Enrico Maria Cervellati, Pierpaolo Pattitoni, Marco Savioli
{"title":"Do overconfident and over‐optimistic entrepreneurs invest too much in their companies? Theory and evidence from Italian\u0000 SMEs","authors":"Enrico Maria Cervellati, Pierpaolo Pattitoni, Marco Savioli","doi":"10.1002/sej.1421","DOIUrl":"https://doi.org/10.1002/sej.1421","url":null,"abstract":"","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":" ","pages":""},"PeriodicalIF":6.3,"publicationDate":"2022-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47388120","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}
Jonathan Bauweraerts, E. Rondi, P. Rovelli, Alfredo De Massis, Salvatore Sciascia
{"title":"Are family female directors catalysts of innovation in family\u0000 SMEs\u0000 ?","authors":"Jonathan Bauweraerts, E. Rondi, P. Rovelli, Alfredo De Massis, Salvatore Sciascia","doi":"10.1002/sej.1420","DOIUrl":"https://doi.org/10.1002/sej.1420","url":null,"abstract":"","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":" ","pages":""},"PeriodicalIF":6.3,"publicationDate":"2022-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45804187","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}
Research Summary This article studies the impacts of social insurance on the decisions of unemployed individuals to start businesses. Exploiting staggered changes in benefit generosity across U.S. states and over time, I find that higher unemployment insurance (UI) benefits both lower the probability that an unemployed person will become self-employed, and also extend the length of time that passes before they make such a transition. The negative effects of UI benefits are concentrated on the formation of unincorporated businesses. Unincorporated businesses created by unemployed people in higher-benefit state-periods tend to be more successful, as measured by profit and survival rate, suggesting that higher benefits mainly screen out the entry of less productive firms. The negative effects are smaller during nonrecession periods and in states that offer a Self-Employment Assistance program. Managerial Summary During the COVID-19 pandemic, the share of new entrepreneurs who were initially unemployed reached the highest level (30%) recorded in 25 years. This article studies factors that impact the decision of unemployed people to start businesses. My empirical results show that higher unemployment insurance (UI) benefits deter unemployed people from forming unincorporated businesses, while those that do enter the marketplace perform better than others located in lower-benefit state-periods. These results suggest that higher UI benefits mainly screen out lower-quality businesses due to the requirement that business profits have to be deducted from UI benefits. The disincentive effects are larger in states without Self-Employment Assistance (SEA) program and during recessions, suggesting the need for widespread policies like the SEA program, especially during economic downturns.
{"title":"Social Insurance and Entrepreneurship: The Effect of Unemployment Benefits on\u0000 New‐Business\u0000 Formation","authors":"Wenjian Xu","doi":"10.1002/sej.1419","DOIUrl":"https://doi.org/10.1002/sej.1419","url":null,"abstract":"Research Summary This article studies the impacts of social insurance on the decisions of unemployed individuals to start businesses. Exploiting staggered changes in benefit generosity across U.S. states and over time, I find that higher unemployment insurance (UI) benefits both lower the probability that an unemployed person will become self-employed, and also extend the length of time that passes before they make such a transition. The negative effects of UI benefits are concentrated on the formation of unincorporated businesses. Unincorporated businesses created by unemployed people in higher-benefit state-periods tend to be more successful, as measured by profit and survival rate, suggesting that higher benefits mainly screen out the entry of less productive firms. The negative effects are smaller during nonrecession periods and in states that offer a Self-Employment Assistance program. Managerial Summary During the COVID-19 pandemic, the share of new entrepreneurs who were initially unemployed reached the highest level (30%) recorded in 25 years. This article studies factors that impact the decision of unemployed people to start businesses. My empirical results show that higher unemployment insurance (UI) benefits deter unemployed people from forming unincorporated businesses, while those that do enter the marketplace perform better than others located in lower-benefit state-periods. These results suggest that higher UI benefits mainly screen out lower-quality businesses due to the requirement that business profits have to be deducted from UI benefits. The disincentive effects are larger in states without Self-Employment Assistance (SEA) program and during recessions, suggesting the need for widespread policies like the SEA program, especially during economic downturns.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":" ","pages":""},"PeriodicalIF":6.3,"publicationDate":"2022-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41777088","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}
M. Colombo, Christian Fisch, Paul P. Momtaz, S. Vismara
Research summary: We apply insights from research in social psychology and labor economics to the domain of entrepreneurial finance and investigate how founder chief executive officers' (founder CEOs') facial attractiveness influences firm valuation. Leveraging the novel context of initial coin offerings (ICOs), we document a pronounced founder CEO beauty premium, with a positive relationship between founder CEO attractiveness and firm valuation. We find only very limited evidence of stereotype-based evaluations, through the association of founder CEO attractiveness with latent traits such as competence, intelligence, likeability, or trustworthiness. Rather, attractiveness seems to bear economic value per se, especially in a context in which investors base their decisions on a limited information set. Indeed, attractiveness has a sustainable effect on post-ICO performance. Managerial summary: ICOs allow ventures to collect funding from investors using blockchain technology. We leverage this novel funding context, in which information (i.e., amount raised) and post-funding performance (i.e., buy-and-hold returns). We find that ventures with more attractive founder CEOs outperform ventures with less attractive CEOs in both dimensions. For ICO investors, this suggests that ICOs of firms with more attractive founder CEOs are more appealing investment targets. Our findings are also interesting for startups seeking external finance in uncertain contexts, such as ICOs. If startups can appoint attractive leaders, they may have better access to growth capital. (Brooks et al., 2014; Davila & Guasch, 2020) show that more attractive entrepreneurs are more likely to obtain external finance from investors than their less attractive peers, the theoretical mechanisms underlying this positive association have not been thoroughly investigated. Our study takes an important step forward in this direction by documenting that investors value firms led by more attractive founder CEOs higher when the information set on which they base their investment decisions is limited, and in doing so, they obtain higher returns.
