Pub Date : 2025-02-21DOI: 10.1177/10422587251315657
Henrik Wesemann Lekkas, Torben Antretter, Dean Shepherd, Joakim Wincent
This study develops a theory of social proof in angel investing. We propose that availability bias leads angel group members to copy the highly visible decisions of new investors evaluating the same opportunity ( external social proof) and overlook the more insightful reinvestment decisions of prior investors ( internal social proof). We also theorize that more experienced investors generally herd less but selectively imitate knowledgeable investors from prior rounds. A study of investments by 469 angel group members and a vignette experiment with 367 participants support our hypotheses. Our findings contribute to research on social proof, decision-making under uncertainty, and investment experience.
{"title":"Following in the Footsteps of Others: Social Proof in Angel Groups","authors":"Henrik Wesemann Lekkas, Torben Antretter, Dean Shepherd, Joakim Wincent","doi":"10.1177/10422587251315657","DOIUrl":"https://doi.org/10.1177/10422587251315657","url":null,"abstract":"This study develops a theory of social proof in angel investing. We propose that availability bias leads angel group members to copy the highly visible decisions of new investors evaluating the same opportunity ( external social proof) and overlook the more insightful reinvestment decisions of prior investors ( internal social proof). We also theorize that more experienced investors generally herd less but selectively imitate knowledgeable investors from prior rounds. A study of investments by 469 angel group members and a vignette experiment with 367 participants support our hypotheses. Our findings contribute to research on social proof, decision-making under uncertainty, and investment experience.","PeriodicalId":48443,"journal":{"name":"Entrepreneurship Theory and Practice","volume":"14 1","pages":""},"PeriodicalIF":10.5,"publicationDate":"2025-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143470623","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-02-15DOI: 10.1177/10422587241311119
Matthew R. Marvel, Marcus T. Wolfe, Emily Neubert, Donald F. Kuratko, Sophie Bacq
This study investigates whether male and female entrepreneurs exhibit systematic differences in the customer learning actions they pursue, and how those actions convert to venture performance. Drawing from a dyadic sample of founders and startup advisors in the high-technology context, we explore the effects of two alternative customer learning actions—customer involvement as an information source (CIS) and customer involvement as co-developers (CIC). We find that, compared to male entrepreneurs, female entrepreneurs engage in higher levels of both types of customer learning actions (CIS and CIC). Contrary to research from the large established firm context, we find CIS and CIC have conflicting startup performance implications—CIS is beneficial, but CIC is detrimental.
{"title":"Female Entrepreneurs’ Thirst for Knowledge and the Dark Side of Customer Learning Actions","authors":"Matthew R. Marvel, Marcus T. Wolfe, Emily Neubert, Donald F. Kuratko, Sophie Bacq","doi":"10.1177/10422587241311119","DOIUrl":"https://doi.org/10.1177/10422587241311119","url":null,"abstract":"This study investigates whether male and female entrepreneurs exhibit systematic differences in the customer learning actions they pursue, and how those actions convert to venture performance. Drawing from a dyadic sample of founders and startup advisors in the high-technology context, we explore the effects of two alternative customer learning actions—customer involvement as an information source (CIS) and customer involvement as co-developers (CIC). We find that, compared to male entrepreneurs, female entrepreneurs engage in higher levels of both types of customer learning actions (CIS and CIC). Contrary to research from the large established firm context, we find CIS and CIC have conflicting startup performance implications—CIS is beneficial, but CIC is detrimental.","PeriodicalId":48443,"journal":{"name":"Entrepreneurship Theory and Practice","volume":"63 1","pages":""},"PeriodicalIF":10.5,"publicationDate":"2025-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143417215","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-02-07DOI: 10.1177/10422587251315654
Mikko Rönkkö, Markku Maula, Karl Wennberg
Configurational research has great promise in entrepreneurship. There are few universal laws or relationships that hold under all circumstances. More often, optimal entrepreneurial outcomes are contingent on many factors. Consequently, configurational analysis using qualitative comparative analysis (QCA) has become increasingly popular. However, methodological research in sociology and political science has raised concerns about possible false positive findings produced by this method. In this editorial, we explore the potential and the common pitfalls of QCA in entrepreneurship research, as well as guidelines for its use.
