frontiers of entrepreneurship research …pre, düring and post investment agency and principal...

FRONTIERS

OF

ENTREPRENEURSHIP

RESEARCH

2014

PROCEEDINGS OF THE THIRTY-FOURTH ANNUAL ENTREPRENEURSHIP RESEARCH CONFERENCE

Arthur M. Blank Centerfor Entrepreneurship Babson College, Babson Park, Massachusetts 02457-0310 USA

Co-sponsored by IVEY Business School

Western University, London, Ontario, Canada

Funded & Supported by The Pierre L. Morrissette Institute for Entrepreneurship

Sponsored by

Edited by Andrew Zacharakis

Babson College

Jonathan Arthurs Oregon State University

Dirk De Clercq Brock University

Simon Parker IVEY Business School

Hans Bruining RSM Erasmus University

Dimo Dimov University of Bath

Jeffrey Sohl University of New Hampshire

Candida Brush Babson College

Alain Fayolle EMLYON Business School

Roger Serheim NTNU

Carry Bruton Texas Christian University

M. Audrey Korsgaard Moore School of Business

Paul Steffens Queensland University

of Technology Sharon Matusik

University of Colorado at Boulder © Babson College 2014

FRONTIERS OF ENTREPRENEURSHIP RESEARCH 2014

DETAILED TABLE OF CONTENTS

Acknowledgements iv Summary Table of Contents xiii Detailed Table of Contents xv

BEST PAPER AWARDS THE STEVENS INSTITUTE OF TECHNOLOGY WESLEY J. HOWE AWARD FOR EXCELLENCE IN RESEARCH ON THE TOPIC OF CORPORATE ENTREPRENEURSHIP

R&D Alliance Formation among VC-Backed Entrepreneurial Venture; Jeffrey J. Reuer and Ramakrishna Devarakonda 20

THE NATIONAL FEDERATION OF INDEPENDENT BUSINESS (NFIB) AWARD FOR EXCELLENCE IN RESEARCH ON THE GENERAL TOPIC OF ENTREPRENEURSHIP

Finding the Passion to Persevere: An Exploration of the Mechanisms by Which Passion Fuels Entrepreneurial Grit Imran Syed and Brandon Mueller 208

THE JOURNAL OF SMALL BUSINESS MANAGEMENT (JSBM) AWARD FOR EXCELLENCE IN RESEARCH ON THE TOPIC OF PUBLIC POLICY

Does a Reliance on Hie Government for Sales Hinder New Venture Performance? A Resource Dependence Perspective Curtis R. Sproul, Andrew M. Carnes, Matthew R. Marvel and Amanda Pozzuto 318

THE BABSON COLLEGE BERTARELLI FAMILY AWARD FOR EXCELLENCE IN RESEARCH ON THE TOPIC OF FAMILY ENTREPRENEURSHIP

How Family Interaction Patterns Influence Entrepreneurial Processes: Insights from the Hutterites Onnolee Nordstrom and Jennifer E. Jennings 424

THE G. DALE MEYER AWARD FOR THE MOST RELEVANT RESEARCH IN SOCIAL ENTREPRENEURSHIP

Understanding Failure and Exit in Social Entrepreneurship: A Protocol Analysis of Coping Strategies Pablo Munoz and Gabriella Cacciotti 596

xvi FRONTIERS OF ENTREPRENEURSHIP RESEARCH 2013

I. ANGEL FINANCING

How Critical Cues Influence Angels' Investment Preferences Lakshmi Balachandra, Harry Sapienza and Dennie Kim 1

SUMMARIES

Early-Stage Investors' Criteria and New Venture Financial Performance: Are they Related? Luisa Alemany and Jaume Villanueva 17

Pre, Düring and Post Investment Agency and Principal Strategies in Innovative Startups Mikael Samuelsson and Anna Söderblom 18

INTERACTIVE PAPERS

Coachability: Development of a New Construct and Scale Michael P Ciuchta, Chaim Letwin, Regan Stevenson and Sean McMahon 19

II. VENTURE CAPITAL

THE STEVENS INSTITUTE OF TECHNOLOGY WESLEY J. HOWE AWARD FOR EXCELLENCE IN RESEARCH ON THE TOPIC OF CORPORATE ENTREPRENEURSHIP

R&D Alliance Formation among VC-Backed Entrepreneurial Ventures ]effrey J. Reuer and Ramakrishna Devarakonda 20

