【顶级期刊创业研究速递】JBV 2019年5月中英文摘要

Founder retention as CEO at IPO in emerging economies The role of private equity owners and national institutions

在新兴经济体首次公开招股中创始人保留担任CEO：私募股权所有者和国家制度的角色

作者：

Bruce Hearn ,a, Igor Filatotchev ,b,c

a Department of Accounting, Centre for Research in Accounting, Accountability and Governance (CRAAG), Southampton Business School, University of Southampton, Building 2, University Road, Highfield Campus, Highfield, Southampton SO17 1BJ, UK

b King's College London, UK

c Vienna University of Economics and Business, Austria

摘要：

本文基于制度视角下私募股权公司治理角色的相关文献考察了新兴市场中创始人-CEO在IPO中的连续性的问题。使用2000年1月至2016年8月期间在非洲大陆21个市场进行首次公开募股的191家公司的独特的、手工收集和综合性的样本，本文应用了工具变量（IV）Probit方法，研究发现更高水平的私募股权所有权与创始人保留首席执行官职位的可能性正相关，特别是在低质量的正式制度的情境下。更进一步的，在具有高度部落主义的社会中，较高的私募股权所有权与创始人保留CEO职位的可能性增加有关。制度架构中的空洞强调了创始人作为公司的关键组织资源的重要性，以及制度化合法性的来源，这反过来赋予公司获取所需资源的能力。

We integrate the institutional perspective with research on the governance role of private equity firms in an investigation of Founder-CEO successions in Initial Public Offerings (IPOs) in emerging markets. Using a unique, hand-collected and comprehensive sample of 191 firms having undertaken IPOs in 21 markets across the African continent between January 2000 and August 2016, we apply instrumental variable (IV) Probit methodology and find that higher levels of private equity ownership are positively associated with the probability of the founder's retention as CEO, especially in the context of low-quality formal institutions. Further, in societies with high tribalism, higher private equity ownership is associated with an increased likelihood of founder retention. Voids in the institutional architecture underscore the importance of the founder as a key organizational resource for the firm and a source of institutionalized legitimacy, which in turn confers on the firm an ability to access required resources.

Entrepreneurial orientation and start-ups' external financing

创业导向与新创企业外部融资

作者：

Egle Vaznyte, Petra Andries

Ghent University, Faculty of Economics and Business Administration, Tweekerkenstraat 2, 9000 Ghent, Belgium

摘要：

本研究通过考察新创企业战略态势在融资决策中的角色拓展了融资优序理论。使用权变方法，提出新创企业创业导向差异化地影响了外部债务和股权融资的成本与收益，继而影响了融资方法的使用，这些关系的强度取决于产业水平的风险和企业发展阶段。本文基于4456个德国新创企业的数据检验和验证了这些假设。通过将战略态势和权变因素考虑在内本文推进了创业金融方面的文献，也增加了关于创业导向和企业绩效关系的洞见。它还为初创公司创始人和外部融资人提供了宝贵的实际意义。

This study extends the Pecking Order Theory by investigating the role of start-ups' strategic posture for financial decision-making. Using a contingency approach, it proposes that a start-up's entrepreneurial orientation differently affects the costs and benefits associated with external debt and equity financing, and thereby its use of the respective financing forms; with the strength of these relationships depending on industry-level risk and venture development stage. The study tests and confirms these hypotheses on a sample of 4456 German start-ups. It advances the entrepreneurial finance literature by taking strategic posture and its contingencies into account, and adds insight in the relationship between entrepreneurial orientation and firm performance. It also provides valuable practical implications for start-up founders and external financiers.

The emergence of the maker movement: Implications for entrepreneurship research

制造商运动的产生：对于创业研究的启示

作者：

Russell E. Browder ,a, Howard E. Aldrich ,b, Steven W. Bradley ,a

a Baylor University, Hankamer School of Business, One Bear Place 98011, Waco, TX 76798-8011, USA

b Department of Sociology, 202 Hamilton Hall, University of North Carolina Chapel Hill, Chapel Hill, NC 27599, USA

摘要：

制造商运动被吹捧为下一次工业革命的预兆。通过共享访问工具和数字制造技术，制造商可以在共享经济中充当生产者，并可能提高创业率，促进先进制造业，刺激经济发展。本文开发了围绕社交、技术资源以及知识创造和共享的制造商运动模型。本文强调了在什么条件下运动可能促进创业成果的研究机会，并讨论了对制造商运动的研究如何加深我们对创业团队和公司创业的理解。

The maker movement has been touted as a harbinger of the next industrial revolution. Through shared access to tools and digital fabrication technologies, makers can act as producers in the sharing economy and potentially increase entrepreneurship rates, catalyze advanced manufacturing, and spur economic development. We develop a model of the maker movement configured around social exchange, technology resources, and knowledge creation and sharing. We highlight opportunities for studying the conditions under which the movement might foster entrepreneurship outcomes and discuss how research on the maker movement can deepen our understanding of entrepreneurial teams and corporate entrepreneurship.

