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Ex Ante Predictability of Rapid Growth: A Design Science Approach 快速增长的事前可预测性:一种设计科学方法
IF 10.5 1区 管理学 Q1 BUSINESS Pub Date : 2022-11-06 DOI: 10.1177/10422587221128268
Ari Hyytinen, Petri Rouvinen, Mika Pajarinen, Joosua Virtanen
We examine how machine learning (ML) predictions of high-growth enterprises (HGEs) help a budget-constrained venture capitalist source investments for a fixed size portfolio. Applying a design science approach, we predict HGEs 3 years ahead and focus on decision (not statistical) errors, using an accuracy measure relevant to the decision-making context. We find that when the ML procedure adheres to the budget constraint and maximizes the accuracy measure, nearly 40% of the HGE predictions are correct. Moreover, ML performs particularly well where it matters in practice—in the upper tail of the distribution of the predicted HGE probabilities. JEL Classification: C53, D22, L25
我们研究了高增长企业(HGEs)的机器学习(ML)预测如何帮助预算有限的风险资本家为固定规模的投资组合寻找投资来源。运用设计科学的方法,我们预测未来3年的HGEs,并使用与决策环境相关的精度测量来关注决策(非统计)错误。我们发现,当机器学习过程遵守预算约束并最大化准确性度量时,近40%的HGE预测是正确的。此外,ML在实践中表现得特别好——在预测的HGE概率分布的上尾。JEL分类:C53, D22, L25
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引用次数: 2
Restricted Variance Interactions in Entrepreneurship Research: A Unique Basis for Context-as-Moderator Hypotheses 创业研究中的限制性方差相互作用:情境调节假说的独特基础
IF 10.5 1区 管理学 Q1 BUSINESS Pub Date : 2022-10-27 DOI: 10.1177/10422587221121293
J. Cortina, T. Köhler, Zitong Sheng, Kathleen R Keeler, B. Nielsen, Joseph E. Coombs, D. Ketchen
In this methodological brief, we demonstrate the usefulness of the restricted variance (RV) interaction to entrepreneurship research. RV reasoning can help scholars to specify precise roles for contextual moderators. This specificity allows for strengthening of arguments and for testing of one of the reasons for an interaction. In some cases, it points to otherwise unexpected interaction patterns. We illustrate the power of RV reasoning with a data set of 503 biotech firms to show how RV explains geographic differences in the relationship between number of alliances and initial public offering value. Finally, we show how these interactions can be tested given typical distributions.
在这个方法简介中,我们展示了限制性方差(RV)相互作用对创业研究的有用性。RV推理可以帮助学者明确语境调节者的确切角色。这种专一性允许加强论证和测试交互的原因之一。在某些情况下,它指向意想不到的交互模式。我们用503家生物技术公司的数据集来说明RV推理的力量,以展示RV如何解释联盟数量和首次公开募股价值之间关系的地理差异。最后,我们将展示如何在给定典型分布的情况下测试这些相互作用。
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引用次数: 2
Crafting and Assessing Design Science Research for Entrepreneurship 创业设计科学研究的制作和评估
IF 10.5 1区 管理学 Q1 BUSINESS Pub Date : 2022-10-21 DOI: 10.1177/10422587221128271
D. Dimov, Markku V. J. Maula, A. Romme
Recognizing the importance of various types of artifacts for entrepreneurship, design science (DS) has been proposed as an inclusive approach that combines relevance and rigor. By enabling researchers to go beyond their traditional roles as observers and analysts of established artifacts to help design new artifacts, DS can improve the relevance of entrepreneurship research. However, there is a paucity of knowledge on how this type of research can be published in leading entrepreneurship journals. In this editorial, we seek to provide practical guidance on how to craft and assess DS studies that target Entrepreneurship Theory & Practice (ETP) and other top-tier journals.
