Remedios Hernández-Linares, María Concepción López-Fernández, Kimberly A. Eddleston, Franz Kellermanns
We integrate social learning theory with gender role congruity theory to propose that family firms gain more from female leadership than nonfamily firms due to the congruence of female communal values with those of a family business. Results of our empirical study, based on a sample of 322 Spanish small- and medium-sized enterprises (SMEs), show that while all three dimensions of learning orientation (commitment to learning, shared vision, and open-mindedness) are positively related to an entrepreneurial orientation, significant differences exist based on the CEO's gender and whether the SME is a family or nonfamily firm. Strongest differences were found between female-led family and nonfamily SMEs whereby the entrepreneurial orientation of female-led family SMEs benefited significantly more from their firm's commitment to learning and open-mindedness.
{"title":"Learning to be entrepreneurial: Do family firms gain more from female leadership than nonfamily firms?","authors":"Remedios Hernández-Linares, María Concepción López-Fernández, Kimberly A. Eddleston, Franz Kellermanns","doi":"10.1002/sej.1482","DOIUrl":"https://doi.org/10.1002/sej.1482","url":null,"abstract":"We integrate social learning theory with gender role congruity theory to propose that family firms gain more from female leadership than nonfamily firms due to the congruence of female communal values with those of a family business. Results of our empirical study, based on a sample of 322 Spanish small- and medium-sized enterprises (SMEs), show that while all three dimensions of learning orientation (commitment to learning, shared vision, and open-mindedness) are positively related to an entrepreneurial orientation, significant differences exist based on the CEO's gender and whether the SME is a family or nonfamily firm. Strongest differences were found between female-led family and nonfamily SMEs whereby the entrepreneurial orientation of female-led family SMEs benefited significantly more from their firm's commitment to learning and open-mindedness.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":"2 3","pages":""},"PeriodicalIF":6.3,"publicationDate":"2023-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71435400","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}
An initial public offering (IPO) expands a firm's access to funding and enables future-oriented strategic investments. Though aggressive investments can open new opportunities and speed the construction of relative advantage, this aggression risks time compression diseconomies and maladaptive learning from rushed experiences. We propose a firm's investment tempo and industry velocity combine to affect the trajectory of a firm's post-IPO performance. Agent-based simulation modeling suggested that aggressive, up-tempo investment sped the construction of relative advantage in low-velocity industries. Empirical analyses of multiyear post-IPO windows in real firms supported this. In contrast, simulations and analyses of real firms suggested up-tempo investment was maladaptive in high-velocity industries as the combination of fast investment and fast industry change was often more than boundedly rational agents could cognitively handle.
{"title":"Fast forward? Time compression attempts and post-IPO performance","authors":"Andrew D. Henderson, Melissa E. Graebner","doi":"10.1002/sej.1481","DOIUrl":"https://doi.org/10.1002/sej.1481","url":null,"abstract":"An initial public offering (IPO) expands a firm's access to funding and enables future-oriented strategic investments. Though aggressive investments can open new opportunities and speed the construction of relative advantage, this aggression risks time compression diseconomies and maladaptive learning from rushed experiences. We propose a firm's investment tempo and industry velocity combine to affect the trajectory of a firm's post-IPO performance. Agent-based simulation modeling suggested that aggressive, up-tempo investment sped the construction of relative advantage in low-velocity industries. Empirical analyses of multiyear post-IPO windows in real firms supported this. In contrast, simulations and analyses of real firms suggested up-tempo investment was maladaptive in high-velocity industries as the combination of fast investment and fast industry change was often more than boundedly rational agents could cognitively handle.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":"16 10","pages":""},"PeriodicalIF":6.3,"publicationDate":"2023-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50167004","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}
Mario Daniele Amore, Annamaria Conti, Valerio Pelucco
Recently, the venture capital (VC) industry has experienced the entry of several new capital providers. Using US data on investors and their portfolio startups from 2000 to 2022, we document the emergence of a new type of investors: the micro VC. Our analysis reveals that micro Vencture Capitalists (VCs) have an idiosyncratic investment strategy, which differs from traditional VCs. Compared with these investors, micro VCs invest in riskier startups, that is, early-stage ventures initiated by less experienced founders; yet, micro VCs are less likely to syndicate, stage their investments, and replace the startup founders. Additionally, startups funded by micro VCs are less likely to experience successful exits than those backed by traditional VCs. These results can be traced to a mix of smaller capital endowments, less sophisticated limited partners, and lesser human capital of which micro VCs dispose, and that may induce them to spread their thin capital across many investments to maximize returns. Our analysis also uncovers important differences in the strategies pursued by micro VCs and business angels.