研究总结:我们将社会心理学和劳动经济学的研究见解应用于创业金融领域，研究创始人首席执行官(founder ceo)的面部吸引力如何影响公司估值。利用首次代币发行(ico)的新背景，我们记录了创始人CEO的美貌溢价，创始人CEO的吸引力与公司估值之间存在正相关关系。通过将创始人CEO的吸引力与能力、智力、受欢迎程度或可信度等潜在特征联系起来，我们只发现了非常有限的基于刻板印象的评估证据。相反，吸引力本身似乎具有经济价值，特别是在投资者基于有限信息集做出决策的情况下。事实上，吸引力对ico后的表现具有可持续的影响。管理总结:ico允许企业使用区块链技术从投资者那里筹集资金。我们利用这种新的融资环境，其中的信息(即，筹集的金额)和融资后的表现(即，买入并持有的回报)。我们发现，拥有更有吸引力的创始人ceo的企业在这两个维度上都优于拥有不那么有吸引力的ceo的企业。对于ICO投资者来说，这表明拥有更有吸引力的创始人ceo的公司的ICO是更有吸引力的投资目标。我们的发现对于在不确定背景下寻求外部融资的初创公司(如ico)也很有趣。如果创业公司可以任命有吸引力的领导者，他们可能会更好地获得增长资本。(Brooks et al.， 2014;Davila & Guasch, 2020)表明，更具吸引力的企业家比不那么有吸引力的同行更有可能从投资者那里获得外部融资，这种积极联系背后的理论机制尚未得到彻底的研究。我们的研究在这个方向上迈出了重要的一步，证明了当投资者投资决策所依据的信息集有限时，投资者对由更有吸引力的创始人首席执行官领导的公司的估值更高，这样他们就能获得更高的回报。
{"title":"The\u0000 CEO\u0000 Beauty Premium: Founder\u0000 CEO\u0000 Attractiveness and Firm Valuation in Initial Coin Offerings","authors":"M. Colombo, Christian Fisch, Paul P. Momtaz, S. Vismara","doi":"10.1002/sej.1417","DOIUrl":"https://doi.org/10.1002/sej.1417","url":null,"abstract":"Research summary: We apply insights from research in social psychology and labor economics to the domain of entrepreneurial finance and investigate how founder chief executive officers' (founder CEOs') facial attractiveness influences firm valuation. Leveraging the novel context of initial coin offerings (ICOs), we document a pronounced founder CEO beauty premium, with a positive relationship between founder CEO attractiveness and firm valuation. We find only very limited evidence of stereotype-based evaluations, through the association of founder CEO attractiveness with latent traits such as competence, intelligence, likeability, or trustworthiness. Rather, attractiveness seems to bear economic value per se, especially in a context in which investors base their decisions on a limited information set. Indeed, attractiveness has a sustainable effect on post-ICO performance. Managerial summary: ICOs allow ventures to collect funding from investors using blockchain technology. We leverage this novel funding context, in which information (i.e., amount raised) and post-funding performance (i.e., buy-and-hold returns). We find that ventures with more attractive founder CEOs outperform ventures with less attractive CEOs in both dimensions. For ICO investors, this suggests that ICOs of firms with more attractive founder CEOs are more appealing investment targets. Our findings are also interesting for startups seeking external finance in uncertain contexts, such as ICOs. If startups can appoint attractive leaders, they may have better access to growth capital. (Brooks et al., 2014; Davila & Guasch, 2020) show that more attractive entrepreneurs are more likely to obtain external finance from investors than their less attractive peers, the theoretical mechanisms underlying this positive association have not been thoroughly investigated. Our study takes an important step forward in this direction by documenting that investors value firms led by more attractive founder CEOs higher when the information set on which they base their investment decisions is limited, and in doing so, they obtain higher returns.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":"29 2","pages":""},"PeriodicalIF":6.3,"publicationDate":"2021-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50832845","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 important strategic choice for early-stage ventures is about how to learn about the market. This choice often translates into focusing on either experimentation or planning. These strategies are best supported by different structures. Hence, the fit between strategy and structure should be considered by stakeholders evaluating the venture. We hypothesize that communicating coherent combinations—experimentation and informal structure or planning and formal structure—is positively associated with evaluation and that evaluators with entrepreneurial experience are more sensitive to this coherent choice. We test this argument combining data from a university-based venture competition and an online experiment. We find a robust positive correlation between coherent choice and evaluation. We find no clear evidence that this pattern is driven by evaluators with entrepreneurial experience.
