【顶级管理学期刊创业研究速递】2018年12月中英文摘要

【AMJ】Entrepreneurial Imaginativeness in New Venture Ideation

新创企业创意中的创业者想象力

作者：

Alexander S. Kier, 1| Jeffery S. McMullen, 2

1 Washington State University Vancouver

2 Indiana University

虽然创业行为理论通常承认想象力的重要性，但很少定义或衡量这种能力，因此在程度和类型上很少被一致对待。使用创造性解决问题的视角，本文们识别和测量了三种不同的认知技能——创造性的、社会性的和实践性想象——这三种技能因个体而变化。每种技能都将想象力与精神上模拟各种任务相关场景所需的知识相结合，这些场景用于生成和选择创造新价值的创意。然后，本文进行准实验来检验每项技能对新创企业创意的相对影响。本文发现三种想象力技能因人而异，并且它们对新创企业的创意数量和质量的预测效果远比动机、知识和经验来得好。本文总结了该研究对于创业学与创造性解决问题理论发展的贡献。

Although theories of entrepreneurial action regularly acknowledge the importance of imagination, the ability is rarely defined or measured, and thus effectively treated as uniform in degree and type. Using a creative problem-solving lens, we identify and measure three different cognitive skills—creative, social, and practical imaginativeness—that vary across individuals. Each skill combines the ability of imagination with the knowledge needed to mentally simulate various task-related scenarios used in generating and selecting ideas for new value creation. We then conduct a quasi-experiment to examine each skill’s relative effect on new venture ideation. We find that the three imaginativeness skills vary across individuals and that they predict new venture idea quantity and quality differently over and above the effects of motivation, knowledge, and experience. We conclude with implications for theory development in entrepreneurship and creative problem-solving. 

【SMJ】Corporate venture capital as a real option in the markets for technology

公司风险资本作为技术市场中的实物期权

作者：

Marco Ceccagnoli1 | Matthew J. Higgins1,2 | Hyunsung D. Kang3

1 Scheller College of Business, Georgia Institute of Technology, Atlanta, Georgia

2 National Bureau of Economic Research, Boston, Massachusetts

3 Campbell School of Business, Berry College, Mount Berry, Georgia

摘要：

本文应用实物期权理论来理解公司风险资本投资及其在支持获取外部技术方面的内部研发能力的关系。本文通过使用一组全球生物制药公司及其生物技术合作伙伴的二元数据库，提出关于公司风险资本投资的期权价值以及执行期权决策的关键驱动因素的一组假设。本文的研究发现表明在拥有较弱科学能力的投资者、参与远距离技术领域的技术市场时、当他们的创新管线倾向于后期开发过程时三种情况下公司风险资本的期权价值更高。最后，当公司风险资本投资后技术不确定性降低时，高价值技术许可是最有可能的期权执行形式。

We apply real options (RO) theory to understand the role of corporate venture capital (CVC) investments and its relationship with internal R&D capabilities in supporting the acquisition of external technologies. We formulate hypotheses about key drivers of the option value of CVC and the decision to exercise the RO using a dyadic dataset of global pharmaceutical firms and their biotech partners. Our findings suggest that the option value of CVC is higher for investors with weaker scientific capabilities; engaging the markets for technology in distant technological fields; and, when their innovation pipeline is tilted toward the late-stage development process. Finally, the licensing of high-value technologies is the most likely form of option exercise when technological uncertainty is reduced post-CVC. 

【SMJ】The best of both worlds Can founder-CEOs overcome the rich versus king dilemma after IPO

创始人兼CEO能否克服IPO之后的赚钱效应与控制权地位的两难困境

作者：

Asma Fattoum-Guedri,1 | Frédéric Delmar,2 | Mike Wright,3

1 Department of Strategy and Innovation, Copenhagen Business School, Frederiksberg,Denmark

2 Department of Strategy and Organization,EMLYON Business School, Ecully, France

3 Center for Management Buyout Research, Imperial College Business School, London, UK

摘要：

为了防止IPO后失去对公司的控制，创始人兼首席执行官可以实施控制增强机制，将所有权与投票权分离。但是，该决策将他们置于富有或者最高控制地位的困境中。如果他们选择履行这样一种机制以寻求公司内部的王者地位，意味着在IPO中损失财富的风险。如果他们没有选择履行控制增强机制并且采纳了使自己处于更加富有的位置，意味着丢失公司控制权的风险。本文从理论上研究并且实证了这种困境在多期情境下（IPO时以及IPO后）的结果。本文发现大部分选择寻求公司内部最高控制地位的创始人兼首席执行官恢复了最初的财富损失，并且因此，他们在IPO后从长期来看可以调和更加富有与保证对公司的控制之间的关系。

