New and future research in corporate finance and governance in China and emerging markets

This paper briefly surveys the literature on finance, growth, and policy in China and emerging markets. We introduce the papers that comprise this special issue of Emerging Markets Review. The papers comprise themes in corporate social responsibility, innovation, insider trading, financial reporting behaviours, and financial openness. Also, we discuss research trends and offer suggestions for future research on corporate governance and finance in China and emerging markets.     

Kathleen Eisenhardt: recipient of the 2012 Global Award for Entrepreneurship Research

This article reviews the academic contributions of the 2012 receiver of the Global Award for Entrepreneurship Research, Professor Kathleen Eisenhardt, Stanford Warren Ascherman Professor of Management Science and Engineering at Stanford University. The Global Award consists of 100,000 euro and a statuette by the internationally renowned Swedish sculptor Carl Milles. Eisenhardt’s work focuses on strategy, strategic decision making, and innovation in rapidly changing and highly competitive markets. Her work in the entrepreneurship field centers on strategy and organization, especially in technology-based companies, what she refers to as “high-velocity industries”. Her main empirical contribution to the entrepreneurship field is her work on ‘corporate entrepreneurship’—how existing organizations can remain innovative, including through new venture creation. More generally, Kathleen Eisenhardt’s research has bridged the two fields of entrepreneurship research and organization science.     

East Asian Scholarly Research: A View from the 94th Floor

This article examines both applied and academic research relating to East Asia published during 1994 in terms of its applied relevance and its contributions to existing theory. In recent years the volume of research related to East Asia has expanded rapidly, and this review looks at the hightlights of that literature. Research from each of the functional business areas is examined, both in terms of its current and future contributions. In addition, special attention is paid to the areas of strategic management and entrepreneurship, which had a large amount of important research published during this period. Finally, there is an overall assessment of the impact of this research.     

The global chess game … or is it go? Market‐entry strategies for emerging markets

Two contrasting metaphors of market‐entry strategy for emerging markets are developed in this article: the Global Chess Game and the Game of Go. Understanding these paradigms is critical for business success and for building robust theories of international competitor analysis in emerging markets, particularly in Asia. The Game of Go represents a long‐term strategy of Japanese companies, dominant foreign direct investment players in the region, and it represents the global strategy of many Asian emerging market companies as they grow within the region and beyond. A Competitor Analysis Framework for Emerging Markets is proposed that incorporates culture and other antecedents as precursors of competitor analysis and strategy formulation. © 2005 Wiley Periodicals, Inc.     

The construction of qualitative research articles: a conversation with Eileen Fischer

Eileen Fischer, Professor of Marketing and Anne & Max Tanenbaum Chair in Entrepreneurship and Family Enterprise at the Schulich School of Business at York University, has published research on entrepreneurs, consumers, and markets in several leading management and marketing journals. Professor Fischer has served on the editorial review boards of Consumption Markets & Culture; Entrepreneurship: Theory and Practice; Family Business Review; Journal of Business Venturing; and Journal of Small Business Management and is a current co-editor of the Journal of Consumer Research. In preparation for this conversation, the interviewers invited questions about the construction of qualitative research articles from multiple junior scholars in the field of consumer culture theory (CCT). This invitation yielded dozens of questions that were whittled down to the final questions you see here.     

Characteristics of Immigrant Entrepreneurs and Their Involvement in International New Ventures

We studied 561 young firms in Australia to understand the involvement of immigrant entrepreneurs (IEs) in international new ventures (INVs). We found that IEs are overrepresented in INVs and have many characteristics known to facilitate INV success, including more founders, university degrees, international connections, and technical capability. Our study has implications for immigration policy and economic policy and the efficient use of a nation's human capital. This research challenges a necessity‐based stereotype of immigrant entrepreneurs by identifying areas in which immigrant entrepreneurs have natural competitive advantages over native entrepreneurs (NEs). This research makes a contribution to the theory of immigrant entrepreneurship by identifying the significant role of immigrant entrepreneurs in INVs and the suitability of immigrant entrepreneurs for the development of INVs. We inform diverse streams of research in transnational and immigrant entrepreneurship with broader strategic work on the creation of INVs. © 2013 Wiley Periodicals, Inc. This research was partly funded by an Australian Academy of Social Sciences research grant. A previous version of this paper was presented at Babson College Entrepreneurship Research Conference (BCERC), 2011, Syracuse.     

