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Journal of Business Venturing
Journal Prestige (SJR): 5.212
Citation Impact (citeScore): 9
Number of Followers: 26  
  Hybrid Journal Hybrid journal (It can contain Open Access articles)
ISSN (Print) 0883-9026
Published by Elsevier Homepage  [3158 journals]
  • A wakeup call for the field of entrepreneurship and its evaluators
    • Abstract: Publication date: Available online 7 March 2019Source: Journal of Business VenturingAuthor(s): Jeffery S. McMullen In this editorial, I seek to inform administrators and members of promotion and tenure committees about significant developments in the field of entrepreneurship. Using both objective and subjective data, I present a case for why entrepreneurship journals should be considered on par with other, premier management journals, which are widely considered to be unequivocal “A” journals used to assess scholarly contribution and productivity. I entertain and address common objections to equal treatment for entrepreneurship journals, and conclude with a call to action for both entrepreneurship scholars and the field's evaluators.
  • How optimal distinctiveness affects new ventures' failure risk: A
           contingency perspective
    • Abstract: Publication date: Available online 4 March 2019Source: Journal of Business VenturingAuthor(s): Jan Goldenstein, Michael Hunoldt, Simon Oertel In this article, we apply the concept of optimal distinctiveness to test whether category spanning has a nonlinear effect on new ventures' risk to fail. We argue that by being optimally distinct, i.e., by attaining a level of category spanning that allows new ventures to benefit from balancing the competing needs of conformity with and differentiation from competitors, new ventures can improve their survival chances. In addition, we argue that the relevance of optimal distinctiveness varies with a venture's age and a category's density. We tested our hypotheses using data from 1668 metal bands that were founded in the United Kingdom between 1967 and 2005. The results indicate that optimal distinctiveness is relevant to new ventures' failure risk. Moreover, we show that venture age attenuates the relevance of optimal distinctiveness, whereas category density strengthens that factor's relevance.
  • Entrepreneurial cognition and the quality of new venture ideas: An
           experimental approach to comparing future-oriented cognitive processes
    • Abstract: Publication date: March 2019Source: Journal of Business Venturing, Volume 34, Issue 2Author(s): Arjan J. Frederiks, Basil G. Englis, Michel L. Ehrenhard, Aard J. Groen In the research reported here, we compared how future-oriented cognitive processes underpin differences in the quality of new venture ideas (NVIs) generated by respondents. We primed the use of future-oriented cognitive processes in two experiments. The first experiment shows that prospective thinking leads to NVIs of higher quality in comparison to counterfactual thinking, perspective taking and a control group. The second experiment shows that prospective thinking and perspective taking result in NVIs of higher quality compared to counterfactual thinking and the control group. We also find that prior knowledge of technology strengthens these effects. Post-hoc analyses show that these effects are present when respondents are prompted to generate NVIs, but not when they spontaneously generate NVIs, and that respondents with more prior business experience are more likely to spontaneously generate NVIs. Finally, we discuss contributions our research makes to the literature on entrepreneurial cognition and opportunity recognition, and to practice.
  • “I know I can, but I don't fit”: Perceived fit, self-efficacy, and
           entrepreneurial intention
    • Abstract: Publication date: March 2019Source: Journal of Business Venturing, Volume 34, Issue 2Author(s): Dan K. Hsu, Katrin Burmeister-Lamp, Sharon A. Simmons, Maw-Der Foo, Michelle C. Hong, Jesse D. Pipes While extant literature generally suggests a positive relationship between entrepreneurial self-efficacy and entrepreneurial intention, several moderators have been identified – suggesting possible boundary conditions on that relationship. This paper introduces perceived person-entrepreneurship fit to entrepreneurship and shows that it moderates the relationship between entrepreneurial self-efficacy and entrepreneurial intention. Three studies are conducted which illuminate the utility of randomized experiments and methodological approaches to address limitations in the interpretation of empirical results. Studies 1 and 2 are randomized experiments to examine causality; Study 3 contains two correlational surveys to triangulate the results by examining whether the proposed effects withstand the influence of confounding variables in real-life. The findings indicate that when a strong perception of fit with entrepreneurship is achieved, entrepreneurial intention is strongly predicted by entrepreneurial self-efficacy. In contrast, if one perceives a low level of fit or no fit, entrepreneurial intention will be low, regardless of entrepreneurial self-efficacy.
  • Navigating the validity tradeoffs of entrepreneurship research
           experiments: A systematic review and best-practice suggestions
    • Abstract: Publication date: March 2019Source: Journal of Business Venturing, Volume 34, Issue 2Author(s): Denis A. Grégoire, Julia K. Binder, Andreas Rauch Experimental methods provide important advantages for advancing academic understanding of entrepreneurship. Yet, the complex and comingled relationships between some of entrepreneurship's key characteristics pose thorny methodological challenges to entrepreneurship researchers – notably to negotiate important tradeoffs between the ideals of external and construct validity. To facilitate the sound mobilization of experimental methods in entrepreneurship research, we present an overview of critical validity challenges plaguing entrepreneurship research experiments and assess the validation practices mobilized in 144 studies using such methods. Building on these findings, we develop a practical guide of actionable validation strategies to help experimenters navigate the above tradeoffs and conduct entrepreneurship research experiments that are realistic, theoretically meaningful, and that help establish the causal effects of their focal variables. By doing so, we contribute a set of pragmatic means to support the mobilization of experimental methods for advancing entrepreneurship research.Executive summaryExperimental methods hold important advantages for advancing the theoretical and practical understanding of entrepreneurial action. The power of research experiments lies in their ability to yield convincing evidence supporting the causal effects of the factors they investigate.Unfortunately, entrepreneurship research experiments are often criticized for offering pale copies of both the realities they attempt to model and the theoretical constructs they aim to study. The entrepreneurial process and its related activities count many intertwined characteristics – such as radical uncertainty, temporal dynamics, high personal stakes and other constraints – that can prove difficult to integrate in experimental studies. Moreover, these characteristics' comingled relationships raise important tensions with experimental methods' core principle of surgically focusing on the causal effects of a few manipulated variables. As a result, entrepreneurship research must overcome a number of validity challenges and tradeoffs in order to successfully leverage experimental methods and offer findings that convincingly support the causality of their theoretical developments.Compounding these difficulties, the guidance typically offered in research methods textbooks tends to focus on generic issues that are altogether separate from the specific challenges of conducting valid entrepreneurship research experiments. Because of this, many research manuscripts mobilizing experimental methods arrive at the review process with important shortcomings. This threatens the field's knowledge accumulation and typically calls for authors to refine their work and collect additional data.To help researchers face these challenges, we offer a three-part compendium focused on bolstering the validity of entrepreneurship research experiments. First, we complement the generic observations of research methods monographs by presenting an overview of the validity tradeoffs inherent to mobilizing experimental methods in entrepreneurship research – and of strategies for addressing these.Second, and to demonstrate that overcoming these challenges is not a trivial task, we conduct a structured literature review of the external and construct validation strategies deployed in a comprehensive corpus of 144 relevant articles published in both entrepreneurship-focused journals and broader generalist journals from the applied behavioral and social sciences. Among the most positive elements emerging from our analyses, we note upward trends in the mobilization of pilot tests, in the conduct of multiple experiments within single papers as well as in the use of parallel studies using different data collection methods. We also observe increased efforts to explain the practical relevance of experimental findings. To our surprise, however, our analyses uncover downward trends in the mobilization of pre-tests to examine the research material's external validity and representativeness, as well as the continued publication of studies that do not report empirical evidence regarding their focal manipulations' construct validity. This is concerning. Such practices undermine these experiments' abilities to yield convincing evidence in support of their theorized causal effects – and for what these imply for fostering entrepreneurial action.Third, and in light of the results obtained, we develop a practical guide of actionable strategies for navigating the validity tradeoffs of entrepreneurship research experiments. Grouping these strategies together allows us to systematize recommendations typically found across various methods monographs, thereby offering an overall scheme to help entrepreneurship researchers navigate the validity tradeoffs inherent to conducting realistic and theoretically meaningful experiments. To make our recommendations as actionable as possible, we develop an extensive step-by-step guide of design and assessment strategies relevant to entrepreneurship research experiments. The guide spans the entire research process – from conceiving an experimental study to collecting, analyzing and reporting the results. The guide also includes a number of relevant exemplars from many different studies we analyzed.By discussing these entrepreneurship-specific validity tradeoffs and combining that with an overview of strategies for addressing them, our study offers an entrepreneurship-centered synthesis that equips entrepreneurship researchers with the necessary tools for conducting experimental research that advances understanding of the causal effects supporting entreprene...