认识到各种类型的工件对企业家精神的重要性,设计科学(DS)已经被提议作为一种结合相关性和严谨性的包容性方法。通过使研究人员超越他们作为已建立的工件的观察者和分析者的传统角色,以帮助设计新的工件,DS可以提高创业研究的相关性。然而,关于如何在领先的创业期刊上发表这类研究的知识缺乏。在这篇社论中,我们试图就如何制定和评估针对创业理论与实践(ETP)和其他顶级期刊的DS研究提供实用指导。
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引用次数: 14
Concepts as Mirrors and Torches: Rigor and Relevance as Scholarly Performativity 作为镜子和火炬的概念:作为学术表演的严谨性和相关性
IF 10.5 1区 管理学 Q1 BUSINESS Pub Date : 2022-10-21 DOI: 10.1177/10422587221128269
N. Thompson, Orla Byrne, D. Dimov
This article aims to further the rigor and relevance discussion in entrepreneurship studies. It argues that tensions arise due to an adherence to a rigor-as-correspondence perspective, which can be addressed through the advancement of a rigor-as-performativity perspective. Entrepreneurship concepts are tools used to define, represent, and explain entrepreneurial experience, yet how these tools hook onto the world is a question of performance and application rather than unambiguous correspondence. We advocate for a view of rigor and relevance that appreciates the torch-like features of concepts—how they help entrepreneurs deal with the world so that they may fulfil their intentions—whilst retaining an understanding that the future is unknowable and change a constant.
本文旨在进一步探讨创业研究的严谨性和相关性。它认为,紧张局势的出现是由于坚持严格作为对应的观点,这可以通过严格作为性能的观点的进步来解决。创业概念是用来定义、表示和解释创业经验的工具,然而这些工具如何与世界挂钩是一个性能和应用的问题,而不是明确的对应。我们提倡一种严谨和相关的观点,欣赏概念的火炬般的特征——它们如何帮助企业家应对世界,使他们能够实现自己的意图——同时保持一种理解,即未来是不可知的,变化是恒定的。
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引用次数: 1
Self-Employment and Eudaimonic Well-Being: The Mediating Role of Problem- and Emotion-Focused Coping 自雇与幸福感:问题与情绪处理的中介作用
IF 10.5 1区 管理学 Q1 BUSINESS Pub Date : 2022-10-14 DOI: 10.1177/10422587221126486
Boris N. Nikolaev, Michael P. Lerman, C. Boudreaux, Brandon A. Mueller
An emerging body of research has documented that self-employed people are more likely to report higher levels of eudaimonic well-being (EWB; e.g., autonomy, competence, meaning) than their employed counterparts. In this paper, we examine why the self-employed perceive their lives as psychologically more fulfilling even though they face more complex and competing occupational demands that can expose them to more stressors. Specifically, we hypothesize that the self-employed are more likely to engage in problem-focused coping—productive and proactive behaviors and thoughts aimed to help them overcome challenges (e.g., planning and active coping)—and less likely to engage in emotion-focused coping—behaviors and thoughts to merely make them feel better (e.g., venting and denial)—which, in turn, can promote higher levels of EWB. Using data from Waves 2 and 3 of the National Study of Midlife in Development in the United States, we find supportive evidence for our theory. More importantly, we show that the well-being benefits from self-employment accrue almost entirely because the self-employed are more likely to use problem-focused coping as opposed to emotion-focused coping. In a series of robustness tests, including random-effects models, matching estimators, and twin and sibling fixed-effects, we further demonstrate the relevance of coping as a key explanatory mechanism in the relationship between self-employment and EWB.
一项新的研究表明,自雇人士更有可能报告更高水平的幸福感(EWB;(例如,自主性、能力、意义)。在本文中,我们研究了为什么自雇者认为他们的生活在心理上更充实,即使他们面临更复杂和竞争的职业需求,可以使他们暴露于更多的压力源。具体来说,我们假设个体经营者更有可能采取以问题为中心的应对方式——富有成效和积极主动的行为和想法,旨在帮助他们克服挑战(例如,计划和积极应对)——而不太可能采取以情绪为中心的应对方式——仅仅是让他们感觉更好的行为和想法(例如,发泄和否认)——反过来,这可以促进更高水平的EWB。利用美国国家中年发展研究第二和第三波的数据,我们找到了支持我们理论的证据。更重要的是,我们发现自雇带来的幸福感几乎完全是因为自雇者更有可能使用以问题为中心的应对方式,而不是以情绪为中心的应对方式。通过随机效应模型、匹配估计量、双胞胎和兄弟姐妹固定效应等一系列稳健性检验,我们进一步证明了应对是个体就业与工作环境之间关系的重要解释机制。
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引用次数: 7
Assessing the Factors Related to a Start-Up’s Valuation Using Prediction and Causal Discovery 利用预测和因果发现评估与初创企业估值相关的因素
IF 10.5 1区 管理学 Q1 BUSINESS Pub Date : 2022-10-14 DOI: 10.1177/10422587221121291
Mariia Garkavenko, Tatiana Beliaeva, Éric Gaussier, Hamid Mirisaee, Cédric Lagnier, Agnès Guerraz
Research indicates that investors rely on various criteria to evaluate early-stage companies. However, past research in this area has focused on subsets of factors and does not distinguish between the predictors and causal determinants of start-up valuation. In our study, we applied machine learning and causal discovery to analyze a comprehensive dataset with 57 independent variables and 2,366 valuations of start-ups in the United Kingdom. The results show a strong relationship between good predictors and causal determinants of valuation. However, noncausal variables may still be useful for prediction, and inversely, some observed causes may not help in the prediction task.