The Sooner, the Better? - Venture Capital Exit Decisions in IPOs Carolin Bock and Maximilian Schmidt 35

Heterogeneity of Corporate Parents and the Paradox of Corporate Venture Capital: A Social Capital Approach Joseph S. Harrison and Markus A. Fitza 50

Who You Are and Who You Know - A Configurational Analysis of the Performance Effects of Venture Capital Firms' Characteristics and Network Resources Andreas Kuckertz and Elisabeth S. C. Berger 65

Entrepreneurial Buyouts and Financial Distress: A Multiple Agency Perspective Miguel Meuleman, Nick Wilson, Mike Wright and Jeroen Neckebrouck 80

SUMMARIES

Not All Signals are Created Equal: The Impact of Various Venture Information on the Likelihood of Securing Financing Alisa Boguslavskaya and Andrew Zacharakis 95

Venture Affiliated Angels and Venture Capitalist Screening Decisions Will Drover, Matthew Wood and Andrew Zacharakis 96

Social Venture Capital Firm Strategy: Socialness of Investments and Performance Raymond J. Jones III and Manjula S. Salimath 97

DETAILED TABLE OF CONTENTS xrii

Entrepreneur-Venture Capitalist Alliances as Externalization-Intemalization Decisions Dmitry Khanin and Ofir Turel 98

INTERACTIVE PAPERS

High Growth Entrepreneurs: Chasing Money or Chasing Exits? Sofie De Prijcker, Sophie Manigart, Veroniek Collewaert and Tom Vanacker 99

III. FINANCING

SUMMARIES

Funder Decision-Making: The Role of Product Creativity, Entrepreneurial Passion, and Positive AfFect Blakley C. Davis, Justin W. Webb and Joseph E. Coombs 100

The Role of the Acquirer in Entrepreneurial Exit Nancy Forster-Holt and Jason Harkins 101

Characteristics of "No + Low" Financed Businesses Casey J. Frid, David M. D. Wyman and William B. Gärtner 102

Unpacking the Black Box of Informal Investments: Deal Origination, Motivation, and Context Dependence Ekaterina Murzacheva 103

Keeping Up with The Joneses Investment Portfolio: When Prevention Focus Drives Willingness to Invest Regan M. Stevenson and Michael P. Ciuchta 104

Input Additionality of Public R&D Grants: Panel Analysis of German Biotechnology Companies, 1998-2010 Robert Strohmeyer and Vartuhi Tonoyan 105

Does Improbability make Funding a Possibility? Exploring Uniqueness and Crowdfunding Outcomes Using Statistically Improbable Phrases Marilyn A. Uy 106

INTERACTIVE PAPERS

Beyond Harshness Versus Leniency: Corporate Bankruptcy Laws, Entrepreneurial Aspirations and Risk Aversion Saul Estrin, Tomasz Mickiewicz and Anna Rebmann 107

Resourceful Financing by New Firms John M. Mueller and David Dubofsky 108

Earning What You Keep? Resource Dep endendes and Power Asymmetries between Issuers and Underwriters in IPO Markets David Townsend, Nari Kim, Gilsoo Lee, Sam Cho and Jonathan Arthurs 109

Pricing Entrepreneurial Firm Exit: An Insight from Media Industry Acquisitions during the 2008 Financial Crisis Y. Lisa Zhao and Andrew C. Burkemper 110

xviii FRONTIERS OF ENTREPRENEURSHIP RESEARCH 2013

IV. THE ENTREPRENEUR AND CHARACTERISTICS

Why do Life-Goals and Entrepreneurial Motives Matter for People Pursuing the Establishment of New Ventures? Nadav Shir, Per Hedberg and Johan Wiklund lH

SUMMARIES

Firm Entry and Performance among Older Entrepreneurs Miguel Amaral and Catarina Matos 125

Personality, Experience or Both? The Impact of Individual Characteristics on the Entrepreneurs Resource Acquisition Process Lien Denoo and Pek-Hooi Soh 126

Come On, Do The Locomotion: Why Intrinsic Motivation Might Not be Enough Rebecca J. Franklin 127

Spin-Off versus Start-Up Intentions: A Tale of Two Passions Annelore Huyghe, Mirjam Knockaert and Martin Obschonka 128