{"title":"Qualitative Comparative Analysis in Entrepreneurship Research","authors":"Mikko Rönkkö, Markku Maula, Karl Wennberg","doi":"10.1177/10422587251315654","DOIUrl":"https://doi.org/10.1177/10422587251315654","url":null,"abstract":"Configurational research has great promise in entrepreneurship. There are few universal laws or relationships that hold under all circumstances. More often, optimal entrepreneurial outcomes are contingent on many factors. Consequently, configurational analysis using qualitative comparative analysis (QCA) has become increasingly popular. However, methodological research in sociology and political science has raised concerns about possible false positive findings produced by this method. In this editorial, we explore the potential and the common pitfalls of QCA in entrepreneurship research, as well as guidelines for its use.","PeriodicalId":48443,"journal":{"name":"Entrepreneurship Theory and Practice","volume":"44 1","pages":""},"PeriodicalIF":10.5,"publicationDate":"2025-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143258470","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-02-06DOI: 10.1177/10422587251315653
James J. Chrisman, Zhenyu Wu, Alfredo De Massis, Pramodita Sharma, Lloyd P. Steier, Franz W. Kellermanns, Josip Kotlar, Emanuela Rondi, Bingbing Ge, Hanqing “Chevy” Fang
Jess Chua was a leading scholar in the field of family business and a major contributor to Entrepreneurship Theory and Practice both as an author and editor. His significant contributions to the field were acknowledged by the Web of Science, which listed him among the world’s most highly cited researchers in Economics and Business in 2017, 2019, and 2020. In this memorial editorial, we pay tribute to him by discussing his influence on the field through his academic work, mentoring, long-term collaborations with other scholars, and the kindness he and his wife, Eva Kan, showed to his colleagues and students.
蔡美儿是家族企业领域的杰出学者，也是《创业理论与实践》一书的主要作者和编辑。他对该领域的重大贡献得到了Web of Science的认可，该网站在2017年、2019年和2020年将他列为全球经济与商业领域被引用次数最多的研究人员之一。在这篇纪念社论中，我们通过讨论他的学术工作、指导、与其他学者的长期合作以及他和他的妻子伊娃·菅对他的同事和学生的善意，对他在该领域的影响表示敬意。
{"title":"A Tribute to the Life and Work of Jess Chua","authors":"James J. Chrisman, Zhenyu Wu, Alfredo De Massis, Pramodita Sharma, Lloyd P. Steier, Franz W. Kellermanns, Josip Kotlar, Emanuela Rondi, Bingbing Ge, Hanqing “Chevy” Fang","doi":"10.1177/10422587251315653","DOIUrl":"https://doi.org/10.1177/10422587251315653","url":null,"abstract":"Jess Chua was a leading scholar in the field of family business and a major contributor to Entrepreneurship Theory and Practice both as an author and editor. His significant contributions to the field were acknowledged by the Web of Science, which listed him among the world’s most highly cited researchers in Economics and Business in 2017, 2019, and 2020. In this memorial editorial, we pay tribute to him by discussing his influence on the field through his academic work, mentoring, long-term collaborations with other scholars, and the kindness he and his wife, Eva Kan, showed to his colleagues and students.","PeriodicalId":48443,"journal":{"name":"Entrepreneurship Theory and Practice","volume":"137 1","pages":""},"PeriodicalIF":10.5,"publicationDate":"2025-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143192490","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-01-29DOI: 10.1177/10422587241311155
Nehad Ali, Boyka Simeonova, Mathew Hughes
Drawing on goal-setting and stewardship theories, this study examines the management of family and business goals in family firms under transgenerational complexity, presenting a dynamic model of family stewardship. Through multiple case studies, we identify four distinct stewardship strategies, each with a corresponding governance structure: cultivating family stewardship (with family-dense governance), professionalizing family stewardship (with professionalized governance), harnessing external stewardship (with externally dense governance), and perpetuating external stewardship (with public companies’ governance). These strategies shift from family-centric to business-centric goal-setting approaches in sustaining the family firm. The study introduces stewardship transition capability as a missing cog for managing these transitions.