{"title":"Micro venture capital","authors":"Mario Daniele Amore, Annamaria Conti, Valerio Pelucco","doi":"10.1002/sej.1478","DOIUrl":"https://doi.org/10.1002/sej.1478","url":null,"abstract":"Recently, the venture capital (VC) industry has experienced the entry of several new capital providers. Using US data on investors and their portfolio startups from 2000 to 2022, we document the emergence of a new type of investors: the <i>micro VC</i>. Our analysis reveals that micro Vencture Capitalists (VCs) have an idiosyncratic investment strategy, which differs from traditional VCs. Compared with these investors, micro VCs invest in riskier startups, that is, early-stage ventures initiated by less experienced founders; yet, micro VCs are less likely to syndicate, stage their investments, and replace the startup founders. Additionally, startups funded by micro VCs are less likely to experience successful exits than those backed by traditional VCs. These results can be traced to a mix of smaller capital endowments, less sophisticated limited partners, and lesser human capital of which micro VCs dispose, and that may induce them to spread their thin capital across many investments to maximize returns. Our analysis also uncovers important differences in the strategies pursued by micro VCs and business angels.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":"15 12","pages":""},"PeriodicalIF":6.3,"publicationDate":"2023-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50167012","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}
How do job-applicants with entrepreneurship experience—“post-entrepreneurs”—fare in the wage labor job market? We propose an “entrepreneurship-experience penalty” generally occurs yet varies in strength depending on the recruiters faced by post-entrepreneurs in their job application process. In an experiment utilizing the selection-decisions of 275 recruiters (experimental study participants) in reaction to objectively-identical job-applicants' resumes whose differences relate to whether their last-held job was as a Founder or as an Executive, we found that: (a) resumes of Founders (compared to Executives) are about 23%–29% less likely to be picked as top-choice for hire, (b) this entrepreneurship penalty is weaker for recruiters with (rather than without) entrepreneurial aspirations, and (c) this recruiter moderator-effect is stronger for recruiters in smaller (rather than larger) firms.
{"title":"Are entrepreneurs penalized during job searches? It depends on who is hiring","authors":"Waverly W. Ding, Hyeun J. Lee, Debra L. Shapiro","doi":"10.1002/sej.1479","DOIUrl":"https://doi.org/10.1002/sej.1479","url":null,"abstract":"How do job-applicants with entrepreneurship experience—“post-entrepreneurs”—fare in the wage labor job market? We propose an “entrepreneurship-experience penalty” generally occurs yet varies in strength depending on the recruiters faced by post-entrepreneurs in their job application process. In an experiment utilizing the selection-decisions of 275 recruiters (experimental study participants) in reaction to objectively-identical job-applicants' resumes whose differences relate to whether their last-held job was as a <i>Founder</i> or as an <i>Executive</i>, we found that: (a) resumes of Founders (compared to Executives) are about 23%–29% less likely to be picked as top-choice for hire, (b) this entrepreneurship penalty is weaker for recruiters with (rather than without) entrepreneurial aspirations, and (c) this recruiter moderator-effect is stronger for recruiters in smaller (rather than larger) firms.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":"15 5","pages":""},"PeriodicalIF":6.3,"publicationDate":"2023-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50167017","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 Startups that partner concurrently with a large corporation must compete for the latter's attention. We extend the attention‐based view from an intraorganizational to an interorganizational context, exploring how startups differ in the amount of attention they receive, their actions to attract and sustain attention, and the impact of attention dynamics on the relational outcome of the partnership. Our research uncovers two separate contests for attention involving corporate and divisional managers, highlighting the distributed nature of attention. Reflecting these, our findings reveal how startups' responsiveness to the respective cognitive schemas and corresponding stimuli of corporate and divisional managers is critical to understanding their distinct relational trajectories and disparate outcomes. Our focus on attention is complementary to the focus on trust that has hitherto dominated research on relational dynamics. Managerial Summary Startups partner with large corporations to access needed complementary resources. However, truly benefiting from such partnerships is challenging and requires them to attract as well as sustain the latter's attention. Our study reveals two contests for attention: one with corporate managers tasked with running a startup partnering initiative and the other with divisional managers in business units with whom actual commercial joint activity is forged. These two sets of managers have different priorities (schemas) that result in differences in the nature and amount of attention they pay to startups' actions (stimuli). Startups seeking corporate partnerships would do well to recognize this heterogeneity within large corporations and accordingly manage the attention–attraction process through suitable partner‐centric behaviors. On their part, large corporations need to be aware of and sensitive to the challenges such disparate schema of corporate and divisional managers pose for successful partnering outcomes as the relationship transitions from the early to later stages.