Corporate governance in emerging markets: A selective review and an agenda for future research

In this paper, we show how corporate governance reforms and research have been mutually reinforcing in emerging markets and propose a research agenda going forward. Acknowledging the by now broad recognition of corporate governance as a key development driver, we show how work on corporate governance in emerging markets has led research globally by focusing on the deep issues of ownership structures, property rights and organisational forms. Using the papers presented at the latest international conference of the Emerging Markets Corporate Governance Research Network, we illustrate how analyses of board structures, specifically gender diversity, has contributed to understanding of board dynamics and informed corporate governance reforms. Considering ongoing economic and socio-political trends, we conclude with a general research agenda for corporate governance in emerging markets.     

Introduction to ‘Valuation in Emerging Markets’

The purpose of the Batten Institute/Association for Investment Management and Research/Emerging Markets Review conference was to examine the challenges of valuing assets in emerging markets. These challenges are immensely interesting to practitioners and scholars for many reasons, among them for what they reveal about the differences between emerging markets and developed markets. The colloquium surveyed business and research practices, stimulated critical reflection, and highlighted questions for future research. This article provides an overview of the issues discussed in the conference.     

Sustainable development and entrepreneurship: Past contributions and future directions

This article discusses the emerging research concerned with sustainable development and entrepreneurship, which is the focus of this special issue of the Journal of Business Venturing. Entrepreneurship has been recognized as a major conduit for sustainable products and processes, and new ventures are being held up as a panacea for many social and environmental concerns. However, there remains considerable uncertainty regarding the nature of entrepreneurship's role and how it may unfold. We begin with an overview of sustainable development and the role of entrepreneurship and outline recent contributions exploring this role. We then summarize the papers presented in this special issue and conclude with suggestions for further research.     

Private Equity Finance as a Growth Engine: What It Means for Emerging Markets

Entrepreneurship has long been considered crucial for economic development. An important element of entrepreneurship is the willingness and ability to mobilize private capital from both domestic and foreign sources. The private equity sector in the Middle East and North Africa (MENA) illustrates the role that private capital can play in the development of emerging markets. Data on the employment generation and growth performance of private equity provide evidence that it is an important driver of economic growth globally. This paper draws on initial evidence from the MENA region to illustrate the sector's potential there and in emerging markets generally. It then recommends a new generation of reforms to fuel this growth engine. A survey of MENA’s private equity industry survey conducted for this paper assesses these developments and the sector's need for proactive reforms to support it. It also shows that international financial market interest in private equity finance does not seem to have abated with the recent market bust. The paper concludes by identifying priority areas for future policy and research. JEL Classification O160     

Entrepreneurship Research Today and Beyond: Hidden in Plain Sight!

The field of entrepreneurship and its research has reached an critical and invigorating juncture. Researchers are challenged to be comprehensive, varied, and innovative in their approaches to the study of entrepreneurship. New and emerging future research must met this challenge to impact and sustain our complex world in which entrepreneurship plays such a vital role. The Entrepreneurship Research Journal provides a new and exciting venue for researchers to share and interact among their respective disciplines in new and different ways and to meet the research challenges now and in the future.     

Asian Entrepreneurship in the International Business World

This review will focus on the role of Asian entrepreneurship in the international business world. As we are now considered to be in the Asian century, it is important to see how business grows, develops, and changes based on entrepreneurship. Asian entrepreneurship is unique to the geographic area but also encompasses people, business, and government that has a focus on Asia and is part of the global community. The continuing rapid evolution of Asian economies over the next decade will require a focus on entrepreneurship as it incorporates technology and innovation change. More countries in Asia need to focus on entrepreneurship as a way to achieve global best practice and to make breakthroughs in science and technology. A focus on the role of entrepreneurship in Asia in order to meet social and sustainable needs is a particular key concern of many governments and trade organizations around the world. This article will focus on the book Asian Entrepreneurship as a key reference for understanding and improving the social, environmental, and economic conditions for international business. © 2015 Wiley Periodicals, Inc.     

