Forthcoming articles


International Journal of Entrepreneurial Venturing


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International Journal of Entrepreneurial Venturing (21 papers in press)


Regular Issues


  • CEOs cultural and demographic attributes and organizational performance of Indian SMEs: An upper echelon approach   Order a copy of this article
    by Carina Friedmann, Ritam Garg, Dirk Holtbrügge 
    Abstract: In this study we examine the impact of organizational scanning (process of collecting information necessary to identify important events and trends impacting organizations) and strategic flexibility capabilities (ability to adapt to substantial, uncertain, environmental changes) of chief executive officers (CEOs) on organizational performance in Indian small and medium enterprises (SMEs). Based on upper echelon theory we argue that cultural and demographic attributes of CEOs moderate this relationship. Our hypotheses are tested against a sample of 341 firms in the Indian auto components and textile industry. The positive influence of CEOs organizational scanning and strategic flexibility on firm performance is confirmed. Findings reveal a significant moderating influence of uncertainty avoidance, long-term orientation, and functional background. No effect is found for CEO's religiosity and tenure. The implications for the upper echelon theory and managerial practice are discussed. Our results further provide interesting avenues for further research.
    Keywords: Upper echelon theory; India; SMEs; CEO research; Organizational behavior; Cultural attributes.
    DOI: 10.1504/IJEV.2016.10006927
  • Effects of Impression Management Tactics on Crowdfunding Success   Order a copy of this article
    by Elmar Lins, Kaja Joanna Fietkiewicz, Eva Lutz 
    Abstract: The aim of our study is to shed light on determinants that convince the crowd to fund a project on a crowdfunding platform. In particular, we examine whether self-promotion through positive language as well as emphasizing innovativeness and supplication as impression management tactics drive crowdfunding success. Based on a sample of 221 Kickstarter campaigns and a total of 195,217 words embedded in their project descriptions, we develop and test hypotheses concerning linguistic behaviors affecting the likelihood of fundraising, the number of project backers and the amount raised. We find a non-linear relation between innovativeness and crowdfunding success, that is, crowdfunders prefer moderate levels of self-promotion through innovativeness.
    Keywords: Crowdfunding; crowdfunders; entrepreneurship; linguistic behavior analysis; impression management; impression management strategies; Kickstarter.
    DOI: 10.1504/IJEV.2017.10006928
  • Risk types and risk assessment in venture capital investments: A content analysis of investors   Order a copy of this article
    by Dorian Proksch 
    Abstract: Venture capital is an important resource for new ventures with no access to the capital market. However, venture capital companies
    Keywords: Risk; risk assessment; risk management; venture capital; new-technology-based firms; new ventures.
    DOI: 10.1504/IJEV.2016.10001508
  • Unraveling entrepreneurial competencies and heir relation to entrepreneurial intent   Order a copy of this article
    by Charlott Menke 
    Abstract: This study structures a diverse range of entrepreneurial competencies into five broader and hierarchically aligned entrepreneurial competency clusters (i.e., motives, traits, self-concept, skills, and knowledge) and explains their influence on the emergence of entrepreneurial intent. Therefore, a new model is developed combining the established theory of planned behavior and the iceberg model of competencies. This new competency intent model is then tested on a sample of 105 students. The results of structural equation modeling and mediation analyses indicate that each competency cluster significantly contributes to the emergence of entrepreneurial intent. Furthermore, there is evidence that the influences of some competency clusters are mediated through other higher-level clusters and that the cognitive bias of overestimation is present. Overall, the findings suggest that the new model provides a better understanding of the development of an entrepreneurial intent.
    Keywords: entrepreneurship; theory of planned behaviour; entrepreneurial intent; entrepreneurial competencies; entrepreneurial behavior; empirical analysis; structural equation model.
    DOI: 10.1504/IJEV.2018.10006175
    by Lars Kolvereid 
    Abstract: Using a theoretical framework developed by Song et al. (2008) the present survey uses initial characteristics of the entrepreneur, the opportunity and the resources available to the firm at start-up to predict activity in surviving businesses twelve years after birth. The initial data collection took place in 2002. To measure activity, we categorize businesses based on their membership in government registers from 2002 to 2014, enabling us to distinguish between dormant, drowsy (semi dormant) and active firms. The results indicate that entrepreneurial competence and commitment to the business, the novelty and early exploitation of the opportunity, team start-up as well as the financial resources available at start-up predict activity in the business. The findings have important implications for practitioners and scholars.
    Keywords: active firms; dormant firms; start-up conditions.
    DOI: 10.1504/IJEV.2017.10006706
  • Investments as Key Entrepreneurial Action: The Case of Financially Distressed Target Companies   Order a copy of this article
    by David J. Rapp, Marius Hasslinger, Michael Olbrich 
    Abstract: Recent entrepreneurship research characterises investments as the very essence of entrepreneurship, supplanting the discovery or creation of opportunities. M&A activity must, therefore, be understood as a key entrepreneurial action. Corresponding M&A decisions require a reliable appraisal beforehand. This is particularly true in case of financially distressed target companies, since such transactions include a high level of uncertainty. The recent financial crisis can be characterised as a cause of companies financial distress. For the appraisal of such financially distressed companies, literature recommends the same methods used for the appraisal of healthy companies. As will be shown, prevalent appraisal methods cause a profound dilemma when applied for the appraisal of financially distressed companies. Consequently, they need to be substituted by a consistent alternative. The aim of this paper, therefore, is to discuss such an alternative method, which can be consistently applied for the entrepreneurial appraisal of financially distressed or even bankrupt companies.
    Keywords: entrepreneurship; investments; financial distress; appraisal; DCF; FEM; subjectivism; judgemental decision-making.
    DOI: 10.1504/IJEV.2017.10006707
  • Relational determinants of ambidextrous knowledge sharing in innovation networks of businesses   Order a copy of this article
    by Thomas Clauss, Patrick Spieth, Tobias Kesting 
    Abstract: Collaboration activities in innovation networks enable actors to gain access to and share specialised knowledge. However, successful knowledge sharing requires specific mechanisms and interventions from managers. To study both the antecedents and effects of sharing ambidextrous knowledge in innovation networks, we conducted a survey among 100 mechanical engineering businesses engaged in such networks. Our results show that interaction supports ambidextrous knowledge sharing (i.e. a combination of exploitative and explorative knowledge sharing), whereas we merely find a significant effect of explorative knowledge sharing on joint innovation generation. In addition, the analysis reveals that interactions mediate the indirect effect of relational norms on exploitative and explorative knowledge sharing.