  • The effect of a tax training program on tax compliance and business
           outcomes of starting entrepreneurs: Evidence from a field experiment
    • Abstract: Publication date: March 2019Source: Journal of Business Venturing, Volume 34, Issue 2Author(s): Hanskje Nagel, Laura Rosendahl Huber, Mirjam Van Praag, Sjoerd Goslinga This paper estimates the long-term impact of a short, partly personalized, mandatory tax training program on tax compliance and business outcomes of first-time entrepreneurs. To this end, we combine survey data, audit data and unique register data from the Netherlands' Tax and Customs Administration with a three year long randomized experiment. The results show that the training affects specific domains of tax compliant behavior. Moreover, it has no impact on business survival, but treated entrepreneurs have significantly higher profits compared to the control group due to lower business costs. These outcomes are partially supportive of our hypotheses developed from theories on tax compliance and mental accounting.
  • Knocking at the gate: The path to publication for entrepreneurship
           experiments through the lens of gatekeeping theory
    • Abstract: Publication date: March 2019Source: Journal of Business Venturing, Volume 34, Issue 2Author(s): Regan M. Stevenson, Matthew Josefy We draw on gatekeeping theory to explore the individual and routine-level criticisms that entrepreneurship experimentalists receive during the review process. Using a multi-study approach, we categorize common gatekeeping themes and present illustrative critiques derived from a unique sample of decision letters and a supplemental survey of entrepreneurship editors. In combination, we extend gatekeeping theory by considering how it applies to the scholarly domain, contribute to the literature by exploring an alternative theoretical explanation as to why entrepreneurship experiments might fail to survive the review process, and finally, provide contextualized recommendations for authors and reviewers of experimental research.
  • Increasing quantity without compromising quality: How managerial framing
           affects intrapreneurship
    • Abstract: Publication date: March 2019Source: Journal of Business Venturing, Volume 34, Issue 2Author(s): J.P.C. (Coen) Rigtering, G.U. (Utz) Weitzel, K. (Katrin) Muehlfeld Individual-level opportunity recognition processes are vital to corporate entrepreneurship. However, little is known regarding how managerial communication impacts the effectiveness of idea suggestion systems in stimulating individuals' participation in intrapreneurial ideation. Integrating self-determination theory, creativity, and framing research, we theorize how different ways of inviting employees to submit proposals (opt-out/opt-in registration; provision of examples) affect the number and quality of submitted ideas. Our multi-method study (field experiment, vignette experiment, interviews) shows that (i) opt-out increases employee participation without reducing idea quality and (ii) the provision of examples enhances the usefulness of ideas but decreases novelty and the number of submissions.
  • Applying experimental methods to advance entrepreneurship research: On the
           need for and publication of experiments
    • Abstract: Publication date: March 2019Source: Journal of Business Venturing, Volume 34, Issue 2Author(s): David W. Williams, Matthew S. Wood, J. Robert Mitchell, Diemo Urbig
  • Out of control or right on the money' Funder self-efficacy and crowd
           bias in equity crowdfunding
    • Abstract: Publication date: March 2019Source: Journal of Business Venturing, Volume 34, Issue 2Author(s): Regan M. Stevenson, Michael P. Ciuchta, Chaim Letwin, Jenni M. Dinger, Jeffrey B. Vancouver Our findings extend the entrepreneurship literature by highlighting the mechanism through which self-efficacy can hinder rather than enhance performance in entrepreneurial settings. Using two complementary experimental studies and a third quasi-experimental field study on equity crowdfunding decisions, we demonstrate that self-efficacy is negatively related to decision-making performance. This relationship is mediated by reduced searching effort. Our research also indicates that high self-efficacy funders tend to exhibit a “crowd bias” whereby they over-weight the opinions of the crowd, increasing the likelihood that they will fund poor quality ventures when such ventures are favored by the crowd. We introduce the term crowd bias and explore its effects, establishing that social indicators in the form of crowd cues can exasperate the negative effects of self-efficacy.
  • Why and how do founding entrepreneurs bond with their ventures' Neural
           correlates of entrepreneurial and parental bonding
    • Abstract: Publication date: March 2019Source: Journal of Business Venturing, Volume 34, Issue 2Author(s): Tom Lahti, Marja-Liisa Halko, Necmi Karagozoglu, Joakim Wincent This paper investigates why and how founding entrepreneurs bond with their ventures. We develop and test theory about the nature of bonding in a functional magnetic resonance imaging (fMRI) study of 42 subjects (21 entrepreneurs and 21 parents). We find that entrepreneurs and parents show similar signs of affective bonding, that self-confidence plays a role in bonding style, and that the degree to which entrepreneurs include their ventures in the self and to which parents include their child in the self influences their ability to make critical assessments. Our findings suggest that bonding is similar for entrepreneurs and parents and that venture stimuli influence reward systems, self-regulatory functions, and mental factors that are associated with judgment.
  • Discounted: The effect of founder race on the price of new products
    • Abstract: Publication date: March 2019Source: Journal of Business Venturing, Volume 34, Issue 2Author(s): Peter Younkin, Venkat Kuppuswamy
  • Editorial: Enhancing quantitative theory-testing entrepreneurship research
    • Abstract: Publication date: Available online 22 February 2019Source: Journal of Business VenturingAuthor(s): Brian S. Anderson, Karl Wennberg, Jeffery S. McMullen The purpose of this editorial is to discuss methodological advancements to enhance quantitative theory-testing entrepreneurship research. As the impact of entrepreneurship scholarship accelerates and deepens, our methods must keep pace to continue shaping theory, policy, and practice. Like our sister fields in business, entrepreneurship is coming to terms with the replication and credibility crisis in the social sciences, forcing the field to revisit commonly-held assumptions that limit the promise and prospect of our scholarship. Thus, we provide suggestions for reviewers and editors to identify concerns in empirical work, and to guide authors in improving their analyses and research designs. We hope that our editorial provides useful and actionable guidance for entrepreneurship researchers submitting theory-testing papers to Journal of Business Venturing.
