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Striking a Balance: The Effect of Capability and Character Reputation Claims on Crowdfunding Performance 取得平衡:能力和品格声誉声明对众筹业绩的影响
IF 10.5 1区 管理学 Q1 BUSINESS Pub Date : 2024-09-14 DOI: 10.1177/10422587241269066
Jeffrey A. Chandler, Marcus T. Wolfe, Pyayt P. Oo
Drawing from expectancy violations theory, we examine the effect of entrepreneurs’ claims about their ventures’ capability reputation and character reputation on crowdfunding performance. We propose that capability reputation and character reputation claims benefit crowdfunding performance—but only up to a point—until crowdfunding backers begin to perceive it as over-claiming (inverted-U relationship). We also suggest the effect of entrepreneurs’ capability and character reputation claims are highly contingent upon whether the entrepreneur has launched a commercial or social campaign. Our analysis of 68,899 crowdfunding campaigns strongly supports our theoretical predictions.
借鉴预期违约理论,我们研究了创业者宣称其企业的能力声誉和品德声誉对众筹业绩的影响。我们提出,能力声誉和品德声誉声明有利于众筹业绩--但只到一定程度--直到众筹支持者开始认为这是过度声明(倒 U 型关系)。我们还发现,创业者的能力和品德声誉声明的效果在很大程度上取决于创业者发起的是商业活动还是社会活动。我们对 68,899 项众筹活动的分析有力地支持了我们的理论预测。
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引用次数: 0
Crowdlending, Self-Employment, and Entrepreneurial Performance 众筹贷款、自营职业和创业业绩
IF 10.5 1区 管理学 Q1 BUSINESS Pub Date : 2024-09-07 DOI: 10.1177/10422587241270596
Douglas Cumming, Ahmed Sewaid
Access to finance is crucial for sustaining entrepreneurial activity. Elaborating on resource dependence theory, we argue that the adverse impact of a loan rejection by a crowdlending platform is more severe than that of a rejection by a traditional financial institution. The data indicate that a failed crowdlending loan attempt is associated with a 14.80% increase in the probability of transitioning out of self-employment. This effect is 1.62 times that of revolving lines of credit and 3.08 times that of non-revolving lines of credit. We highlight that these effects are amplified for marginal borrowers and credit- and income-constrained entrepreneurs. In addition, we show that successful crowdlending enhances self-employed individuals’ future income and future access to traditional lines of credit. Implications for policy and practice are discussed.
获得资金对于维持创业活动至关重要。根据资源依赖理论,我们认为众筹平台拒绝贷款的负面影响比传统金融机构拒绝贷款的影响更为严重。数据显示,众筹贷款尝试失败会导致脱离自营职业的概率增加 14.80%。这一影响是循环信贷额度的 1.62 倍,是非循环信贷额度的 3.08 倍。我们强调,对于边缘借款人以及受信贷和收入限制的创业者来说,这些效应会被放大。此外,我们还表明,成功的众借会提高自营职业者的未来收入和获得传统信贷额度的机会。本文讨论了众借对政策和实践的影响。
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引用次数: 0
Entrepreneurial Resourcefulness Throughout Crisis 危机中的创业机智
IF 10.5 1区 管理学 Q1 BUSINESS Pub Date : 2024-09-02 DOI: 10.1177/10422587241269067
Katharina Scheidgen, Franziska Günzel-Jensen, Simon L. Schmidt
By following 17 entrepreneurial ventures throughout the COVID-19 pandemic, we show how entrepreneurial ventures can resourcefully mobilize resources throughout crisis—when resource constraints and opportunities for resource mobilization shift erratically. In a period marked by significant resource constraints, a temporary field emerged, centered around societal consequences of the crisis and temporarily offered opportunities for resource mobilization. We identified two types of resourcefulness, both of which were successful immediately after the crisis struck. Surprisingly, only leveraging the temporary field enabled resource mobilization throughout the crisis and fostered venture survival, while, despite initial successes, absorbing the temporary field did not.
