Mircea Epure, Victor Martin-Sanchez, Sebastian Aparicio, David Urbano
We argue that the positive relationship between pro-market institutions and entrepreneurial growth aspirations is dampened for individuals with general human capital (higher education), but augmented for those with specific human capital (experience in the marketplace). However, during a crisis, the differential effect of pro-market institutions on growth aspirations manifests only for entrepreneurs with specific human capital, with stronger effects than in good economic times. We run our empirical analysis on a dataset of individual- and country-level characteristics during 2005–2020, thus exploiting variation from the Global Financial Crisis and the COVID-19 pandemic. We confirm our predictions and show stronger results for early stage (compared to nascent) entrepreneurs, and potential complementarities between human capital types. Altogether, our work paves the way to institutional adaptive policymaking.
{"title":"Human capital, institutions, and ambitious entrepreneurship during good times and two crises","authors":"Mircea Epure, Victor Martin-Sanchez, Sebastian Aparicio, David Urbano","doi":"10.1002/sej.1492","DOIUrl":"https://doi.org/10.1002/sej.1492","url":null,"abstract":"We argue that the positive relationship between pro-market institutions and entrepreneurial growth aspirations is dampened for individuals with general human capital (higher education), but augmented for those with specific human capital (experience in the marketplace). However, during a crisis, the differential effect of pro-market institutions on growth aspirations manifests only for entrepreneurs with specific human capital, with stronger effects than in good economic times. We run our empirical analysis on a dataset of individual- and country-level characteristics during 2005–2020, thus exploiting variation from the Global Financial Crisis and the COVID-19 pandemic. We confirm our predictions and show stronger results for early stage (compared to nascent) entrepreneurs, and potential complementarities between human capital types. Altogether, our work paves the way to institutional adaptive policymaking.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":null,"pages":null},"PeriodicalIF":6.3,"publicationDate":"2023-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138658166","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Leonardo Augusto de Vasconcelos Gomes, Alejandra Flechas, Ana Lucia Figueiredo Facin, Felipe Mendes Borini, Bruno Stefani, Lorenna Fernandes Leal
We contend that entrepreneurial judgment governance (EJG) is a profound yet poorly understood process in which firms sense, seize, and transform opportunities related to digital transformation. Grounded in a rich, multi-case study of six large incumbent firms, we conceptualize and examine how firms change EJG through three phases: recognizing, distributing, and orchestrating. We find that EJG adaptation is at the heart of why some firms succeed in responding to the challenges associated with digital transformation while others fail. Implications and opportunities for future research are discussed.
{"title":"Entrepreneurial judgment governance adaptation for digital transformation in established firms","authors":"Leonardo Augusto de Vasconcelos Gomes, Alejandra Flechas, Ana Lucia Figueiredo Facin, Felipe Mendes Borini, Bruno Stefani, Lorenna Fernandes Leal","doi":"10.1002/sej.1490","DOIUrl":"https://doi.org/10.1002/sej.1490","url":null,"abstract":"We contend that entrepreneurial judgment governance (EJG) is a profound yet poorly understood process in which firms sense, seize, and transform opportunities related to digital transformation. Grounded in a rich, multi-case study of six large incumbent firms, we conceptualize and examine how firms change EJG through three phases: recognizing, distributing, and orchestrating. We find that EJG adaptation is at the heart of why some firms succeed in responding to the challenges associated with digital transformation while others fail. Implications and opportunities for future research are discussed.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":null,"pages":null},"PeriodicalIF":6.3,"publicationDate":"2023-12-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138565238","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In socially contested settings, it is often difficult to connect with (diverse) others, and it is unclear how entrepreneurs in these contexts may develop the social ties that previous research has shown to be valuable. We studied this subject matter in Kenya, an ethnically fractionalized society that recently experienced the decentralization of government, which required entrepreneurs to deal with both in-group and out-group ethnicities. We conducted an inductive case study of four Nairobi-based companies and captured the creative tactics that they used to transcend ethnic homophily (by defocusing from ethnicity and reframing the in-group) while also asserting ethnic homophily (by signaling tribal affiliation and leveraging others' ethnicity). We contribute to a deeper understanding of how and why entrepreneurs in socially contested settings develop social ties.
