a venture capital gap. UVC transmutes academic innovation into high-tech firms, industries and regional renewal, filling interstitial funding gaps among angel, public and private venture capital offers. It is a knowledge-based industrial policy by Another Name, with direct/explicit and indirect/implicit versions, on a continuum with variation depending upon shifting ideological and competitive concerns. Beyond as of right “womb” provision, UVC capstones an academic innovation ecosystem of technology transfer, incubation and acceleration, translational research, proof of concept funds and entrepreneurship education. Venture capital, exemplified by Sand Hill Road, de-emphasizes classic regional development objectives, neglecting appropriability conditions such as academic and regional circumstances that UK and China prioritize. More modest firm formation outcomes are dismissed as failures, with entrepreneurs encouraged to return to the entrepreneurial churn. We examine the origin and development of UVC from macro, meso and micro, historical and comparative perspectives. Multi-method/multi-sample, comparative case study, and big data analytics show the constraint, variety, and early affinity of UVC to academic icons with significant untapped potential to inspire widespread economic and social advance.
本文对高校风险投资进行国际比较分析，为后续研究和实践提供准实验设计。美国风险投资行业以独角兽为重点的高增长模式，打开了风险投资的缺口。UVC将学术创新转化为高科技公司、产业和地区复兴，填补了天使、公共和私人风险资本之间的资金缺口。这是一个以知识为基础的产业政策，有直接/明确和间接/隐含的版本，在一个连续体上，随着意识形态和竞争问题的变化而变化。除了提供正确的“子宫”外，UVC还建立了一个学术创新生态系统，包括技术转让、孵化和加速、转化研究、概念验证基金和创业教育。以沙丘路(Sand Hill Road)为例，风险投资不再强调经典的区域发展目标，忽略了英国和中国优先考虑的学术和地区环境等适宜性条件。更温和的公司形成结果被视为失败，企业家被鼓励回到创业的混乱中。我们从宏观、中观和微观、历史和比较的角度考察了UVC的起源和发展。多方法/多样本、比较案例研究和大数据分析显示了UVC对学术偶像的约束、多样性和早期亲和力，这些学术偶像具有巨大的未开发潜力，可以激发广泛的经济和社会进步。
{"title":"University venture capital in big data, regional and historical perspective: where and why has it arisen?","authors":"H. Etzkowitz, Miranda Weston-Smith, Jim Beddows, E. Albats, Helen Lawton Smith, Jim Wilkinson, Jialei Yang, Joe Miller, Cannon Gardner, Emma Palmer Foster, Chunyan Zhou","doi":"10.1080/13691066.2023.2184287","DOIUrl":"https://doi.org/10.1080/13691066.2023.2184287","url":null,"abstract":"ABSTRACT This article contributes to the international comparative analysis of university venture capital (UVC), providing a quasi-experimental design for follow-up research and practice. The US venture capital industry, with its unicorn focused high-growth format opened up a venture capital gap. UVC transmutes academic innovation into high-tech firms, industries and regional renewal, filling interstitial funding gaps among angel, public and private venture capital offers. It is a knowledge-based industrial policy by Another Name, with direct/explicit and indirect/implicit versions, on a continuum with variation depending upon shifting ideological and competitive concerns. Beyond as of right “womb” provision, UVC capstones an academic innovation ecosystem of technology transfer, incubation and acceleration, translational research, proof of concept funds and entrepreneurship education. Venture capital, exemplified by Sand Hill Road, de-emphasizes classic regional development objectives, neglecting appropriability conditions such as academic and regional circumstances that UK and China prioritize. More modest firm formation outcomes are dismissed as failures, with entrepreneurs encouraged to return to the entrepreneurial churn. We examine the origin and development of UVC from macro, meso and micro, historical and comparative perspectives. Multi-method/multi-sample, comparative case study, and big data analytics show the constraint, variety, and early affinity of UVC to academic icons with significant untapped potential to inspire widespread economic and social advance.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"1 1","pages":"219 - 254"},"PeriodicalIF":2.4,"publicationDate":"2023-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89946396","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 : 2023-04-05DOI: 10.1080/13691066.2023.2195127
A. Alalwan, A. Baabdullah, A. Fetais, R. Algharabat, R. Raman, Yogesh K. Dwivedi
{"title":"SMEs entrepreneurial finance-based digital transformation: towards innovative entrepreneurial finance and entrepreneurial performance","authors":"A. Alalwan, A. Baabdullah, A. Fetais, R. Algharabat, R. Raman, Yogesh K. Dwivedi","doi":"10.1080/13691066.2023.2195127","DOIUrl":"https://doi.org/10.1080/13691066.2023.2195127","url":null,"abstract":"","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"48 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2023-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75821502","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 : 2023-03-08DOI: 10.1080/13691066.2023.2178365
C. Bellavitis, M. Deloof, I. Filatotchev, N. Hermes, Ine Paeleman
