Template-Type: ReDIF-Article 1.0 Author-Name: Phainphin Kowuttiphong Author-X-Name-First: Phainphin Author-X-Name-Last: Kowuttiphong Author-Name: Wanno Fongsuwan Author-X-Name-First: Wanno Author-X-Name-Last: Fongsuwan Title: Structural equation model of variables influencing Thai ceramics entrepreneur organisational sustainability Abstract: The ceramics industry is vital to the economy of Thailand which globally, has been projected to reach $US705 billion by 2025. Traditionally however, for centuries the ceramics industry has been clustered in regional enclaves centred on small, entrepreneurial enterprises. This paper therefore investigated a multitude of factors including trade regulations, global competition, quality concerns, speed of development processes and production, and lack of branding and innovation, to determine the factors affecting organisational sustainability of ceramic enterprises. From the 280 Thai enterprises surveyed and analysed by use of a structural equation model by PLS-graph software it was determined that <i>organisational performance</i> affects <i>organisational sustainability</i> to the greatest extent due to monetary and non-monetary factors with an intermediate input into <i>innovation</i>, the <i>business environment</i> and <i>business strategies</i>. <i>Organisational performance</i> is also influenced by <i>innovation</i> and <i>business strategies</i>. Journal: Int. J. of Entrepreneurial Venturing Pages: 1-23 Issue: 1 Volume: 11 Year: 2019 Keywords: ASEAN; business environment; business strategies; innovation; organisational performance; organisational sustainability; strategy. File-URL: http://www.inderscience.com/link.php?id=96635 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijeven:v:11:y:2019:i:1:p:1-23 Template-Type: ReDIF-Article 1.0 Author-Name: Alexander Bassen Author-X-Name-First: Alexander Author-X-Name-Last: Bassen Author-Name: Dirk Schiereck Author-X-Name-First: Dirk Author-X-Name-Last: Schiereck Author-Name: Philipp Schüler Author-X-Name-First: Philipp Author-X-Name-Last: Schüler Title: The success of the activist investor Guy Wyser-Pratte in Continental Europe Abstract: This paper analyses the investments of US activist investor Guy Wyser-Pratte in listed companies in Germany, France, Austria and Switzerland between the years 2001 and 2011. Wyser-Pratte is the best known single activist investor in Continental Europe whose investments have typically been followed intensively by the press. For the first time, this study examines the investment activities of a single activist investor with key focus on Continental Europe and complements the few existing studies on single activist investors and their focus on Anglo-Saxon jurisdictions. The results show that he approaches poor performing companies and that his investment activities increase the short- and long-term shareholder value. Key differentiator to existing research is the focus of Wyser-Pratte on improving the profitability of his target companies. This new insight can be interpreted as an indicator that value generation by shareholder activism works different in the institutional setting of Continental Europe. Journal: Int. J. of Entrepreneurial Venturing Pages: 24-46 Issue: 1 Volume: 11 Year: 2019 Keywords: shareholder activism; investment; Wyser-Pratte; Continental Europe; improving profitability; poor performing companies; shareholder value; Europe. File-URL: http://www.inderscience.com/link.php?id=96637 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijeven:v:11:y:2019:i:1:p:24-46 Template-Type: ReDIF-Article 1.0 Author-Name: Jochen Schmidt Author-X-Name-First: Jochen Author-X-Name-Last: Schmidt Author-Name: Sven Heidenreich Author-X-Name-First: Sven Author-X-Name-Last: Heidenreich Title: Empowering for effectuation: examining organisational preparedness for corporate entrepreneurship as antecedent of psychological empowerment and entrepreneurial behaviour Abstract: Entrepreneurship literature acknowledges the applicability of effectuation and causation as entrepreneurial approaches to illuminate how corporate entrepreneurs develop ideas. However, it still lacks empirical evidence on how organisational factors, such as the organisational preparedness for corporate entrepreneurship (OPCE), influence the choice of entrepreneurial approaches. Within this respect, psychological empowerment of individuals to solve tasks has been a major aspect of scientific discourse, as especially innovative and proactive behaviours are generally known to be impacted by the focal actors' motivations. Hence, this study investigates how organisational factors affect psychological empowerment as motivational precondition that determines the application of entrepreneurial approaches. Based on data of 522 experimental observations, component-based structural equation modelling was applied to examine the aforementioned research questions. The findings of this study reveal that providing work discretion, top management support, time and rewards empowers employees, which subsequently enhances effectual and decreases causational approaches. Journal: Int. J. of Entrepreneurial Venturing Pages: 47-80 Issue: 1 Volume: 11 Year: 2019 Keywords: entrepreneurship; corporate