研究表明,投资者依靠各种标准来评估早期公司。然而,过去在这一领域的研究集中在因素的子集上,并没有区分创业估值的预测因素和因果决定因素。在我们的研究中,我们应用机器学习和因果发现来分析一个包含57个自变量和2366个英国初创企业估值的综合数据集。结果表明,良好的预测因素和估值的因果决定因素之间存在很强的关系。然而,非因果变量可能仍然对预测有用,相反,一些观察到的原因可能对预测任务没有帮助。
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引用次数: 0
Pandemic Makers: How Citizen Groups Mobilized Resources to Meet Local Needs in a Global Health Crisis 流行病制造者:公民团体如何在全球卫生危机中动员资源以满足当地需求
IF 10.5 1区 管理学 Q1 BUSINESS Pub Date : 2022-10-14 DOI: 10.1177/10422587221120206
Russell E. Browder, Stella K. Seyb, Angela L Forgues, H. Aldrich
The enormous scale of suffering, breadth of societal impact, and ongoing uncertainty wrought by the COVID-19 pandemic introduced dynamics seldom examined in the crisis entrepreneurship literature. Previous research indicates that when a crisis causes a failure of public goods, spontaneous citizen ventures often emerge to leverage unique local knowledge to rapidly customize abundant external resources to meet immediate needs. However, as outsiders, emergent citizen groups responding to the dire shortage of personal protective equipment at the onset of COVID-19 lacked local knowledge and legitimacy. In this study, we examine how entrepreneurial citizens mobilized collective resources in attempts to gain acceptance and meet local needs amid the urgency of the pandemic. Through longitudinal case studies of citizen groups connected to makerspaces in four U.S. cities, we study how they adapted to address the resource and legitimacy limitations they encountered. We identify three mechanisms—augmenting, circumventing, and attenuating—that helped transient citizen groups calibrate their resource mobilization based on what they learned over time. We highlight how extreme temporality imposes limits on resourcefulness and legitimation, making it critical for collective entrepreneurs to learn when to work within their limitations rather than try to overcome them.
COVID-19大流行带来的巨大痛苦、广泛的社会影响以及持续的不确定性,带来了危机创业文献中很少研究的动态。以往的研究表明,当危机导致公共产品失效时,自发的公民企业往往会出现,利用独特的地方知识,迅速定制丰富的外部资源,以满足眼前的需求。然而,作为局外人,在COVID-19爆发时应对个人防护装备严重短缺的新兴公民团体缺乏当地知识和合法性。在这项研究中,我们考察了企业家公民如何动员集体资源,试图在疫情紧急情况下获得认可并满足当地需求。通过对美国四个城市中与创客空间相关的公民团体的纵向案例研究,我们研究了他们如何适应他们所遇到的资源和合法性限制。我们确定了三种机制——增强机制、规避机制和减弱机制——帮助临时公民团体根据他们在一段时间内所学到的知识来调整他们的资源动员。我们强调极端的时间性是如何限制智谋和合法性的,这使得集体企业家学会何时在其局限性内工作而不是试图克服它们变得至关重要。
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引用次数: 4
Sacrifice, Protect, and Hope for the Best: Family Ownership, Turnaround Moves, and Crisis Survival 牺牲、保护和希望:家族所有权、转机行动和危机生存
IF 10.5 1区 管理学 Q1 BUSINESS Pub Date : 2022-10-11 DOI: 10.1177/10422587221118062
Alexandra Bertschi-Michel, Philipp Sieger, Thomas Wittig, Andreas Hack
A critical yet unanswered question for family-owned firms in a survival-threatening crisis is which turnaround moves to employ and for what reasons. Building on noneconomic goals associated with family ownership and related socioemotional wealth (SEW) considerations, we theorize that the higher the degree of family ownership, the more likely family owners are to sacrifice normative SEW dimensions and to protect instrumental SEW dimensions. This then affects which operational, portfolio, financial, and managerial turnaround moves are likely to be employed, and ultimately, the odds of insolvency. Analyzing a unique sample of responses from 209 bank turnaround managers generally confirms our theorizing.