通过对 17 家创业企业在 COVID-19 大流行期间的全程跟踪,我们展示了创业企业如何在整个危机期间机智地调动资源--当资源限制和资源调动机会发生不规则变化时。在资源严重受限的时期,出现了一个以危机的社会后果为中心的临时领域,暂时提供了调动资源的机会。我们发现了两种类型的机智,这两种类型的机智在危机发生后都立即取得了成功。令人惊讶的是,只有利用临时领域才能在整个危机期间调动资源并促进企业生存,而吸收临时领域尽管取得了初步成功,却没有取得成功。
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引用次数: 0
All Is Well Until It Isn’t: Socioemotional Wealth Congruence and Employee Behavior in Family Firms 一切都好,直到不好:家族企业中的社会情感财富一致性与员工行为
IF 10.5 1区 管理学 Q1 BUSINESS Pub Date : 2024-09-02 DOI: 10.1177/10422587241270638
James M. Vardaman, Benjamin D. McLarty, Min Z. Carter
This article explores the counterintuitive notion that congruence in the importance family firm supervisors and their employees place on socioemotional wealth is negatively associated with employee citizenship and proactive behaviors, while incongruence has positive effects. Results from polynomial regression analysis of data collected from 159 family firm supervisor–employee dyads support our complacency theory-based model, suggesting that congruence creates attentional lethargy and complacency toward organizational citizenship and proactivity while incongruence makes the need to engage in beneficial behaviors more salient. The negative effects of congruence are alleviated by higher levels of leader–member exchange. Theoretical and practical implications are discussed.
本文探讨了一个与直觉相反的观点,即家族企业主管及其员工对社会情感财富的重视程度一致与员工的公民意识和积极主动行为呈负相关,而不一致则呈正相关。对从 159 个家族企业主管和员工二元组中收集到的数据进行多项式回归分析的结果支持了我们基于自满理论的模型,表明一致会造成对组织公民意识和主动性的注意力倦怠和自满,而不一致则会使参与有益行为的需求更加突出。更高水平的领导者-成员交流可以缓解一致性的负面影响。本文讨论了其理论和实践意义。
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引用次数: 0
Venture Capitalists’ Decision-Making in Hot and Cold Markets: The Effect of Signals and Cheap Talk 风险资本家在冷热市场中的决策:信号和廉价言论的影响
IF 10.5 1区 管理学 Q1 BUSINESS Pub Date : 2024-08-29 DOI: 10.1177/10422587241268311
Simon Kleinert, Marie Hildebrand
This study examines the influence of market conditions—hot versus cold—on the decision-making processes of venture capitalists (VCs). Prior research suggests that VCs prefer costly signals over cheap talk when assessing new ventures under static conditions. However, based on a cognitive perspective, we argue that the dynamic nature of market conditions alters VCs’ information processing. In cold markets, VCs prioritize signals, whereas, in hot markets, they emphasize less costly cues that resonate with prevailing optimism, often at the expense of signals. Supported by a conjoint experiment with 76 VCs, our results clarify the pivotal role of market conditions on the effectiveness of entrepreneurs’ signaling strategies.
本研究探讨了市场条件(热与冷)对风险资本家(VC)决策过程的影响。先前的研究表明,风险投资人在静态条件下评估新企业时,更倾向于高成本的信号,而不是廉价的言论。然而,我们从认知角度出发,认为市场条件的动态性质改变了风险投资人的信息处理。在冷市场中,风险投资人优先考虑信号,而在热市场中,他们则强调成本较低的线索,这些线索能与当前的乐观情绪产生共鸣,但往往以牺牲信号为代价。在 76 家风险投资公司联合实验的支持下,我们的研究结果阐明了市场条件对企业家信号策略有效性的关键作用。
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引用次数: 0
Taking a Second Look at the Bait: Attention to Upside Potential Versus Downside Risk in Venture Capitalists’ Staged Investment 再看诱饵:风险资本家分阶段投资中对上行潜力与下行风险的关注
IF 10.5 1区 管理学 Q1 BUSINESS Pub Date : 2024-08-29 DOI: 10.1177/10422587241270571
Bin Hao, Yanan Feng, Hongbin Tan, Mingzhu Ye
This study investigates how venture capitalists (VCs) balance upside potential and downside risk across investment stages. Drawing on the attention-based view, we propose a situated attention mechanism—that is, the investment stage represents a situational consideration affecting VC’s attention allocation to different risk dimensions. We argue that varying staging situations drive VCs to prioritize upside potential in the initial stage yet downside risk in the subsequent stage. As such, VCs may initially favor a risky project, but subsequently devalue it. We further propose that these effects are contingent on number of VCs on market, start-up maturity, and VC attention constraints. Our empirical results support our predictions.