{"title":"Corporate‐startup partnering: Exploring attention dynamics and relational outcomes in asymmetric settings","authors":"Shameen Prashantham, Anoop Madhok","doi":"10.1002/sej.1475","DOIUrl":"https://doi.org/10.1002/sej.1475","url":null,"abstract":"Abstract Research Summary Startups that partner concurrently with a large corporation must compete for the latter's attention. We extend the attention‐based view from an intraorganizational to an interorganizational context, exploring how startups differ in the amount of attention they receive, their actions to attract and sustain attention, and the impact of attention dynamics on the relational outcome of the partnership. Our research uncovers two separate contests for attention involving corporate and divisional managers, highlighting the distributed nature of attention. Reflecting these, our findings reveal how startups' responsiveness to the respective cognitive schemas and corresponding stimuli of corporate and divisional managers is critical to understanding their distinct relational trajectories and disparate outcomes. Our focus on attention is complementary to the focus on trust that has hitherto dominated research on relational dynamics. Managerial Summary Startups partner with large corporations to access needed complementary resources. However, truly benefiting from such partnerships is challenging and requires them to attract as well as sustain the latter's attention. Our study reveals two contests for attention: one with corporate managers tasked with running a startup partnering initiative and the other with divisional managers in business units with whom actual commercial joint activity is forged. These two sets of managers have different priorities (schemas) that result in differences in the nature and amount of attention they pay to startups' actions (stimuli). Startups seeking corporate partnerships would do well to recognize this heterogeneity within large corporations and accordingly manage the attention–attraction process through suitable partner‐centric behaviors. On their part, large corporations need to be aware of and sensitive to the challenges such disparate schema of corporate and divisional managers pose for successful partnering outcomes as the relationship transitions from the early to later stages.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135783791","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 employs resilience theory and examines the dynamics of business modeling in international firms that enable them to resist environmental shocks under the adverse conditions of a global pandemic. Our multiple‐case study shows that firms develop various dynamic states of their business models (BMs) during the resilience process; each state differs in terms of the scope of BM change and the concurrent degree of BM innovativeness. Shifts in dynamic states result from attaining certain resilience capabilities. We contribute to the dynamic view on BMs, and the process perspective on organizational resilience; we also advance BM research in the context of internationalization.Under conditions of extreme disruptions that take the form of long‐lasting adversity, international firms need to continuously adjust their BMs to brave force majeure and remain resilient. This study takes a dynamic perspective on business modeling and examines how international firms develop different dynamic states of their BMs to stay resilient under extreme uncertainty; each state differs in terms of the scope of BM change, concurrent degree of BM innovativeness and the attained resilience capabilities. We show that business modeling is a continuous task of international firms that allows them not only to resist adversity but also to open new markets.