  • Entrepreneurial orientation and start-ups' external financing
    • Abstract: Publication date: Available online 14 February 2019Source: Journal of Business VenturingAuthor(s): Egle Vaznyte, Petra AndriesABSTRACTThis study extends the Pecking Order Theory by investigating the role of start-ups' strategic posture for financial decision-making. Using a contingency approach, it proposes that a start-up's entrepreneurial orientation differently affects the costs and benefits associated with external debt and equity financing, and thereby its use of the respective financing forms; with the strength of these relationships depending on industry-level risk and venture development stage. The study tests and confirms these hypotheses on a sample of 4456 German start-ups. It advances the entrepreneurial finance literature by taking strategic posture and its contingencies into account, and adds insight in the relationship between entrepreneurial orientation and firm performance. It also provides valuable practical implications for start-up founders and external financiers.
  • The emergence of the maker movement: Implications for entrepreneurship
    • Abstract: Publication date: Available online 10 February 2019Source: Journal of Business VenturingAuthor(s): Russell E. Browder, Howard E. Aldrich, Steven W. Bradley The maker movement has been touted as a harbinger of the next industrial revolution. Through shared access to tools and digital fabrication technologies, makers can act as producers in the sharing economy and potentially increase entrepreneurship rates, catalyze advanced manufacturing, and spur economic development. We develop a model of the maker movement configured around social exchange, technology resources, and knowledge creation and sharing. We highlight opportunities for studying the conditions under which the movement might foster entrepreneurship outcomes and discuss how research on the maker movement can deepen our understanding of entrepreneurial teams and corporate entrepreneurship.
  • Narcissism and learning from entrepreneurial failure
    • Abstract: Publication date: Available online 30 January 2019Source: Journal of Business VenturingAuthor(s): Yiran Liu, Yong Li, Xiling Hao, Yuli Zhang Failure of a prior business provides an opportunity for an entrepreneur to learn in the subsequent entrepreneurial endeavor, but learning from failure is not guaranteed. Why do some entrepreneurs learn less from failure than others' In this study, we propose that a narcissistic personality can create cognitive and motivational obstacles to learning. We further posit that the inhibiting effect of narcissism will be more salient when the costs of failure, especially social costs, are higher. Our analysis with a survey sample of startups provides the initial empirical evidence about the negative impact of narcissism on learning from entrepreneurial failure. The study adds to research on learning from failure and narcissism in entrepreneurship.
  • Entrepreneurship and well-being: Past, present, and future
    • Abstract: Publication date: Available online 22 January 2019Source: Journal of Business VenturingAuthor(s): Johan Wiklund, Boris Nikolaev, Nadav Shir, Maw-Der Foo, Steve Bradley Entrepreneurship research typically emphasizes firm-level outcomes such as growth and performance. However, people pursue entrepreneurship for deeply personal, idiosyncratic reasons. Therefore, as in other self-organized human pursuits, how entrepreneurship relates to fulfillment and well-being is of utmost importance. In this paper, we provide an overview of the well-being concept, related research, and its connection to entrepreneurship. We define entrepreneurial well-being as the experience of satisfaction, positive affect, infrequent negative affect, and psychological functioning in relation to developing, starting, growing, and running an entrepreneurial venture. We explain this definition of entrepreneurial well-being and review significant developments in our field and the broader field of well-being. Highlights of social, technological and institutional trends illustrate key areas for future research that can enhance our understanding of these phenomena. The eight papers in this special issue focus on entrepreneurial well-being each offering a specific perspective on how scholars can theorize and study the antecedents and consequences of entrepreneurship related to well-being.
  • Navigating liminality in new venture internationalization
    • Abstract: Publication date: Available online 18 January 2019Source: Journal of Business VenturingAuthor(s): Shameen Prashantham, Steven W. Floyd Prior research describes international expansion as a series of discrete steps and notes that taking them threatens new ventures' survival, especially due to unexpected setbacks. Seen through the lens of social science, the source of such threat becomes clearer. In this paper, we argue that internationalization in new ventures involves what social anthropologists call a liminal transition – a betwixt-and-between period lying between the intent to internationalize and the realization of a stable internationalized state. The ambiguous and transitory nature of this liminal transition has the potential to increase the odds of overreach (e.g. a high-cost market entry without sufficient resources). Avoiding the negative influence of liminality – and instead harnessing its positive effect – relies on three sources of support that we refer to as opportunity scaffolding: self-reflective learning, peer learning and consultative learning. We argue that entrepreneurs with personality profiles high in levels of core self-evaluation (CSE) are more likely to utilize the scaffolding like that available in business incubators effectively. This leads to the development of a more reflective mindset, making capability learning more likely, preventing decisions that lead to overreach and reducing the threat to INV survival. However we also strike a note of caution in that at excessive (hyper) levels of CSE, the internationalizing new venture could become the victim of hubris. Emboldened with unrealistically high self-confidence, hubristic entrepreneurs are more likely to rebuff use of scaffolding, leading to a more reactive mindset, increasing the probability of liminal overreach and threatening INV survival.Executive summaryInternationalization represents an important pathway to growth for new ventures. At the same time, the burden of internationalization is considerable since new ventures must learn new capabilities under severe resource constraints to succeed in international markets. Thus we have a tension: internationalization increases the odds of growing rapidly and lowers the odds of survival for new ventures. Therefore, it is important for new ventures' capability learning process to be effective through harnessing network ties and entrepreneurial cognition.However, although we know a lot about what makes international new ventures (INVs) successful, there is a surprising lack of detailed understanding of the transition that these firms make during the internationalization process. Becoming a stable INV involves making sense of new environments and improvising in the face of unexpected setbacks. Previous work has focused more on how INVs fare while pursuing identified opportunities during initial or post-entry internationalization but not as much on how they cope in the transition to becoming a stable INV over time.To address this deficiency we draw upon an underutilized theoretical lens from social anthropology: liminality. Liminality describes the “betwixt-and-between” condition that is experienced during a transition when one is no longer in the original state but hasn't quite reached the new one. This perspective draws attention to both a vulnerability and an opportunity that are simultaneously heightened during transitions: the novelty of the situation can be cognitively confounding and liberating. If a new venture's entrepreneur is overwhelmed by distorted thinking during this liminal period, he or she may lead the INV to take fatal missteps, including overreaching. On the other hand, if the confusion inherent in this process can be contained and the potential creativity of this stage harnessed, then new capabilities can be learned and the potentially treacherous liminal period successfully navigated. Thus liminality theory helps to distinguish between measured and reckless improvisation.Liminal theory also helps us to identify opportunity scaffolding as an important way of avoiding liminality's negative effects by facilitating reflective learning, peer learning and consultative learning in conjunction with mentors. A practical manifestation of such support is the use of business incubators. Where these are not available, entrepreneurs may avail of mentors and peers through other means such as advisory boards or education. Furthermore, entrepreneurial personality in influences entrepreneurs' propensity for using such scaffolding: those with high levels of core self-evaluation (CSE) – confident of their abilities – are more likely to use scaffolding whereas those with low or excessive levels of CSE will tend to rebuff the use of scaffolding.Overall, our conceptualization complements previous work on capability learning with the notion of “transitioning capability” – which is the ability to harness the creativity of liminality while avoiding its confounding potential. This is a theoretical advance over how INV research views the capability learning process. And it has strong practical implications for how international entrepreneurs can thoughtfully navigate liminality, by taking advantage of opportunity scaffolding, being self-aware of limitations and strengths and avoiding overreach.