{"title":"Asserting and transcending ethnic homophily: How entrepreneurs develop social ties to access resources and opportunities in socially contested environments","authors":"Christian Busch, Robert Mudida","doi":"10.1002/sej.1491","DOIUrl":"https://doi.org/10.1002/sej.1491","url":null,"abstract":"In socially contested settings, it is often difficult to connect with (diverse) others, and it is unclear how entrepreneurs in these contexts may develop the social ties that previous research has shown to be valuable. We studied this subject matter in Kenya, an ethnically fractionalized society that recently experienced the decentralization of government, which required entrepreneurs to deal with both in-group and out-group ethnicities. We conducted an inductive case study of four Nairobi-based companies and captured the creative tactics that they used to <i>transcend</i> ethnic homophily (by defocusing from ethnicity and reframing the in-group) while also <i>asserting</i> ethnic homophily (by signaling tribal affiliation and leveraging others' ethnicity). We contribute to a deeper understanding of how and why entrepreneurs in socially contested settings develop social ties.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":null,"pages":null},"PeriodicalIF":6.3,"publicationDate":"2023-12-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138565221","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Shaker A. Zahra, Yong Li, Rajshree Agarwal, Jay B. Barney, Gary Dushnitsky, Melissa E. Graebner, Peter G. Klein, Saras Sarasvathy
As the study of entrepreneurship advances, our appreciation for the role of theory in the development of the field has grown. In this paper, we build on our collective experiences to offer a peek into the inner workings of entrepreneurship theorizing, using specific examples to highlight ways of developing theoretical insights for advancing entrepreneurship research. Our journeys suggest an iterative process centered on asking an important and interesting question, challenging prevailing assumptions, understanding context and phenomenon, and developing conceptual models and analyses. We focus on the uniqueness of entrepreneurial phenomena, contexts, and actors as well as the interdisciplinary nature of the field.
{"title":"Developing theoretical insights in entrepreneurship research","authors":"Shaker A. Zahra, Yong Li, Rajshree Agarwal, Jay B. Barney, Gary Dushnitsky, Melissa E. Graebner, Peter G. Klein, Saras Sarasvathy","doi":"10.1002/sej.1486","DOIUrl":"https://doi.org/10.1002/sej.1486","url":null,"abstract":"As the study of entrepreneurship advances, our appreciation for the role of theory in the development of the field has grown. In this paper, we build on our collective experiences to offer a peek into the inner workings of entrepreneurship theorizing, using specific examples to highlight ways of developing theoretical insights for advancing entrepreneurship research. Our journeys suggest an iterative process centered on asking an important and interesting question, challenging prevailing assumptions, understanding context and phenomenon, and developing conceptual models and analyses. We focus on the uniqueness of entrepreneurial phenomena, contexts, and actors as well as the interdisciplinary nature of the field.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":null,"pages":null},"PeriodicalIF":6.3,"publicationDate":"2023-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138455215","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Gaucher, Friesen, and Kay (2011: “GFK” hereafter) found that women perceive jobs to be less appealing when job adverts use masculine wording—a result they attributed to women's lower evaluations of “belongingness.” As masculine wording is used more often in male-dominated jobs, GFK concluded that gendered wording in job adverts may deter women from entering such jobs. In light of growing general interest in joining new ventures (“start-ups”), we replicate and extend GFK's study to compare start-ups and established firms. Interestingly, we find that GFK's original findings are replicated in the context of start-ups, but not in established firms. We propose and adduce evidence that the unique context of start-ups may prime women to respond especially sensitively to gendered wording, via positive expectancy violation.