To prevent loss of control post-IPO, founder-CEOs can implement control-enhancing mechanisms disconnecting ownership from voting rights. However, this decision places them in a rich versus king dilemma. If they choose to implement such mechanisms and secure the king position, they risk losing money at IPO. If they choose not to implement control-enhancing mechanisms and adopt the rich position they risk losing control over the firm. We investigate theoretically and empirically the outcomes of this dilemma in a multi-period setting (at IPO and post-IPO). We found that the majority of founder-CEOs who choose the king option recover initial wealth loss, and hence, they can reconcile the rich and king paths in the long-run post-IPO.

【OS】The Impact of Learning and Overconfidence on Entrepreneurial Entry and Exit

学习和过度自信对于创业进入和退出的影响

作者：

John S. Chen,1 | David C. Croson,2 | Daniel W. Elfenbein,3 | Hart E. Posen,4

1 Warrington College of Business Administration, University of Florida, Gainesville, Florida 32611

2 College of Social Science, Michigan State University, East Lansing, Michigan 48824

3 Olin Business School, Washington University in St. Louis, St. Louis, Missouri 63130

4 School of Business, University of Wisconsin–Madison, Madison, Wisconsin 53706

摘要：

实证研究表明创业者犯了错误：过多企业进入市场而且一旦进入持续时间又太长。尽管学者们已经基本上将行为偏差视为该错误的原因，但本文认为这种共识还为时尚早。这些错误也可能来自这样一个过程，即企业家不断了解他们的前景，并根据他们所了解的情况做出进入和退出决策。本文开发了一个连接进入市场前和进入市场后学习过程的计算模型，可用于分析贝叶斯理性或有偏见的创业者。该模型表明对于外部观察者来说，理性创业者可能看起来过于自信，似乎需要很长时间才能退出，并且在进入成本和市场持久性之间呈现出正相关关系。在研究自信偏差时，该模型表明创业者偏见导致他们在进入市场后表现最差却最有可能进入市场，并且进入市场前学习会与进入者之间不同的自信偏差之间存在正相关关系，而随着时间推移进入者的退出会改变幸存者群体中某种偏差的流行程度。本文的研究还涉及到最近关于进入市场前学习经验的文献，这些文献记录了从母公司到后代公司的知识转移，这表明除了继承之外，差异表现也可能由于在机会评价时进入前创业者学习长度和质量的异质性所导致的。

Empirical evidence suggests that entrepreneurs make mistakes: too many enter markets and, once there, persist too long. Although scholars have largely settled on behavioral bias as the cause, we suggest that this consensus is premature. These mistakes may also arise from a process in which entrepreneurs continually learn about their prospects and make entry and exit decisions based on what they have learned. We develop a computational model of this process that connects pre- and post-entry learning and can be directed to analyze Bayesian-rational or biased entrepreneurs. The model suggests that, to outside observers, rational entrepreneurs may appear overconfident, seem to take too long to exit, and exhibit a positive correlation between entry cost and persistence in the market. When examining confidence biases, the model suggests that entrepreneurs whose biases cause them to perform the worst after entry will be most likely to enter, that pre-entry learning induces a positive correlation between distinct confidence biases among entrants, and that exit changes the prevalence of certain biases in the surviving population of entrants over time. Our study also speaks to recent work on pre-entry experience that documents the transfer of knowledge from parent to progeny firms, suggesting that, in addition to inheritance, differential performance may also be the result of heterogeneity in the length and quality of pre-entry learning during which an opportunity is assessed.

END

作者：刘志阳，系上海财经大学商学院副院长、创业学院执行副院长、中国社会创业研究中心主任

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