Meuleman, Miguel; Vanacker, Tom; Manigart, Sophie (Entrepreneurship: Theory and Practice, 2014)
This paper studies the role of entrepreneurs in investment tie formation in science–based entrepreneurial firms. Specifically, we address why investment tie formation is path dependent for some firms but more amenable to intentional management for others. Using longitudinal case studies, our evidence suggests that early investment tie formation is path dependent because scientific entrepreneurs typically approach only one or a few prospective investors from within their institutional context. Differences in experience between early investors affect the professionalization of entrepreneurial teams (or lack thereof), which influences the extent to which subsequent investment tie formation becomes more amenable to intentional management or remains path dependent.
Palermo, Tommaso; Power, Michael; Ashby, Simon (Journal of Management Studies, 2017)
Earlier versions of this paper were presented at the EGOS 2014 Colloquium, at research seminars at Copenhagen Business School and HEC Lausanne, and, under the title ‘Searching for Risk Culture’, as a keynote address at the SAMS/JMS annual conference on Managing Complexity Within and Across Organizational Boundaries at Cambridge University, March 2014. The authors are grateful for the helpful comments of Mats Alvesson, Roger Friedland, Matthew Hall, Silvia Jordan, Steve Maguire and Iain Munro, as well as the editors of the special issue of JMS on Managing Complexity. The authors gratefully acknowledge the financial support of the Economic and Social Research Council (ESRC), the Chartered Insurance Institute (CII), the Chartered Institute of Management Accountants (CIMA) and the Lighthill Risk Network.
Meuleman, Miguel; Lockett, Andy; Manigart, Sophie; Wright, Mike (Journal of Management Studies, 2010)
By combining insights from relational network theory and agency theory we identify the boundary conditions to the embeddedness approach to partner selection decisions in interfirm collaborations. Employing a longitudinal dataset comprising the investment syndicates for the population of UK management buyouts between 1993 and 2003, we find that relational embeddedness is less important for selecting partners when agency risks are low, allowing firms to expand their networks. Furthermore, reputational capital may act as a partial substitute for relational embeddedness, again permitting firms to expand their networks. Our findings enhance understanding of the boundary conditions associated with the relational network approach to partner selections and network behaviour.
Reusen, Evelien; Stouthuysen, Kristof (Accounting Organizations and Society, 2017)
This study investigates how interorganizational imitation influences management control decisions in a supply chain setting. Control design in interfirm exchanges is traditionally thought to be based on the principle of matching, where organizations install MCS that align with the transaction context. However, despite these theorized interrelationships, misaligned transactions commonly exist in practice. In this study, we propose a framework on the potential sources of such misalignment. We argue that control misalignment can be attributed to imitating behavior, by which organizations adopt MCS following the example of other organizations. Based on survey data collected from firms involved in a supply chain triad, we demonstrate that buyers control their upstream suppliers partially by imitating how their downstream customer controls them. Notably, buyers appear to imitate despite variations in transaction context, creating a basis for misalignment in line with our predictions.
Devigne, David; Manigart, Sophie; Wright, Mike (Journal of Business Venturing, 2016)
Drawing upon an escalation of commitment framework, this study investigates how differences between cross-border and domestic venture capital investors in emotional, social, and institutional factors affect their decision to terminate an unsuccessful investment. We track the exit outcome of 1060 venture capital investments in 684 European technology companies. Results show that domestic investors have a high tendency to escalate their commitment to a failing course of action, while cross-border investors terminate their investments efficiently, even when investing through a local branch. This is explained by cross-border investors having a lower social and emotional involvement with the project and a lower embeddedness in the local economic and social environment, decreasing individual decision biases. Further, they are affected to a lower extent by normative pressures to further invest from their co-investment network. Local branches of cross-border investors are also shielded from escalation of commitment. We conjecture that their international investment committee acts as an organizational safeguard against individual decision biases. Domestic investors may hence benefit from mimicking the behavior of cross-border investors.
Stouthuysen, Kristof; Slabbinck, Hendrik; Roodhooft, Filip (Journal of Operations Management, 2012)
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