Corporate governance deals with the mechanisms used by organizations to enhance the power and accountability of key stakeholders who are responsible for generating, protecting, and distributing firm wealth. The extant literature has adopted four main theories to explain corporate governance mechanisms. Historically, agency theory has provided the first theoretical inroads in the field as it argues that the overarching aim of corporate governance is to minimize agency costs and conflicts of interest between the providers (principals) and users (agents) of financial capital (Filatotchev and Wright 2011). Agency costs include monitoring costs and efforts that are necessary to align the interests of principals and agents and mitigate information asymmetry, adverse selection, moral hazard and shirking behaviors. More recent theoretical developments include the resource-based view that underlines the role of directors and managers in gathering and deploying unique and valuable resources to achieve a firm’s competitive advantage (Wernerfelt 1984). Institutional theory researchers have focused on how institutions such as governments or culture influence corporate governance initiatives (Bell, Filatotchev, and Aguilera 2014). Finally, stakeholder theory enlarges the meaning of the firm from shareholders to stakeholders. It emphasizes values that go beyond simple economic profits. Through stakeholder theory, researchers investigate how corporate governance should be designed in order to create value for all stakeholders, as well as how stakeholders can influence corporate governance. Notwithstanding the value of previous studies and theories, the majority of the existing corporate governance literature has focused on large and publicly listed firms operating in obsolete segments of the economy. However, the business landscape has evolved alongside societal changes, both technological as well as cultural. Entrepreneurial firms have taken advantage of these changes to create new business models, radically shaping legacy industries such as car manufacturing (e.g., Tesla, Lucid Motors), movie making (e.g., Netflix), medicine (e.g., Moderna), transportation (e.g., Uber), banking (e.g., Revolut), hospitality (e.g., AirBnB), and fundraising (e.g., Kickstarter, Indiegogo), among many others. Therefore, it is important to understand whether existing theories fit the purpose of describing these new contexts and entrepreneurial ventures. In order to fill this gap, this special issue focuses on the intersection between societal changes – technological and cultural – and entrepreneurial firms. Most of these entrepreneurial firms are powered and influenced by new technologies and cultural shifts that have opened up immense possibilities for new business models and different sources of competitive advantage. The agency relations, resources, institutional settings and stakeholders in entrepreneurial firms operating in cutting edge technological environments are often very
{"title":"Do old theories fit new contexts? New perspectives on corporate governance in entrepreneurial firms","authors":"C. Bellavitis, M. Deloof, I. Filatotchev, N. Hermes, Ine Paeleman","doi":"10.1080/13691066.2023.2178365","DOIUrl":"https://doi.org/10.1080/13691066.2023.2178365","url":null,"abstract":"Corporate governance deals with the mechanisms used by organizations to enhance the power and accountability of key stakeholders who are responsible for generating, protecting, and distributing firm wealth. The extant literature has adopted four main theories to explain corporate governance mechanisms. Historically, agency theory has provided the first theoretical inroads in the field as it argues that the overarching aim of corporate governance is to minimize agency costs and conflicts of interest between the providers (principals) and users (agents) of financial capital (Filatotchev and Wright 2011). Agency costs include monitoring costs and efforts that are necessary to align the interests of principals and agents and mitigate information asymmetry, adverse selection, moral hazard and shirking behaviors. More recent theoretical developments include the resource-based view that underlines the role of directors and managers in gathering and deploying unique and valuable resources to achieve a firm’s competitive advantage (Wernerfelt 1984). Institutional theory researchers have focused on how institutions such as governments or culture influence corporate governance initiatives (Bell, Filatotchev, and Aguilera 2014). Finally, stakeholder theory enlarges the meaning of the firm from shareholders to stakeholders. It emphasizes values that go beyond simple economic profits. Through stakeholder theory, researchers investigate how corporate governance should be designed in order to create value for all stakeholders, as well as how stakeholders can influence corporate governance. Notwithstanding the value of previous studies and theories, the majority of the existing corporate governance literature has focused on large and publicly listed firms operating in obsolete segments of the economy. However, the business landscape has evolved alongside societal changes, both technological as well as cultural. Entrepreneurial firms have taken advantage of these changes to create new business models, radically shaping legacy industries such as car manufacturing (e.g., Tesla, Lucid Motors), movie making (e.g., Netflix), medicine (e.g., Moderna), transportation (e.g., Uber), banking (e.g., Revolut), hospitality (e.g., AirBnB), and fundraising (e.g., Kickstarter, Indiegogo), among many others. Therefore, it is important to understand whether existing theories fit the purpose of describing these new contexts and entrepreneurial ventures. In order to fill this gap, this special issue focuses on the intersection between societal changes – technological and cultural – and entrepreneurial firms. Most of these entrepreneurial firms are powered and influenced by new technologies and cultural shifts that have opened up immense possibilities for new business models and different sources of competitive advantage. The agency relations, resources, institutional settings and stakeholders in entrepreneurial firms operating in cutting edge technological environments are often very","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"1 1","pages":"117 - 133"},"PeriodicalIF":2.4,"publicationDate":"2023-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88741509","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 : 2023-03-03DOI: 10.1080/13691066.2023.2185168
Pankaj C. Patel, C. S. Richard Chan
Venture studios present an intriguing proposition for entrepreneurship theory – a shift from venturing as an entrepreneur-driven activity to venturing as an “assembly line” serialization in an organization. We ask the question whether between-venture studio differences explain the differences in outcomes among the ventures they create. We hypothesize that venture studios explain meaningful variance in explaining venture outcomes. Our empirical study is based on a sample of 350 venture studios from 34 countries, 257 industries, and startup-founding years, ranging from 1994 to 2022. We focus on the sales, employees, and whether the venture was acquired or went IPO. Using variance decomposition analysis, we find that differences in venture studios explain most of the variance in differences in venture outcomes (~30%), with low teens to single-digit variances explained by studio-founding year, venture founding year, country, and industry effects. To our knowledge, this is the largest and most comprehensive empirical study of venture studios to date, and variance decomposition analysis presents an important first step to assessing whether the unique resources and the transaction cost benefits afforded by venture studios explain differences in performance between ventures.
{"title":"The influence of differences between venture studios on differences in venture outcomes","authors":"Pankaj C. Patel, C. S. Richard Chan","doi":"10.1080/13691066.2023.2185168","DOIUrl":"https://doi.org/10.1080/13691066.2023.2185168","url":null,"abstract":"Venture studios present an intriguing proposition for entrepreneurship theory – a shift from venturing as an entrepreneur-driven activity to venturing as an “assembly line” serialization in an organization. We ask the question whether between-venture studio differences explain the differences in outcomes among the ventures they create. We hypothesize that venture studios explain meaningful variance in explaining venture outcomes. Our empirical study is based on a sample of 350 venture studios from 34 countries, 257 industries, and startup-founding years, ranging from 1994 to 2022. We focus on the sales, employees, and whether the venture was acquired or went IPO. Using variance decomposition analysis, we find that differences in venture studios explain most of the variance in differences in venture outcomes (~30%), with low teens to single-digit variances explained by studio-founding year, venture founding year, country, and industry effects. To our knowledge, this is the largest and most comprehensive empirical study of venture studios to date, and variance decomposition analysis presents an important first step to assessing whether the unique resources and the transaction cost benefits afforded by venture studios explain differences in performance between ventures.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134983532","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 : 2023-03-01DOI: 10.25273/capital.v6i2.15798
Danik Karyawati Karyawati, Supriyatun Supriyatun, Dendy Eta Mirlana
Tujuan penelitian ini yaitu mengetahui metode Just In Time (JIT) dalam usaha meningkatkan efisiensi biaya persediaan bahan baku sebagai kelancaran proses produksi. Obyek penelitian ini adalah Wisma Batik Pring Sedapur yang beralamat di desa Sidomukti kecamatan Plaosan kabupaten Magetan, yang beroperasi di sektor pembuatan batik tulis. Metode analisis kwantitatif dipergunakan sebagai metode untuk analisis data penelitian ini. Data yang diperlukan adalah data-data yang menyangkut perhitungan biaya persediaan bahan baku menggunakan metode Just In Time. Jenis data yang diperoleh adalah data primer (berupa laporan bahan baku produksi, persediaan bahan baku, serta biaya bahan baku, juga sejarah perusahaan) dan data sekunder berupa literature dari perpustakaan, catatan selama perkuliahan, buku-buku dan media internet terkait teori yang akan diteliti). Hasil pada penelitian ini dapat disimpulkan bahwa secara perhitungan tradisional sejumlah Rp. 217.096.800 sementara perhitungan menggunakan metode Just In Time didapatkan hasil sejumlah Rp. 204.739.693 Efisiensi sebesar Rp. 12. 357.107.