University Spin-Off Fundraising: The Impact of Entrepreneurial Capabilities and Social Networks of Founding Teams during Start-Ups Thanh Huynh and Dean Patton 129

The Quest for "Entrepreneurial Genes" Continues Niels Rietveld, Philipp Koellinger, Roy Thurik and Patrick Groenen 130

Development of Effectual Behavior - An Entrepreneurial Learning Approach Salvi Solvoll and Gry Agnete Alsos 131

Prior Industry Experience, Externa! Support and New Venture Survival Peter Vogel, Marc Gruber and John Dencker 132

Succeeding in the Virtual Marketplace: The Role of Entrepreneurial Self-Efficacy and Virtual Self-Efficacy Zeying Wan, Taiyuan Wang and Yinglei Wang 133

Entrepreneurship and Psychological Disorders Johan Wiklund, Holger Patzelt and Dimo Dimov 134

INTERACTIVE PAPERS

The Process of Entrepreneurial Learning: A Pedagogical Approach and Empirical Test Mahamadou Biga-Diambeidou, Benoit Gailly, Hareesh Mavoorish, Edina Eberhardt, and Olga Ivanova 135

Different Approaches that Nascent Entrepreneurs Utilize: Unpacking the Individual-Opportunity Nexus Edward Gamble and Carole Howorth 136

Startup Business Modeling: A Longitudinal Study Ferdinand Jaspers and Tony Hak 137

DETAILED TABLE OF CONTENTS rix

Welcome to the "Wild West": Segmenting a Business Accelerator Population and Implications for Venture Support Gabi A. Kaffka and Norris F. Krueger 138

Tinker, Tailor, Solcher, Spy: Private-Collective Innovation in Open Hardware Entrepreneurship George Kuk 139

Age and Experience of High-Tech Entrepreneurs Herve Lebret 140

Ethics to Opportunity Recognition: A Creative Process Chaim Letwin, Cameron Ford, Robert Folger and Marshall Schminke 141

Entrepreneurial Orientation: A Manifestation of an Entrepreneurs Internal Psychological Resources Brandon Mueller, Eric Arseneau and Marcus Wolfe 142

Brains Over Brawn? Entrepreneurial Human Capital and Optimism in the Great Recession Brandon Ofem and Ikenna Uzuegbunam 143

V. ENTREPRENEURIAL COGNITION

Unfolding the Micro-Processes of Strategie Decision-Making: The Role of Experience-Based Knowledge Bart Clarysse, Anneleen Van Boxstael and Mike Wright 144

Stigmatization of Failed Entrepreneurs: Prevalence and Solutions Anna Jenkins, Karin Hellerstedt, Erik Hunter and Per Davidsson 159

Trapped by the Entrepreneurial Mindset? An Examination of Regulatory Focus and Escalation of Commitment in Entrepreneurial Action Alex S. Kier, JefferyS. McMullen and Donald F. Kuratko 171

SUMMARIES

Scaling Entrepreneurial Action Shawna Chen and Ronald K. Mitchell 186

The Role of Imagination in High-Technology Entrepreneurship Arjan J. Frederiks, Michel L. Ehrenhard and Aard }. Groen 187

Means versus Goals: The Moderating Role of Opportunity Belief on the Central Focus of Entrepreneurial Decision-Making Marco Furlotti, Ksenia Podoynitsyna and Rene Mauer 188

Revisiting the Theory of Planned Behavior: The Role of Perceived Person-Entrepreneurship Fit Dan K. Hsu, Aegean Leung and Michelle Hong. 189

Adjusting Over and Under - Entrepreneurial Heuristics and Temporal Dynamics Shoko Kato and Yasuhiro Yamakawa 190


Future Anxiety, Coping Strategies and Entrepreneurial Intention..."What Did You Expect?" Adnane Maalaoui, Rabiaa Dahgrir, Severine Le Loarne-Lemaire, Rony Germon and Alain Fayolle 191

Cognitive Shortcuts and New Venture Team Formation: Understanding the Impact that Contextual Factors Have on Founding Valuable Teams Douglas R. Miller, David S. Noack and Kun Liu 192

The Interplay of Age and Culture on Entrepreneurial Feasibility and Desirability: No Country for Old Men? Tommaso Minola 193

Impact of Individual Characteristics and Context on Opportunity Development Angela F. Randolph and Keith H. Brigham 194