entrepreneurship; effectuation; causation; organisational preparedness for corporate entrepreneurship; OPCE; psychological empowerment. File-URL: http://www.inderscience.com/link.php?id=96638 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijeven:v:11:y:2019:i:1:p:47-80 Template-Type: ReDIF-Article 1.0 Author-Name: Tiziana Priede-Bergamini Author-X-Name-First: Tiziana Author-X-Name-Last: Priede-Bergamini Author-Name: Cristina López-Cózar-Navarro Author-X-Name-First: Cristina Author-X-Name-Last: López-Cózar-Navarro Author-Name: Sonia Benito-Hernández Author-X-Name-First: Sonia Author-X-Name-Last: Benito-Hernández Author-Name: Antonio Rodríguez-Duarte Author-X-Name-First: Antonio Author-X-Name-Last: Rodríguez-Duarte Author-Name: Manuel Platero Author-X-Name-First: Manuel Author-X-Name-Last: Platero Title: The dual effect of the age of the entrepreneur on the innovation performance of the micro-enterprises Abstract: This paper aims to determine whether the traditional consideration by the scientific literature of the negative influence of the age of the micro-entrepreneur on the innovation performances of the business, can become positive when using information and communication technology (ICT) and developing strategies of corporate social responsibility (CSR) and diversification. The study was conducted using a sample of 148 micro Spanish companies. The results have been contrasted by two models, one without interactions to test the main effects of each of the variables under study; and a second model that includes interactions of the variable age with these moderator variables. The results show that the use of ICTs and the development of CSR activities by micro-entrepreneurs moderate the negative effect of the variable age over the innovation performance of the micro-enterprise. In contrast, the diversification decision enhances this negative effect. Journal: Int. J. of Entrepreneurial Venturing Pages: 81-102 Issue: 1 Volume: 11 Year: 2019 Keywords: age; entrepreneur; micro-enterprise; innovation performance; information and communication technologies; ICT; corporate social responsibility; CSR; diversification; risk aversion. File-URL: http://www.inderscience.com/link.php?id=96659 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijeven:v:11:y:2019:i:1:p:81-102 Template-Type: ReDIF-Article 1.0 Author-Name: Noora Heino Author-X-Name-First: Noora Author-X-Name-Last: Heino Author-Name: Pasi Tuominen Author-X-Name-First: Pasi Author-X-Name-Last: Tuominen Author-Name: Terhi Tuominen Author-X-Name-First: Terhi Author-X-Name-Last: Tuominen Title: The accounting performance of listed family firms vs. non-family firms: a systematic review of empirical studies Abstract: During the past couple of decades, scholars have identified a group of exchange-listed firms that seem to differ from others when it comes to performance: dominantly family-owned firms. However, the factors explaining performance differentials between family-dominated and other listed firms are still quite unclear. In this study, we conduct a systematic review of the empirical research on the accounting performance of listed family firms vs. non-family firms in order to map existing knowledge on the subject. Our review shows that many of the explanations given to performance differentials are assumptions, hypotheses and speculation, while in-depth understanding is lacking mainly due to methodological deficiencies. With this study, we provide new research gaps and avenues for further research in order to encourage more discussion on the topic. Journal: Int. J. of Entrepreneurial Venturing Pages: 103-141 Issue: 2 Volume: 11 Year: 2019 Keywords: listed firm; public company; exhcange-listed company; listed company; firm performance; accounting performance; family firm; family business; ownership; management; systematic review. File-URL: http://www.inderscience.com/link.php?id=98758 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijeven:v:11:y:2019:i:2:p:103-141 Template-Type: ReDIF-Article 1.0 Author-Name: Franz Simon Author-X-Name-First: Franz Author-X-Name-Last: Simon Author-Name: Rainer Harms Author-X-Name-First: Rainer Author-X-Name-Last: Harms Author-Name: Holger Schiele Author-X-Name-First: Holger Author-X-Name-Last: Schiele Title: Managing corporate-startup relationships: what matters for entrepreneurs? Abstract: Startups have become an important part of corporations' external technology sourcing portfolio. Nonetheless, startups may be reluctant to enter in a relationship with a corporation. Prior research on corporate-startup relationships has primarily focused on the benefits for corporations and neglected the perspective of startups. In a multiple case study, we analyse the collaborations of 12 startups to 30 different corporations to address this gap. The findings show that complementary assets, risks as well as relational characteristics, influence the willingness of startups to enter such collaborations. We deduct nine propositions concerning, e.g., reputation and market access, misappropriation and the commitment of corporations. Further, our analysis highlights differences and similarities according to the maturity of startups. The study contributes to external technology sourcing literature and allows corporate managers to better