Foreign vs. domestic listing: An entrepreneurial decision

In this paper, we use a unique hand-collected dataset to analyze stock listing as an entrepreneurial decision. By comparing mainland Chinese entrepreneurial firms listed in Hong Kong with the same type of firms opting for a domestic listing on the Shenzhen second board market, we argue that the decision to list on a particular stock exchange is a question of entrepreneurial signaling, and often a trade-off between short-term financial considerations and the entrepreneur's pursuit of long-term benefits.     

Sustainable corporate entrepreneurship: Evolving and connecting with the organization

Corporate entrepreneurship necessarily entails both risk and high levels of uncertainty; yet, established organizations are typically positioned as efficient engines that function best via cautious and routine progress, which can hinder attempts to inject innovative ideas into mature businesses. As such, conscious effort is required to build a corporation's capacity for sustainable entrepreneurship. While a few exceptional companies have built and maintained an enduring capability for entrepreneurship, the majority of firms possess a general resistance to these initiatives. Commitment to entrepreneurship may cycle between high or moderate support for the activity, to floundering interest or disbanded initiatives, as conditions in the internal and external environment shift. This cycling pattern, unfortunately, prevents the development of enduring capabilities. Herein, it is revealed how companies can progress their entrepreneurial capabilities over time, adjusting and improving them as the firm learns and adapts to change. To accomplish this, companies must develop strategic objectives to guide entrepreneurs, a management structure to support their work, and processes that inform assessment and decision making. Through an Evolve and Connect model, these three contexts can adjust to shifts in the external environment and the changes and progress happening within the organization. Over time, however, managers need to maintain a link between entrepreneurial activity and the organization's mainstream.     

Social Entrepreneurship in Nonprofit Organizations: An Empirical Investigation of the Synergy Between Social and Business Objectives

Social entrepreneurship in nonprofit organizations has emerged as an increasingly important domain, both in academic research and in practice. This article attempts to further enhance our understanding of the management of nonprofit organizations by investigating the way they balance social and business objectives. Over 200 senior managers of nonprofit organizations participated in our structured telephone interview. The data revealed that many organizations worried about the potential for reduced or lost funding, especially during economic hard times. Issues of sustainability usually headed their list of concerns. Many of these organizations sought to establish revenue generating business streams to offset expected funding shortfalls. The data suggested that over 70% of the nonprofit organizations we interviewed resided in the social entrepreneurship zone. Our results also showed that maintaining a social objective and managing a viable business can be complementary and mutually beneficial activities.     

高管团队内情感冲突、企业家精神与公司成长性绩效关系的实证研究

根据对企业高层管理者访谈和163份有效问卷,重点分析高管团队内情感冲突、高管团队企业家精神和公司成长性绩效间的关系。实证研究发现:高管团队内情感冲突和公司成长性绩效显著负相关,高管团队内情感冲突与高管团队企业家精神显著负相关,高管团队企业家精神与公司成长性绩效显著正相关。并且,高管团队企业家精神在高管团队情感冲突对公司成长性绩效的影响过程中起着中介作用。     

Modelling Entrepreneurship: Unifying The Equilibrium and Entry/Exit Approach

Two approaches can be distinguished with respect to modelling entrepreneurship: (i) the approach focusing on the net development of the number of entrepreneurs in an equilibrium framework and (ii) the approach focusing on the entries and exits of entrepreneurs. In this paper we unify these approaches to arrive at a model explaining the equilibrium and actual number of entrepreneurs and the entry and exit rate of entrepreneurs simultaneously and consistently. We apply our unified approach to the Netherlands using self-employment data for the 1960–1999 period. We find error-correction of about 20% per year and a very different situation in terms of disequilibrium before and after the early 1980s. Periods of high unemployment appear to be characterized by both high entry and high exit rates.     

The Decision to Use Alliances as Corporate Entrepreneurship: The Role of Resources and Skills

This aim of this research is to analyse the role of firm resources and skills in the decision to cooperate as a method for developing entrepreneurial activity. We use a sample of 967 entrepreneurial operations undertaken between 2000 and 2004 by 323 EU-15 companies. Results suggest that skills are more important than resources when choosing how to undertake an entrepreneurial activity. While experience in cooperation and possession of technological resources make the choice of an alliance more probable, experience in entrepreneurial activities and possession of physical resources may lead the company to opt for other alternatives.     

Swinging a double-edged sword: The effect of slack on entrepreneurial management and growth

Resource slack represents a double-edged sword, simultaneously fueling and hindering growth. Drawing on Penrose's growth theory and Stevenson's entrepreneurial management theory, we have developed and tested a conceptual model that provides a more nuanced account of the resource slack-growth relationship. Using a large dataset spanning six years, we have found that slack has a positive direct effect on growth but a negative effect on entrepreneurial management, and that entrepreneurial management has a positive effect on growth. Our empirical and conceptual findings are important to the development of firm growth theory and explicate causal mechanisms transforming slack into firm-level outcomes.     