  • Close your eyes or open your mind: Effects of sleep and mindfulness
           exercises on entrepreneurs' exhaustion
    • Abstract: Publication date: Available online 14 January 2019Source: Journal of Business VenturingAuthor(s): Charles Y. Murnieks, Jonathan D. Arthurs, Melissa S. Cardon, Nusrat Farah, Jason Stornelli, J. Michael Haynie Exhaustion is a prominent problem in entrepreneurship because it inhibits cognitive functioning, opportunity identification and evaluation, decision-making, and perseverance. We examine the possible benefits of sleep and mindfulness exercises in reducing the exhaustion experienced by entrepreneurs in the course of launching and growing ventures. Across two studies, we find that both sleep and mindfulness exercises provide avenues for entrepreneurs to combat exhaustion. More interestingly, we find that these two factors compensate for one another; as the usage of one increases, the efficacy of the other decreases. This has important implications for reducing exhaustion and improving cognitive functioning and motivational energy among entrepreneurs.
  • Biased and overconfident, unbiased but going for it: How framing and
           anchoring affect the decision to start a new venture
    • Abstract: Publication date: Available online 9 January 2019Source: Journal of Business VenturingAuthor(s): Saulo Dubard Barbosa, Alain Fayolle, Brett R. Smith Cognitive heuristics, biases, and overconfidence have been suggested as an explanation for entrepreneurial entry. Nevertheless, empirical research on the subject has produced mixed findings and has under-explored the cognitive mechanisms leading to overconfidence in entrepreneurial settings. In two within-subject experiments, we focus on three cognitive heuristics—reference point framing, outcome salience framing, and anchoring in conjunctive events—and examine their effects on perceived risk, confidence, required and estimated probabilities of success, and the decision to start a new venture. Our findings show that reference point framing and outcome salience framing affect the decision to enter directly and indirectly via risk perception, but do not affect confidence. In addition, the effect of anchoring is contingent on the congruence between its semantic and its numeric influences. Overconfidence only obtains when the numeric and semantic influences of anchoring are aligned and aimed at enhancing the salience of potential positive outcomes, i.e., through high probabilities of success.
  • Early employment expansion and long-run survival: examining employee
           turnover as a context factor
    • Abstract: Publication date: January 2019Source: Journal of Business Venturing, Volume 34, Issue 1Author(s): Pernille Gjerløv-Juel, Christina Guenther We investigate under which circumstances early employment growth translates into greater long-run survival. Drawing on Penrose's growth theory, we suggest that the relationship between early employment growth and long-run survival is conditional on employee turnover. We argue that higher employee turnover reduces joint experience in the firm and disrupts the development and eventual exploitation of the firm's productive opportunity set, thereby reducing long-term utilization of early employment expansion. These arguments suggest that the firm's ability to realize long-term benefits of early employment growth is contingent upon low employee turnover following this initial expansion. Using the Danish Integrated Database for Labor Market Research, we show that only when employee turnover is low, will early employment growth lead to higher survival in the long run.
  • The guppy and the whale: Relational pluralism and start-ups' expropriation
           dilemma in partnership formation
    • Abstract: Publication date: January 2019Source: Journal of Business Venturing, Volume 34, Issue 1Author(s): Joris Knoben, Rene M. Bakker Start-ups have a high need for resources yet face significant risks when forming partnerships with incumbents to access those resources. We propose that a partnership strategy based on relational pluralism, forming multiplex and multifaceted ties with partners, can mitigate these risks. Such ties offer the start-up increased legitimacy and a relational safeguard against resource misappropriation by more powerful partners. However, we propose that there is a limit to the effectiveness of relational pluralism. Its effect is weakened when the start-up becomes entirely dependent on a small set of partners, or when an additional tie yields resources that are redundant. We argue that the start-up only benefits when the gains from relational safeguarding and legitimacy outweigh the costs of dependence and redundancy. We empirically observe the co-evolution of start-ups’ interlocking directorate and strategic alliance networks in the Australian mining industry over a 10-year period. Our results show that start-ups that engage in relational pluralism perform better than both start-ups that form no alliances and start-ups that form stand-alone alliances. Having a very small portfolio of partners or one that skews heavily toward local partners, however, indeed limits the effectiveness of relational pluralism. Intriguingly, we also find that the temporal sequencing of relational pluralism matters. One of our central findings is that the best performing start-ups first form board interlocks with promising partners and add a strategic alliance later. This offers a rare glance at the temporal sequencing in which peripheral start-ups can gain exceptional performance through partnership formation.
  • Signaling in science-based IPOs: The combined effect of affiliation with
           prestigious universities, underwriters, and venture capitalists
    • Abstract: Publication date: January 2019Source: Journal of Business Venturing, Volume 34, Issue 1Author(s): Massimo G. Colombo, Michele Meoli, Silvio Vismara This paper studies the combined effect of affiliation with prestigious universities, underwriters, and venture capitalists on the valuation of biotech ventures at IPO and their post-IPO performance. We argue that affiliation to a prestigious university provides the affiliated firm with a quality signal in the scientific domain. The pure quality signaling effect of the affiliation is isolated from the substantive benefits it provides by performing a difference-in-difference approach based on the scientific reputation of scientists in firms' upper echelons. The signal is stronger the weaker is the scientific reputation of scientists of the focal IPO-firm and is additive to those provided by prestigious venture capitalists and underwriters. Results for a sample of 254 European biotech ventures that went through an IPO between 1990 and 2009 confirm our predictions.