Scott A. Shane: winner of the Global Award for Entrepreneurship Research

Scott A. Shane is the 2009 winner of the Global Award for Entrepreneurship Research. In this article we discuss and analyze Shane’s most important contributions to the field of entrepreneurship. His contribution is extraordinarily broad in scope, which makes it difficult to pinpoint one or a few specifics that we associate with Shane’s scholarship. Instead, they can be summarized in the following three points. First, he has influenced what we view as central aspects of entrepreneurship. Shane has been a leading figure in redirecting the focus on entrepreneurship research itself. Second, he has influenced how we view entrepreneurship. Shane’s research is arguably theory driven and it applies and develops theoretical lenses that greatly improve our understanding of entrepreneurship. Third, he has contributed to how we conduct entrepreneurship research. Shane has been a forerunner in examining relevant units of analysis that are difficult to sample; research designs and databases specifically designed for studying entrepreneurial processes; and sophisticated analytical methods. This has contributed to advancing the methodological rigor of the field. Summing them up, the contributions are very impressive indeed.

A “citation classics” analysis of articles in contemporary small enterprise research

This research study has two distinct steps: (1) a quantitative analysis to identify the citation classics in contemporary small enterprise research (CSER) and (2) a more qualitative discussion of the contributions of these classical articles. The motivation of the study is to reveal the evolution of thought in the relatively new field of entrepreneurship research.CSER is defined as all main articles published during 1986–1992 in the Journal of Small Business Management, International Small Business Journal, Entrepreneurship: Theory and Practice, Journal of Business Venturing, Small Business Economics, and the Asia Pacific International Management Forum. The resultant analysis encompasses 725 articles and approximately 16,720 of their citations.The quantitative analysis revealed that the source journals have been responsible for the publication of 35% of the most cited articles during the 18-year period of analysis, with each subperiod increasing the percentage of citations from these source journals. The qualitative analysis of the citation classics articles indicated that more than 50% of CSER articles are well grounded in observational and contemplative theory building with a view to developing convergent theories that provide an overall understanding of the entrepreneurial process. This is similar to the pattern of citations in other emerging fields.This citation classics analysis reveals a number of points. First, the main topic areas of inquiry in the citations classics were: personal characteristics of entrepreneurs, financing and venture capital, and entrepreneurial climate and its relation to society, and strategy and growth. Of these, the personal characteristics of entrepreneurs was a consistent topic over the entire CSER period. However, the general diversity of topic areas provides some empirical support for the “garbage can model” synthesized from earlier studies of emerging fields in which diversity in topic areas has been characterized as a loose collection of ideas rather than a coherent structure with a shared intellectual paradigm. A similar characterization can be made of the entrepreneurial research during the CSER period.Second, the most evident methodology was observational and contemplative theory building, although empirically based survey techniques were gaining favor in the latter two periods. Third, the dominant objective of most research was to improve the understanding of small enterprise theory. This dominance of the theory building literature has also been observed in other citation studies of emerging fields. Fourth, it appears that many of the most cited articles have drawn upon the literature of related and nonrelated disciplines. Many of these articles have been exploratory in nature and have attempted to rationalize concepts and variables used in small enterprise research. Finally, CSER citation classics have been impacted only by Journal of Business Venturing, Journal of Small Business Management, and Entrepreneurship: Theory and Practice among the source journals.     

