Journal of Business Venturing最新文献

While most participants benefit from action-oriented entrepreneurship training, such programs can paradoxically also have negative effects. Training programs in which participants actively engage in entrepreneurship involve facing problems that might be too difficult to overcome, potentially decreasing trainees' entrepreneurial self-efficacy. Based on theories of self-regulation, we argue that error mastery orientation is a factor that explains under which condition problems do or do not lead to decreases in entrepreneurial self-efficacy during training. To test our model, we conducted a 12-week action-oriented training program and applied a longitudinal design with one baseline measurement, seven measurements during training, and one measurement after training. Analyses based on 415 lagged observations from 109 training participants indicated that participants with low error mastery orientation experienced decreases in entrepreneurial self-efficacy during training when facing problems. In contrast, participants high in error mastery orientation could buffer the negative effects of problems on entrepreneurial self-efficacy. Our results suggest that error mastery orientation is a critical factor to understand why participants' episodic experiences of problems during training negatively influence their entrepreneurial self-efficacy. Shedding light on these self-regulatory factors advances the understanding of the potential dark side of action-oriented entrepreneurship training.

Although regulatory institutions are said to enable and constrain entrepreneurial action, ventures frequently emerge with products, processes, and business models that skirt or defy these rules. We provide a theory of rule-breaking entrepreneurial action, focusing on why entrepreneurs are only sometimes constrained by law, regulation, and other formal constraints. In this, we attend to the dual roles of social context and subjective interpretation. Drawing on the sociology of law, we position regulatory rules within a system of governance, where public actors and legal intermediaries collectively construct the meaning of rule compliance and enact sanctions to enforce this interpretation. We leverage this to describe how enforcement imperfections and heterogeneous rule interpretations give rise to the possibility of ‘black market’ and ‘gray market’ entrepreneurial actions. In turn, we theorize how actors' knowledge and motivations can lead them to identify and exploit breakable rule conditions via the creation of new ventures. We illustrate our framework with examples from startups Zenefits, Square, and Aereo. Our framework changes the way we think about regulatory institutions and entrepreneurial action by presenting governance as a multilevel, social, and subjective process—such that some actors conform their entrepreneurial activities to established rules while others recognize and exploit breakable rule conditions.

We examine how market overlap with parent organizations impacts the performance of startups founded by the former employees of these incumbent firms. Building on knowledge inheritance and competitive dynamics theories, we propose that the degree to which the operating markets of spinouts overlap with their parent organizations has a curvilinear relationship with their likelihood of survival. Market overlap is beneficial to spinouts because it reduces uncertainty during the early stages of new venture development. However, substantial market overlap may spark hostile actions by the parent organizations, thereby creating disruptive competition that may lower the likelihood of spinouts' survival. Furthermore, we hypothesize that the previous hierarchical position of founders in parent organizations moderates the overlap–performance relationship. Using a sample of European biotech spinouts and their parent firms, we find support for our hypotheses.

Sustainability orientation has a positive effect on startups' initial valuation and a negative effect on their post-funding financial performance. All else equal, improving sustainability orientation by one standard deviation increases startups' funding amount by 28 % and decreases investors' abnormal returns per post-funding year by 16 %. The results hold in a large sample of blockchain-based crowdfunding campaigns, also known as Initial Coin Offerings (ICOs) or token offerings. A key contribution is a machine-learning approach to assess startups' Environment, Society and Governance (ESG) properties from textual data, which we make readily available at www.SustainableEntrepreneurship.org.

In response to profound and emerging challenges arising from changes in the international order that affect international entrepreneurship, we address a gap in explanations for how the system for international relations shapes entrepreneurial internationalization. To do so, we develop a model that further explains the role of institutions in supporting international new ventures. We focus on how frictions in the interface between international and domestic institutions can influence momentum for entrepreneurial internationalization. We theorize how institutional work on the international-domestic interface can facilitate entrepreneurial internationalization that occurs in that interface. As such we provide additional understanding regarding factors that influence entrepreneurial internationalization.

Societal grand challenges are increasingly attracting the attention of both entrepreneurship and international business scholars. While entrepreneurship focuses on the opportunities that emerge and need for bold and innovative solutions, international business research emphasizes the global reach of the challenges and role of multinational enterprises. Although both conversations are insightful, we argue that examining one without the other gives an incomplete picture on how to address grand challenges. In this paper, we conduct a systematic review of the conversation on grand challenges in the international business and entrepreneurship literature. Upon synthesizing the results, we create an integrated framework and research agenda for viewing grand challenges through an international entrepreneurial lens.

Trademarks differ in breadth and can cover a wide range of categories of goods and services. We draw on real options theory and argue that greater trademark breadth constitutes a valuable real option that is associated with higher firm valuation and performance. We analyze a sample of 1510 firms that went public in Europe between 2002 and 2015 and find a positive effect of trademark breadth on initial public offering (IPO) valuation and post-IPO performance. We implement a contingency analysis to contrast real options and signaling theory and find stronger support for the real options perspective.

Venture capital is a socially embedded business where VCs refer investment opportunities to one another. While we know that these referrals increase the chances of a start-up passing the initial screening process, we investigate to what extent the intensity of relational embeddedness between referrer and referee relates to the length of the due diligence process of the start-up being referred. Extending information processing theory by social network theory arguments, we argue that referees have access to more and better information during the due diligence as relational embeddedness increases. This will lead to a more in-depth and rigorous evaluation. Moreover, the referee will be subject to social obligations to invest additional resources in the assessment, the more so, the stronger the relational embeddedness. Both factors lead to a prolongation of the due diligence process. Furthermore, we find that the individual investment manager's current performance and experience moderate this relationship.

In this study, we draw on the threatened egotism theory to examine the effect of angel narcissism on their investment behaviors and the boundary condition of past investment performance. We propose that angel narcissism is positively related to deal size and portfolio industry diversification but negatively related to the number of co-investors. Moreover, past investment performance moderates these relationships such that the effects of angel narcissism on their investment behaviors are stronger when past investment performance is lower. Data from a longitudinal analysis of 133 angels from 2010 to 2019 largely supported our hypotheses. Our study, the first to examine angel narcissism, highlights the psychological foundation of angel investing.

We introduce a new model to address three methodological biases in research on new venture growth and survival. The model offers entrepreneurship scholars numerous benefits. The biases are identified using a systematic review of 96 papers using longitudinal data published over a period of 20 years. They are: (1) distributional properties of new ventures; (2) selection bias; and (3) causal asymmetry. The biases make the popular use of normal distribution models problematic. As a potential solution, we introduce and test an event magnitude regression model approach (EMM). In this two-stage model, the first model explores the probability of four events: a firm staying the same size, expanding, contracting, or exiting. In the second stage, if the firm contracts or expands, we estimate the magnitude of the change. A suggested benefit is that researchers can better separate the likelihood of an event from its magnitude, thereby opening new avenues for research. We provide an overview of our model analyzing an example data set involving longitudinal venture level data. We provide a new package for the statistical software R. Our findings show that EMM outperforms the widely adopted normal distribution model. We discuss the benefits and consequences of our model, identify areas for future research, and offer recommendations for research practice.