Addressing the Subconscious: An Empirical Examination of Introspection Accuracy between Stated and Revealed Preferences when Evaluating Business Opportunities Jana Thiel, SungMin Kim and Jan Brinckmann 195

Entrepreneurial Cognition, Dynamism, and the Case of the Middle-East Hamid Vahidnia, Abdallah Assaf, Ronald K. Mitchell, J. Brock Smith and J. Robert Mitchell 196

The Cognitive Foundations of Business Model Innovation: A Multiple Case Study Anneleen Van Boxstael and Marc Gruber 197

Entrepreneurs' Identities in Different Contexts: A Comparison between High-Tech and Social Entrepreneurs Ronit Yitshaki and Fredric Kropp 198

The Role of Emotional Intelligence on Entrepreneurs' Perception of Success Haibo Zhou, Isabel Estrada and Ana Bojica 199

Making Sense of Decisions ab out Underperforming Ventures Fei Zhu and Stewart Thornhill 200

INTERACTIVE PAPERS

My Business Failed - Who Am I? Orla Byrne 201

Uncertain but Able: Entrepreneurial Self-Efficacy and Novices' Use of Expert Decision-Logic under Uncertainty Yuval Engel, Nicoletta Dimitrova, Svetlana Khapova and Tom Elfring 202

Antecedents of Entrepreneurial Intention among Genomics Scientists Denis J. Garand, Jacques Baronet, Sophie Veilleux, Johanne Queenton and Maripier Tremblay 203

Developing an Organic Growth Model for SMEs: An Empirical Comparison of Growth Factors at Gazelles and Non-Gazelles in The Netherlands Paul Geuvers 204

DETAILED TABLE OF CONTENTS xxi

Stressing the Opportunities: An Experimental Test of Stress' Effects on Entrepreneurs' Cognitive Resources, Opportunity Recognition, and Decision-Making David S. Jiangand Timothy P. Munyon 205

Self-Employment, Employment Choice and the Accounting Profession MaxRomanov, Erik Monsen, John Ferguson and Edward Gamble 206

Self-Efficacy, Gender and Entrepreneurial Intentions: A Longitudinal Examination Rachel S. Shinnar, Dan K. Hsu and Benjamin Powell 207

VI. ENTREPRENEURIAL MOTIVATIONS

NATIONAL FEDERATION OF INDEPENDENT BUSINESS (NFIB) AWARD FOR EXCELLENCE IN RESEARCH ON THE GENERAL TOPIC OF ENTREPRENEURSHIP

Finding the Passion to Persevere: An Exploration of the Mechanisms by which Passion Fuels Entrepreneurial Grit Imran Syed and Brandon Mueller 208

My First Employee Alex Coad, Kristian Nielsen and Bram Timmermans 222

SUMMARIES

What do They Think and Feel about Growth Now? Revisiting Small Business Managers Attitudes Towards Growth Alexander McKelvie and Denny Dennis 238

Understanding the Commitment of New Venture Founders: Digging In Or Moving On? David S. Noack, Douglas R. Miller and Daniel V. Holland 239

Societal-Level Collectivism and Trust: Influence of Social and Commercial Entrepreneurship Saurav Pathak and Etayankara Muralidharan 240

Autonomy Dynamics Marco van Gelderen 241

INTERACTIVE PAPERS

Motivations, Behaviors, and Satisfaction of Entrepreneurial Mentors Michael Begelfer and Mark Parry 242

Learning and Performing: Effects of Learning Goal Orientation and Stress on Entrepreneurial Motivation and Perceived Ability to Overcome Obstades Maw-Der Foo, Marilyn Uy and Elsa Chan 243

Financial Capital, Social Norms and Entrepreneurial Intent: Evidence from a Russian Context Shirah E. Foy 244


Exit before Entry: Why Do Nascent Entrepreneurs Quit? Casey J. Frid, William B. Gärtner and Melissa S. Cardon 245

To Do It or Not To Do It, It All Depends: Cross-Cultural Differences in the Effect of Achievement Motivation of Entrepreneurial Intention Xiaohua Lin, Akin Kogak, Malin Brännback, Rene Mauer and Carlos Albornoz 246

Wearing Many Hats: The Forces Impacting Role Identity Changes Over Time Blake D. Mathias 247

Pushed Out and No One To Turn To? Entrepreneurial Mobiiity in a Tournament Model Rüssel R Nelson and Laura Huang 248