The Effect of Business Regulations on Nascent and Young Business Entrepreneurship

We examine the relationship, across 39 countries, between regulation and entrepreneurship using a new two-equation model. We find the minimum capital requirement required to start a business lowers entrepreneurship rates across countries, as do labour market regulations. However the administrative considerations of starting a business – such as the time, the cost, or the number of procedures required – are unrelated to the formation rate of either nascent or young businesses. Given the explicit link made by Djankov et al. [Djankov et al. 2002, ‹The Regulation of Entry’, Quarterly Journal of Economics 117(1), 1–37] between the speed and ease with which businesses may be established in a country and its economic performance – and the enthusiasm with which this link has been grasped by European Union policy makers – our findings imply this link needs reconsidering. Prepared for: Small Business Economics (2007), Special issue GEM conference 2005     

Private Firms and Corporate Governance: An Integrated Economic and Management Perspective

This article provides a definition of corporate␣governance and highlights the challenges in adapting understanding of governance to the privately-held firm. We emphasize the need to develop the scope of governance in privately-held firms beyond the traditional agency theory focus in the financial economics literature relating to large publicly-listed corporations. There is a need to draw on and integrate an array of theoretical perspectives from both economics and other social science disciplines as well. We present a schematic model of corporate governance which places the contributions presented in the special issue in context and which serves as a guide to highlighting gaps in the research base. We review the principal issues relating to corporate governance in privately-held firms which relate to: governance in different organizational contexts (institutional context; the industrial sector within which the firm finds itself, the ownership context of the firm, and the stage within the firm’s life-cycle); the scope of corporate governance; and other internal governance mechanisms to be considered We identify areas for further research on corporate governance in privately-held firms with respect to processes of governance, organizational contexts, assumptions about the owners, executive remuneration, financial reporting, the nature of the dependent variable relating to the expected outcome of different approaches to governance and various methodological issues. We suggest a need to develop governance codes for privately-held firms that are flexible enough to take account of the different types of governance needs of firms at different stages in their life-cycle.      

基于整合视角的创业教育与工商管理专业教学改革

从整合的现实条件和理论动因出发,阐释创业教育与工商管理专业整合的必然性。接着分析两者整合的内涵,并提出从教学理念和目标、教学内容、教学方法、教学活动、教学评价等五个方面进行工商管理专业教学改革,以推动创业教育融入专业体系之内,同时解决工商管理专业目前面临的各种问题。     

Not for Lack of Trying: American Entrepreneurship in Black and White

Using a sample obtained from a survey conducted in the United States during summer 2002, we study the variables related to observed differences in the rate of entrepreneurial involvement between black and white Americans. We find strong evidence that differences in subjective and often biased perceptions are highly associated with entrepreneurial propensity across these two racial groups. In addition, we find that black Americans tend to exhibit more optimistic perceptions of their business environment than other racial groups and are more likely than others to attempt starting a business. In fact, our results show that blacks are almost twice as likely as whites to try starting a business. Thus, our results suggest that the under representation of black Americans among established entrepreneurs is not due to lack of trying but may instead be due to stronger barriers to entry and higher failure rates.     

Motivations and Obstacles for Small Business Entrepreneurship in Russia: Fifteen Years in Transition

A longitudinal survey of small business entrepreneurs was conducted in Russia in two stages: in 1994 and in 2008. This study examined entrepreneurial climate and developments in Russia's small businesses with a focus on motivations and obstacles in starting up and operating businesses. It also aimed at analyzing entrepreneurs’ needs for training, consulting, and other types of assistance in a comparative context. Russia's climate for small and medium enterprises (SME) and entrepreneurship has improved, although it is still a work in progress. The 2008 survey indicated younger age, greater share of female entrepreneurs, and remaining small size of the firms. Though the level of SME entrepreneurial activities in Russia is still lower than in major developed economies, the gap is diminishing. Thise study found no significant differences between 1994 and 2008 in terms of entrepreneurial motivations and obstacles; several shifts and trends in motivations and obstacles were identified in their relative importance in SME dynamics.     

Lifesizing Entrepreneurship: Lonergan, Bias and The Role of Business in Society

In an era of downsizing and disposable ethics, there is a need to redefine the role of business in society. Central to such a discussion is the frame of reference of the entrepreneur. A traditional business model defines entrepreneurship based on endowing resources with new wealth producing capabilities. This paper defines entrepreneurship as a calling to endow resources with new value. In support of the impact such a distinction would have on repositioning the role of business in society, the paper weaves together writings from the Pope, Drucker, and Lonergan, with emphasis on applying Lonergan’s discussion of bias to the discussion of ethics in business. Adapting the term, “lifesizing”, which was coined by the author in a previous article, to entrepreneurship, the paper takes the position that lifesized entrepreneurship can act as a catalyst similar to Lonergan’s cosmopolis and play a key role in countering bias and repositioning the role of business in society.     

