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":null,"pages":null},"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":null,"pages":null},"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":null,"pages":null},"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":null,"pages":null},"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 : 2023-02-22DOI: 10.1080/13691066.2023.2178349
S. Manigart, Sara Khosravi
{"title":"Unanswered questions in entrepreneurial finance","authors":"S. Manigart, Sara Khosravi","doi":"10.1080/13691066.2023.2178349","DOIUrl":"https://doi.org/10.1080/13691066.2023.2178349","url":null,"abstract":"","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2023-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86379565","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":null,"pages":null},"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}
Pub Date : 2023-01-18DOI: 10.1080/13691066.2022.2161969
G. Latifi, L. Grilli, A. Herrmann
{"title":"Does writing a business plan still matter for searching and obtaining external equity finance?","authors":"G. Latifi, L. Grilli, A. Herrmann","doi":"10.1080/13691066.2022.2161969","DOIUrl":"https://doi.org/10.1080/13691066.2022.2161969","url":null,"abstract":"","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2023-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85857561","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 : 2023-01-03DOI: 10.1080/13691066.2022.2163001
Nina Magomedova, Núria Villaescusa, A. Manresa
ABSTRACT In the last few decades, universities have engaged in the creation of university-affiliated venture capital (UVC) funds to solve the funding gap of new ventures that emerge from academic research. Little is known about their specific characteristics and typology in terms of their role, investment rationale and governance. This study undertakes an attempt to explore the diversity of UVC funds through the lens of an archetype approach. The analysis of 11 European UVC funds suggests that similarities and differences in such issues as governance system, industry focus and the stage of a venture development are the possible elements that define three distinct archetypes of UVC funding. The study contributes to academic research by proposing a categorisation of UVC funds, and demonstrating their uniqueness in terms of institutional hybridity, and dual organisational schemes and structures. It also suggests that UVC archetypes are not isolated and tend to borrow elements from each other, which contributes to creating a more fluid and flexible entrepreneurial university ecosystem.
{"title":"Exploring the landscape of University-affiliated venture funds: an archetype approach","authors":"Nina Magomedova, Núria Villaescusa, A. Manresa","doi":"10.1080/13691066.2022.2163001","DOIUrl":"https://doi.org/10.1080/13691066.2022.2163001","url":null,"abstract":"ABSTRACT In the last few decades, universities have engaged in the creation of university-affiliated venture capital (UVC) funds to solve the funding gap of new ventures that emerge from academic research. Little is known about their specific characteristics and typology in terms of their role, investment rationale and governance. This study undertakes an attempt to explore the diversity of UVC funds through the lens of an archetype approach. The analysis of 11 European UVC funds suggests that similarities and differences in such issues as governance system, industry focus and the stage of a venture development are the possible elements that define three distinct archetypes of UVC funding. The study contributes to academic research by proposing a categorisation of UVC funds, and demonstrating their uniqueness in terms of institutional hybridity, and dual organisational schemes and structures. It also suggests that UVC archetypes are not isolated and tend to borrow elements from each other, which contributes to creating a more fluid and flexible entrepreneurial university ecosystem.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2023-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83047934","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 : 2022-12-29DOI: 10.1080/13691066.2022.2161968
Monika Dhochak, Sudesh Pahal, Prince Doliya
{"title":"Predicting the Startup Valuation: A deep learning approach","authors":"Monika Dhochak, Sudesh Pahal, Prince Doliya","doi":"10.1080/13691066.2022.2161968","DOIUrl":"https://doi.org/10.1080/13691066.2022.2161968","url":null,"abstract":"","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2022-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82311267","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 : 2022-12-06DOI: 10.1080/13691066.2022.2147876
E. Félix, J. Nunes, C. Pires
ABSTRACT This article analyzes the impact of the level of concentration among Venture Capitalists (VCs) on the supply of venture capital (VC), through the reduced form model for the equilibrium amount of VC (using a simultaneous equation model on aggregated data from 15 European countries). It is shown that the level of concentration among VCs has a positive effect on VC supply, so creating conditions to increase the level of concentration can stimulate VC supply. The findings reveal the importance of unemployment and personal income rate on VC demand and the positive impact of stock market capitalization on VC supply.
{"title":"The impact of concentration among venture capitalists: revisiting the determinants of venture capital","authors":"E. Félix, J. Nunes, C. Pires","doi":"10.1080/13691066.2022.2147876","DOIUrl":"https://doi.org/10.1080/13691066.2022.2147876","url":null,"abstract":"ABSTRACT This article analyzes the impact of the level of concentration among Venture Capitalists (VCs) on the supply of venture capital (VC), through the reduced form model for the equilibrium amount of VC (using a simultaneous equation model on aggregated data from 15 European countries). It is shown that the level of concentration among VCs has a positive effect on VC supply, so creating conditions to increase the level of concentration can stimulate VC supply. The findings reveal the importance of unemployment and personal income rate on VC demand and the positive impact of stock market capitalization on VC supply.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2022-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89567381","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：