在一场威胁生存的危机中,家族企业面临的一个关键问题是,哪些企业会采取转型行动,以及出于何种原因。基于与家族所有权和相关社会情感财富(SEW)相关的非经济目标,我们认为家族所有权程度越高,家族所有者就越有可能牺牲规范的SEW维度,并保护工具性的SEW维度。这就会影响到可能采取哪些运营、投资组合、财务和管理上的转型举措,并最终影响到破产的几率。分析了209家银行周转经理的独特回应样本,总体上证实了我们的理论。
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引用次数: 2
The Role of Entrepreneurs’ Perceived Competence and Cooperativeness in Early-Stage Financing 企业家感知能力与合作度在早期融资中的作用
IF 10.5 1区 管理学 Q1 BUSINESS Pub Date : 2022-10-06 DOI: 10.1177/10422587221127000
Mojca Svetek
Building on social-psychological insights into social perception and judgment and empirical findings from the entrepreneurship literature, we propose that early-stage equity investors look at two main dimensions to assess entrepreneurs seeking early-stage financing: competence and cooperativeness. In all, 84 angel investors and venture capitalists active in Europe participated in a conjoint experiment. The results show that investors prioritize entrepreneurs’ competence over their cooperativeness. Entrepreneurs’ competence is even more appealing to investors when combined with coachability. We find that entrepreneurs can compensate for a lack of experience by demonstrating solid market knowledge and appearing to be coachable. Furthermore, the results suggest that investors differ in their consideration of entrepreneurs’ cooperativeness, but not competence, when making investment decisions—a finding that is conditional on investors’ usual level of involvement in their portfolio ventures. We discuss these findings from a theoretical and practical perspective.
基于对社会感知和判断的社会心理学见解以及创业文献的实证研究结果,我们建议早期股权投资者从两个主要维度来评估寻求早期融资的企业家:能力和合作。共有84位活跃在欧洲的天使投资人和风险投资家参与了这项联合实验。结果表明,投资者更看重企业家的能力,而不是他们的合作能力。企业家的能力与可指导性相结合,对投资者更具吸引力。我们发现,企业家可以通过展示扎实的市场知识和表现出可指导的态度来弥补经验的缺乏。此外,研究结果表明,当投资者做出投资决策时,他们对企业家合作能力的考虑不同,而不是能力,这一发现取决于投资者对其投资组合企业的通常参与程度。我们将从理论和实践的角度讨论这些发现。
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引用次数: 1
Timeout: The Role of Family-Friendly Policies in Business Start-Up Among Mothers 超时:家庭友好政策在母亲创业中的作用
IF 10.5 1区 管理学 Q1 BUSINESS Pub Date : 2022-10-06 DOI: 10.1177/10422587221126493
M. Markowska, Helene Ahl, L. Naldi
This article explores why an increasing number of Swedish mothers are becoming entrepreneurs; this choice appears counterintuitive given the prevailing social welfare system prioritizes the rights of employed women. Using an interpretative stance, we analyzed the life stories of 18 Swedish mothers who created new ventures while caring for young children. The value of the time afforded by parental leave policies was identified as vital to the business creation process. Hence, we argue that time is a critical entrepreneurship-relevant resource; this is illustrated by the positive effect of the Swedish welfare system upon entrepreneurship entry and the timing of this decision.
这篇文章探讨了为什么越来越多的瑞典母亲成为企业家;鉴于现行的社会福利制度优先考虑就业妇女的权利,这种选择似乎违反直觉。我们从阐释的角度分析了18位瑞典母亲的生活故事,她们一边照顾年幼的孩子,一边创业。产假政策所提供的时间价值被认为对企业创建过程至关重要。因此,我们认为时间是与创业相关的关键资源;瑞典福利制度对企业家进入的积极影响和这一决定的时机说明了这一点。
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引用次数: 2
期刊
Entrepreneurship Theory and Practice
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