VII. ENTREPRENEURIAL NETWORKS

SUMMARIES

Competitors as Advisors: How Cooperative Environments Impact Trust and Knowledge among Small Business Entrepreneurs Tera Galloway, Kristine M. Kuhn and Maureen Collins-Williams 249

Cooperation or Competition? Faultline Theory and Collaborative Efforts of Entrepreneurial Croups in Microcredit Matthew Grimes, Emily Hunter, Steven W. Bradley and Hana Milanov 250

Local, Distant, and Online: Where Small Business Entrepreneurs Seek Peer Advice and Why Kristine M. Kuhn, Tera Galloway and Maureen Collins-Williams 251

Social Network Structures of Nascent Entrepreneurs: A Study of Advisor Networks in the GEM Cross-Country Data Sarfraz A. Mian and M. Shahid Qureshi 252

How Structure Follows Agency: The Creation of Networks by Un-Embedded Entrepreneurs Elco van Burg, Tomas Karlsson and Mariette Kaandorp 253

Bridging or Bonding? Entrepreneurs' Brokering Resources for New Venture Emergence Trenton A. Williams and Dean A. Shepherd 254

Fear of Failure: The Dark Side of Entrepreneurial Role Models Michael Wyrwich, Michael Stuetzer and Rolf Sternberg 255

INTERACTIVE PAPERS

The Influence of Online Social Networks on the Stages of New Venture Creation Isaac Y. Addae, Tammi C. Redd, Sharon A. Simmons and Robert R Singh 256

Accessing Emotional Support: Examining the Influence of Network Agency and Role-Relations Kim Klyver and Mark T. Schenkel 257


Social Support Dynamics in Firm Emergence Kim Klyver 258

An Empirical Investigation of the Emergence of Network Capability in the Entrepreneurial Firm Louis D. Marino, Wesley ]. Johnston, Helen McGrath and Thomas O'Toole 259

A Taxonomic Approach to the Entrepreneurs Social Network: New Insights into Resource Acquisition Tammi Redd 260

VIII. WOMEN ENTREPRENEURSHIP

Access to Early Stage Financing: The Gase of the Missing Women Tatiana S. Manolova, Linda F. Edelman and Candida G. Brush 261

SUMMARIES

Examining the Roles of Stereotype Reactance and Relative Deprivation on Women's Entrepreneurial Intentions Golshan Javadian and David B. Zoogah 274

Entrepreneurial Capital: The Effects of Household and Family on Women Entrepreneurs Tobias Pret, Eleanor Shaw and Sara Carter 275

Gender and Firm Innovativeness: On the Role of Entrepreneurs' Career Historie: and the Acquisition of Diverse Skills Robert Strohmeyer and Vartuhi Tonoyan 276

Gender and Entrepreneurial Performance: Testing a Holistic Framework John Watson and Roxanne Zolin 277

INTERACTIVE PAPERS

Social and Sustainable Gender DifFerences in Entrepreneurship: Assessing Mission Drift and Mission Achievement among Men and Women Social and Sustainable Entrepreneurs William R. Meek 278

The French Mumpreneurship Movement: Radical Feminist or Adaptive Practice? Katia Richomme-Huet and Virginie Vial 279

IX. TEAMS

How Should We Divide the Pie? Perceived Justice of Equity Distribution and Its Impact on Entrepreneurial Team Interactions and Outcomes Nicola Breugst, Philipp Rathgeber and Sven Kleinknecht 280

A Learning Perspective on Outside Board Service Effectiveness in Early Stage High Tech Firms Elien Vandenbroucke, Mirjam Knockaert and Deniz Ucbasaran 296

xxiv FRONTIERS OF ENTREPRENEURSHIP RESEARCH 2013

SUMMARIES

Is Döing Two Things at Once Döing Neither? Exploring the Role of Firm Ambidexterity on Innovation Speed Are Jensen 311

A New Brush Sweeps Clean but the Old One Knows the Corners - Founder Retention in First Time Succession Caroline N. Kaehr Serra 312

INTERACTIVE PAPERS

Academic Spin-Offs Performance: The Impact of the Core Academic Entrepreneurial Team Revealed Cyrine Ben-Hafaiedh, Alessandra Micozzi and Pierpaolo Pattitoni 313