{"title":"Evolution of Stewardship Across Family and Business Goals: Toward a Stewardship Transition Framework","authors":"Nehad Ali, Boyka Simeonova, Mathew Hughes","doi":"10.1177/10422587241311155","DOIUrl":"https://doi.org/10.1177/10422587241311155","url":null,"abstract":"Drawing on goal-setting and stewardship theories, this study examines the management of family and business goals in family firms under transgenerational complexity, presenting a dynamic model of family stewardship. Through multiple case studies, we identify four distinct stewardship strategies, each with a corresponding governance structure: cultivating family stewardship (with family-dense governance), professionalizing family stewardship (with professionalized governance), harnessing external stewardship (with externally dense governance), and perpetuating external stewardship (with public companies’ governance). These strategies shift from family-centric to business-centric goal-setting approaches in sustaining the family firm. The study introduces stewardship transition capability as a missing cog for managing these transitions.","PeriodicalId":48443,"journal":{"name":"Entrepreneurship Theory and Practice","volume":"32 1","pages":""},"PeriodicalIF":10.5,"publicationDate":"2025-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143056522","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-01-24DOI: 10.1177/10422587241311118
Juliana Bonomi Santos, Bruno Brandão Fischer, André Cherubini Alves, Philip T. Roundy
Despite its importance to the functioning of entrepreneurial ecosystems (EEs), the orchestration of networks remains a largely undertheorized topic. To address this “omission,” we sought to explain the interplay between networks, their orchestrators, and their implications for ecosystem outcomes. To do so, we conducted an in-depth case study of the Agtech Valley EE in Brazil. From our study, we developed theoretical insights on the notion of “ecosystem coherence” as a foundational driver of EE structuration. Findings revealed two dimensions of ecosystem coherence: capabilities coherence (based on organizational and cognitive proximities) and relationship coherence (based on institutional and social proximities).
{"title":"Unpacking the Nature of Orchestrator Coherence in Entrepreneurial Ecosystems","authors":"Juliana Bonomi Santos, Bruno Brandão Fischer, André Cherubini Alves, Philip T. Roundy","doi":"10.1177/10422587241311118","DOIUrl":"https://doi.org/10.1177/10422587241311118","url":null,"abstract":"Despite its importance to the functioning of entrepreneurial ecosystems (EEs), the orchestration of networks remains a largely undertheorized topic. To address this “omission,” we sought to explain the interplay between networks, their orchestrators, and their implications for ecosystem outcomes. To do so, we conducted an in-depth case study of the Agtech Valley EE in Brazil. From our study, we developed theoretical insights on the notion of “ecosystem coherence” as a foundational driver of EE structuration. Findings revealed two dimensions of ecosystem coherence: capabilities coherence (based on organizational and cognitive proximities) and relationship coherence (based on institutional and social proximities).","PeriodicalId":48443,"journal":{"name":"Entrepreneurship Theory and Practice","volume":"3 1","pages":""},"PeriodicalIF":10.5,"publicationDate":"2025-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143030909","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-01-22DOI: 10.1177/10422587241300432
Jess H. Chua, James J. Chrisman, Hao Wang, Saisai Wu
Long-term orientation has been proposed as one of the differences between family and nonfamily firms. Family business scholars base this difference theoretically on the incumbent generation’s altruism for the next generation and the intention for intrafamily succession. We point out that the applicable boundaries for these two theoretical bases are limited. We also point out misconceptions regarding what these two theoretical bases imply about the long-term oriented behavior of family businesses and discuss implications for empirical research and theory development.
{"title":"Misconceptions About the Theoretical Support for Family Firm Long-Term Orientation","authors":"Jess H. Chua, James J. Chrisman, Hao Wang, Saisai Wu","doi":"10.1177/10422587241300432","DOIUrl":"https://doi.org/10.1177/10422587241300432","url":null,"abstract":"Long-term orientation has been proposed as one of the differences between family and nonfamily firms. Family business scholars base this difference theoretically on the incumbent generation’s altruism for the next generation and the intention for intrafamily succession. We point out that the applicable boundaries for these two theoretical bases are limited. We also point out misconceptions regarding what these two theoretical bases imply about the long-term oriented behavior of family businesses and discuss implications for empirical research and theory development.","PeriodicalId":48443,"journal":{"name":"Entrepreneurship Theory and Practice","volume":"66 1","pages":""},"PeriodicalIF":10.5,"publicationDate":"2025-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143020480","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-01-06DOI: 10.1177/10422587241302702
Zulfiquer Ali Haider, Douglas J. Cumming, Zhenyu Wu
This study explores groupthink on the boards of family firms. We conjecture that institutional investors, in the face of principal–principal agency issues, are discouraged by groupthink and consequently invest less in family firms. Appropriate corporate governance in the form of greater board diversity, lower director tenure, busier boards, more financial disclosure, and bigger shareholder voice should help in alleviating these institutional investor concerns. We examine a sample of firms from the S&P 500 and find evidence consistent with these propositions. Also, we provide evidence that board generational heterogeneity in family firms exacerbates groupthink.