  • Socio-cognitive traits and entrepreneurship: The moderating role of
           economic institutions
    • Abstract: Publication date: January 2019Source: Journal of Business Venturing, Volume 34, Issue 1Author(s): Christopher J. Boudreaux, Boris N. Nikolaev, Peter Klein We examine how country-level institutional context moderates the relationship between three socio-cognitive traits—entrepreneurial self-efficacy, alertness to new business opportunities, and fear of failure—and opportunity entrepreneurship. To do this, we blend social cognitive theory (SCT) with institutional theory to develop a multi-level model of entrepreneurial entry. We merge data from the Global Entrepreneurship Monitor (GEM) surveys and the Economic Freedom of the World (EFW) index for 45 countries from 2002 to 2012. Our results, which are based on a multi-level fixed-effects model, suggest that entrepreneurs' self-efficacy and alertness to new opportunities promote opportunity entrepreneurship while fear of failure discourages it. However, the strength of these relationships depends on the institutional context, with entrepreneurial self-efficacy and alertness substantially more likely to lead to new opportunity-driven ventures in countries with higher levels of economic freedom. These results provide suggestive evidence that economic freedom not only channels individual effort to productive entrepreneurial activities, but also affects the extent to which individuals' socio-cognitive resources are likely to mobilized and lead to high-growth entrepreneurship.
  • Perceived uncertainty and behavioral logic: Temporality and unanticipated
           consequences in the new venture creation process
    • Abstract: Publication date: January 2019Source: Journal of Business Venturing, Volume 34, Issue 1Author(s): Yi Jiang, Erno T. Tornikoski In this study, drawing on effectuation theory, we combine analytical strategies for process data to examine inductively and theorize how founder teams' perceptions of uncertainty and behavioral logics develop during new venture creation processes. The results reveal four phases and suggest a possible evolution from a causal conditional relationship between perceived uncertainty and behavioral logics to an integrative relationship. We bring to light the notion of temporality and unanticipated consequences, discuss their central roles in perceived uncertainty, effectuation, and causation, and offer revelatory insights into why and when effectuation is used in relation to uncertainty and entrepreneurial action.
  • What's in a logo' The impact of complex visual cues in equity
    • Abstract: Publication date: January 2019Source: Journal of Business Venturing, Volume 34, Issue 1Author(s): Ammara Mahmood, Jonathan Luffarelli, Mudra Mukesh Visual cues are pervasive on crowdfunding platforms. However, whether and how low validity visual cues can impact the behavior of backers remains largely unknown. In this article, we propose a disfluency-based heuristic framework for understanding the influence of low validity visual cues on equity crowdfunding platforms. Drawing on processing fluency theory and visual heuristics, we propose that backers often automatically process visual cues, and that the subjective experience of ease/difficulty with which backers perceptually process low validity visual cues serves as a heuristic and informs their perceptions of early-stage entrepreneurial ventures. We test our propositions focusing on logos (low validity visual cues that are particularly salient and ubiquitous on equity crowdfunding platforms) and logo complexity (a fundamental characteristic of logo design and established antecedent of processing disfluency). We contend that logo complexity can be interpreted by backers as a signal of venture innovativeness because more (vs. less) complex logos are more difficult to process, and thus, feel less familiar and more unique, original, and novel to backers. Since backers often value innovativeness, we further contend that logo complexity can positively impact backers' funding decisions. We find support for our framework and propositions using a multimethod approach comprising three studies: one survey, one field study, and one experiment. Theoretical contributions and managerial implications are also discussed.
  • Orchestrating boundaries: The effect of R&D boundary permeability on new
           venture growth
    • Abstract: Publication date: January 2019Source: Journal of Business Venturing, Volume 34, Issue 1Author(s): Robert S. Nason, Johan Wiklund, Alexander McKelvie, Michael Hitt, Wei Yu While established firms can efficiently manage their resource portfolio, new ventures must construct resource boundaries by assembling resources. In doing so, new ventures are often pushed to utilize resources that are owned by other actors. These inter-organizational relationship strategies do not expand organizational boundaries, but rather create permeable boundaries. We theorize that boundary permeability confers greater access to resources, but limits control over them. Therefore, new ventures face a risky option: utilize fewer but fully controlled resources or access a broader range of resources under limited control. We examine the effects of R&D boundary permeability across growth dimensions of sales, profitability, and employees using a sample of young knowledge intensive ventures. In doing so, we explore early stage boundary management decisions and reveal opportunities and threats to opening venture boundaries.
  • The financing of alliance entrepreneurship
    • Abstract: Publication date: Available online 30 December 2018Source: Journal of Business VenturingAuthor(s): Jieying Hong It is popular nowadays for entrepreneurial firms to advance their entrepreneurship outside their boundaries through alliances. This paper studies how the financing of entrepreneurship changes in strategic alliances. We model a financially constrained entrepreneur and a deep-pocket incumbent developing an innovative product through a strategic alliance, which generates externalities on the incumbent. We find that i) in contrast to traditional theories, the entrepreneur's financial constraint can be tightened by an increase in his endowment; ii) an outside investor is introduced as a third party to deal with the free-riding agency problem; and iii) the externalities have a significant effect on the design of financial claims in the alliance contract, and the incentive-compatible financial instruments are consistent with empirical observations.
  • The co-evolution of social networks and selection system orientations as
           core constituents of institutional logics of future entrepreneurs at
    • Abstract: Publication date: Available online 27 December 2018Source: Journal of Business VenturingAuthor(s): Joris J. Ebbers, Nachoem M. Wijnberg In contexts where a choice between competing institutional logics is possible, the social networks of future entrepreneurs affect their adoption of particular logics. Using a panel data method for studying the co-evolution of social networks and individual actor behavior (SIENA), we study how selection system orientations as core constituents of institutional logics affect, and are affected by, social networks. Our empirical setting is a cohort of film school students, whose social network ties and selection system orientations are measured over a period of three years. We find that students with a strong market selection orientation are less popular among their peers at school, and that the market selection orientation of students is influenced through their social network ties with students from the same cohort.
  • Entrepreneurial visions in founding teams: Conceptualization, emergence,
           and effects on opportunity development
    • Abstract: Publication date: Available online 21 December 2018Source: Journal of Business VenturingAuthor(s): Rebecca Preller, Holger Patzelt, Nicola Breugst Prior research on entrepreneurial visions has typically taken a leadership perspective and explored how the founders’ future images of their ventures motivate themselves and followers. Drawing on an upper echelon perspective and longitudinal case studies of eight founding teams, this study finds that founders’ entrepreneurial visions do not only capture the future images of their ventures, but also the future images of the founders’ relationship with it. Taking into account this personal aspect of visions, we show that within a founding team, the members’ visions can be incongruent, i.e., they cannot be realized simultaneously within the current venture. While our data reveal that vision incongruence tends to occurs when all team members perceive to have an equal status, vision congruence emerges when the attributed status in the team is heterogeneous. Founding teams with more congruent visions tend to follow a focused opportunity development path, while those with less congruent visions tend to follow a comprehensive opportunity development path. Depending on the teams’ behaviors in the face of challenging situations either path can lead to successful opportunity commercialization or failure. We discuss the implications of these findings for the literatures on entrepreneurial visions, opportunities, and upper echelons.