地方高校创业创新型工商管理专业人才培养模式探讨

创业创新型人才培养主要依靠创业创新教育。目前,国内地方性高校工商管理专业创业创新性教育存在人才培养目标定位不清晰、创业课程设置和内容体系不一致及缺少创业教育特点等误区。借鉴国内外高校创业教育的经验,地方高校创业创新型工商管理专业人才的培养模式应是在加强专业基础教育的前提下,侧重培养学生的创业态度、行为和技能,鼓励具有地方特色的课程设置,并重构地方高校工商管理专业的课程体系,改革以教师为主体的教学方式,以培养具备创业创新素质的高层次人才。     

Determinants of Successful IT-Enabled Business Innovation： A Case Study from the Perspective of Institutional Entrepreneurship Theory

As the role of information technology （IT） in business innovation becomes increasingly important, an increasing number of organizations have started to consider how to promote IT-enabled business innovation. Although extant studies have identified organization, environment, and innovation＇s characteristics as substantial determinants of IT innovation, they do not emphasize the accompanying innovation in processes, products or services, which distinguish IT-enabled business innovation from general IT innovation. Therefore, the reason why few companies succeed in realizing IT-enabled business innovation remains obscure. Anchored on the institutional entrepreneurship theory, this paper examines determinants of the success of IT-enabled business innovation in a fast-growing company using the case study approach. Our findings indicate that IT-business coordination competency, degree of institutionalization, participation of business managers, top management team＇s （TMT） attitude towards the innovation, and the innovation＇s relative strength, have significant impacts on the success of IT-enabled business innovation. Our findings also contribute to IT innovation research by identifying special determinants of IT-enabled business innovation and redirecting research ranging from innovation in IT itself to IT-enabled innovation in business processes, products or services.     

基于组合视角的跨国子公司创业导向与绩效的实证研究

本文从创业导向入手,基于组合视角,以环境动态性和网络能力为调节变量,以在华的198个跨国子公司为样本,来考察企业创业导向对绩效的影响,实证结果发现仅仅依赖于主效应、权变效应来解释跨国子公司创业导向与绩效的关系不够全面和深入,而结合子公司的创业导向、环境与网络能力的组合方法对创业导向与绩效关系的解释更有说服力。     

Social and Symbolic Capital and Responsible Entrepreneurship: An Empirical Investigation of SME Narratives

This paper investigates links between social capital and symbolic capital and responsible entrepreneurship in the context of small and medium enterprises (SMEs). The source of the primary data was 144 ‘Business Profiles’, written by the owner-managers of small businesses in application for a Small Business Awards competition in 2005. Included in each of these narratives were claims relating to the firms’ contributions to wider society, relationships with customers, employees and stakeholders. These narratives were coded and classified in a framework drawn from Nahapiet and Ghoshal’s (1998, Academy of Management Review 23(2), 242–266) categorisation of social capital. The analysis revealed a range of strategic orientations towards the development of social and symbolic capital, along a conceptual continuum ranging from being responsible for oneself to being responsible for others. Overall, the evidence demonstrates the significance of the power inherent in the social relations of SMEs as a force for ethical behaviour, and suggests that normative theories of the development of social capital may provide ‘competitive advantage’ through responsible behaviour for small business in the global economy.Ted Fuller is a Professor of Entrepreneurship and Strategic Foresight, and Head of the Centre for Entrepreneurship and SME Development, Teesside Business School, University of Teesside.Yumiao Tian is a postgraduate research student in the Centre for Entrepreneurship and SME Development, Teesside Business School, University of Teesside.     

The inception of internationalization of small and medium enterprises: The role of activeness and networks

This study analyzes how exporters begin their internationalization leveraging information collected through interviews with 109 Chinese textile manufacturers. It examines whether firms that found their first international clients through a “proactive” search are likely to export faster, more intensively, and to a larger number of markets. The findings illustrate that the proactiveness of the search for the first client in a foreign market is an important predictor of the intensity and geographic scope of the firm's internationalization path but not of its speed. They support the view of internationalization as an actively pursued entrepreneurial process, which may also be affected by serendipitous events. This study provides new evidence on the first international business discovery of Chinese exporters, contributing to the literature on international entrepreneurship, international new ventures and the network approach to internationalization.     

Broadening the Concept of International Entrepreneurship: Internationalisation, Networks and Politics

In this article, the situation where a company internationalises over an extended period without changing operation mode is explored. The focus of the empirical research is the Australian company CSR and its large-scale sugar exporting operations, which developed over a period of about 75 years. Because of the highly politicised nature of the sugar industry in many countries, CSR was called upon to make extensive investments in political networks in order to achieve its global sugar exporting operations. Overall the CSR experience demonstrates that it is possible to stretch the use of a given mode, although this may demand considerable creativity in market, network and policy responses of a kind which illustrate that international entrepreneurship may come in many guises, and may need to be viewed in a broader way.