understand the perspective of entrepreneurs in terms of engaging in strategic partnerships. Journal: Int. J. of Entrepreneurial Venturing Pages: 164-186 Issue: 2 Volume: 11 Year: 2019 Keywords: external technology sourcing; corporate entrepreneurship; startups; corporations; corporate-startup relationships; asymmetric partnerships. File-URL: http://www.inderscience.com/link.php?id=98770 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijeven:v:11:y:2019:i:2:p:164-186 Template-Type: ReDIF-Article 1.0 Author-Name: Sawsen Sidrat Author-X-Name-First: Sawsen Author-X-Name-Last: Sidrat Title: Entrepreneurial orientation at university: a necessity? Abstract: In this paper, we shed light on the entrepreneurial university in Tunisia. We carried out a quantitative study on 140 Tunisian university officials in order to explore and identify the factors enabling the Tunisian university to become entrepreneurial. Indeed, the practical study has led us to consider the entrepreneurial university as a step towards the evolution of the university. This does not mean that the university will abandon its traditional missions (teaching and research) but it will assume a new mission (entrepreneurship). Our results show that the entrepreneurial orientation at university (innovation, proactivity, autonomy, risk- taking, competitiveness and interdisciplinarity) has a positive impact on the creation and development of an entrepreneurial university. In addition, the hypothetical-inductive approach allowed us to superimpose the theoretical propositions resulting from the literature with the main results of the survey. This has allowed us to refine and enrich the conceptual model by adding a new variable such as interdisciplinarity. The proposed conceptual model can serve as a reference for further research aiming to study the entrepreneurial university. Journal: Int. J. of Entrepreneurial Venturing Pages: 187-206 Issue: 2 Volume: 11 Year: 2019 Keywords: innovation; proactivity; autonomy; risk taking; competitiveness; interdisciplinarity. File-URL: http://www.inderscience.com/link.php?id=98780 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijeven:v:11:y:2019:i:2:p:187-206 Template-Type: ReDIF-Article 1.0 Author-Name: Philipp Schüler Author-X-Name-First: Philipp Author-X-Name-Last: Schüler Author-Name: Mark Mietzner Author-X-Name-First: Mark Author-X-Name-Last: Mietzner Author-Name: Dirk Schiereck Author-X-Name-First: Dirk Author-X-Name-Last: Schiereck Title: Acquisitions by family businesses in continental Europe and their differences compared to private equity investors Abstract: This study explores whether family business investors and private equity investors in continental Europe significantly differ from their investment approach and performance. Therefore, we analyse 126 acquisitions of listed Continental European firms by family business investors or private equity firms from the years 2002 to 2012. Although most of the performance differences between both investor groups are not statistically significant, the results fit with the existing evidence on shareholder activism of institutional investors like private equity funds and corporate raiders. However, there are some significant differences with respect to target firm characteristics. Consequently, we suggest to increasingly consider family business investors in the research on shareholder activism in Continental Europe. Journal: Int. J. of Entrepreneurial Venturing Pages: 142-163 Issue: 2 Volume: 11 Year: 2019 Keywords: minority stake acquisition; shareholder activism; family business; private equity; PE; corporate governance; agency conflicts; Europe. File-URL: http://www.inderscience.com/link.php?id=98781 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijeven:v:11:y:2019:i:2:p:142-163 Template-Type: ReDIF-Article 1.0 Author-Name: Carolin Plagmann Author-X-Name-First: Carolin Author-X-Name-Last: Plagmann Author-Name: Eva Lutz Author-X-Name-First: Eva Author-X-Name-Last: Lutz Title: Better safe than sorry? The effect of trust on venture capitalists' choice of syndicate partners Abstract: This study investigates the impact of trust among nations on the formation of multinational venture capital syndicates. The data set is based on ThomsonONE and comprises 859 realised triads among lead venture capitalists, their syndicate partners, and portfolio firms. We find that bilateral trust has a significant positive impact on the probability of cooperation in a syndicate. The magnitude of this relationship depends on the status of venture capital markets. The relevance of bilateral trust to the probability of cooperation increases for investments in large venture capital markets with high deal numbers. In line with previous findings on venture capitalists' constricted scrutiny in boom phases, we find that trust becomes less relevant for cooperation during upswings of deal activity in the target market. Consistent with research that finds access to capital as one major reason for syndication; recent capital abundance in the syndicate partner's market reduces the impact of bilateral trust on the probability of cooperation. Journal: Int. J. of Entrepreneurial Venturing Pages: 231-257 Issue: 3 Volume: 11 Year: 2019 Keywords: international venture