Growth of born globals: the role of the entrepreneur’s personal factors and venture capital

This paper examines to what extent the human capital of entrepreneurs and the receipt of venture capital (VC) financing affect the growth of born globals (BGs). The study analyzes a sample of 242 BGs resulting from a survey on high-tech start-ups operating in the ICT and electronics sectors, located in different countries throughout the world. A multivariate explorative analysis controlling for the endogenous nature of VC is conducted. The results indicate that the experience of the entrepreneur in having previously established another entrepreneurial firm positively affects the growth of BGs. A negative effect is associated with the presence of heterogeneity in the management team in terms of education background. With regard to the linkage between financial capital and growth, it is found that both VC financing and the number of founders (a proxy for the availability internal capital) positively influence the growth of BGs.     

An error-correction model of the demand for equity mutual funds in the U.S. 1973–1994

The purpose of this paper is to estimate an error-correction model of the U.S. demand for equity mutual funds. Using annual data for the period 1973–1994, this study finds that changes in the demand for equity mutual funds have been significantly influenced by the changes in the rate of return on equity mutual funds and savings deposits, as well as by the growth in income over the long run. The authors would like to thank an anonymous referee of this journal for many useful comments and suggestions.     

Measurement of an individual entrepreneur��s social capital: a multidimensional model

The aim of this paper is twofold. First of all, we participate in the open discussion on the nature of social capital and we show that the one-dimensional approach is not enough to capture the complex nature of social capital. Second, we present, implement and validate a specific three-dimensional measurement tool that can be used to analyze the role of social capital in further entrepreneurship research. The measurement tool is implemented through a Structural Equation Model, which is estimated and validated from a database including information from 282 Argentinean entrepreneurs who answered a questionnaire specifically designed for this research. Our measurement model considers the dimensions proposed by Koka and Prescott (Strategic Management Journal, 23:795–816, 2002), i.e. relational, resources and structural.     

Entrepreneurship in a theory of capital and finance—Illustrating the use of subjective quantification

In order to identify an entrepreneurial opportunity, calculation is required. The entrepreneur must do more than simply perceive an opportunity to do something new to create value in the marketplace. Insofar as alternative possible actions exist, the entrepreneur must choose between them. And even as the chosen opportunity is pursued, he must choose between alternative modes of production and organization in the ongoing combination of resources. The details of the kind of calculation required have been left mostly implicit in the literature. This article borrows from the finance literature to suggest a general and universal framework for such calculation and to offer one possible more specific method for using that framework for ongoing entrepreneurial judgment calls. We describe the familiar context in which entrepreneurial decisions occur and reiterate the importance of understanding the nature of capital in such a context of subjective value, uncertainty, and entrepreneurial imagination. We describe the familiar universal present value arithmetic and how it applies to entrepreneurial calculation. Finally, we take a deeper look at this framework, providing an example of one method of analysis used in financial management.     

Technology transfer from universities to small and medium-sized enterprises — an empirical survey from the standpoint of such enterprises

This paper describes an investigation during which 225 small and medium-sized enterprises were asked about their experience of cooperation with universities in dealing with technical and scientific problems. About a quarter replied that they had had such experience in the last ten years. These were asked the following questions:

• •- Were they satisfied with the cooperation?
• •- What were the arguments against cooperation?
• •- What especially important factors facilitated cooperation?

The results show that companies, in practice, ascribe the highest significance to factors quite different from those which are emphasized in theoretical literature.     

A research on the threshold effect of human capital structure upgrading and industrial structure upgrading—based on the perspective of path dependence

Quality & Quantity - This paper considers that industrial structure upgrading (ISU) means a larger market size, however, ISU often faces huge challenges such as human capital mismatches, which...     

Design parameters of the strategic planning process and organizational performance—a quantitative analysis of empirical research

After 50 years of research in strategic management, the design of strategic planning processes is still on the agenda for scholarly research. Using a quantitative meta-analysis, we examine empirical studies on the relationship between organizational performance and the design parameters of the strategic planning process that can be controlled by a firm. Whereas existing literature reviews focus on the effect of strategic planning on performance, this meta-analysis also considers the role of the location and participants in the strategic planning process, the distinct properties of strategic planners and the intensity of the planning method used. The effect sizes of existing primary studies are harmonized for better comparison and aggregated for a total effect. The total effect is tested for significance and checked for homogeneity.     