  • Broadening versus reinforcing investor portfolios: Social structure and
           the search for venture capital investors
    • Abstract: Publication date: Available online 12 December 2018Source: Journal of Business VenturingAuthor(s): Pengfei Wang This paper highlights the venture capital investor (VC) portfolios of startups, and explores how the portfolios evolve. We emphasize the important trade-off between broadening and reinforcing VC portfolios (i.e., expanding to new VCs versus relying on existing VCs). This is because, to startups, new and existing VCs generate very different opportunities and constraints. Focusing on the social structure of existing VCs, we argue that startups are more likely to opt for new VCs when the internal networks of existing VCs are denser, when the external networks of existing VCs are smaller, and when the status of existing VCs is lower. Additionally, we not only focus on whether new VCs are on board, but also pay attention to which new VCs are introduced, by analyzing the ex-ante embeddedness between existing and newly-introduced VCs. We stress that when new VCs are highly embedded with existing VCs, their involvement makes only a limited contribution to broadening a startup's portfolio and network. We test the hypotheses using a sample of VC financing rounds in the U.S. and find broad support.
  • Fueling the fire: Examining identity centrality, affective interpersonal
           commitment and gender as drivers of entrepreneurial passion
    • Abstract: Publication date: Available online 13 November 2018Source: Journal of Business VenturingAuthor(s): Charles Y. Murnieks, Melissa S. Cardon, J. Michael Haynie Research on passion is burgeoning in the entrepreneurial literature, yet we still know little about what factors drive entrepreneurial passion. Recognizing the socially embedded nature of entrepreneurship, we examine identity-related social forces that may fuel the fire of entrepreneurial passion. Employing a lagged design that controls for known antecedents, we find different pathways driving harmonious versus obsessive entrepreneurial passion. We find that harmonious entrepreneurial passion is fueled by entrepreneurial identity centrality whereas obsessive entrepreneurial passion is fueled by affective interpersonal commitment. Interestingly, gender moderates both these relationships.
  • Entrepreneurship and well-being: The role of psychological autonomy,
           competence, and relatedness
    • Abstract: Publication date: Available online 1 November 2018Source: Journal of Business VenturingAuthor(s): Nadav Shir, Boris N. Nikolaev, Joakim Wincent Drawing upon the self-determination theory, we develop a two-stage multi-path mediation model in which psychological autonomy mediates the relationship between active engagement in entrepreneurship and well-being partially through its effect on psychological competence and relatedness. We test this model on a representative sample of 1837 working individuals (251 early-stage entrepreneurs) from Sweden. We find active engagement in entrepreneurial work tasks to be strongly associated with well-being relative to non-entrepreneurial work. Thus, we highlight the importance of individual self-organization—with autonomy at its core—which makes entrepreneurial work more beneficial in terms of basic psychological needs compared to other work alternatives.
  • Can prosocial motivation harm entrepreneurs' subjective well-being'
    • Abstract: Publication date: Available online 22 October 2018Source: Journal of Business VenturingAuthor(s): Ewald Kibler, Joakim Wincent, Teemu Kautonen, Gabriella Cacciotti, Martin Obschonka Entrepreneurship research on prosocial motivation has outlined its positive impact on well-being, but still little is known about its power, which may have deleterious personal consequences under certain conditions. In this study, we ask whether prosocial motivation can harm entrepreneurs' subjective well-being when they run a commercial venture. Embedded within a contingency perspective informed by self-determination theory, we build on longitudinal survey data to explain the effect of prosocial motivation on entrepreneurs' overall life satisfaction. Our analysis demonstrates that prosocial motivation has a negative effect on entrepreneurs' life satisfaction due to increased levels of stress. However, our findings show that the negative effect of prosocial motivation dissipates when perceived autonomy at work is high compared to when it is low. Overall, our research raises questions on the role of prosocial motivation for entrepreneurs' subjective well-being and, in particular, discusses its potential “dark side” in the context of commercial entrepreneurship.Executive summaryCan there be a “dark side” in helping others' If so, how can we better understand under what conditions it emerges' Entrepreneurship research conventionally presents prosocial motivation as a positive driver for social venture creation and entrepreneurs' well-being. However, we have little knowledge about the consequences of prosocial motivation when we move outside the social entrepreneurship context. When prosocially motivated entrepreneurs lead a commercial venture, they face the difficult task of balancing the desire to help others with the financial requirements of the business. The challenge of simultaneously accomplishing commercial and prosocial goals can result in a stressful experience that is detrimental to the entrepreneur's well-being. In this study, we ask whether and under what circumstances prosocial motivation can harm entrepreneurs' well-being.Embedded in a contingency perspective informed by self-determination theory, this article expands our knowledge on the effects of prosocial motivation in the context of commercial entrepreneurship. We draw from original longitudinal survey data on 186 entrepreneurs in the United Kingdom to demonstrate that prosocial motivation causes entrepreneurs stress and through that stress has a negative effect on their life satisfaction. We also show that the negative effect of prosocial motivation diminishes when the degree of autonomy entrepreneurs perceive in the pursuit of daily work tasks is high. To explore the uniqueness of the entrepreneurial context, we run a comparative analysis with a sample of 544 employees. This analysis confirms that stress fully mediates the negative relationship between prosocial motivation and subjective well-being, but for employees, this negative effect disappears when their level of intrinsic motivation—the desire to expend effort based on enjoyment of the work itself—is high.Building on our findings, we generate several important contributions. First, we help develop an understanding of the “dark side” of prosocial motivation by demonstrating that under certain circumstances, the desire to help others can be detrimental to entrepreneurs' subjective well-being. Second, we expand knowledge about the link between prosocial motivation and well-being by considering the boundary conditions (perceived autonomy and intrinsic motivation) that influence the dynamics of their relationship. Third, we set the stage for further investigations that aim to clarify the relationship between motivation and perceived autonomy and its effect on personal outcomes across different work domains.The key insight of the study is that prosocial motivation creates a dilemma for entrepreneurs when operating a commercial business such that the desire to help others outside the context of immediate work tasks can harm their personal well-being. We also find that the perception of autonomy is key for commercial entrepreneurs to be able to realize their prosocial motivation without creating stressful situations. Extending our understanding of the conditions that shape the relationship between prosocial motivation and well-being among entrepreneurs would help in developing a more holistic notion of prosocial business venturing, one that includes the role of both commercial and social enterprising activities in contributing to personal and societal well-being.
  • Normalizing vs. analyzing: Drawing the lessons from failure to enhance
           firm innovativeness
    • Abstract: Publication date: Available online 9 October 2018Source: Journal of Business VenturingAuthor(s): Erwin Danneels, Alex VestalExecutive summaryThe popular business press and academic articles have promoted the virtues of failure, particularly in the pursuit of innovation. Surprisingly, there has been very little systematic empirical study to support this belief. This article distinguishes two organizational approaches to failure: normalizing it (tolerating failure as a necessary part of the innovation process) and analyzing it (purposeful attempts to convert failure experiences into knowledge). A longitudinal study of 106 U.S. manufacturing firms indeed finds that mere tolerance for failure has no effect on firm product innovativeness. In contrast, firms that make deliberate efforts to analyze past failures introduce more innovative new products. Further, this effect is contingent on a climate of constructive conflict within the firm. Hence, to foster firm innovativeness, organization members need to extract lessons from failure, and such analysis must take place in a climate of constructive conflict that enables open and honest discussion.
