International Journal of Entrepreneurial Venturing (31 papers in press)
The Role of Human Capital for Entrepreneurial Decision-Making Investigating Experience, Skills and Knowledge as Antecedents to Effectuation and Causation
by Jochen Schmidt, Sven Heidenreich
Abstract: Experts in entrepreneurship apply effectuation rather than causation as entrepreneurial approach in corporate ventures. While previous research suggests that entrepreneurial experiences determine this effect, it is unclear how different types of such experiences and other elements of human capital drive entrepreneurial behaviors. Hence, this study differentiates experience in start-ups and corporate entrepreneurship to empirically evaluate their individual effects alongside with entrepreneurial skills and knowledge on 212 general managers behavioral intentions to apply effectuation or causation. Results indicate that corporate entrepreneurship experiences foster causation and oppress effectuation while start-up experiences drive the application of both entrepreneurial behaviors the other way around. Furthermore, entrepreneurial skills facilitate the use of prior knowledge through an effectual approach. This emphasizes that the way how employees develop ideas into practice relates to multiple facets of human capital and thus to more than entrepreneurial experiences, as it has been long suggested by previous studies.
Keywords: Entrepreneurial Behavior; Effectuation; Causation; Human Capital; Corporate Entrepreneurship.
What Can Universities Do to Promote Entrepreneurial Intent? An Empirical Investigation
by Jeffrey Overall, Steven Gedeon, Dave Valliere
Abstract: Our university has promoted entrepreneurship extensively through networking events, business plan competitions, funding sources, degree programs and on-campus incubators. But do these efforts work? We integrate and extend intentions-based models and the psychosocial cognitive model to develop a model of entrepreneurial intent and behaviour. We test our theory using partial least squares structural equation modelling on survey data collected from 334 undergraduate business students in Canada. We find that the belief constructs, namely: social norms toward entrepreneurship, prevalence of entrepreneurship on social milieu, and goal-orientation are found to positively influence the attitude constructs of the: (1) desirability of an entrepreneurial career and (2) perceived feasibility of an entrepreneurial career. These attitudes, in turn, positively impact entrepreneurial intent, which subsequently influences entrepreneurial behaviour. We thus found support for the hypotheses that university support for these psychosocial influences has a positive effect on student entrepreneurial intent and behaviour. Practical implications are discussed and future directions are suggested
Keywords: Entrepreneurship; Entrepreneurial behaviour; Entrepreneurial intent; Psychosocial cognitive model; Social norms; University support; marketing.
Sequence Analysis in Entrepreneurship Research: Business Founders Life Courses and Early-Stage Firm Survival
by Anna Heimann-Roppelt, Silke Tegtmeier
Abstract: This paper introduces the method of sequence analysis in entrepreneurship research. Informed by life course theory, we argue that depending on duration and timing, human capital can depreciate during work interruptions (such as unemployment or parental leave) but also be restored by re-entering and staying in the job market. Using data from the German Socio-Economic Panel (GSOEP), we analyse the educational and occupational life courses of individuals who have started a business. We investigate whether there are patterns in the biographies of these individuals. Exploratory analysis reveals that seven types of founders can be differentiated. In this sample, cluster one appeared to be most successful in terms of early-stage firm survival. Sequence analysis has proved to be a valuable method to improve the efficiency of research on the life courses of business founders. This study invites future research to take a deeper look at life-course-based factors of business activity and success.
Keywords: sequence analysis; entrepreneurship; start-ups; self-employment; entry; human capital; life course theory; early-stage firm survival; GSOEP; patterns; biographies; career paths; cluster analysis; optimal matching technique.
Effectuation, Entrepreneurs Leadership Behavior, and Employee Outcomes:A Conceptual Model
by Sylvia Hubner, Matthias Baum
Abstract: This study develops a conceptual framework for explaining how effectual and causal logics influence entrepreneurs leadership behavior and how that, in turn, impacts employee individual-level outcomes (commitment, extrinsic and intrinsic motivation, and creativity) and performance outcomes (employee work performance and firm performance). We propose that employees commitment and motivation develop via distinct paths when entrepreneurs apply causal or effectual logics. We furthermore theorize that employees creativity is facilitated by effectuation, but hindered by causation. These differences might explain firm internal consequences of applying effectuation as a decision logic.
Keywords: Leadership; HRM; employee outcomes; effectuation; entrepreneurial firms;.