Josh Lerner: recipient of the 2010 Global Award for Entrepreneurship Research

This article describes the academic contributions of the 2010 recipient of the Global Award for Entrepreneurship Research, Professor Josh Lerner of the Harvard Business School. Lerner’s empirical research on the inter-relationship between venture capital, innovation and entrepreneurship has greatly extended and improved our understanding of one of the major drivers of growth in modern economies. The first part of this article explains Lerner’s contributions as regards the structure and organization of the venture capital industry. Later, his most important publications on entrepreneurship, innovation and intellectual property rights are surveyed. Several aspects of Lerner’s policy-oriented work are then outlined, before the article closes with a brief conclusion.     

Research Methods in the Leading Small Business–Entrepreneurship Journals: A Critical Review with Recommendations for Future Research*

Small business and entrepreneurship scholars have made significant progress toward advancing the field and gaining recognition as an important domain of scientific inquiry. However, the authors suggest that a strong methodological foundation built on state‐of‐the‐art research technologies is necessary to support further paradigmatic growth and maturation. Using Chandler and Lyon's study as a benchmark for research methods through the 1990s, the study critiques research methodologies used by small business and entrepreneurship researchers over the ensuing years. The analysis includes all 665 papers published between 2001 and February of 2008 in the Journal of Small Business Management, Journal of Business Venturing, and Entrepreneurship Theory and Practice. The research outlines key methodological issues, assesses recent methodological practice, identifies current trends, and offers recommendations for researchers in adopting existing and emerging research technologies.     

Entrepreneurship: A Personal View

Entrepreneurship studies is a booming area of research, but, as previous commentators have noted, the literature has become pluralistic and diffuse. There is a profusion of concepts, many of them ill defined. Theory and empiricism are only weakly linked. There is a distinct lack of historical perspective. It is proposed that entrepreneurship studies get “back to basics” and develop the theoretical tradition established by the early literature. This will involve greater use of formal models and greater attention to cognition and information processing. It will lead to a more rigorous and relevant body of theory and to more meaningful empirical research.     

Steven Klepper: Recipient of the 2011 <Emphasis Type="Italic">Global Award for Entrepreneurship Research</Emphasis>

This article reviews the academic contributions of the 2011 receiver of the Global Award for Entrepreneurship Research, Professor Steven Klepper, Carnegie Mellon University. The Global Award consists of 100,000 Euro and a statuette of the internationally renowned Swedish sculpture Carl Milles. Klepper has made breakthrough analyses in the realm of industrial dynamics, emphasizing the regularities in the time paths of entry of new producers, exit of incumbent firms, spin-offs and innovation. His work is predominantly empirical but he has also played an essential role in developing more rigorous theoretical models of phenomena such as spin-offs. Of particular importance is how Klepper has managed to link traditional neoclassical models with evolutionary theory as well as entrepreneurship research with mainstream economics.     

Corporate social responsibility in emerging market economies: Determinants,consequences, and future research directions

The last two decades have witnessed a growing interest in corporate social responsibility (CSR) worldwide by corporations, investors, policy makers, and researchers across different disciplines. This paper is part of a Special Issue devoted to CSR practices of firms in emerging market economies (EMEs). It complements prior research focusing mainly on developed countries. We begin with an assessment of CSR practices in EMEs, and examine their determinants and performance implications. We then review key findings in the empirical CSR literature, including studies published in the Emerging Markets Review Special Issue. We conclude by describing pertinent avenues for future research.     

Foreign direct investment,institutional quality,economic freedom and entrepreneurship in emerging markets

This study investigates the relationship between foreign direct investment, institutional quality, economic freedom, and entrepreneurship in emerging markets. The research compares the capacity and appetite for business creation among high-income, low-income and emerging countries. The results are based on a panel study of data, from 2004 to 2009 for 87 countries, using as its source “The World Bank Entrepreneurship Snapshots” to look at the connection between business creation, institutional quality, market freedom and foreign direct investment (FDI). The findings reveal a strong positive relationship between institutional quality and business generation in all three of the above categories. The freedom to create businesses and invest has an impact on business generation in emerging countries, while the influence of international trade appears more important as a spur to the genesis of business in low-income countries. Finally, there is a direct and significant relationship between FDI and business development in emerging countries. This result is consistent with “the spillover theory of entrepreneurship” (,  and ).