{"title":"Does gendered wording in job advertisements deter women from joining start-ups? A replication and extension of Gaucher, Friesen, and Kay (2011)","authors":"Mihwa Seong, Simon C. Parker","doi":"10.1002/sej.1489","DOIUrl":"https://doi.org/10.1002/sej.1489","url":null,"abstract":"Gaucher, Friesen, and Kay (2011: “GFK” hereafter) found that women perceive jobs to be less appealing when job adverts use masculine wording—a result they attributed to women's lower evaluations of “belongingness.” As masculine wording is used more often in male-dominated jobs, GFK concluded that gendered wording in job adverts may deter women from entering such jobs. In light of growing general interest in joining new ventures (“start-ups”), we replicate and extend GFK's study to compare start-ups and established firms. Interestingly, we find that GFK's original findings are replicated in the context of start-ups, but not in established firms. We propose and adduce evidence that the unique context of start-ups may prime women to respond especially sensitively to gendered wording, via positive expectancy violation.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":null,"pages":null},"PeriodicalIF":6.3,"publicationDate":"2023-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138455214","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Chief executive officer (CEO) entrepreneurial orientation (EO) is an emerging topic within entrepreneurship research. This research offers the attention‐based view (ABV), and its principles of attentional focus, situated attention, and structural distribution of attention to explain how CEO EO fosters an innovative organizational workforce. We theorize that CEO EO predicts lower‐level employee innovative behavior when their top managerial attentional focus on entrepreneurship is translated into high‐performance work practices, which structurally distribute their strategic attention throughout the organization and promotes a situated attentional condition for employees emphasizing innovation. Moreover, we consider (a) human‐resource management (HRM) perceived importance and (b) departmental functional foci as boundary conditions. Using a multi‐level and multi‐source sample from 152 Chinese firms, results support our arguments.Employee innovative behavior is critical to firm growth, renewal, and sustainability. By collecting and analyzing data on 2745 employees nested in 586 departments nested in 152 organizations, we examine the critical role that human resource management (HRM) systems and high‐performance work practices may play in translating a CEOs emphasis on entrepreneurial activity into employee innovative behavior. We offer and observe support for an attention‐based perspective that HRM systems serve as “attentional structures” which channel CEO preferences to lower‐organizational levels. Our results further indicate that an embrace of HRM as a strategic priority among top managers, as well as whether employees are in “boundary spanning” input–output areas of the business, to be meaningful factors which strengthen the effect of HRM‐based attentional structures upon employee innovative behavior.
首席执行官（CEO）的创业导向（EO）是创业研究中的一个新兴课题。本研究提出了基于注意力的观点（ABV）及其注意力焦点、位置注意力和注意力结构分布原则，以解释首席执行官创业导向如何培养创新型组织员工队伍。我们的理论是，当高层管理者对创业精神的关注转化为高绩效的工作实践时，CEO EO 就能预测低层员工的创新行为，而高绩效的工作实践会将高层管理者的战略注意力结构性地分配到整个组织中，并为强调创新的员工创造一种情景注意力条件。此外，我们还将(a) 人力资源管理（HRM）的认知重要性和(b) 部门职能重点作为边界条件。通过对来自 152 家中国企业的多层次、多来源样本进行分析，结果支持了我们的论点。通过收集和分析 152 家企业 586 个部门 2745 名员工的数据，我们研究了人力资源管理（HRM）系统和高绩效工作实践在将 CEO 对创业活动的重视转化为员工创新行为方面可能发挥的关键作用。我们提出了一种基于注意力的观点，即人力资源管理体系是一种 "注意力结构"，它将首席执行官的偏好引导到较低的组织层面。我们的研究结果进一步表明，高层管理者将人力资源管理视为战略重点，以及员工是否处于 "跨越边界 "的业务投入产出领域，都是加强基于人力资源管理的注意力结构对员工创新行为影响的重要因素。
{"title":"CEO entrepreneurial orientation, human resource management systems, and employee innovative behavior: An attention‐based view","authors":"Yueyue Liu, Meng Xi, William J. Wales","doi":"10.1002/sej.1488","DOIUrl":"https://doi.org/10.1002/sej.1488","url":null,"abstract":"Chief executive officer (CEO) entrepreneurial orientation (EO) is an emerging topic within entrepreneurship research. This research offers the attention‐based view (ABV), and its principles of attentional focus, situated attention, and structural distribution of attention to explain how CEO EO fosters an innovative organizational workforce. We theorize that CEO EO predicts lower‐level employee innovative behavior when their top managerial attentional focus on entrepreneurship is translated into high‐performance work practices, which structurally distribute their strategic attention throughout the organization and promotes a situated attentional condition for employees emphasizing innovation. Moreover, we consider (a) human‐resource management (HRM) perceived importance and (b) departmental functional foci as boundary conditions. Using a multi‐level and multi‐source sample from 152 Chinese firms, results support our arguments.Employee innovative behavior is critical to firm growth, renewal, and sustainability. By collecting and analyzing data on 2745 employees nested in 586 departments nested in 152 organizations, we examine the critical role that human resource management (HRM) systems and high‐performance work practices may play in translating a CEOs emphasis on entrepreneurial activity into employee innovative behavior. We offer and observe support for an attention‐based perspective that HRM systems serve as “attentional structures” which channel CEO preferences to lower‐organizational levels. Our results further indicate that an embrace of HRM as a strategic priority among top managers, as well as whether employees are in “boundary spanning” input–output areas of the business, to be meaningful factors which strengthen the effect of HRM‐based attentional structures upon employee innovative behavior.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":null,"pages":null},"PeriodicalIF":6.3,"publicationDate":"2023-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139256261","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Veroniek Collewaert, Jeroen Neckebrouck, Tom Vanacker, Dries Bourgois, Sophie Manigart
Private equity (PE) investors invest in a portfolio of firms, setting new, ambitious performance aspirations and providing monitoring and value-adding services to help management attain these aspirations. Integrating a behavioral theory of the firm and corporate governance perspective, this study investigates how portfolio firms respond to performance feedback, considering heterogeneity in PE investors' incentives and influence toward a given portfolio firm's strategic actions. Using unique data from a PE investor including direct aspirations measures, we find that (1) portfolio firms' performance relative to aspirations, and (2) the PE investor's relative investment amounts and experience of PE-appointed board members, interact to affect the distinct growth strategies (i.e., internal capital investments or external acquisitions) its portfolio firms pursue.