Universities’ efficiency and the socioeconomic characteristics of their environment — Evidence from an empirical analysis

This paper investigates how the efficiency of universities is affected by the characteristics of the territory in which they operate. The theoretical framework combines two perspectives: (1) the resource dependence theory, suggesting that the location of university can determine the amount of resources available to it; (2) institutional isomorphism, according to which the characteristics of other higher education institutions located in the same area may shape the university production function and the efficiency of its operations. In order to test this framework we use data on Russian universities and a non-parametric conditional order-m efficiency estimator with two categories of contextual variables. The first group includes the social, economic and cultural characteristics of the region where the university is located, while the second deal with the characteristics of other higher education institutions located in the same region. The main contribution of this paper is that it applies efficiency models that incorporate exogenous factors associated with a geographical area in context of higher education. Our findings highlight that the managerial efficiency of universities is strongly associated with the contextual factors of the environment in which they are embedded. Important policy implication of this result is that different public policies in higher education should treat particular universities differently depending on characteristics of context in which they operate.     

The role of equity financing to support entrepreneurship in Asia—The experience of Singapore and Thailand

This paper is concerned with the role of equity financing to support entrepreneurship in Asia with a particular focus on venture capital (VC) financing policies of Singapore and Thailand. Although Singapore and Thailand adopt the government intervention approach in VC financing, the analysis has shown that Singapore is more successful due to effective use of innovation financing policies in the catch-up process to develop its economy and strong network linkages with US Silicon Valley. The case of Thailand has shown poor network linkages with redundant organizations/agencies competing on offering similar innovation financing schemes. The study offers effective innovation financing policy recommendations to support the national economic development. The research provides useful insights and lessons for other economies aimed at strengthening the entrepreneurial financing system.     

Using the past to map out the future of occupational health and safety research: where do we go from here?

Abstract

The purpose of this study is to take stock of the extant research on occupational health and safety (OHS) with the aim of identifying gaps and mapping out a future research agenda for human resource management (HRM) scholars. A comprehensive review of OHS research from 1956 to 2019 was first conducted. A total of 564 articles from 17 leading journals were then identified and categorized into five distinct, yet inter-related, themes: (1) antecedents and work-related factors influencing OHS; (2) industrial policy and regulations surrounding OHS; (3) OHS management practices; (4) approaches to, and models of, managing OHS and (5) outcomes of OHS management. The review also discusses OHS research methodologies and design foci. Overall, we found that OHS research is poorly integrated into the field of HRM, and we identify a plethora of opportunities for HR researchers to add value to this field of research. A future agenda is formulated, encompassing new OHS theory-building, novel directions for empirical research, and innovations in research design and methodology.     

Does it pay to venture abroad? Exporting behavior and the performance of firms in Indian industry

Using contemporary data for a firm-level sample of over 600 Indian firms, this paper investigates the impact that an export-orientation has on the profitability of the firms studied. The results, based on a two-stage least squares method, establish a positive and significant relationship between firms' levels of exports and profitability. For firms from developing and transition economies like India it does pay to venture abroad, and the ability to sell goods overseas has a significant impact on firms' economic performance. © 1998 John Wiley & Sons, Ltd.     

Future and impact of backshoring—Some conclusions from 15 years of research on German practices

In this short comment, empirical evidence will be offered to some of the questions Fratocchi et al., 2014. J. Purchasing Supply Manage. 20(1), http://dx.doi.org/10.16/j.pursup.2014.01.004 have posed in their short conceptual paper in this issue. Dynamics of German backshoring activities over the past 15 years are described and differences in motivations between the main backshoring modes are depicted. Further implications for global value chains and local manufacturing modes are discussed and future research directions are proposed.     

Toward a continuum of measurement scales in Just-in-Time (JIT) research – an examination of the predictive validity of single-item and multiple-item measures

We compare the predictive validity of single-item and multiple-item measures utilized in Just-in-Time (JIT) research. The study examines if single-item measures could be used for some of the JIT practices, especially if the object of inquiry is concrete singular and if the attribute to be researched is concrete. Arguments are developed for the concrete nature of the JIT practice of “set-up time reduction” and we examine the ability of a single-item measure of this variable to predict the criterion variable (delivery performance). In addition, the study also examines the efficacy of using multiple-item measures for variables that are abstract in nature, and thereby attempts to develop a continuum of JIT constructs ranging from concrete to abstract. The results obtained by analyzing two sets of survey data show that multiple-item measures are not necessarily more valid than single-item measures for all constructs. The findings provide evidence that multiple-item measures and single-item measures for scale development should be contingent upon the nature of constructs. For concrete constructs, single-item measures are as valid as multi-item measures. Meanwhile, for abstract constructs it is important to ensure that multiple items are considered to capture the multi-dimensional nature of these constructs. Results also reveal that JIT practices display significant differences in terms of abstract/concrete perceptions. The paper presents theoretical and practical implications of the findings, and offers directions for future research.     

