Entrepreneurial ecosystems and the lifecycle of university business incubators: An integrative case study

University business incubators (UBIs) are an important part of the ecosystem that supports entrepreneurial activities and economic development. Extant research has focused on examining UBI activities at a single point in time, but there is a paucity of theoretical and empirical work aimed at understanding the forces that explain why and how UBIs change over time. This is an important gap because establishing a university business incubator does not assure its development and growth. We address this issue by drawing upon the Fisher et al. Academy of Management Review, 41(3), 383-409 (2016) Identity-Legitimacy-Life Cycle model to explain how the pursuit of resources and organizational legitimacy shapes the development of UBIs along key strategic and operational dimensions, which has implications for performance evaluation over time. We illustrate with a case study about the creation and evolution of the DMZ, a leading UBI at Ryerson University in Canada. This case provides new insights about the dynamics of UBIs and their relationships with the entrepreneurial ecosystems in which they are embedded. Implications for future research, management practice, and public policy are discussed.

     

A note on cheap talk and burned money

Austen-Smith and Banks [Cheap talk and burned money, J. Econ. Theory 91(1) (2000) 1-16] study how money burning can expand the set of pure cheap talk equilibria of Crawford and Sobel [Strategic information transmission, Econometrica 50(6) (1982) 1431-1451]. I identify an error in the main Theorem of Austen-Smith and Banks, and provide a variant that preserves some of the important implications. I also prove that cheap talk can be influential with money burning if and only if it can be influential without money burning. This strengthens a result of Austen-Smith and Banks, but uncovers other errors in their analysis. Finally, an open conjecture of theirs is proved correct.     

Recursive preferences,learning and large deviations

We estimate the relative contribution of recursive preferences versus adaptive learning in accounting for the tail thickness of price–dividends/rents ratios. We find that both of these sources of volatility account for volatility in liquid (stocks) but not illiquid (housing) assets.     

UK food shopping in the 1950s: the social context of customer loyalty

Food shopping – although often dismissed as dreary necessity – has always served a range of latent functions. In the 1950s, food storage limitations and tight budgets gave rise to weekly – often daily – shopping patterns that also allowed shoppers to meet certain social needs. Going to food shops, and the way that customer service was organized, produced significant interactional opportunities which were valued by participants. Exchanging news with other customers may have reinforced shopping patterns but shopkeepers, and knowledgeable assistants, were also useful intermediaries for product and usage information. Functional specialization in food commodities bestowed the aura of expertise, and direct accountability for the quality of what was sold provided a more personal style of retailing than is currently typical. Much depended on the perception of relationships. The 1950s were an important transitional period in the UK. Rationing gave way to wider choice and availability, while the market position of corner shops was increasingly eclipsed by town centre supermarkets. This article explores the social context of food shopping, and its relationship to the specific issue of customer loyalty.     

Contingent Valuation Versus Choice Experiments: Estimating the Benefits of Environmentally Sensitive Areas in Scotland

This paper reports results from a study of the economic value of the conservation benefits of Environmentally Sensitive Areas (ESAs) in Scotland. The main novelty of the approach taken is in comparing two direct valuation methods, namely contingent valuation and choice experiments, to value these benefits. The Contingent Valuation Method (CVM) is well-established as a technique for valuing the sorts of landscape and wildlife enhancements associated with ESAs. The CVM experiment reported here uses a dichotomous choice format, and includes a new correction for part-whole bias. Choice experiments are much less used as an environmental valuation technique. We note several advantages of such experiments over CVM, and then report characteristic values and ‘programme values’ estimated using the method. This application brings to light some problems in applying the choice experiment method. Finally, we discuss the issue of benefits transfer in the context of these two approaches to valuation.     

Implementing continuous improvement in the North American mining industry

This study identifies key factors required to successfully change a mining organization's culture to that mandated by a continuous improvement (CI) philosophy. Guided by a change-oriented model of CI implementation and the Malcolm Baldridge criteria, a survey was conducted involving mining firms operating in North America with annual revenues over $100 million. Twenty-four firms participated and resulted in 268 usable questionnaires. A principal component factor analysis followed by linear regression revealed that four factors accounted for success in implementing CI; employee involvement was the most important one. This dominant factor proved to be complex and had elements of the context of change (e.g., acceptance of company goals), the content of change (teamwork, new ways of working, and supportive HRM policies), and the process of change (leadership and access to information). Other predictors included, in order of importance, corporate presence, customer-oriented strategy, and adoption of practical goals. The article concludes with a discussion of employee involvement and the trend toward a productivity gap, with firms pursuing CI in the lead.     

Unsecured credit markets are not insurance markets

We study the extent to which unsecured credit markets have altered the transmission of increased income risk to consumption variability over the past several decades. We find that unsecured credit markets pass through increased income risk to consumption, irrespective of bankruptcy policy and the information possessed by lenders. If risk sharing has indeed improved over this period, the reasons do not therefore lie in the unsecured credit market.     

Corporate brand name changes and business restructuring: is the relationship complementary or substitutive?

Corporate brands are strategic assets for organizations, but it is difficult to understand the value added by corporate brand name changes because they often occur simultaneously with business restructuring initiatives. The authors test a framework that delineates the informational relationship between corporate name changes and business restructuring initiatives. The hypothesis is tested on a sample of jointly announced corporate name changes and business restructuring initiatives. The results show that jointly announced corporate name changes and business restructuring are significantly more informative than the sum of their individual effects. The results further suggest that the information complementarity arises because corporate brand name changes resolve uncertainty and help in coordinating business restructuring initiatives. The results do not support the view that corporate brand name changes are cosmetic and/or primarily signals for business restructuring. The study offers a promising research foundation for understanding the value of marketing actions announced jointly with other corporate events.