    Keywords: knowledge sharing; ambidextrous knowledge sharing; exploitative knowledge sharing; explorative knowledge sharing; interaction; relational norms; joint innovation generation; innovation networks.
    DOI: 10.1504/IJEV.2017.10006708
  • Interfunctional business models. Map grid for an uncharted quadrant of the blue ocean   Order a copy of this article
    by Steffen Roth 
    Abstract: This article makes a case for the significance that barriers have for new venture discovery. Since markets are social phenomena, new venture discoveries necessarily refer to the crossing of social borders. We draw on social systems theory and theories of social differentiation to understand how social borders are drawn. We demonstrate how this knowledge may be used to create and unfold a comprehensive market map that is useful for both the tracking of past and the anticipation of new venture discoveries. We use this map combined with illustrative cases to provide evidence that an entire quadrant of entrepreneurial opportunities is still uncharted in traditional maps for new venture discovery. We conclude that the future of new venture discovery is about the strategic transgression of social borders not only between traditional market segments or strata, but also between the function systems of society such as the political system, economy, science, art, religion, or the mass media system.
    Keywords: Business model innovation; social systems theory; social differentiation; functional differentiation; blue ocean strategy.
    DOI: 10.1504/IJEV.2017.10006709
  • Internal funding, debt and external equity: which of these effectively improve the growth of University Spin-Offs?   Order a copy of this article
    by Antonio Prencipe 
    Abstract: The paper aims to explore the impact of different financing sources on the growth of University Spin-Offs (USOs). It hypothesizes that both internal finance and debt finance have little to no positive effect on the growth of USOs. Whereas, equity finance is expected to have a stronger positive impact, especially in the form of Private Equity/Venture Capital. A panel sample of 621 Italian USOs was investigated over the 2004-2013 period. The results show a small positive impact from internal funding on USOs growth. Debt funding seems to have no impact, while external equity finance has a weak role, even when obtained from Venture Capital/Private Equity. The findings provide evidence that the USOs have financial constraints limiting their growth.
    Keywords: University Spin-Off; firm growth; internal funding; debt finance; Venture capital; Private equity.
    DOI: 10.1504/IJEV.2017.10006710
  • Structural Equation Model of Variables Influencing Thai Ceramics Entrepreneur Organizational Sustainability   Order a copy of this article
    by Phainphin Kowuttiphong 
    Abstract: The ceramics industry is an industry that 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 centered 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 both the direct and indirect factors affecting organizational sustainability of ceramic enterprises. From the 280 Thai enterprises surveyed and analysed by use of a structural equation model it was determined that organizational performance affects organizational sustainability to the greatest extent due to monetary and non-monetary factors with an intermediate input into innovation, the business environment and business strategies. Organizational performance is also influenced by innovation and business strategies.
    Keywords: AEC; ASEAN; business environment; business strategies; innovation; organizational performance; organizational sustainability; strategy.
    DOI: 10.1504/IJEV.2017.10008050
  • The Success of the Activist Investor Guy Wyser-Pratte in Continental Europe   Order a copy of this article
    by Alexander Bassen, Dirk Schiereck, Philipp Schüler 
    Abstract: This paper analyses the investments of U.S. 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.
    Keywords: shareholder activism; investment; Wyser-Pratte; Continental Europe; poor performing companies; shareholder value; improving profitability; Europe.
    DOI: 10.1504/IJEV.2017.10008382
  • Empowering for Effectuation: Examining Organisational Preparedness for Corporate Entrepreneurship (OPCE) as Antecedent of Psychological Empowerment and Entrepreneurial Behaviour   Order a copy of this article
    by Sven Heidenreich 
    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
    Keywords: entrepreneurship; corporate entrepreneurship; effectuation; causation; OPCE; psychological empowerment.
    DOI: 10.1504/IJEV.2017.10008387
  • The Accounting Performance of Listed Family Firms vs. Non-Family Firms: A Systematic Review of Empirical Studies   Order a copy of this article
    by Noora Rantanen 
    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.
    Keywords: public company; listed firm; accounting performance; family firm; ownership; systematic review.
    DOI: 10.1504/IJEV.2018.10010156
  • Managing corporate-startup relationships: What matters for entrepreneurs?   Order a copy of this article
    by Franz Simon 
    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.
    Keywords: External technology sourcing; corporate entrepreneurship; startups; corporations; corporate-startup relationships; asymmetric partnerships.
    DOI: 10.1504/IJEV.2018.10012021
  • The dual effect of the age of the entrepreneur on the innovation performance of the micro-enterprises   Order a copy of this article
    by Cristina Lopez-Cozar-Navarro 
    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.
    Keywords: age; entrepreneur; micro-enterprise; innovation performance; corporate social responsibility; diversification; information and communication technologies.
    DOI: 10.1504/IJEV.2018.10011163
  • Better safe than sorry? The effect of trust on venture capitalists   Order a copy of this article
    by Carolin Helmreich 
    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.
    Keywords: trust; venture capital; syndication; inter-firm alliances; relationship formation; partner selection; internationalisation; venture capital markets.
    DOI: 10.1504/IJEV.2018.10012028
  • Entrepreneurial orientation at university: a necessity?   Order a copy of this article
    by Sidrat Sidrat 
    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.
    Keywords: Innovation – proactivity – autonomy – risk taking – competitiveness – interdisciplinarity.
    DOI: 10.1504/IJEV.2018.10012031
  • Acquisitions by family businesses in continental Europe and their differences compared to private equity investors   Order a copy of this article
    by Philipp Schüler, Mark Mietzner, Dirk Schiereck 
    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.
    Keywords: minority stake acquisition; shareholder activism; family business; private equity; PE; corporate governance; agency conflicts; Europe.
    DOI: 10.1504/IJEV.2018.10012035
  • Environmental orientation among nascent and established entrepreneurs: An empirical analysis of differences and their causes   Order a copy of this article
    by Jacob Hörisch, Jana Kollat, Steven A. Brieger 
    Abstract: This paper investigates differences between nascent and established entrepreneurs with regard to their ventures
    Keywords: Environmental entrepreneurship; environmental orientation; Global Entrepreneurship Monitor; nascent entrepreneurship; established entrepreneurship; trade-offs; entrepreneur; sustainability; firm-age.