{"title":"Same owner, different impact: How responses to performance feedback differ across a private equity investor's portfolio firms","authors":"Veroniek Collewaert, Jeroen Neckebrouck, Tom Vanacker, Dries Bourgois, Sophie Manigart","doi":"10.1002/sej.1487","DOIUrl":"https://doi.org/10.1002/sej.1487","url":null,"abstract":"Private equity (PE) investors invest in a portfolio of firms, setting new, ambitious performance aspirations and providing monitoring and value-adding services to help management attain these aspirations. Integrating a behavioral theory of the firm and corporate governance perspective, this study investigates how portfolio firms respond to performance feedback, considering heterogeneity in PE investors' incentives and influence toward a given portfolio firm's strategic actions. Using unique data from a PE investor including direct aspirations measures, we find that (1) portfolio firms' performance relative to aspirations, and (2) the PE investor's relative investment amounts and experience of PE-appointed board members, interact to affect the distinct growth strategies (i.e., internal capital investments or external acquisitions) its portfolio firms pursue.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":null,"pages":null},"PeriodicalIF":6.3,"publicationDate":"2023-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"110423259","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Research Summary This study examines the role of government venture capital (GVC) on startup innovation in a transition economy context. Drawing on institutional theory, we advance a contextual view of GVC by proposing that GVC positively impacts the innovation of startups in transition economies by serving as a sociocognitive legitimating endorsement. Furthermore, our study offers a contingent framework by showing that GVC endorsement will be more meaningful for startups deficient in organizational sources of legitimacy, such as political ties and social prestige. Regression analyses using a longitudinal data of Chinese venture‐backed biopharma and medical device startups founded during 2002–2017 offer broad support for our theory about the sociocognitive legitimating role of GVC in transition economy contexts. Managerial Summary We explore the role of government venture capital (GVC) in promoting startup innovation within transition economies. In such contexts, where startups often face skepticism and legitimacy issues, our research reveals that GVC can play a crucial role by providing socio‐cognitive legitimacy. Our study suggests that this “state backing” enables transition economy startups to gain the trust of external knowledge resource holders, enhancing their innovation prospects. Our findings emphasize the significance of GVC as a means of active government intervention for fostering startup innovation, especially for startups deficient in other avenues of legitimacy. This insight is valuable for entrepreneurs and policymakers in transition economy contexts.