Startup Competition as a Source of Organizational Endowments for Early-Stage Ventures Pek-Hooi Soh and Elicia Maine 314

X. GOVERNANCE

SUMMARIES

Depending on the Independent: an Analysis of Board Independence in Social Ventures Sophie Bacq and David Gras 315

Let Go and Move On - Founder Role Transitions in First-Time Successions Caroline N. Kaehr Serra 316

INTERACTIVE PAPERS

Rewards and Innovation in New Ventures Sarah Park, Michael Koch and Se Won Park 317

XI. STRATEGY

THE JOURNAL OF SMALL BUSINESS MANAGEMENT (JSBM) AWARD FOR EXCELLENCE IN RESEARCH ON THE TOPIC OF PUBLIC POLICY

Does a Reliance on the Government for Sales Hinder New Venture Performance? A Resource Dependence Perspective Curtis R. Sproul, Andrew M. Carnes, Matthew R. Marvel and Amanda Pozzuto 318

Imitation and Differentiation in the Emergence of New Categories: The Case of Seed Accelerators 2005 - 2012 Greg Fisher and Shannon Younger 333

Exploration-Exploitation Strategies and Exit Outcomes of New Ventures Mohammad Keyhani, Yuväl Deutsch, Anoop Madhok and Moren Levesque 348


Race to the Frontier: Strategie Direction, Strategie Intensity and the Competitive Performance of Entrepreneurial Firms in Transition Economies Ivan M. Manev, Jason Harkins and Bojidar S. Gyoshev 365

Towards a Taxonomy of Entrepreneurial Strategies: Evidence from US High-Tech Venture Business Plans Tiago Ratinho, Jeroen Kraaijenbrink and Jeroen Oude Luttikhuis 380

The Role of Bricolage in Triggering Exploration and Exploitation in Small and Medium-Sized Enterprises Roxana Turturea, Justin Jansen and Ingrid Verheul 391

SUMMARIES

Growing Pains: External and Internal Challenges and New Venture Growth in Emerging Economies Wafa N. Almobaireek, Ahmed A. Alshumaimeri and Tatiana S. Manolova 406

A Global Investigation of the Influence of Institutional Risk Factors on the Entrepreneurial Orientation-Firm Growth Relationship Brian S. Anderson, Patrick M. Kreiser and R. Duane Ireland 407

Social Venture Simplicity versus Complexity: The Survival Effects of Exploiting Multiple Opportunities by Newly Founded Charity Organization David Gras and Karla Mendoza-Abarca 408

You Cannot Live of Love Alone - The Interrelation of Legitimacy Efforts and Effectuation in Nascent Markets Franziska Günzel-Jensen andMorten Rask 409

Entrepreneurial Orientation: The Dimension's Unique, Bilateraily Shared, and Commonly Shared Contributions to Explaining Firm Performance Carina Lomberg, Diemo Urbig, Christoph Stöckmann, Lou Marino and PatDickson 410

Human Resource Management in Entrepreneurial Firms: The Impact of Different HRM Practices on Performance Andreas Rauch and Isabella Hatak 411

Resource-Based Capability Trajectories of New Ventures Paul Steffens and Leo Paas 412

Breaking Out of the Bank: How Entrepreneurs Enable Collective Emergent Institutional Entrepreneurship through Bitcoin Robin Teigland, Zeynep Yetis, Tomas Larsson and George Kuk 413

Exploration and Exploitation in New Ventures: Combining Intra- and Inter-Organizational Learning for Capability Development Yuanyuan Wu and Paola Perez-Aleman 414

INTERACTIVE PAPERS

Making Sense of the Unexpected: Responses to Surprise Events in Technology Ventures Yan Gong, E. Erin Powell and Ted Baker 415


Environmental Velocity, Complexity, Unpredictability and Ambiguity: A Study of Its Consequences for the Strategie Repertoire of New Ventures Barbara Larraneta, Rocio Aguilar and Borja Villa 416

Take Risk or Not To Take Risk? A Methodological Comparison about the Entrepreneurial Risk-Taking-Performance Relationship Carina Lomberg and Artur Baldauf. 417

The Performance Implications of Fit among Business Model Innovation and Strategie Orientation Tobias Mathar 418

How Can Small Businesses Effectively Design and Manage the Omni-Channel Customer Experience? Salvatore Parise and Patricia J. Guinan 419