{"title":"Experimentation, planning, and structure in early-stage ventures: Evidence from pitch decks","authors":"Andrea Contigiani, Trevor Young-Hyman","doi":"10.1002/sej.1416","DOIUrl":"https://doi.org/10.1002/sej.1416","url":null,"abstract":"An important strategic choice for early-stage ventures is about how to learn about the market. This choice often translates into focusing on either experimentation or planning. These strategies are best supported by different structures. Hence, the fit between strategy and structure should be considered by stakeholders evaluating the venture. We hypothesize that communicating coherent combinations—experimentation and informal structure or planning and formal structure—is positively associated with evaluation and that evaluators with entrepreneurial experience are more sensitive to this coherent choice. We test this argument combining data from a university-based venture competition and an online experiment. We find a robust positive correlation between coherent choice and evaluation. We find no clear evidence that this pattern is driven by evaluators with entrepreneurial experience.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":"26 2","pages":""},"PeriodicalIF":6.3,"publicationDate":"2021-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138513223","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}
According to a new study titled "Who do you take to tango? Examining pairing mechanisms between underwriters and initial public offering firms in a nascent stock market," high-reputation underwriters' client-picking behaviors differ in a nascent stock market than in a mature one. Previous research established that in mature markets, high-reputation underwriters are primarily paired with high-quality IPO firms. In a nascent capital market, however, high-reputation underwriters work with IPO firms of varying qualities—good and bad ones, including those who "cooked" their accounting books in order to meet public listing standards.
{"title":"Who do you take to tango? examining pairing mechanisms between underwriters and ipo firms in a nascent stock market","authors":"Y. Zhang, Jin Chen, Haiyang Li, Jin Jing","doi":"10.1002/sej.1414","DOIUrl":"https://doi.org/10.1002/sej.1414","url":null,"abstract":"According to a new study titled \"Who do you take to tango? Examining pairing mechanisms between underwriters and initial public offering firms in a nascent stock market,\" high-reputation underwriters' client-picking behaviors differ in a nascent stock market than in a mature one. Previous research established that in mature markets, high-reputation underwriters are primarily paired with high-quality IPO firms. In a nascent capital market, however, high-reputation underwriters work with IPO firms of varying qualities—good and bad ones, including those who \"cooked\" their accounting books in order to meet public listing standards.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":" ","pages":""},"PeriodicalIF":6.3,"publicationDate":"2021-10-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45937796","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}
When evaluating Internet-based loan project of small and medium size enterprises (SME), lenders can rely on easy-to-understand risk ratings or more sophisticated financial information. We investigate lenders decisions and its effect on loan funding success on the marketplace-lending platform Zencap. The data set has been provided by the platform Zencap and includes 414 SME marketplace loans and 2,196 lenders. The data examined provide strong support for the importance of simple platform ratings in influencing investor behavior, while the effect of more detailed financial information is less pronounced, controlling for relevant variables. Higher interest rates appear more profitable to investors without any serious concern about non-repayment.
{"title":"Marketplace lending of small- and medium-sized enterprises","authors":"Douglas Cumming, Lars Hornuf","doi":"10.1002/sej.1411","DOIUrl":"https://doi.org/10.1002/sej.1411","url":null,"abstract":"When evaluating Internet-based loan project of small and medium size enterprises (SME), lenders can rely on easy-to-understand risk ratings or more sophisticated financial information. We investigate lenders decisions and its effect on loan funding success on the marketplace-lending platform Zencap. The data set has been provided by the platform Zencap and includes 414 SME marketplace loans and 2,196 lenders. The data examined provide strong support for the importance of simple platform ratings in influencing investor behavior, while the effect of more detailed financial information is less pronounced, controlling for relevant variables. Higher interest rates appear more profitable to investors without any serious concern about non-repayment.","PeriodicalId":51417,"journal":{"name":"Strategic Entrepreneurship Journal","volume":"94 2","pages":""},"PeriodicalIF":6.3,"publicationDate":"2021-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138513240","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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