本研究探讨了风险投资家(VC)如何平衡不同投资阶段的上升潜力和下降风险。借鉴基于注意力的观点,我们提出了一种情景注意力机制--即投资阶段是影响风险投资人对不同风险维度的注意力分配的一种情景考虑因素。我们认为,不同的阶段情况会促使风险投资公司在初始阶段优先考虑上行潜力,而在随后阶段则优先考虑下行风险。因此,风险投资公司最初可能会青睐高风险项目,但随后又会贬低其价值。我们进一步提出,这些影响取决于市场上风险投资公司的数量、初创企业的成熟度以及风险投资公司的注意力限制。我们的实证结果支持我们的预测。
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引用次数: 0
Digital Product Innovation Within Family Firms: A Construal Level Perspective 家族企业的数字产品创新:构想层面的视角
IF 10.5 1区 管理学 Q1 BUSINESS Pub Date : 2024-08-28 DOI: 10.1177/10422587241268029
Paolo Capolupo, Lorenzo Ardito, Antonio Messeni Petruzzelli, Nadine Kammerlander, Alfredo De Massis
Digital product innovation (DPI) is critical for the survival of firms, especially those operating in traditional industrial-age industries. While research has started to investigate digital innovation in family firms (FFs) considering them as a monolithic group, we still lack a more nuanced perspective that considers heterogeneity among FFs with respect to DPI and what drives such variance. Drawing on construal level theory to explain the risk behavior and goal time horizon of FF owner-managers, we propose and find that the presence of later family generations in control positively influences DPI in FFs, while the presence of a family CEO is detrimental to DPI. Furthermore, we propose that these relationships are moderated by the size of the top management team (TMT), finding that a larger TMT weakens the positive relationship between later generations in control and DPI. We base our analysis on a longitudinal sample of 103 FFs in the automotive, industrial engineering, and pharmaceutical sectors observed from 2013 to 2020. This first empirical study applying construal level theory to the family business literature has important implications for the FF digital innovation literature and for FF owner-managers interested in achieving DPI.
数字产品创新(DPI)对企业的生存至关重要,尤其是那些在传统工业时代运营的企业。虽然已有研究开始调查家族企业(FFs)的数字创新,并将其视为一个单一的群体,但我们仍然缺乏一个更细致的视角,来考虑家族企业在数字产品创新方面的异质性,以及是什么驱动了这种差异。我们借鉴构想水平理论来解释 FF 所有者-管理者的风险行为和目标时间跨度,提出并发现家族后代的存在对 FF 的 DPI 有积极影响,而家族首席执行官的存在则对 DPI 不利。此外,我们还提出,这些关系受高层管理团队(TMT)规模的调节,发现规模较大的高层管理团队会削弱晚辈掌权与 DPI 之间的正相关关系。我们的分析基于对汽车、工业工程和制药行业 103 家 FF 的纵向抽样,观察时间为 2013 年至 2020 年。这是第一项将构想层面理论应用于家族企业文献的实证研究,对FF数字创新文献和有志于实现DPI的FF所有者-管理者具有重要意义。
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引用次数: 0
Token-Based Crowdfunding: Investor Choice and the Optimal Timing of Initial Coin Offerings 基于代币的众筹:投资者选择与首次代币发行的最佳时机
IF 10.5 1区 管理学 Q1 BUSINESS Pub Date : 2024-08-17 DOI: 10.1177/10422587241261625
Wolfgang Drobetz, Lars Hornuf, Paul P. Momtaz, Niclas Schermann
This article examines the operating and financial performance of venture firms conducting initial coin offerings (ICOs) with different types of investors and at different points along a venture’s life-cycle. Relative to purely crowdfunded ICO ventures, institutional investor-backed ICO ventures exhibit weaker operating performance and fail earlier. However, conditional on survival, these ventures financially outperform their peers that do not receive institutional investor support. The diverging effects of investor backing on financial and operating performance are consistent with our theory of “certification exploitation” through a new form of a pump-and-dump scheme. Institutional investors exploit their reputation to drive up ICO valuations and quickly exit the venture post-ICO, with the difference in pre- versus post-certification token prices being their exploitation profit in liquid markets for startups. Our findings further indicate that there is an inverted U-shaped relationship between the financial success of an ICO and the timing along a venture’s life-cycle, with the product piloting phase representing the pivotal point.JEL Codes: G24, G32, K22, L26