  • How does context influence entrepreneurship education outcomes? Empirical evidence from Bangladesh and Germany   Order a copy of this article
    by Petra Dickel, Linda Kleemann, Tarun Kanti Bose 
    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.
    Keywords: entrepreneurship education; contingency approach; quasi-experimental design; self-selection bias.

  • Which factors determine the gender gap in the entrepreneurial action? Evidence from Mexico   Order a copy of this article
    by José Manuel Saiz-Álvarez, Lucía Rodríguez-Aceves 
    Abstract: The empirical evidence about how the gender gap influences on the entrepreneurial intention and its effects on the entrepreneurial action are still limited. The objective of this paper is to analyse the main factors to explain the entrepreneurial gender gap in Mexico related to entrepreneurial intention and entrepreneurial action and moderated by income, education, and marital status. Our findings show that, first, although women have a high entrepreneurial intention in Mexico, they are reluctant to create firms due to a high perceived behavioural control, so their entrepreneurship action is deficient. As a result, the Mexican labour market continues being very traditional with low rates of female participation Second, the entrepreneurial intention tends to decrease with income. Third, single men with completed graduate and/or postgraduate studies and high levels of income are more prone for entrepreneurship in Mexico.
    Keywords: gender gap; entrepreneurial action; entrepreneurial intention; GEM; Mexico; women entrepreneurship; education; marital status; income; perceived behavioural control.
    DOI: 10.1504/IJEV.2018.10014334