How optimal distinctiveness affects new ventures failure risk A contingency perspective

最优区分度如何影响新创企业失败风险：一个权变视角

作者：

Jan Goldenstein ,a, Michael Hunoldt ,a, Simon Oertel ,b

a Chair of Organization, Leadership, and Human Resource Management, Faculty of Economics and Business Administration, Friedrich Schiller University Jena, Carl-Zeiss-Strasse 3, 07743 Jena, Germany

b Management/Organization Group, Department of Economic Sciences and Media, Technische University Ilmenau, Langewiesener Strasse 22, 98693 Ilmenau, Germany

摘要：

本文应用最优区分来检验品类扩张对新创企业失败是否有非线性影响。本文认为，通过实现最佳区分，即通过达到允许新企业从平衡竞争对手的竞争需求和与竞争对手的差异中获益的品类扩张，新创企业可以提高他们的生存机会。此外，本文认为最佳区分度随着企业年龄和品类强度而变化。我们使用1968年至2005年间在英国成立的1668金属企业的数据测试了我们的假设。结果表明最优区分度与新创企业失败风险相关。而且，本文研究表明企业年龄削弱而来最优区分度的相关性，而品类强度强化了这种因素的相关性。

In this article, we apply the concept of optimal distinctiveness to test whether category spanning has a nonlinear effect on new ventures' risk to fail. We argue that by being optimally distinct, i.e., by attaining a level of category spanning that allows new ventures to benefit from balancing the competing needs of conformity with and differentiation from competitors, new ventures can improve their survival chances. In addition, we argue that the relevance of optimal distinctiveness varies with a venture's age and a category's density. We tested our hypotheses using data from 1668 metal bands that were founded in the United Kingdom between 1967 and 2005. The results indicate that optimal distinctiveness is relevant to new ventures' failure risk. Moreover, we show that venture age attenuates the relevance of optimal distinctiveness, whereas category density strengthens that factor's relevance.

Narcissism and learning from entrepreneurial failure

自恋与从创业失败中学习

作者：

Yiran Liu ,a, Yong Li ,b, Xiling Hao ,c, Yuli Zhang ,d

a Tianjin University, Tianjin 300350, China

b University of Nevada Las Vegas, Las Vegas, NV 89154, United States of America

c Anhui University of Finance and Economics, Anhui 233030, China

d Nankai University, Tianjin 300071, China

摘要：

先前商业的失败为创业者在随后的创业努力过程中提供给了学习机会，但是否能从失败中学习到经验并不被保证。为什么一些创业者相比其他人从失败中学习得更少呢。在本文的研究中，本文提出自恋人格可能会创造出从失败中学习的认知与动机性障碍。本文进一步指出，当失败的成本，特别是社会成本更高时，自恋的抑制作用将更加突出。本文对创业公司调查样本的分析提供了关于自恋对学习创业失败的负面影响的初步经验证据。该研究增加了对从创业中的失败和自恋中学习的研究。

Failure of a prior business provides an opportunity for an entrepreneur to learn in the subsequent entrepreneurial endeavor, but learning from failure is not guaranteed. Why do some entrepreneurs learn less from failure than others? In this study, we propose that a narcissistic personality can create cognitive and motivational obstacles to learning. We further posit that the inhibiting effect of narcissism will be more salient when the costs of failure, especially social costs, are higher. Our analysis with a survey sample of startups provides the initial empirical evidence about the negative impact of narcissism on learning from entrepreneurial failure. The study adds to research on learning from failure and narcissism in entrepreneurship.

Navigating liminality in new venture internationalization

驾驭新创企业国际化中的风险

作者：

Shameen Prashantham ,a, Steven W. Floyd ,b

a China Europe International Business School, 699 Hongfeng Road, Shanghai 201206, China

b Isenberg School of Management - UMass Amherst, Amherst, MA 01003, USA

摘要：

先前研究将国际扩张描述为一系列不连续的步骤，并指出采取这些措施会威胁到新创企业的生存，特别是由于意外的挫折。从社会科学的角度来看，这种威胁的来源变得更加清晰。在本文中，新创企业国际化涉及社会人类学家所谓的限制性转变——介于国家化意图以及实现稳定的国家化状态的中间阶段。这种限制性转变的模糊和短暂性特征具有增加超越可能性的潜能（例如缺乏资源的高成本进入）。为避免限制性的负面影响，相反利用积极效应——取决于我们称之为机会三脚架的三种支持来源：自我反思学习，同伴学习和咨询学习。本文认为，具有高核心自我评估（CSE）水平的个人资料的创业者更有可能有效利用企业孵化器中可用的机会。这导致了更具反思性的思维方式的发展，使能力学习更有可能，防止导致超越的决策并减少对国际化新创企业生存的威胁。但是，本文也注意到，在CSE过度的情况下，国际化的新创企业可能成为傲慢的受害者。拥抱不切实际的高度自信，傲慢的创业者更有可能拒绝使用机会三脚架，导致更具反应性的思维模式，增加极限超越的可能性并威胁国际化企业的生存。

