Entrepreneurship,entrepreneurial training,and x-efficiency theory

A basic motivational component of entrepreneurship is an individual's commitment to overcome gaps and obstacles in imperfect markets. Research associated with n Achievement theory indicates the possibility of the selection and training of potential entrepreneurs, and therefore a means to increase the supply of entrepreneurs. A tendency to glorify entrepreneurship, and the use of a ‘tight’ equilibrium concept, make it difficult to integrate entrepreneurship into standard economic theory, despite the desirability of doing so. X-efficiency theory accommodates a non-heroic view of entrepreneurs, which in turn allows for the inclusion or entrepreneurial training in the model.     

Entrepreneurship education and the business school

This paper examines entrepreneurship education in the light of debates about the future of the business school, the nature of the MBA, with which management education is generally synonymous, and the links that need to be created between teaching and research. There is increasing focus on the general utility of entrepreneurial skills and aptitudes (i.e. creativity, independent thinking, opportunity recognition and exploitation, etc.), and it is our contention that entrepreneurship education offers an innovative new paradigm for business school education that answers some of the challenges that are currently levelled against the MBA. Given the breadth of relevance in terms of the issues around Entrepreneurship Education and future pedagogical development in Business Schools, this paper is also well placed as a vehicle to introduce the rest of the coverage in this special issue of TASM. This paper therefore also summarises the papers presented in terms of their contribution to our understanding of the role of entrepreneurship and innovation in higher education. All suggest the need for the broadening of human and social capital, while some propose a fundamental shift in the delivery of professional education.     

Environmental jolts, entrepreneurial actions and value creation: A case study of Trend Micro

This paper draws on a single longitudinal case study of Trend Micro, a leading anti-virus company, to examine its entrepreneurial, value-creating trajectory. Applying and extending an entrepreneurship perspective, the paper manifests positive effect, rather than negative effect, of environmental jolt on entrepreneurial actions including opportunity identification and opportunity exploitation. We find that environmental jolt is likely to shift customers' cognition, which is an important source of opportunity and, in turn, catalyzes opportunity exploitation through innovations for value creation. The paper concludes with a model of the value-creating trajectory of Trend Micro. Implications for research and practices are discussed.     

Globalization,welfare, and the attitudes toward higher education

In this paper we study how the attitudes toward higher education may affect labor market outcomes in the context of globalization. In particular, we show that different educational attitudes are responsible for differences in the wage differential among countries. Using a matching model with two types of workers and firms, we find that there is a trade-off between the wage differential and the workers’ welfare, namely, that an economy that is less willing to educate itself will display a lower wage differential but will lose in terms of welfare. Moreover, from a policy perspective, we show that the negative effects on welfare due to this disinclination to study can be offset by increased labor market flexibility. All things considered, policy makers ought to keep in mind that both a positive attitude toward higher education and labor market flexibility, can lead to improved overall performance in this increasingly globalized world.     

On the simultaneity bias in the relationship between risk attitudes,entry into entrepreneurship and entrepreneurial survival

We consider the simultaneity bias when examining the effect of individual risk attitudes on entrepreneurship. We demonstrate that entry into self-employment is related to changes in risk attitudes. We further show that these changes are correlated with the probability to remain in entrepreneurship.     

Entrepreneurship,and the entrepreneurial market process: Israel M. Kirzner and the two levels of analysis in spontaneous order studies

The science of economics is born out of the puzzle that the coordination of economic activities presents to our imagination. The solution to that puzzle is the entrepreneurial market process. Israel Kirzner has argued that the market economy operates with ruthless efficiency to coordinate economic activities and realize the gains from social cooperation under the division of labor because of the institutional framework within which it operates, namely private property rights. Kirzner, however, is suspicious of economic analysis that doesn't limit its analysis to an examination of processes within that framework, but instead attempts to apply that analysis to the evolution of the framework itself. These are the two-levels of analysis in spontaneous order studies. This paper presents Kirzner's arguments for maintaining a strict dichotomy between the levels of analysis, and then challenges his argument with a discussion of the positive political economy of endogenous rule formation.     

家族性、创业导向与家族创业绩效

家族企业不仅仅是创业的一种组织形式,创业也不仅仅是家族企业生命周期中一个阶段或战略,相反,家族嵌入式创业是关于家族对创业全面综合影响的恰当描述。因此,家族涉入创业活动产生了与创业理论和家族企业研究既有联系又有区别的独特的理论问题,正发展成一个新兴的研究领域。本文通过阐明家族涉入创业活动的家族性因素和创业导向,构建了一个基于资源视角的家族创业研究框架,并指出了未来的研究方向。     

终身教育理论的产生发展过程与本质特征

在我国已确立构建终身教育体系的"三阶段"目标的背景下,本文分析了终身教育理论的发展过程,总结了终身教育本质特征,提出了对终身教育的正确理解,这对于促进我国终身教育体系建立和完善具有重要意义。     

Entrepreneurship,trust and corruption

I propose a theoretical model where trust towards strangers is a channel through which institutions determine economic outcomes, in particular, entrepreneurship and corruption. More importantly, I show that the role of trust has been overlooked since high levels of trust do not always enhance desirable economic outcomes. Trust helps individuals to participate in economic exchanges aligned with social welfare, but it also facilitates individuals to cooperate for the achievement of corrupt deals. Under this more general view of trust, the model generates a non-trivial new prediction at the individual level. Specifically, the individual-level relationship between honesty and trust changes depending on the institutional quality of a country. Dishonest individuals are the more trusting individuals in countries with poor institutions, and the less trusting in countries with good institutions. Using individual-level data of 80 countries from the World Value Survey and the European Values Study, I present empirical evidence in support of this prediction.     