capital; syndication; alliance formation; partner selection; trust. File-URL: http://www.inderscience.com/link.php?id=101354 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijeven:v:11:y:2019:i:3:p:231-257 Template-Type: ReDIF-Article 1.0 Author-Name: Petra Dickel Author-X-Name-First: Petra Author-X-Name-Last: Dickel Author-Name: Linda Kleemann Author-X-Name-First: Linda Author-X-Name-Last: Kleemann Author-Name: Tarun Kanti Bose Author-X-Name-First: Tarun Kanti Author-X-Name-Last: Bose Title: How does context influence entrepreneurship education outcomes? Empirical evidence from Bangladesh and Germany Abstract: This study uses quasi-experimental data from 245 students in Bangladesh and Germany to explore the effect of entrepreneurship education on entrepreneurial attitudes (perceived desirability and perceived feasibility) and entrepreneurial intentions. The study specifically focuses on how context factors influence entrepreneurship education outcomes. Difference-in-differences analysis with propensity score matching is used to control for selection bias. The results show that the perceived entrepreneurship environment significantly affects the impact of entrepreneurship education and that the strength and direction of effects differ between the two countries. The implications of these results for entrepreneurship research, educators and policy makers are discussed accordingly. Journal: Int. J. of Entrepreneurial Venturing Pages: 283-308 Issue: 3 Volume: 11 Year: 2019 Keywords: entrepreneurship education; EE; contingency approach; quasi-experimental design; self-selection bias. File-URL: http://www.inderscience.com/link.php?id=101355 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijeven:v:11:y:2019:i:3:p:283-308 Template-Type: ReDIF-Article 1.0 Author-Name: José Manuel Saiz-Álvarez Author-X-Name-First: José Manuel Author-X-Name-Last: Saiz-Álvarez Author-Name: Lucía Rodríguez-Aceves Author-X-Name-First: Lucía Author-X-Name-Last: Rodríguez-Aceves Title: Which factors determine the gender gap in the entrepreneurial action? Evidence from Mexico Abstract: The empirical evidence about how the gender gap influences on the entrepreneurial intention (EI) and its effects on the entrepreneurial action (EA) are still limited. The objective of this paper is to analyse the main factors to explain the entrepreneurial gender gap in Mexico related to EI and EA and moderated by income, education, and marital status. Our findings show that, first, although women have a high EI in Mexico, they are reluctant to create firms due to an upper perceived behavioural control (PBC), so their EA is deficient. As a result, the Mexican labour market continues being very traditional with low rates of female participation. Second, the EI tends to decrease with income. Third, single men with completed graduate and/or postgraduate studies and high levels of income are more prone to entrepreneurship in Mexico. Journal: Int. J. of Entrepreneurial Venturing Pages: 207-230 Issue: 3 Volume: 11 Year: 2019 Keywords: gender gap; entrepreneurial action; entrepreneurial intention; GEM; Mexico; women entrepreneurship; education; marital status; income; perceived behavioural control. File-URL: http://www.inderscience.com/link.php?id=101356 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijeven:v:11:y:2019:i:3:p:207-230 Template-Type: ReDIF-Article 1.0 Author-Name: Rizwan Tahir Author-X-Name-First: Rizwan Author-X-Name-Last: Tahir Author-Name: Mohamed El Baradie Author-X-Name-First: Mohamed El Author-X-Name-Last: Baradie Title: Behind the veil: the challenges and impediments encountered by women entrepreneurs in the United Arab Emirates Abstract: Female entrepreneurship has now become a significant business trend in most countries around the globe. Nevertheless, relatively few previous studies (Itani et al., 2011) have concentrated on female entrepreneurs in Middle Eastern countries, where SMEs are perceived as the way for these countries to lessen their dependence on oil. The present study endeavours to research the female entrepreneurs in the United Arab Emirates and to examine the challenges and impediments to the advancement and development of entrepreneurial activities. Based on the results, some of the challenges that were identified as impediments to women entrepreneurs included difficulties in obtaining start-up capital, gender discrimination, lack of training and networking opportunities. Suggestions are made about how to bring about a change in the attitudes towards female and their entrepreneurial endeavours. Finally, limitations of this study as well as directions for future scholarly research are identified. Journal: Int. J. of Entrepreneurial Venturing Pages: 258-282 Issue: 3 Volume: 11 Year: 2019 Keywords: women entrepreneurs; 5Ms framework; UAE. File-URL: http://www.inderscience.com/link.php?id=101397 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijeven:v:11:y:2019:i:3:p:258-282 Template-Type: ReDIF-Article 1.0 Author-Name: Jacob Hörisch Author-X-Name-First: Jacob Author-X-Name-Last: Hörisch Author-Name: Jana Kollat Author-X-Name-First: Jana Author-X-Name-Last: Kollat Author-Name: Steven A. Brieger Author-X-Name-First: Steven A. Author-X-Name-Last: Brieger Title: Environmental orientation among