本文研究了不同类型的投资者参与首次代币发行(ICO)的风险企业在风险企业生命周期不同阶段的运营和财务表现。与纯粹的众筹 ICO 风险企业相比,由机构投资者支持的 ICO 风险企业的运营表现较弱,失败的时间也较早。然而,在存活的条件下,这些企业的财务表现优于未获得机构投资者支持的同行。投资者支持对财务和经营业绩的不同影响与我们的 "认证剥削 "理论是一致的,即通过一种新形式的 "抽水与倾销 "计划进行剥削。机构投资者利用自己的声誉抬高 ICO 估值,并在 ICO 后迅速退出风险投资,认证前与认证后代币价格的差异就是他们在初创企业流动性市场上的剥削利润。我们的研究结果进一步表明,ICO 的财务成功与风险企业生命周期的时间之间存在倒 U 型关系,而产品试点阶段则是关键点:G24, G32, K22, L26
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引用次数: 0
When Failure Is Not Fatal: Examining Venture Resource Acquisition Following Product Development Failure 当失败并非致命时:考察产品开发失败后的风险资源获取情况
IF 10.5 1区 管理学 Q1 BUSINESS Pub Date : 2024-08-07 DOI: 10.1177/10422587241261618
Amrita Lahiri, Chandresh Baid, Arvin Sahaym, Greg Fisher
Product development in innovation-driven industries often fails. Although such failures cause new ventures to struggle to raise follow-on investments, some overcome this challenge. Why? Synthesizing insights from the research on signaling and social evaluation theory, we identify how certain resources can mitigate the risk of funding termination for new ventures despite product development failure. Through a longitudinal study of 254 venture capital-funded biotechnology ventures, we show that internal quality signals decrease in their effectiveness while industry endorsement signals increase in their effectiveness as quality signals over time. Our findings contribute to the literatures on entrepreneurial failure, entrepreneurial resource acquisition and signaling.
创新驱动型产业的产品开发经常失败。虽然这种失败会导致新企业在筹集后续投资时举步维艰,但也有一些企业克服了这一挑战。为什么会这样?综合信号传递研究和社会评价理论的见解,我们确定了某些资源如何在产品开发失败的情况下降低新企业资金终止的风险。通过对 254 家风险投资资助的生物技术企业进行纵向研究,我们发现,随着时间的推移,内部质量信号的有效性会降低,而行业认可信号作为质量信号的有效性会提高。我们的研究结果为有关创业失败、创业资源获取和信号的文献做出了贡献。
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引用次数: 0
Knowledge-Related Resourcefulness for Growth in Weak Entrepreneurial Ecosystems 在薄弱的创业生态系统中利用与知识相关的资源促进增长
IF 10.5 1区 管理学 Q1 BUSINESS Pub Date : 2024-08-07 DOI: 10.1177/10422587241259393
Hans Rawhouser, Chris Sutter, Natalie Holzaepfel, Michael Conger, Scott L. Newbert
Entrepreneurs need to access knowledge to grow, but weak entrepreneurial ecosystems tend to lack the types of knowledge that foster venture growth. To explore how entrepreneurs can act resourcefully as they overcome local ecosystem deficiencies in efforts to grow, we conducted 78 interviews with growth-oriented entrepreneurs in Central America. These entrepreneurs, perceiving that their ecosystem was subordinate to stronger ecosystems, challenged local knowledge, prompting them to engage in knowledge-related resourcefulness, which involves reorienting network targets (resourceful cognition) and assembling network tie proxies (resourceful behavior), to leverage benefits from both local and distant entrepreneurial ecosystems in pursuit of steady organic growth.
创业者需要获取知识才能成长,但薄弱的创业生态系统往往缺乏促进企业成长的知识类型。为了探索创业者在努力成长的过程中如何克服当地生态系统的缺陷,我们对中美洲的成长型创业者进行了 78 次访谈。这些企业家认为,他们的生态系统从属于较强的生态系统,这就对本地知识提出了挑战,促使他们采取与知识相关的机智行动,包括重新定位网络目标(机智认知)和组合网络纽带代理(机智行为),以充分利用本地和远方创业生态系统的优势,追求稳定的有机增长。
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引用次数: 0
期刊
Entrepreneurship Theory and Practice
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