{"title":"Business modeling under adversity: Resilience in international firms","authors":"Tamara Galkina, I. Atkova, Peter Gabrielsson","doi":"10.1002/sej.1474","DOIUrl":"https://doi.org/10.1002/sej.1474","url":null,"abstract":"This study employs resilience theory and examines the dynamics of business modeling in international firms that enable them to resist environmental shocks under the adverse conditions of a global pandemic. Our multiple‐case study shows that firms develop various dynamic states of their business models (BMs) during the resilience process; each state differs in terms of the scope of BM change and the concurrent degree of BM innovativeness. Shifts in dynamic states result from attaining certain resilience capabilities. We contribute to the dynamic view on BMs, and the process perspective on organizational resilience; we also advance BM research in the context of internationalization.Under conditions of extreme disruptions that take the form of long‐lasting adversity, international firms need to continuously adjust their BMs to brave force majeure and remain resilient. This study takes a dynamic perspective on business modeling and examines how international firms develop different dynamic states of their BMs to stay resilient under extreme uncertainty; each state differs in terms of the scope of BM change, concurrent degree of BM innovativeness and the attained resilience capabilities. We show that business modeling is a continuous task of international firms that allows them not only to resist adversity but also to open new markets.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":" ","pages":""},"PeriodicalIF":6.3,"publicationDate":"2023-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42992946","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}
Entrepreneurship researchers have made great strides toward understanding who discovers and/or creates opportunities, how they validate a business model, and how they attract resources, but far less is known about what happens next. Beyond gathering resources, how do entrepreneurs build a growing organization once customer enthusiasm has been demonstrated? What has been learned is fragmented across theoretical perspectives and activities related to growth. We describe a collection of articles that spotlight different theories and organize the articles according to key activities: (1) building internal resources and capabilities, (2) leveraging partnerships, (3) taking strategic actions, and (4) managing interactions among resources, partners, and actions. Juxtaposing these activities with theories from the collection, we offer a research agenda designed to spur research to fill gaps in understanding of how entrepreneurs successfully manage growth.The period of an organization's development between the startup stage and becoming an established firm presents unique challenges. We spotlight a set of articles that have provided insights into how organizations can overcome these challenges. We then add our own perspective by providing research ideas that scholars can investigate in order to generate additional insights.
{"title":"After the startup: A collection to spur research about entrepreneurial growth","authors":"James G. Combs, D. Ketchen, S. Terjesen, D. Bergh","doi":"10.1002/sej.1476","DOIUrl":"https://doi.org/10.1002/sej.1476","url":null,"abstract":"Entrepreneurship researchers have made great strides toward understanding who discovers and/or creates opportunities, how they validate a business model, and how they attract resources, but far less is known about what happens next. Beyond gathering resources, how do entrepreneurs build a growing organization once customer enthusiasm has been demonstrated? What has been learned is fragmented across theoretical perspectives and activities related to growth. We describe a collection of articles that spotlight different theories and organize the articles according to key activities: (1) building internal resources and capabilities, (2) leveraging partnerships, (3) taking strategic actions, and (4) managing interactions among resources, partners, and actions. Juxtaposing these activities with theories from the collection, we offer a research agenda designed to spur research to fill gaps in understanding of how entrepreneurs successfully manage growth.The period of an organization's development between the startup stage and becoming an established firm presents unique challenges. We spotlight a set of articles that have provided insights into how organizations can overcome these challenges. We then add our own perspective by providing research ideas that scholars can investigate in order to generate additional insights.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":" ","pages":""},"PeriodicalIF":6.3,"publicationDate":"2023-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47229020","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}
We document that since 1997, the rate of startup formation has precipitously declined for firms operated by US PhD recipients in science and engineering. We explore how increasing knowledge complexity can be associated with fewer science‐based startups. The decline in startup formation is accompanied by an earnings decline, increasing work complexity in R&D, and more administrative work for science‐based founders. Founding a startup appears to have become increasingly harder over the past 20 years, while established firms are becoming more attractive workplaces for PhDs.
{"title":"Declining science‐based startups: Strategic human capital and the value of working in startups versus established firms","authors":"Yuheng Ding, T. Åstebro, Serguey Braguinsky","doi":"10.1002/sej.1477","DOIUrl":"https://doi.org/10.1002/sej.1477","url":null,"abstract":"We document that since 1997, the rate of startup formation has precipitously declined for firms operated by US PhD recipients in science and engineering. We explore how increasing knowledge complexity can be associated with fewer science‐based startups. The decline in startup formation is accompanied by an earnings decline, increasing work complexity in R&D, and more administrative work for science‐based founders. Founding a startup appears to have become increasingly harder over the past 20 years, while established firms are becoming more attractive workplaces for PhDs.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":" ","pages":""},"PeriodicalIF":6.3,"publicationDate":"2023-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45999760","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}
S. Morris, Chad Carlos, Geoffrey M. Kistruck, Robert B. Lount, Tumsifu Elly Thomas
{"title":"The impact of growth mindset training on entrepreneurial action among necessity entrepreneurs: Evidence from a randomized control trial","authors":"S. Morris, Chad Carlos, Geoffrey M. Kistruck, Robert B. Lount, Tumsifu Elly Thomas","doi":"10.1002/sej.1472","DOIUrl":"https://doi.org/10.1002/sej.1472","url":null,"abstract":"","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":" ","pages":""},"PeriodicalIF":6.3,"publicationDate":"2023-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43671363","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}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：