Copying, superstars, and artistic creation

We provide a new perspective on the impact of unauthorized copying and copy levies on artistic creation. Our analysis emphasizes three aspects of artistic markets: the predominance of superstars, the important role of promotion expenditures, and the difficulties of talent-sorting. In the short run, piracy reduces superstars’ earnings and market share and increases the number of niche and young artists. In the long run, copying can also have a positive effect on high-quality artistic creation by helping more young artists start their careers, which increases the number of highly talented artists in subsequent periods. The long-term impact of levies on copy equipment on artistic creation depends on whether their yields primarily accrue to superstars who already receive rents or are allocated to help young artists.     

Entrepreneurship,Financiership, and Selection*

We develop an equilibrium model of the market for entrepreneurial finance, in which all agents have some personal wealth and a project whose quality is their private information. All agents choose whether to invest either as entrepreneurs or financiers, or to invest in storage technology. We find that a binding economy‐level wealth constraint, which renders credit scarce, can create advantageous selection, where productive agents become entrepreneurs and unproductive agents become their financiers. If funding is easier to obtain, entrepreneurship also attracts unproductive agents. In our model, individual wealth and entrepreneurship are positively (negatively) correlated if financial market participation is complete (incomplete).     

Financial integration, entrepreneurial risk and global dynamics

How does financial integration impact capital accumulation, current-account dynamics, and cross-country inequality? We investigate this question within a two-country, general-equilibrium, incomplete-markets model that focuses on the importance of idiosyncratic entrepreneurial risk—a risk that introduces, not only a precautionary motive for saving, but also a wedge between the interest rate and the marginal product of capital. Our contribution is to show that this friction provides a simple explanation for the emergence of global imbalances, a resolution to the empirical puzzle that capital often fails to flow from the rich or slow-growing countries to the poor or fast-growing ones, and a set of policy lessons regarding the intertemporal costs and benefits of capital-account liberalization.     

Job creators,job creation,and the tax code

This paper considers the role of the tax code in determining income dispersion and vacancy creation. A “span‐of‐control” model is embedded into a search and matching environment. A cut to the tax on profits in isolation improves job creation and reduces before‐tax income inequality. The impact of a budget‐balancing increase in the wage tax depends on the bargaining power of firms. When it is high, firms pick up the lion's share of the tax burden. The tax acts like a barrier to entry: it benefits large firms at the expense of marginal ones. Net effects are an increase in unemployment and before‐tax income dispersion. Low firm bargaining power means workers pick up more of the tax burden. It acts like a subsidy to entrepreneurship reinforcing the impact of the profit tax reduction. Taxes on the returns to capital leave everyone worse off.     

Entrepreneurship,Saving, and Social Mobility

This paper examines entrepreneurship in order to analyze, first, the degree to which the opportunity to start or own a business affects the household's saving behavior and the implication of this behavior for the distribution of wealth and, second, the relationship between the extent of entrepreneurship in the economy and socioeconomic mobility, that is, the movement of families across wealth classes over time.First, a number of stylized facts based on data from the Panel Study of Income Dynamics and the Survey of Consumer Finances are outlined. They show relevant differences in asset holdings and wealth mobility between entrepreneurs and workers. Second, a dynamic general equilibrium model with an explicit formalization of the entrepreneurial choice is developed. Through the modeling of the entrepreneurial activities, the model generates a concentration of wealth similar to the one observed in the U.S. economy and it replicates the main patterns of wealth mobility in which entrepreneurs experience higher upward mobility than workers. Journal of Economic Literature Classification Numbers: E21, D31, J23     

财富、企业家才能与最优融资契约安排

本文认为企业家是企业发生的逻辑起点 ,是最初的“中心签约人” ,因此力图站在企业家的角度来考察企业家的融资行为。我们证明理性的企业家往往会将企业残值的优先索取权让度给外部投资者 ,从而否定了关于“投资者是最后的剩余索取者”的先验观点。在认识到“提供担保服务”是企业家自有资本的基本功能的基础上 ,我们揭示出一些关于企业家选择融资契约的规律。最后 ,我们还进一步发现即便未受财富约束 ,企业家也不会完全依靠自有资本来创业 ,因为很可能存在一个最优的企业家自有资本比例。     

企业家沟通成本对企业演化的影响

本文以现代奥地利经济学为基础,关注企业沟通成本与企业演化的关系.文章认为沟通成本由企业家精神所依赖的意会性知识以及企业家与要素所有者的主观素质差异所决定,沟通成本的大小是决定新企业成功创建和企业初始资本结构的一个关键因素.文章最后还分析了沟通成本对新企业组织形式、创新以及纵向一体化的影响.