  • Franchise management capabilities and franchisor performance under
           alternative franchise ownership strategies
    • Abstract: Publication date: Available online 2 October 2018Source: Journal of Business VenturingAuthor(s): William E. Gillis, James G. Combs, Xiaoli Yin Franchising is a key entrepreneurial growth strategy, but a well-known downside is franchisee free-riding. Drawing upon alliance capabilities research, we describe franchise management capabilities and suggest that they are one way franchisors reduce free-riding and thus enhance performance. We also submit that these capabilities are especially helpful for “plural form” franchisors who own outlets in parallel with franchisees. Using a sample of 229 franchisors, we show that franchise management capabilities relate positively to franchisor performance among plural form franchisors. For “turnkey” franchisors who franchise all, or almost all, outlets these capabilities relate indirectly to performance through lower opportunism and improved brand reputation. Franchise management capability is therefore an important new theoretical construct linking franchising to franchisor performance.
  • Entrepreneurship and eudaimonic well-being: Five venues for new science
    • Abstract: Publication date: Available online 1 October 2018Source: Journal of Business VenturingAuthor(s): Carol D. Ryff Researchers in entrepreneurial studies are increasingly interested in the psychological well-being of entrepreneurs. Approaches to well-being tend to be partitioned into hedonic and eudaimonic formulations. Most entrepreneurial studies have focused on hedonic indicators (life satisfaction, happiness, positive affect). The central objective of this essay is to examine the relevance of eudaimonic well-being for understanding entrepreneurial experience. The theoretical background and key dimensions of eudaimonic well-being are described and their relevance for entrepreneurial studies is considered. Illustrative findings from prior well-being studies are examined, also with emphasis on possible extensions to entrepreneurship. Five key venues for the entrepreneurial field are then considered: (1) entrepreneurship and autonomy, viewed both as a motive (self-determination theory) and as an aspect of well-being (eudaimonic well-being theory); (2) varieties of entrepreneurship (opportunity versus necessity) and eudaimonic well-being; (3) eudaimonia in the entrepreneurial journey (beginning, middle, end); (4) entrepreneurship, well-being and health; and (5) entrepreneurs and the eudaimonia of others – contrasting virtuous and vicious types. In each topic, extant findings from entrepreneurial studies are considered and new research directions proposed. The overall aim is to be generative regarding the interplay between entrepreneurial experience and eudaimonic well-being.Executive summaryAlthough there is growing research on the psychological well-being of entrepreneurs, most studies to date have focused on hedonic conceptions of well-being. However, key aspects of eudaimonic well-being (e.g., realization of personal potential, purposeful life engagement, effective management of complex environments) have received little attention even though they may be particularly relevant to entrepreneurial pursuits. To address this issue, the theoretical foundation of a widely-used eudaimonic model is briefly described along with its empirical operationalization. Illustrative findings generated with this model are noted, and their relevance for entrepreneurial studies is considered. Shifting to extant entrepreneurial research, five topical venues are then presented, beginning with a call to better distinguish the meaning and measurement of autonomy (as a core motive from self-determination theory, and as an aspect of well-being from eudaimonic theory) in studies of entrepreneurial experience. The eudaimonic well-being of different types of entrepreneurs is then considered with a primary focus on the distinction between necessity versus opportunity entrepreneurs. These particular types invoke emphasis on sociodemographic factors (e.g., educational and occupational status, income, wealth) that are known from previous research to matter in accounting for differences in reported levels of well-being. The third venue considers how eudaimonic well-being may matter over the course of entrepreneurial experience, underscoring that certain aspects of well-being may account for who chooses an entrepreneurial path while other aspects may serve as protective resources (buffers) vis-à-vis the stresses attendant to managing a self-initiated business. Still other aspects of well-being may be nurtured by the longer-term journey of business venturing. The health of entrepreneurs is then considered as linked to experiences of well-being. New directions for objective health assessments (functional health, biomarkers, neuroscience, gene expression) are considered; all have previously been linked in population-based studies to eudaimonic well-being. Finally, the impact of entrepreneurs on the lives of others (co-workers, employees, families, communities, society) is considered via the contrast between benevolent (virtuous) versus malevolent (vicious) entrepreneurs. Promising empirical questions that follow from these observations are detailed.From a lay perspective, the central importance of bringing eudaimonia to the field of entrepreneurial studies is that the essential core of this type of well-being involves realization of personal talents and potential. Such active pursuit of such personal excellence, in the spirit of Aristotle, is fundamental to entrepreneurship.
  • Micro-entrepreneurship and subjective well-being: Evidence from rural
    • Abstract: Publication date: Available online 27 September 2018Source: Journal of Business VenturingAuthor(s): Muhammad Faress Bhuiyan, Artjoms Ivlevs Microcredit has long been hailed as a powerful tool to promote livelihoods and reduce poverty through entrepreneurship. However, its impacts on people's subjective well-being remain underexplored. We present a unified theoretical framework for analyzing the effect of microcredit-enabled entrepreneurship on overall life satisfaction – a key manifestation of subjective well-being. Empirically, we apply an instrumental variable approach to a unique census-like household survey conducted in three villages of Bangladesh in 2013. In spite of having no direct effects, we find that microcredit borrowing has an indirect negative effect on overall life satisfaction, through increased worry. On a positive note, we find that female micro-borrowers experience an increase in satisfaction with financial security and achievement in life. We also provide evidence that micro-borrowers with higher levels of assets experience an increase in satisfaction with financial security.
  • The exemplar enigma: New venture image formation in an emergent
           organizational category
    • Abstract: Publication date: Available online 27 September 2018Source: Journal of Business VenturingAuthor(s): Shannon Younger, Greg Fisher We examine the process of organizational image formation for new ventures entering an emerging organizational category. An emerging organizational category is usually initiated by a pioneering venture that adopts a new organizational form. If that venture garners early recognition, it serves as an exemplar, attracting other ventures to enter the emerging category. Those ventures then have to formulate an image that both accounts for and competes with that of the category exemplar. This article describes how ventures form their images in the face of this tension. We examine this tension using qualitative data from eight new U.S. venture accelerators entering the emergent venture accelerator category, which revealed that image formation in an emerging organizational category involves three basic considerations: (1) emulation, (2) experimentation, and (3) divergence. Through emulation, organizations observe and rely on the exemplar in order to capture legitimacy. Through experimentation, organizations consider who they are beyond the exemplar and how they might change. Through divergence, organizations definitively claim and establish a unique image. From this, a conceptual framework is proposed in which organizational and contextual factors influence image formation actions and decisions.