nascent and established entrepreneurs: an empirical analysis of differences and their causes Abstract: This paper investigates differences between nascent and established entrepreneurs with regard to their ventures' environmental orientation. Based on quantitative data of more than 10,000 entrepreneurs, analyses of variance (ANOVA) are conducted. The results show that the average environmental orientation is significantly higher among nascent than among established entrepreneurs. Variables are identified which influence the magnitude of these differences, as they exert different effects on environmental orientation among nascent and established entrepreneurs, such as household income or media reports. Based on the findings, implications for policymakers, entrepreneurs as well as for entrepreneurship education are drawn to use the potential of nascent environmental entrepreneurs more comprehensively. For instance, teaching institutions need to give realistic impressions of the challenges and potentials of environmental entrepreneurship. Similarly, environmental entrepreneurs should think about the specific challenges connected with environmentally-oriented ventures, such as potential trade-offs between environmental and economic objectives, at early stages of their entrepreneurial activity. Journal: Int. J. of Entrepreneurial Venturing Pages: 373-393 Issue: 4 Volume: 11 Year: 2019 Keywords: environmental entrepreneurship; environmental orientation; global entrepreneurship monitor; GEM; established entrepreneurship; trade-offs; nascent entrepreneurship; entrepreneurship; sustainability; firm age. File-URL: http://www.inderscience.com/link.php?id=101623 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijeven:v:11:y:2019:i:4:p:373-393 Template-Type: ReDIF-Article 1.0 Author-Name: Claudio Camfield Author-X-Name-First: Claudio Author-X-Name-Last: Camfield Author-Name: Mário Franco Author-X-Name-First: Mário Author-X-Name-Last: Franco Title: The influence of personal values on family firm succession: a structural model Abstract: Setting out from the personal values theory of Schwartz (1992), this study aims to analyse the possible influences of personal values on the succession process in family firms. Data were collected through an online questionnaire together with a sample formed of 226 Portuguese family firms. Based on structural equation modelling (SEM), of the seven hypotheses suggested for the study, six were supported statistically, demonstrating that personal values influence the succession process in the family firm. The results suggest that personal values of a higher order (HOV) influencing succession factors are: 1) conservation influences the personal values of the predecessor and the context factor; 2) self-transcendence influences the successor's personal factors and those of relationship and process; 3) self-enhancement has an influence on the financial factor. This study also contributes to the literature on family firms, providing important results in the field of psychology for the area of management. Journal: Int. J. of Entrepreneurial Venturing Pages: 335-372 Issue: 4 Volume: 11 Year: 2019 Keywords: family firms; personal values; succession; SEM-PLS. File-URL: http://www.inderscience.com/link.php?id=101628 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijeven:v:11:y:2019:i:4:p:335-372 Template-Type: ReDIF-Article 1.0 Author-Name: T. Ramayah Author-X-Name-First: T. Author-X-Name-Last: Ramayah Author-Name: Syed Abidur Rahman Author-X-Name-First: Syed Abidur Author-X-Name-Last: Rahman Author-Name: Seyedeh Khadijeh Taghizadeh Author-X-Name-First: Seyedeh Khadijeh Author-X-Name-Last: Taghizadeh Title: Modelling green entrepreneurial intention among university students using the entrepreneurial event and cultural values theory Abstract: Going green has created significant enthusiasm across the society. However, green entrepreneurial intention is still at evolving stage. The main objective of this study is to reveal the association of entrepreneurial event theory and cultural values theory with the green entrepreneurial intention. Cross sectional survey was conducted through structured questionnaire among the university students. Partial least squares method has been adopted using the SmartPLS 3.0 software for analysing the data from 835 respondents. The findings of the results revealed that perceived desirability, perceived feasibility, opportunity seeking, and reasonability taking plays significant role for green entrepreneurial intention. The result of the study will provide the governments to explore opportunities for the green entrepreneurial ventures among universities. Universities may offer customised academic courses, or training program to trigger the green business initiative among the students. Students will be benefited to learn the essentials of green entrepreneurial intention from this research. Journal: Int. J. of Entrepreneurial Venturing Pages: 394-412 Issue: 4 Volume: 11 Year: 2019 Keywords: green entrepreneurial intention; entrepreneurial event theory; EET; cultural values theory; going green; perceived desirability; perceived feasibility. File-URL: http://www.inderscience.com/link.php?id=101629 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijeven:v:11:y:2019:i:4:p:394-412 