Bayesian estimation of labor demand by age: theoretical consistency and an application to an input–output model

Extended input–output models require careful estimation of disaggregated consumption by households and comparable sources of labor income by sector. The latter components most often have to be estimated. The primary focus of this paper is to produce labor demand disaggregated by workers’ age. The results are evaluated through considerations of its consistency with a static labor demand model restricted with theoretical requirements. A Bayesian approach is used for more straightforward imposition of regularity conditions. The Bayesian model confirms elastic labor demand for youth workers, which is consistent with what past studies find. Additionally, to explore the effects of changes in age structure on a regional economy, the estimated age-group-specific labor demand model is integrated into a regional input–output model. The integrated model suggests that ceteris paribus ageing population contributes to lowering aggregate economic multipliers due to the rapidly growing number of elderly workers who earn less than younger workers.     

Introducing the paradox theory in logistics and SCM research – examples from a global sourcing context

The purpose of this paper is to introduce and explore the use of paradox theory in a logistics and SCM research context. Although logistics and SCM scholars as well as practitioners have been aware about the existence of paradoxes, they have so far lacked a more formal theoretical framework for further identification and classification of these. Framed in the four general paradox classes of learning, belonging, organising and performing, the paper outlines paradoxes inherent in the global sourcing practices of two case companies. The findings demonstrate the paradox theory to be a useful tool for a systematic illumination and classification of paradoxes valuable for practitioners, researchers as well as teachers in the domain of logistics and SCM. The paradox theory may also help to identify and emphasise inconsistencies among different research fields. This is particularly valuable for research areas built upon multiple research disciplines such as global sourcing. In conclusion, the paper suggests that the paradox theory offers a new lens through which an organisation could be better explored, described and understood.     

Persistent and transient cost efficiency—an application to the Swiss hydropower sector

Electricity prices on the European market have decreased significantly over the past few years, resulting in a deterioration of Swiss hydropower firms’ competitiveness and profitability. One option to improve the sector’s competitiveness is to increase cost efficiency. The goal of this study is to quantify the level of persistent and transient cost efficiency of individual firms by applying the generalized true random effects (GTRE) model introduced by Colombi et al. (Journal of Productivity Analysis 42(2): 123–136, 2014) and Filippini and Greene (Journal of Productivity Analysis 45(2): 187–196, 2016). Applying this newly developed GTRE model to a total cost function, the level of cost efficiency of 65 Swiss hydropower firms is analyzed for the period between 2000 and 2013. A true random effects specification is estimated as a benchmark for the transient level of cost efficiency. The results show the presence of both transient as well as persistent cost inefficiencies. The GTREM predicts the aggregate level of cost inefficiency to amount to 21.8% (8.0% transient, 13.8% persistent) on average between 2000 and 2013. These two components differ in interpretation and implication. From an individual firm’s perspective, the two types of cost inefficiencies might require a firm’s management to respond with different improvement strategies. The existing level of persistent inefficiency could prevent the hydropower firms from adjusting their production processes to new market environments. From a regulatory point of view, the results of this study could be used in the scope and determination of the amount of financial support given to struggling firms.     

Barriers and breakthroughs: an “expanding frontiers” model of the technology-industry life cycle

It is argued that technological progress is marked by a series of discrete “barriers” and “breakthroughs,” which create new fields of technological opportunity. These are not random events, although their exact timing is undoubtedly very difficult to predict. They occur when and where they do because of discontinuities in the laws of nature. The technological life cycle can be defined as the period from a major breakthrough which opens up a new territory for exploitation to the next major barrier. It is characterized by a rapid increase in marginal productivity of R&D to a peak, followed by a more-or-less continuous decline thereafter, as the territory is gradually exhausted. This model is qualitatively consistent with the well-known “S-shaped curve” phenomenon, describing measures of technological performance over time. The model is also qualitatively consistent with Schumpeter's explanation of the so-called Kondratieff or “long” wave.     

Private equity, ‘union recognition’ and value extraction at the Automobile Association: The GMB as an emergency service?

This article evaluates union recognition and ‘value extraction’ in a private equity buy‐out. The article reviews private equity, investor value and ownership interests, details union recognition at the Automobile Association (AA) before and after its acquisition by private equity, and reviews the GMB's wider campaign of opposition to private equity ownership.