  • User entrepreneurs' multiple identities and crowdfunding performance:
           Effects through product innovativeness, perceived passion, and need
    • Abstract: Publication date: Available online 8 September 2018Source: Journal of Business VenturingAuthor(s): Pyayt P. Oo, Thomas H. Allison, Arvin Sahaym, Sakdipon Juasrikul This study examines the performance of user entrepreneurs in acquiring financial resources via crowdfunding. User entrepreneurs are thought to have better performance than non-user entrepreneurs, but the theoretical underpinnings of these differences are unclear. We propose a baseline hypothesis that claims of user entrepreneurship serve as a signal of capability and commitment to potential backers. In addition, building on three distinct identities of user entrepreneurs, we argue that user entrepreneurs' perceived passion, product innovativeness, and need similarity with potential backers mediate the relationship between user entrepreneurship and crowdfunding performance. Our results from a field study using a sample of crowdfunded ventures support these assertions. We validate these results and measures using both survey and experimental methods. This is one of the first studies to develop a multi-theoretical framework for user entrepreneurship, and the first to provide an underlying theoretical explanation for the superior crowdfunding performance of user entrepreneurs.
  • The CAGE around cyberspace' How digital innovations internationalize
           in a virtual world
    • Abstract: Publication date: Available online 3 September 2018Source: Journal of Business VenturingAuthor(s): Noman Ahmed Shaheer, Sali Li This paper analyzes some salient factors affecting the internationalization speed of digital innovations by tracking international penetrations of 127 apps at Apple's app store. Although apps are globally available via online platforms, their international penetration is still subject to cultural, administrative, geographic, and economic (CAGE) distances that act as user adoption barriers to impede app internationalization. App developers may overcome these barriers by employing the demand-side strategies of engaging users in value co-creation. We contribute to an improved understanding of internationalization process in a digital context and also extend demand-side perspective to inform international entrepreneurship research.
  • I can't get no sleep—The differential impact of entrepreneurial
           stressors on work-home interference and insomnia among experienced versus
           novice entrepreneurs
    • Abstract: Publication date: Available online 14 August 2018Source: Journal of Business VenturingAuthor(s): Tobias Kollmann, Christoph Stöckmann, Julia M. Kensbock When founding and managing a new business, entrepreneurs are frequently confronted with stressors hampering their daily work. The present study examines how these entrepreneurial stressors affect two important interrelated indicators of entrepreneurs' recovery and well-being—that is, their ability to detach from work during non-work times (work-home interference) and their sleep (insomnia). We introduce prior entrepreneurial experience as an important moderator to these relationships, arguing that due to their different learning and coping experiences and their different interpretations of the entrepreneurial role, experienced versus novice entrepreneurs would react differently to entrepreneurial stressors. In an empirical study with 122 entrepreneurs, we found that among experienced entrepreneurs, entrepreneurial stressors primarily had a direct sleep-impairing effect. Among novice entrepreneurs, the same stressors primarily initiated an indirect effect by leading to increased work-home interference and consequently also increased insomnia. Overall, thus, our study shows that both novice and experienced entrepreneurs suffer from insomnia when encountering entrepreneurial stressors—however, the underlying mechanisms differ. Implications are discussed in terms of both theory and practice.
  • Institutional quality and market selection in the transition to market
    • Abstract: Publication date: Available online 27 July 2018Source: Journal of Business VenturingAuthor(s): Hien Thu Tran This paper investigates the impact of institutional quality on the productivity, profitability and survival of new entrants versus those of incumbent firms in a transitional setting, Vietnam. By integrating economic and institutional perspectives, we emphasize the importance of institutional quality in shaping the evolution of industry dynamics. We find that poor institutional quality that acts as institutional buffering for incumbents jeopardizes the Schumpeterian market selection process. In particular, despite being more productive and profitable, new entrants are still more likely to exit than incumbents on average. As a consequence, facing poor institutions, only new entrants with sufficiently high productivity and profitability are able to survive. However, improving institutional quality does not enhance new entrants' survival and entrepreneurial performance; rather, it removes the survival advantage of incumbents and thus reduces the differences in performance and exit hazard between new entrants and incumbents. We investigate this seemingly paradoxical relationship using Vietnamese census data from 2006 to 2013.
  • The Yin and Yang of entrepreneurship: Gender differences in the importance
           of communal and agentic characteristics for entrepreneurs' subjective
           well-being and performance
    • Abstract: Publication date: Available online 25 July 2018Source: Journal of Business VenturingAuthor(s): Keith M. Hmieleski, Leah D. Sheppard This research examines gender differences in the relationships of entrepreneurs' agentic and communal personality characteristics with measures of subjective well-being and new venture performance. Results from a stratified national (USA) random sample of founding CEOs (N = 303) demonstrate the advantages of an agentic characteristic (creativity) for women and a communal characteristic (teamwork) for men, with regard to the respective abilities of such persons to achieve high levels of subjective well-being and new venture performance. These relative advantages for women and men were mediated by perceptions of person-work fit.
  • Accelerating strategic fit or venture emergence: Different paths adopted
           by corporate accelerators
    • Abstract: Publication date: Available online 27 June 2018Source: Journal of Business VenturingAuthor(s): Raj K. Shankar, Dean A. Shepherd Corporate accelerators (CAs) are a fast-emerging form of corporate engagement with startups. Equating them with independent startup accelerators and/or corporate venturing limits our understanding of how and why corporations run CA programs and to what end. In this inductive grounded theory study, we explore how corporations design and run CAs and to what effect. This study of four CAs reveals that corporations manage accelerators via one of two distinct processes: namely, accelerating strategic fit or accelerating venture emergence. Our inductive models of these corporate acceleration processes provide new insights into how CAs operate within corporations. Strategic posture and investment time horizon influence corporations' choice of acceleration path and their identification of potential ventures for acceleration. Our study deconstructs what comprises the core corporate acceleration processes and explains how the two pathways result in distinct outcomes—nurturing innovations or nurturing ecosystems. We believe these findings can open up rich research opportunities for understanding how corporations engage with entrepreneurial ventures to enhance their entrepreneurialness.
  • Perceived project transition support and employees' assessments of
           entrepreneurial project performance
    • Abstract: Publication date: Available online 25 June 2018Source: Journal of Business VenturingAuthor(s): Holger Patzelt, Judith Behrens, Marcus T. Wolfe, Dean A. Shepherd
  • Self-employment and allostatic load
    • Abstract: Publication date: Available online 28 May 2018Source: Journal of Business VenturingAuthor(s): Pankaj C. Patel, Marcus T. Wolfe, Trenton A. Williams Self-employment can be stressful and its long-term effects on individual health could be significant; yet, the physiological outcomes of self-employment related stress remain under-explored. Drawing on allostatic load as a long-term biological consequence of physiological wear-and-tear and an indicator of stress response, we use three different studies to provide a more nuanced understanding of the relationship between self-employment and physiological outcomes. In Study 1, based on a sample of 194 self-employed and 1511 employed individuals, we find that self-employment is marginally related to allostatic load and allostatic load marginally mediates the relationship between self-employment and physical, but not mental, health. Study 2, based on a sample of 776 self-employed and 8003 employed individuals, extends these findings, and provides evidence that those who are self-employed for longer periods have a higher allostatic load. Finally, in Study 3 we draw on a sample of 174 twins and, consistent with Study 2, show that those reporting self-employment in two waves (about eight years apart) had a higher allostatic load, however, when leveraging problem-focused coping such individuals experienced lower allostatic load. Taken together, these three studies extend our understanding of the relationship between self-employment and wellbeing.
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