Template-Type: ReDIF-Article 1.0 Author-Name: Maria Anagnou Author-X-Name-First: Maria Author-X-Name-Last: Anagnou Author-Name: Matthias Handrich Author-X-Name-First: Matthias Author-X-Name-Last: Handrich Author-Name: Benedikt Schnellbächer Author-X-Name-First: Benedikt Author-X-Name-Last: Schnellbächer Author-Name: Sven Heidenreich Author-X-Name-First: Sven Author-X-Name-Last: Heidenreich Title: Two sides of the same coin - how the application of effectuation and causation shapes business model elements throughout the development stages of digital start-ups Abstract: Nowadays, many digital start-ups fail in the early stages of their venture creation process. The main reason for the failure can often be found within the business model. Successful entrepreneurs agree on the fact that the destiny of a start-up highly depends on the decision-making ability of the respective entrepreneur. However, there is dissent in practice and academia whether decisions concerning the business model need to be made differently depending on the venture development stage. Some thought leaders recommend that entrepreneurs plan for every contingency in their business model (causation theory), while others favour a behaviour where the entrepreneur should work with the resources and the set of skills, which are currently available (effectuation theory). Using semi-structured expert interviews, our study provides first empirical evidence that effectuation and causation are no substituting but rather synergetic entrepreneurial approaches within business model development that are often applied simultaneously. Journal: Int. J. of Entrepreneurial Venturing Pages: 309-334 Issue: 4 Volume: 11 Year: 2019 Keywords: digital entrepreneurship; entrepreneurial behaviour; effectuation; causation; venture development stages. File-URL: http://www.inderscience.com/link.php?id=101630 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijeven:v:11:y:2019:i:4:p:309-334 Template-Type: ReDIF-Article 1.0 Author-Name: Christopher Weigand Author-X-Name-First: Christopher Author-X-Name-Last: Weigand Title: Beyond the finance paradigm: the entrepreneurial logic of financial resource acquisition from an effectuation perspective Abstract: This study examines the logic that entrepreneurs follow when acquiring and mobilising financial resources in the early stages of firm development. By adapting effectuation theory to the demand side of entrepreneurial finance, this study proposes an effectual logic of financial resource acquisition as a theoretical counterpart to the causal financial resource logic associated with the neoclassical finance paradigm. Effectuation provides a behavioural explanation for differences in capital acquisition and financial pecking-orders under the assumption of boundedly rational entrepreneurs. This study develops a conceptual framework which relates the application of an effectual or causal financial resource logic to specific boundary conditions, thereby strengthening the theoretical links between entrepreneurship and entrepreneurial finance. As this study goes beyond what is known from traditional corporate finance, it helps to align theoretical predictions with entrepreneurial practice and provides entrepreneurs with guidance on how to finance entrepreneurial opportunities in situations of uncertainty, risk or resource scarcity. Journal: Int. J. of Entrepreneurial Venturing Pages: 440-460 Issue: 5 Volume: 11 Year: 2019 Keywords: entrepreneurial finance; financial decision-making; new venture financing; financial resource logic; start-up financing; capital structure decisions; pecking-order hypothesis; effectuation; capital acquisition. File-URL: http://www.inderscience.com/link.php?id=102243 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijeven:v:11:y:2019:i:5:p:440-460 Template-Type: ReDIF-Article 1.0 Author-Name: Christoph Philipp Wessendorf Author-X-Name-First: Christoph Philipp Author-X-Name-Last: Wessendorf Author-Name: Jens Kegelmann Author-X-Name-First: Jens Author-X-Name-Last: Kegelmann Author-Name: Orestis Terzidis Author-X-Name-First: Orestis Author-X-Name-Last: Terzidis Title: Determinants of early-stage technology venture valuation by business angels and venture capitalists Abstract: The valuation of early-stage ventures represents a difficult and often subjective process and is characterised by risk and uncertainty. This can be further stressed for technology-driven ventures, having substantial technological risks. We therefore approached existing research on the determinants of early-stage technology venture valuation in a structured way through means of a systematic literature review (SLR). Whereas general valuation determinants strongly focus on personality and experience of the founders as well as market potential, technology venture valuation is strongly influenced by the existence and quality of alliances with corporations and investors as well as patents. We consider these determinants as crucial in technology venture valuation to ensure market access, to signal a strong belief in the technology and to provide proof of a high degree of innovation, thereby noticeably reducing technology-specific complexity and uncertainty. Journal: Int. J. of