{"title":"A legitimacy‐based view of the impact of government venture capital on startup innovation: Evidence from a transition economy","authors":"Ramakrishna Devarakonda, Aqi Liu","doi":"10.1002/sej.1485","DOIUrl":"https://doi.org/10.1002/sej.1485","url":null,"abstract":"Abstract Research Summary This study examines the role of government venture capital (GVC) on startup innovation in a transition economy context. Drawing on institutional theory, we advance a contextual view of GVC by proposing that GVC positively impacts the innovation of startups in transition economies by serving as a sociocognitive legitimating endorsement. Furthermore, our study offers a contingent framework by showing that GVC endorsement will be more meaningful for startups deficient in organizational sources of legitimacy, such as political ties and social prestige. Regression analyses using a longitudinal data of Chinese venture‐backed biopharma and medical device startups founded during 2002–2017 offer broad support for our theory about the sociocognitive legitimating role of GVC in transition economy contexts. Managerial Summary We explore the role of government venture capital (GVC) in promoting startup innovation within transition economies. In such contexts, where startups often face skepticism and legitimacy issues, our research reveals that GVC can play a crucial role by providing socio‐cognitive legitimacy. Our study suggests that this “state backing” enables transition economy startups to gain the trust of external knowledge resource holders, enhancing their innovation prospects. Our findings emphasize the significance of GVC as a means of active government intervention for fostering startup innovation, especially for startups deficient in other avenues of legitimacy. This insight is valuable for entrepreneurs and policymakers in transition economy contexts.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135726491","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study explores how digital transformation can promote organizational resilience when incumbent firms face crises. We examine the intersection of digital transformation and resilience-seeking processes through two longitudinal case studies of incumbent firms designated as “essential businesses” during the COVID-19 pandemic. We analyze 72 crisis adaptations the firms implemented during the crisis to understand how previously underutilized digital capabilities upgraded each firm's ability to adapt to mitigate stakeholder risks and engage in resilience-seeking rather than advantage- or opportunity-seeking. We identify five digital capabilities—virtual access, virtual collaboration, data-driven decision-making, algorithmic reprogrammability, and assisted decision-making—that arose from technologies acquired to enable digital transformation before the crisis. We discuss the concept of resilience opportunities and contribute to the literatures on digital transformation and organizational resilience.
{"title":"Upgrading adaptation: How digital transformation promotes organizational resilience","authors":"Russell E. Browder, Sean M. Dwyer, Hope Koch","doi":"10.1002/sej.1483","DOIUrl":"https://doi.org/10.1002/sej.1483","url":null,"abstract":"This study explores how digital transformation can promote organizational resilience when incumbent firms face crises. We examine the intersection of digital transformation and resilience-seeking processes through two longitudinal case studies of incumbent firms designated as “essential businesses” during the COVID-19 pandemic. We analyze 72 crisis adaptations the firms implemented during the crisis to understand how previously underutilized digital capabilities upgraded each firm's ability to adapt to mitigate stakeholder risks and engage in resilience-seeking rather than advantage- or opportunity-seeking. We identify five digital capabilities—virtual access, virtual collaboration, data-driven decision-making, algorithmic reprogrammability, and assisted decision-making—that arose from technologies acquired to enable digital transformation before the crisis. We discuss the concept of resilience opportunities and contribute to the literatures on digital transformation and organizational resilience.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":null,"pages":null},"PeriodicalIF":6.3,"publicationDate":"2023-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71474937","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Prabal Shrestha, James Thewissen, Özgür Arslan-Ayaydin, Annaleena Parhankangas
This paper examines how reward-based crowdfunding backers respond to risk disclosures. Combining theoretical frameworks from financial accounting with the risk perception literature, we adopt an abductive research approach to explore various nuances that influence backers' tolerance for risk information. In addition to identifying the general dynamics in backers' risk interpretation, we highlight the complexities introduced by differences in the disclosure's semantic content, expressed feelings, and the discloser's background attributes. Relying on a hierarchical Bayesian mixture model, we first identify a positive curvilinear relationship between risk information quantity and crowdfunding success. We then demonstrate the influences of what is disclosed, how it is disclosed, and who discloses it, while emphasizing the context-bound specificities of individual project types.
{"title":"A sense of risk: Responses to crowdfunding risk disclosures","authors":"Prabal Shrestha, James Thewissen, Özgür Arslan-Ayaydin, Annaleena Parhankangas","doi":"10.1002/sej.1480","DOIUrl":"https://doi.org/10.1002/sej.1480","url":null,"abstract":"This paper examines how reward-based crowdfunding backers respond to risk disclosures. Combining theoretical frameworks from financial accounting with the risk perception literature, we adopt an abductive research approach to explore various nuances that influence backers' tolerance for risk information. In addition to identifying the general dynamics in backers' risk interpretation, we highlight the complexities introduced by differences in the disclosure's semantic content, expressed feelings, and the discloser's background attributes. Relying on a hierarchical Bayesian mixture model, we first identify a positive curvilinear relationship between risk information quantity and crowdfunding success. We then demonstrate the influences of <i>what</i> is disclosed, <i>how</i> it is disclosed, and <i>who</i> discloses it, while emphasizing the context-bound specificities of individual project types.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":null,"pages":null},"PeriodicalIF":6.3,"publicationDate":"2023-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71474934","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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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