The determinants of startup valuation in the venture capital context: a systematic review and avenues for future research

Startup valuation in the venture capital (VC) context is often said to be more art than science. In view of this, it is particularly important to be aware of and understand the different underlying determinants that affect the valuation of startups. This paper conducts a systematic review of the existing empirical literature to illustrate the determinants of startup valuations in the VC context. Beyond that, the paper seeks to provide an organizing structure to the current literature as well as to detect academic voids and directions for future research. To achieve these goals, it develops an integrative framework for the factors determining startup valuations in the VC environment, which should be of use to both practitioners and researchers. That framework illustrates how startup valuations in the VC context are shaped by a three-sided interplay of factors related to startups, venture capitalists, and the external environment.     

Social influence in technology adoption: taking stock and moving forward

Social influence has been shown to profoundly affect human behavior in general and technology adoption in particular. Over time, multiple definitions and measures of social influence have been introduced to the field of technology adoption research, contributing to an increasingly fragmented landscape of constructs that challenges the conceptual integrity of the field. Consequently, this paper sets out to review how social influence has been conceptualized in technology adoption research. In so doing, this paper attempts to inform researchers’ understanding of the construct, reconcile its myriad conceptualizations, constructively challenge extant approaches, and provide impulses for future research. A systematic review of the salient literature uncovers that extant interpretations of social influence are (1) predominantly compliance-based and as such risk overlooking identification- and internalization-based effects; (2) primarily targeted at the individual level and non-social technologies, thereby precluding the impact of socially enriched environments; and (3) heavily reliant on survey-based and US/China-centric samples, which jeopardizes the generalizability and predictive validity of the findings. Building upon these insights, this paper develops an integrated perspective on social influence in technology adoption research that encourages scholars to pursue a multi-theoretical understanding of social influence at the interface of users, social referents, and technology.     

Lock-in situations in supply chains: A social exchange theoretic study of sourcing arrangements in buyer–supplier relationships

Social exchange theory is used to gain a better understanding of the relationship between a buyer and a supplier that is characterized by lock-in situations. We begin by reviewing the theoretical foundations of social exchange theory. Next, we use an illustrative multinational business example from a Danish Business Group to demonstrate the complexities of the lock-in situation. Conjectures related to lock-in behaviors are initially developed and then examined by means of a game-theoretic model. The analysis provides a basis for the development of propositions which are examined employing a behavioral experiment. The results indicate that the optimal pricing strategy of the supplier is to lower the price with increasing demand and the optimal investment intensity of the buyer decreases with increasing demand. The paper concludes by presenting directions for future research.     

Packaging logistics in supply chain practice – current state,trade-offs and improvement potential

Packaging affects the logistical and environmental efficiency of supply chains. The purpose is to increase knowledge of the current state, trade-offs and improvement potential of packaging logistics in supply chain practice. The research is based on 22 cases, each of which consists of supply chain mapping and structured interviews with three supply chain actors (manufacturer, distributor and retailer). The paper identifies and explains improvement areas, trade-offs and gaps in packaging systems from a supply chain perspective for the whole packaging system, each packaging level and each actor. The results highlight a supply chain potential of better incorporating the packaging system requirements from actors not responsible for developing or selecting packaging. The paper discusses models for cost and benefit sharing and for identification and decision-making about trade-offs in packaging systems. Companies should collaborate, apply an integrated approach and find new approaches to integrate customers and suppliers into the packaging development process.     

Heterogeneous Wage Effects of Apprenticeship Training*

The relatively small average wage effects of employer and occupation changes after apprenticeship training mask large differences between occupation groups and apprentices with different schooling backgrounds. People who change employer and occupation within industrial occupations enjoy large wage advantages, whereas apprentices in commerce and trading occupations, as well as in construction and crafts occupations, face wage losses from an occupation change. The differences between the firms that provide the apprenticeship training are found to be small or insignificant. In this paper, we reconcile the differences between previous findings by comparing and replicating the empirical estimation strategies used. This demonstrates that selectivity in occupations and changes, unobserved heterogeneity between occupations, and sample selection do matter.     

Group interaction, heterogeneity, rules, and co-operative behaviour: Evidence from a common-pool resource experiment in South Africa and Namibia

We present econometric evidence of how sociodemographic characteristics, economic background, group effects, and dynamic personal and group interactions influence the co-operative behaviour of individuals in a social dilemma situation. The data are from a framed common-pool resource experiment conducted in Namibian and South African farming communities. Our estimates suggest complex but stable social dynamics within groups over the course of the game. We conclude that group interactions may be significantly influenced by the degree of sociodemographic heterogeneity. Our study shows that the introduction of rules matters, as it improves co-operation, but that the concrete shape of such rules may be less important than the underlying social interaction.     

Public–private innovation: barriers in the case of mobility as a service in West Sweden

Departing from open innovation (OI), this case study explores the development of Mobility as a Service (MaaS) in West Sweden. An analysis of 19 interviews reveals how representatives from involved actors perceive internal and external barriers as hampering the regional public transport authority’s attempts to collaborate with private actors, and that the perception of barriers is incongruent across public and private actors. Transferability to other cases of public–private OI is discussed, and implications for public actors are proposed. The paper expands the knowledge of preconditions for MaaS’ development and of the unique conditions for OI in public–private settings.     

Sociological explanation and mixed methods: the example of the Titanic

Quality & Quantity - The question of how and with what methods the social sciences should explain phenomena is fiercely contested. While several scholars have argued that mixed methods may help...