Entrepreneurial Venturing Pages: 489-520 Issue: 5 Volume: 11 Year: 2019 Keywords: start-up; NTBF; technology venture; valuation; valuation determinants; venture capital; business angel; entrepreneurial finance; systematic literature review; SLR. File-URL: http://www.inderscience.com/link.php?id=102259 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijeven:v:11:y:2019:i:5:p:489-520 Template-Type: ReDIF-Article 1.0 Author-Name: Oliver Thomas Author-X-Name-First: Oliver Author-X-Name-Last: Thomas Author-Name: Torsten Wulf Author-X-Name-First: Torsten Author-X-Name-Last: Wulf Title: Entrepreneurship education and the intention to start a business: the moderating role of cognitive biases Abstract: Entrepreneurship education has been introduced and promoted at many universities throughout the world with the aim of fostering economic growth and employment. However, research has shown only weak effects of entrepreneurship education programs on participants' intentions to start a business, which has given rise to a debate about the effectiveness of such programs. Accordingly, researchers have called for consideration of variables that might moderate this relationship. This study attempts to fill this gap by examining the effect of three cognitive biases as possible moderators of the relationship between entrepreneurship education and entrepreneurial intentions: overoptimism, overconfidence, and the planning fallacy. The results indicate that overoptimism and the planning fallacy moderate the effects of entrepreneurship education. The study also shows that entrepreneurship education has a significant, positive impact on entrepreneurial intentions. Our results have implications for entrepreneurship education scholars, university managers, and developers of entrepreneurship programs. Journal: Int. J. of Entrepreneurial Venturing Pages: 413-439 Issue: 5 Volume: 11 Year: 2019 Keywords: entrepreneurship; education; entrepreneurial intentions; cognitive biases; cognition; overoptimism; overconfidence; planning fallacy; venture creation; venture formation. File-URL: http://www.inderscience.com/link.php?id=102260 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijeven:v:11:y:2019:i:5:p:413-439 Template-Type: ReDIF-Article 1.0 Author-Name: Kent Thorén Author-X-Name-First: Kent Author-X-Name-Last: Thorén Title: Corporate entrepreneurship in SMEs, an evaluation of venture level success factors Abstract: This article refines the knowledge about what causes corporate ventures to succeed or fail. The research model includes 13 different success factors from previous research and assesses their individual and collective impact on venture outcome. By encompassing most of the prevalent factors in relevant literature the risk of getting misleading influence coefficients, due to omitted independent variables, is mitigated. Structural equation modelling with survey data from 274 ventures gave results that imply that several of the proposed success factors actually have no effect on venture outcome. On the other hand, there are also some factors that have a significant impact on success, in particular market uncertainty, previous venture experience, resource availability, style of management, and opportunity size. The internal order of importance among the factors, however, depends on which measure of venture outcome that is used. Journal: Int. J. of Entrepreneurial Venturing Pages: 461-488 Issue: 5 Volume: 11 Year: 2019 Keywords: corporate entrepreneurship; intrapreneurship; corporate venture; strategy; growth; SME; success factors. File-URL: http://www.inderscience.com/link.php?id=102261 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijeven:v:11:y:2019:i:5:p:461-488 Template-Type: ReDIF-Article 1.0 Author-Name: Nikolaus Lipusch Author-X-Name-First: Nikolaus Author-X-Name-Last: Lipusch Author-Name: Dominik Dellermann Author-X-Name-First: Dominik Author-X-Name-Last: Dellermann Author-Name: Philipp Ebel Author-X-Name-First: Philipp Author-X-Name-Last: Ebel Author-Name: Ulrich Bretschneider Author-X-Name-First: Ulrich Author-X-Name-Last: Bretschneider Author-Name: Jan Marco Leimeister Author-X-Name-First: Jan Marco Author-X-Name-Last: Leimeister Title: Radically rethinking the way crowdfunding works: the case of JumpStartFund and the Hyperloop Abstract: In this research, we explore the unique case of JumpStartFund, a new crowdfunding platform that is used to develop the Hyperloop project. To this end, we employ an in-depth single case study to examine the participation architecture of the platform as well as the Hyperloop campaign content, based on which we derive a new crowdfunding model. The derived crowdfunding model differs from existing crowdfunding models in that it allows entrepreneurs to develop their business with the crowdmore actively. Our research has important implications for research and practice. First, we introduce a new crowdfunding model that expands the boundaries of existent models. Second, we explain how our model helps to more efficiently leverage the potential inherent in the crowd thereby redefining entrepreneurial success within crowdfunding. Third, we discuss how our findings contribute to existent research within the context of crowdsourcing. Journal: Int. J. of Entrepreneurial