Innovating by Doing: Promoting On-the-job Experimentation Through a Climate for Innovation
by Marcel Bogers
Abstract: Firms innovation performance and productivity depend on engaging the entire organization in the innovation process. Going beyond the typical focus on R&D, the focus of this article is on engaging those employees who are active in productive activities in innovation. This article explores how a firm can create an environment in which those employees can build on their local needs and knowledge to learn and innovate through a process of experimentation and problem solving during on-the-job activities. I draw on innovation, creativity and organizational climate research to explore the determinants and effects of such innovative behavior. I develop a theoretical framework of how organizational practices affect employees willingness and ability to experimenta behavioral integral to innovation. I furthermore argue that the relationship between such climate for innovation and the ultimate performance is inverse U-shaped. The framework implies that managers can turn the entire organization into an innovation lab but they need to balance the tension between productive and innovative practices.
Keywords: Corporate entrepreneurship; experimentation; innovation; intrapreneurship; learning; organizational climate; performance; production floor; productivity; user firm.
Gender and the Structuring of the Entrepreneurial Venture: An Effectuation Approach
by Maria Laura Frigotto, Nives Della Valle
Abstract: This study adds to the entrepreneurship literature by addressing the role of gender in entrepreneurial decisions. We adopt effectuation as an alternative framework and method to the typical experimental laboratory methods and investigate whether the contrasting evidence on the gender-entrepreneurial decision relationship is due to the methodological and conceptual limits of the traditional models of decision-making. We find that men rely on the effectuation framework more than women and that diverse stored information mediates gender differences in adopting effectual criteria. We do not find that women adopt the effectual affordable loss decisional criterion more than men despite their stronger perception for negative consequences and worst-case scenarios. The study also contributes to the effectuation literature by introducing the use of effectuation as an analytical framework for research on a peculiar category of decisions, i.e., decisions under ignorance.
Keywords: Gender; entrepreneurship; effectuation; decision making; ignorance; entrepreneurial risk; novice entrepreneurs; venture.
Size Does Not Matter In the Virtual World.
Comparing Online Social Networking Behavior with Business Success of Entrepreneurs
by Peter Gloor, Stephanie Woerner, Detlef Schoder, Kai Fischbach, Andrea Fronzetti Colladon
Abstract: We explore what benefits network position in online business social networks like LinkedIn might confer to an aspiring entrepreneur. We compare two network attributes, size and embeddedness, and two actor attributes, location and diversity, between virtual and real-world networks. The promise of social networks like LinkedIn is that network friends enable easier access to critical resources such as legal and financial services, customers, and business partners. Our setting consists of one million public member profiles of the German business networking site XING (a German version of LinkedIn) from which we extracted the network structure of 15,000 startup entrepreneurs from twelve large German universities. We find no positive effect of virtual network size and embeddedness, and small positive effects of location and diversity.
Keywords: Online Social Networks; Network Analysis; Entrepreneurship; Business Success.
Entrepreneurial Orientation, Network Brokerage, and Firm Performance
by Olaf Rank, Michael Strenge
Abstract: Arguing that entrepreneurial firms will adopt different behavioral strategies than their competitors, we find that firms exhibiting high levels of entrepreneurial orientation (EO) are more likely to obtain brokerage positions in their networks to external partners. Acting as brokers allows entrepreneurial firms to benefit with respect to the acquisition of important resources such as information and knowledge, which ultimately has positive effects on their performance. In other words, network brokerage represents an important strategic behavior allowing firms to translate their EO into higher performance levels. Using data from 82 high-tech companies, we find that consistent with our theoretical assumption network brokerage partially mediates the EO-performance relationship and hence represents a missing link when studying the performance-related effects of EO.
Keywords: entrepreneurial orientation; structural holes; brokerage; firm performance; advice networks.
CEOs cultural and demographic attributes and organizational performance of Indian SMEs: An upper echelon approach
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.
Effects of Impression Management Tactics on Crowdfunding Success
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.
Risk types and risk assessment in venture capital investments: A content analysis of investors
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.
Unraveling entrepreneurial competencies and heir relation to entrepreneurial intent
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.
NEW FIRM DEVELOPMENT: IDENTIFYING DORMANT, DROWSY AND ACTIVE FIRMS
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.
Investments as Key Entrepreneurial Action: The Case of Financially Distressed Target Companies
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.
Relational determinants of ambidextrous knowledge sharing in innovation networks of businesses
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.
Interfunctional business models. Map grid for an uncharted quadrant of the blue ocean
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.
Internal funding, debt and external equity: which of these effectively improve the growth of University Spin-Offs?
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.
Structural Equation Model of Variables Influencing Thai Ceramics Entrepreneur Organizational Sustainability
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.
The Success of the Activist Investor Guy Wyser-Pratte in Continental Europe
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.
Empowering for Effectuation: Examining Organisational Preparedness for Corporate Entrepreneurship (OPCE) as Antecedent of Psychological Empowerment and Entrepreneurial Behaviour
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.
The Accounting Performance of Listed Family Firms vs. Non-Family Firms: A Systematic Review of Empirical Studies
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.