Prior research describes international expansion as a series of discrete steps and notes that taking them threatens new ventures' survival, especially due to unexpected setbacks. Seen through the lens of social science, the source of such threat becomes clearer. In this paper, we argue that internationalization in new ventures involves what social anthropologists call a liminal transition – a betwixt-and-between period lying between the intent to internationalize and the realization of a stable internationalized state. The ambiguous and transitory nature of this liminal transition has the potential to increase the odds of overreach (e.g. a high-cost market entry without sufficient resources). Avoiding the negative influence of liminality – and instead harnessing its positive effect – relies on three sources of support that we refer to as opportunity scaffolding: self-reflective learning, peer learning and consultative learning. We argue that entrepreneurs with personality profiles high in levels of core self-evaluation (CSE) are more likely to utilize the scaffolding like that available in business incubators effectively. This leads to the development of a more reflective mindset, making capability learning more likely, preventing decisions that lead to overreach and reducing the threat to INV survival. However we also strike a note of caution in that at excessive (hyper) levels of CSE, the internationalizing new venture could become the victim of hubris. Emboldened with unrealistically high self-confidence, hubristic entrepreneurs are more likely to rebuff use of scaffolding, leading to a more reactive mindset, increasing the probability of liminal overreach and threatening INV survival

Biased and overconfident, unbiased but going for it  How framing and anchoring affect the decision to start a new venture

偏见和过度自信，不偏不倚但却为之奋斗：框架和锚定效应如何影响创办新企业的决定

作者：

Saulo Dubard Barbosa , a, Alain Fayolle ,a, Brett R. Smith ,b

a EMLYON Business School, 23, avenue Guy de Collongue, 69134 Ecully Cedex, France

b Miami University, United States of America

摘要：

认知启发式，偏见和过度自信被认为是创业进入的一种解释。尽管如此，关于该主题的实证研究已经产生了混合的结果，并且对导致企业家环境过度自信认知机制的探索不足。在两个受试者内部的实验中，本文关注三个认知启发式—参考点框架、结果显着性框架和联合事件中的锚定—并检查它们对感知风险，信心，所需和估计的成功概率以及决定开创新企业的影响。本文的研究结果表明，参考点框架和结果显着性框架会影响通过风险感知直接和间接进入的决策，但不会影响信心。除此之外，锚定的效果取决于其语义和数字影响之间的一致性。只有当锚定的数字和语义影响一致并且旨在增强潜在积极结果的显着性时，即通过高的成功概率才能获得过度自信。

Cognitive heuristics, biases, and overconfidence have been suggested as an explanation for entrepreneurial entry. Nevertheless, empirical research on the subject has produced mixed findings and has under-explored the cognitive mechanisms leading to overconfidence in entrepreneurial settings. In two within-subject experiments, we focus on three cognitive heuristics—reference point framing, outcome salience framing, and anchoring in conjunctive events—and examine their effects on perceived risk, confidence, required and estimated probabilities of success, and the decision to start a new venture. Our findings show that reference point framing and outcome salience framing affect the decision to enter directly and indirectly via risk perception, but do not affect confidence. In addition, the effect of anchoring is contingent on the congruence between its semantic and its numeric influences. Overconfidence only obtains when the numeric and semantic influences of anchoring are aligned and aimed at enhancing the salience of potential positive outcomes, i.e., through high probabilities of success.

The co-evolution of social networks and selection system orientations as core constituents of institutional logics of future entrepreneurs at school

社交网络的联合演化，选择系统导向作为学校未来创业者制度逻辑的核心构成

作者：

Joris J. Ebbers ,a, Nachoem M. Wijnberg ,a,b

a University of Amsterdam Business School, Plantage Muidergracht 12, 1018 TV Amsterdam, the Netherlands

b University of Johannesburg, College of Business and Economics

摘要：

在竞争性制度逻辑之间的背景下作出选择是可能的，未来创业者的社交网络会影响他们采用特定逻辑。使用面板数据方法研究社交网络和个体行为者行为的共同演化，本文研究选择系统方向作为制度逻辑的核心组成部分会如何影响以及被社会网络所影响。本文的实证环境是一群电影学院学生，他们的社交网络联系和选择系统方向在三年内测量完成。本文发现，具有强烈市场选择取向的学生在学校的同龄人中不那么受欢迎，并且学生的市场选择取向受到与同一群体的学生的社交网络联系的影响。

In contexts where a choice between competing institutional logics is possible, the social networks of future entrepreneurs affect their adoption of particular logics. Using a panel data method for studying the co-evolution of social networks and individual actor behavior (SIENA), we study how selection system orientations as core constituents of institutional logics affect, and are affected by, social networks. Our empirical setting is a cohort of film school students, whose social network ties and selection system orientations are measured over a period of three years. We find that students with a strong market selection orientation are less popular among their peers at school, and that the market selection orientation of students is influenced through their social network ties with students from the same cohort.

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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