Venturing Pages: 598-619 Issue: 6 Volume: 11 Year: 2019 Keywords: crowdfunding; case study; crowdfunding models; co-creation; crowdsourcing. File-URL: http://www.inderscience.com/link.php?id=103739 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijeven:v:11:y:2019:i:6:p:598-619 Template-Type: ReDIF-Article 1.0 Author-Name: Kshitija A. Joshi Author-X-Name-First: Kshitija A. Author-X-Name-Last: Joshi Title: Specialisation and syndication as risk management strategies for venture capital firms in India Abstract: This paper presents an analysis of syndication and domain specialisation strategies pursued by the venture capital (VC) firms in India. Using the theoretical lens of the resource-based view, we explore how three main resource-related attributes: resource structure of the VC firms, resource requirements of the investee ventures and the ease of access to resources, drive the intensities of syndication and specialisation for the VC firms under study. We use the K-means cluster analysis technique, to analyse and profile four distinct VC firm segments: a) low syndication and low specialisation; b) high syndication and low specialisation; c) low syndication and high specialisation; d) high syndication and high specialisation. Our study contributes to the extant literature on VC investment strategies, top management teams and fills an important gap on the literature pertaining to VC firms in India. Journal: Int. J. of Entrepreneurial Venturing Pages: 541-567 Issue: 6 Volume: 11 Year: 2019 Keywords: venture capital; syndication; specialisation; India; social capital; human capital; top management teams. File-URL: http://www.inderscience.com/link.php?id=103740 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijeven:v:11:y:2019:i:6:p:541-567 Template-Type: ReDIF-Article 1.0 Author-Name: Daniel Fischer Author-X-Name-First: Daniel Author-X-Name-Last: Fischer Author-Name: Deniz Philipp Kruse Author-X-Name-First: Deniz Philipp Author-X-Name-Last: Kruse Author-Name: Hannes Leonardy Author-X-Name-First: Hannes Author-X-Name-Last: Leonardy Author-Name: Christiana Weber Author-X-Name-First: Christiana Author-X-Name-Last: Weber Title: Don't throw in the towel too early! How agency conflicts affect the survival of corporate venture capital units Abstract: We empirically investigate the largely unexplored relationship between corporate top management teams (TMT) and CVC unit managers. Doing so, we provide new insights into the interplay between TMT decisions and CVC managers' behaviour and how agency conflicts between them influence the survival of CVC units. Using a proprietary dataset of 64 CVC units we apply fsQCA in order to identify the interrelatedness, causal asymmetry and equifinality of agency-related conditions leading to survival. We relativise former literature by demonstrating that financial incentivisation of CVC managers need to be complemented by additional factors to impact the survival of CVC units. Further, we conclude that the decision-making autonomy of CVC managers seem to work as a form of non-financial incentive. Finally, we demonstrate that the configuration of providing strategic support, investing with high strategic proximity, and non-autonomously acting CVC managers is related to non-survival of the CVC unit. Journal: Int. J. of Entrepreneurial Venturing Pages: 568-597 Issue: 6 Volume: 11 Year: 2019 Keywords: corporate venture capital; CVC; survival; agency theory; configuration; qualitative comparative analysis; QCA. File-URL: http://www.inderscience.com/link.php?id=103742 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijeven:v:11:y:2019:i:6:p:568-597 Template-Type: ReDIF-Article 1.0 Author-Name: Tatiana Lopez Author-X-Name-First: Tatiana Author-X-Name-Last: Lopez Author-Name: Claudia Alvarez Author-X-Name-First: Claudia Author-X-Name-Last: Alvarez Title: Influence of university-related factors on students' entrepreneurial intentions Abstract: This study analysed the influence of university education factors on the entrepreneurial intentions of 35,335 Latin American students, using structural equation modelling. The main contribution of this study is a model of higher education factors as antecedents in the theory of planned behaviour, to explain the entrepreneurial intention in developing countries. The main results show that entrepreneurship courses and the favourable perception of an entrepreneurial university environment were positively related to entrepreneurial intentions. Although both variables have a direct effect on such intentions, the university environment was a stronger one. These results deepen the extant empirical research on the subject, since most scholars have focused on indirect effects instead. Universities should design strategies beyond their classrooms that are aimed at improving the intentions that will guide students' entrepreneurial behaviour and choices. Journal: Int. J. of Entrepreneurial Venturing Pages: 521-540 Issue: 6 Volume: 11 Year: 2019 Keywords: entrepreneurial intention; entrepreneurship education; university entrepreneurship; university environment; GUESSS project; Latin America. File-URL: http://www.inderscience.com/link.php?id=103751 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijeven:v:11:y:2019:i:6:p:521-540