Stakeholder Support for Sustainable Entrepreneurship
by Kathrin Bischoff
Abstract: Past studies in the field of sustainable entrepreneurship have highlighted the need for future research to examine how a supportive external environment for sustainable entrepreneurship can be created. In order to address this research gap, this paper analyses the role of stakeholder support for developing sustainable entrepreneurial ecosystems. This paper is based on a systematic literature review of the fields of sustainable entrepreneurship, stakeholder management and entrepreneurial ecosystems. The findings highlight the importance of extensive, tailored and collaborative stakeholder support for encouraging engagement in sustainable entrepreneurship and for creating strong sustainable entrepreneurial ecosystems. This paper offers three main contributions. First, it opens a new conversation by merging three largely separate research fields to advance an understanding of the concept of a sustainable entrepreneurial ecosystem. Second, a framework of sustainable entrepreneurial ecosystems is established. Third, it puts forward a set of propositions concerning the development of sustainable entrepreneurial ecosystems. This paper concludes with theoretical and practical implications and suggestions for further research.
Keywords: Sustainable entrepreneurship; sustainability; entrepreneurship; stakeholder support; stakeholder collaboration; entrepreneurial ecosystem; sustainable entrepreneurial ecosystem.
Managing corporate-startup relationships: What matters for entrepreneurs?
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.
SHEstainability: How relationship networks influence the idea generation in opportunity recognition process by female social entrepreneurs
by Anna Spiegler
Abstract: Despite the rapid growth of literature on social entrepreneurship and its increasing importance for social change and sustainability, little is known about how social entrepreneurship originates in different settings. In this study, we applied a gender-based perspective to analyse the origin and development of social entrepreneurship. Focusing on female social entrepreneurs in Namibia, we investigated how relationship networks sensitised women towards opportunities for social and sustainable innovations and who particularly influenced them during this process of idea generation and realisation. Using a mixed-method approach consisting of semi-structured interviews and egocentric network analysis, we identified an opportunity recognition process that differs from that of conventional ventures. Our results show that social innovation is not, e.g., due to gate-keepers but rather a result of everyday community interaction settings. This finding challenges current theories of (social) entrepreneurship, suggesting a need to further investigate the roles of gender and the socio-economic context.
Keywords: social entrepreneurship; female entrepreneurship; social networks; sustainability; social innovations; opportunity recognition; egocentric network analysis.
The dual effect of the age of the entrepreneur on the innovation performance of the micro-enterprises
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.
Better safe than sorry? The effect of trust on venture capitalists
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.
Entrepreneurial orientation at university: a necessity?
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.
Acquisitions by Family Businesses in Continental Europe and their Differences Compared to Private Equity Investors
by Mark Mietzner
Abstract: This study tests whether family business investors and private equity investors in Continental Europe significantly differ from their investment approach and strategy. Therefore, we analyze 126 acquisitions of listed Continental European firms by family business investors and private equity firms from the years 2002 to 2012. As most of the 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. Consequently, we argue for the increased consideration of family business investors into the research on shareholder activism in Continental Europe.
Keywords: Shareholder Activism; Family Business; Private Equity; Corporate Governance; Corporate Environment.
Special Issue on: Creating solutions with sustainable entrepreneurship
Sustainability-Oriented Business Model Development: Principles, Criteria, and Tools
by Henning Breuer, Klaus Fichter, Florian Lüdeke-Freund, Irina Tiemann
Abstract: A shared understanding of the basic requirements for modelling sustainability-oriented business is currently missing. This is hindering collaboration, exchange, and learning about sustainability-oriented business models as well as the development of suitable and widely-accepted modelling tools. We contribute toward such a shared understanding based on a theoretical discussion of boundary-spanning and interactive busi-ness model development for sustainable value creation. The theoretical discussion feeds into a comparative analysis of the six currently available practitioner tools supporting the exploration and elaboration of sus-tainability-oriented business models. By synthesizing findings from theory and available tools, we define four guiding principles (sustainability-orientation, extended value creation, systemic thinking, and stake-holder integration) and four process-related criteria (reframing business model components, context-sensitive modelling, collaborative modelling, managing impacts and outcomes) for the development of sus-tainability-oriented business models.
Keywords: Sustainability; Business Model Development; Requirements; Sustainable Entrepreneurship; Facilitation Tools; Boundary Spanning; Activity Systems; Interaction Economics.
Special Issue on: Part 2
Collaborative Entrepreneurship for Sustainability. Creating Solutions in Light of the UN Sustainable Development Goals
by Stefan Schaltegger, Markus Beckmann, Kai Hockerts
Policy Entrepreneurs and Collaborative Action: Pursuit of the Sustainable Development Goals
by Michael Mintrom, Madeline Thomas