{"title":"EFISIENSI BIAYA PERSEDIAAN BAHAN BAKU DENGAN METODE JUST IN TIME PADA WISMA BATIK PRING SEDAPUR","authors":"Danik Karyawati Karyawati, Supriyatun Supriyatun, Dendy Eta Mirlana","doi":"10.25273/capital.v6i2.15798","DOIUrl":"https://doi.org/10.25273/capital.v6i2.15798","url":null,"abstract":"<p dir=\"ltr\"><span>Tujuan penelitian ini yaitu mengetahui metode Just In Time (JIT) dalam usaha meningkatkan efisiensi biaya persediaan bahan baku sebagai kelancaran proses produksi. Obyek penelitian ini adalah Wisma Batik Pring Sedapur yang beralamat di desa Sidomukti kecamatan Plaosan kabupaten Magetan, yang beroperasi di sektor pembuatan batik tulis. Metode analisis kwantitatif dipergunakan sebagai metode untuk analisis data penelitian ini. Data yang diperlukan adalah data-data yang menyangkut perhitungan biaya persediaan bahan baku menggunakan metode Just In Time. Jenis data yang diperoleh adalah data primer (berupa laporan bahan baku produksi, persediaan bahan baku, serta biaya bahan baku, juga sejarah perusahaan) dan data sekunder berupa literature dari perpustakaan, catatan selama perkuliahan, buku-buku dan media internet terkait teori yang akan diteliti). Hasil pada penelitian ini dapat disimpulkan bahwa secara perhitungan tradisional sejumlah Rp. 217.096.800 sementara perhitungan menggunakan metode Just In Time didapatkan hasil sejumlah Rp. 204.739.693 Efisiensi sebesar Rp. 12. 357.107.</span></p><div><span><br /></span></div>","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135423568","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 : 2023-02-27DOI: 10.1080/13691066.2023.2178348
Ping-ho Chen, M. Rao, S. Raza, Xiao-qing Zhan, Xin Zhao
{"title":"The impact of sudden public events and fiscal policy relief on the financing constraints of small and medium enterprises: a quasi-natural experiment during COVID-19","authors":"Ping-ho Chen, M. Rao, S. Raza, Xiao-qing Zhan, Xin Zhao","doi":"10.1080/13691066.2023.2178348","DOIUrl":"https://doi.org/10.1080/13691066.2023.2178348","url":null,"abstract":"","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"39 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2023-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91089493","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 : 2023-02-14DOI: 10.1080/13691066.2023.2177208
K. Moghaddam, W. Q. Judge, Krista B. Lewellyn, F. Askarzadeh
ABSTRACT Drawing from resource dependence theory and the faultlines perspective, this study examines how ownership heterogeneity affects firm performance in the understudied context of entrepreneurial firms founded by immigrants. We find that investment by venture capitalists (VCs) is associated with immigrant-founded entrepreneurial firms being less profitable during their infancy stage. Our results also reveal that the presence of a native-born co-owner has a negative effect on performance for these entrepreneurial firms. This study suggests that immigrant entrepreneurs be more cautious about the costs and benefits of seeking resources from VCs and partnering with native co-owners. Further, seeking capital from alternative sources and employing native talent and expertise in terms of business advisers or executive managers may be effective alternative approaches for immigrant entrepreneurs.
{"title":"Corporate governance in immigrant-founded entrepreneurial firms: ownership heterogeneity and firm performance","authors":"K. Moghaddam, W. Q. Judge, Krista B. Lewellyn, F. Askarzadeh","doi":"10.1080/13691066.2023.2177208","DOIUrl":"https://doi.org/10.1080/13691066.2023.2177208","url":null,"abstract":"ABSTRACT Drawing from resource dependence theory and the faultlines perspective, this study examines how ownership heterogeneity affects firm performance in the understudied context of entrepreneurial firms founded by immigrants. We find that investment by venture capitalists (VCs) is associated with immigrant-founded entrepreneurial firms being less profitable during their infancy stage. Our results also reveal that the presence of a native-born co-owner has a negative effect on performance for these entrepreneurial firms. This study suggests that immigrant entrepreneurs be more cautious about the costs and benefits of seeking resources from VCs and partnering with native co-owners. Further, seeking capital from alternative sources and employing native talent and expertise in terms of business advisers or executive managers may be effective alternative approaches for immigrant entrepreneurs.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"51 1","pages":"161 - 185"},"PeriodicalIF":2.4,"publicationDate":"2023-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85305823","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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