{"title":"Groupthink in the Board of Family Firms: The Case of Institutional Investment","authors":"Zulfiquer Ali Haider, Douglas J. Cumming, Zhenyu Wu","doi":"10.1177/10422587241302702","DOIUrl":"https://doi.org/10.1177/10422587241302702","url":null,"abstract":"This study explores groupthink on the boards of family firms. We conjecture that institutional investors, in the face of principal–principal agency issues, are discouraged by groupthink and consequently invest less in family firms. Appropriate corporate governance in the form of greater board diversity, lower director tenure, busier boards, more financial disclosure, and bigger shareholder voice should help in alleviating these institutional investor concerns. We examine a sample of firms from the S&P 500 and find evidence consistent with these propositions. Also, we provide evidence that board generational heterogeneity in family firms exacerbates groupthink.","PeriodicalId":48443,"journal":{"name":"Entrepreneurship Theory and Practice","volume":"22 1","pages":""},"PeriodicalIF":10.5,"publicationDate":"2025-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142935101","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-01-03DOI: 10.1177/10422587241300438
Onur Bayar, Thomas J. Chemmanur, Harshit Rajaiya, Xuan Tian, Qianqian Yu
We theoretically model an entrepreneur’s choice of his firm’s products to trademark, the relation between the number of trademarks and venture capital (VC) investment staging, long-run operating performance, and successful firm exit probability. We test model predictions using a large dataset of trademarks registered by VC-backed private US firms. We find that firms with a larger number of trademarks at first VC investment have a smaller number of VC financing rounds; have larger long-run sales and employment; and have greater probabilities of successful exit (initial public offering [IPO] or acquisition). Our instrumental variable analysis demonstrates that more trademarks causally enhance firm performance and reduce VC staging.JEL code: G23, G24, L26, O34
{"title":"Trademarks and Entrepreneurial Firm Success: Theory and Evidence from Venture Capital Investments in Private Firms","authors":"Onur Bayar, Thomas J. Chemmanur, Harshit Rajaiya, Xuan Tian, Qianqian Yu","doi":"10.1177/10422587241300438","DOIUrl":"https://doi.org/10.1177/10422587241300438","url":null,"abstract":"We theoretically model an entrepreneur’s choice of his firm’s products to trademark, the relation between the number of trademarks and venture capital (VC) investment staging, long-run operating performance, and successful firm exit probability. We test model predictions using a large dataset of trademarks registered by VC-backed private US firms. We find that firms with a larger number of trademarks at first VC investment have a smaller number of VC financing rounds; have larger long-run sales and employment; and have greater probabilities of successful exit (initial public offering [IPO] or acquisition). Our instrumental variable analysis demonstrates that more trademarks causally enhance firm performance and reduce VC staging.JEL code: G23, G24, L26, O34","PeriodicalId":48443,"journal":{"name":"Entrepreneurship Theory and Practice","volume":"83 1","pages":""},"PeriodicalIF":10.5,"publicationDate":"2025-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142924607","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-12-27DOI: 10.1177/10422587241306872
Kai C. Bormann
I introduce variability in decision-making (VDM) as a construct that covers the extent to which entrepreneurs switch between analytic and intuitive decision-making over time. Drawing from self-regulation theories, I developed a model that explains how VDM is negatively related to taking charge behavior (TCB) and is driven by entrepreneurs’ regulatory focus strategies. This model is tested using a dataset covering 438 daily observations from 53 entrepreneurs and matched data from non-entrepreneurs. The results show that VDM leads to decreased TCB via decreased self-efficacy and optimism. Prevention but not promotion focus predicted VDM. These associations emerged for entrepreneurs but not for non-entrepreneurs.
{"title":"A Self-Regulatory Model of Entrepreneurs’ Variability in Decision-Making and Taking Charge Behavior","authors":"Kai C. Bormann","doi":"10.1177/10422587241306872","DOIUrl":"https://doi.org/10.1177/10422587241306872","url":null,"abstract":"I introduce variability in decision-making (VDM) as a construct that covers the extent to which entrepreneurs switch between analytic and intuitive decision-making over time. Drawing from self-regulation theories, I developed a model that explains how VDM is negatively related to taking charge behavior (TCB) and is driven by entrepreneurs’ regulatory focus strategies. This model is tested using a dataset covering 438 daily observations from 53 entrepreneurs and matched data from non-entrepreneurs. The results show that VDM leads to decreased TCB via decreased self-efficacy and optimism. Prevention but not promotion focus predicted VDM. These associations emerged for entrepreneurs but not for non-entrepreneurs.","PeriodicalId":48443,"journal":{"name":"Entrepreneurship Theory and Practice","volume":"35 1","pages":""},"PeriodicalIF":10.5,"publicationDate":"2024-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142887363","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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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