Bammens, Yannick; Collewaert, Veroniek (Journal of Management, 2014)
The study of trust-related outcomes has had a long tradition in the organizational literature. However, few have considered potential darker sides of trust or have explored its effects in the setting of entrepreneurial ventures. This study does so by examining how perceptions of entrepreneurs and angel investors concerning the degree of trust in their relationship impact the latter’s assessments of venture performance. Hypotheses are tested using survey data from the lead entrepreneur and angel investor of 54 ventures. Results indicate that angel investors evaluate portfolio company performance more positively when they perceive high trust, whereas entrepreneurs’ trust perceptions are negatively associated with angel investors’ assessments of venture performance. Further, these effects are partially mediated by the quality of information exchanges between both parties. Together, these findings point to the benefits as well as threats that come with the presence of strong trust in entrepreneur–angel investor relationships.
Leroy, Hannes; Manigart, Sophie; Meuleman, Miguel; Collewaert, Veroniek (Journal of Small Business Management, 2015)
Up to now, little attention has been paid to the continuity of a firm when entrepreneurs exit. Survey data from 175 entrepreneurs confirm the theory of planned behavior as an appropriate framework to understand whether entrepreneurs, when leaving, sell or liquidate their firm. Entrepreneurs' sale attitudes are related to sale intentions, which are associated with firm sale. Further, sale attitudes are positively related to whether entrepreneurs perceive firm continuation to be out of free will, their experience, the number of employees, and whether the firm is a multigeneration family business.
Under the current regulatory frame in the EU, transmission planning is done at the national level to maximize national welfare, rather than European welfare. In this paper, we develop a competitive equilibrium model that calculates the impact of this imperfect regulatory framework on the cost of renewable energy. We apply the model to a power system with two interconnected zones, and find that the impact is case specific, but significant. We also find that the negative impact of national transmission planning on the cost of renewable energy is more significant in a state of the world in which Member States trade renewable energy, but that this negative effect is much smaller than the positive effect of renewable energy trade between Member States. We conclude that the imperfect regulatory framework for transmission investment is a significant cost for renewable energy in the EU, but that it should not stop Member States from trading renewable energy.
Goedhuys, Micheline; Sleuwaegen, Leo (International Business Review, 2016)
This paper analyses the impact of International Standards Certification (ISC) on the export participation and the scale of exports of firms based in 89 developing or transition countries. We conceptualise ISC as an endogenous institutional advantage, which bridges institutional voids in the country and helps firms to export. The empirical results show that certified firms are more likely to export, and to export on a larger scale. The impact of ISC runs through two channels: productivity and transaction cost economies. We show that certification plays an important role in bringing down transaction costs in international markets, while also maintaining and raising efficiency. This finding is reinforced by additional evidence, suggesting that ISC matters more for the export participation of domestic firms than for foreign firms and is of greater importance for firms based in countries characterised by severe institutional voids.
Wallnöfer, Maria; Hacklin, Fredrik (Industrial Marketing Management, 2013)
Entrepreneurial marketing has emerged as a recent perspective within the marketing field, taking the challenges and characteristics of small firms and founding teams into account. Specifically, in the early stages of entrepreneurial marketing, besides potential customers a variety of other stakeholders tend to be in the center of attention. Among these stakeholders, business angels as early-stage investors represent a vital target group. In this paper, we aim to shed light on entrepreneurial marketing in the early phases of new venture creation, in which entrepreneurial firms have an inherent need to market the value of a business opportunity toward potential investors. In particular, we contribute to the literature by introducing the business model as a narrative device for the marketing of early-stage new ventures toward potential business angels. In this regard, the business model is suggested as playing a critical role through making the inherent economic value of a technology explicit. Building on narrative theory, we investigate the role that the business model plays in the decision-making process of 17 business angels. Based on our findings, we propose a model that links the business model to a business angel's interpretation of an investment opportunity and discuss implications for theory and practice.
We analyse the role of creative workers in the region as a source and foundational element of regional innovation in the European Union. We show the empirical relevance of this factor – which we label inspiration – within the structure of a recursive model of regional innovation for a set of 83 European regions. We show that, when differentiated from the presence of regional intelligence – as measured by the availability of human capital – and from technological infrastructure, inspiration, along with the degree of development of national and regional institutions, has the strongest direct and indirect effects on regional patenting activity.
This study examines the role of resource orchestration for the exploration and exploitation of opportunities through portfolio entrepreneurship. Adopting a single-case study approach, we identify eight distinctive resource orchestration subprocesses that we group into three aggregate resource orchestration processes that enable the development and exploitation of a set of resources and capabilities across a portfolio of ventures. Our findings extend the literature on enduring entrepreneurship by building theory on how resource orchestration across a portfolio of ventures facilitates the emergence of synergies when exploring and exploiting opportunities.
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