Institutional Capabilities and Entrepreneurial Advantage: Bridging the Gap between Regulatory Management and Opportunity Christopher Pryor 420

Who Is Faster? The Role of Start-Up Strategies in Determining Time to First Sale and Break-Even Point Katrin M. Smolka, Ingrid Verheul and Katrin Burmeister-Lamp 421

Horizontal and Vertical Knowledge Spillovers: Impact on Firm Exploration Siri Terjesen, Maksim Belitski and Pankaj C. Patel 422

When Does Innovation Speed Matter Xiaoming Yang 423

XII. FAMILY ENTERPRISE

THE BABSON COLLEGE BERTARELLI FAMILY AWARD FOR EXCELLENCE IN RESEARCH ON THE TOPIC OF FAMILY ENTREPRENEURSHIP

How Family Interaction Patterns Influence Entrepreneurial Processes: Insights from the Hutterites Onnolee Nordstrom and Jennifer E. Jennings 424

Not All Created Equal: Examining the Impact of Descendent CEOs on Family Firm Performance Mark T. Schenkel, Sean S. Yoo and Jaemin Kim 439

SUMMARIES

Harvest and After: Entrepreneurial Recycling in Family Firm Portfolios Naveed Akhter and Francesco Chirico 456

Long-Term Orientation and Innovativeness in Multi-Generational Family Firms Vanessa Diaz-Moriana, Eric Clinton, Justin Craig and Tom Lumpkin 457

Relations or Relatives? The Effect of Political Connections and Family Ties in the Entrepreneurial Recovery of Family Firms from a Natural Disaster Carlo Salvato, Alessandro Minichilli, Mario Amore and Massimo Sargiacomo 458

DETAILED TABLE OF CONTENTS xxvii

Who Do We Know? Intergenerational Social Capital in Family Firms Sabrina Schell and Miriam Hiepler 459

Driving Factors of Innovation in Family and Non-Family Firms Arndt Werner; Christian Schröder and Simone Chlosta 460

INTERACTIVE PAPERS

Investigating Factors Affecting Family Business Succession: A Bayesian Analysis Charles (Chad) Carson, Franz Lohrke and Archie Lockamy 461

National Context, Role Configurations and Venture Outcomes: A Look at the Biotechnology Industry Severine Le Loarne-Lemaire and Lais M. Shelton 462

XIII. THE ORGANIZATION AND NETWORKS

Chicken or Egg: Exploring the CDevolution of VC Firm Reputation and Status Timothy G. Pollock, Peggy M. Lee, Kyuho Jin and Kisha Lashley 463

SUMMARIES

Configuration Paths in Startup Development Rainer Harms, Robert J. Breiteneckerand Erich J. Schwarz 478

Antecedents of Business Model Innovation in SMEs: A Multilevel Analysis Tobias Mathar and Malte Brettel 479

INTERACTIVE PAPERS

Stepping In and Stepping Out: Environmental and Behavioral Influences on the Timing of Entrepreneurial Entry and Exit Rene M. Bakker and Scott R. Gordon 480

The More the Merrier? How Additions to New Ventures' Alliance Portfolios affect Business Model Change Lien Denoo, Helena Yli-Renko and Bart Clarysse 481

Different Types of Innovation in the Micro-Firm: A Test of the Determinants and the Moderating Effect of Gender Dawn R. DeTienne, Eric Clinton, Colm O'Gorman and Michael Dowling 482

Inter-Institutional Conflicts in Technology Commercialization Processes Sharon Dolmans and Isabelle Reymen 483

XIV. ENVIRONMENT

Creating Slack: Institutional Constraints and Entrepreneurial Discretion E. Erin Powell and Ted Baker 484

The Impact of Subnational Region on the Growth of New Ventures: Empirical Evidence from US Venture-Backed Firms Siddharth Vedula and Claudia Doblinger 496


SUMMARIES

The Co-Creation of Entrepreneurship and the Environment: Cuba and the Cuban Paladares Sharon A. Alvarez, Jay B. Barney and William R. Stromeyer 510

The Impact of the Global Economic Crises on Entrepreneurial Activity Niels Bosma and Siri Terjesen 511

Drivers of Innovation Performance - A Longitudinal View on the Role of Entrepreneurial Orientation and Environmental Factors Alexander Brunst and Malte Brettel 512

Exploring Virtual Entrepreneurship: Effects of Innovation, Networks and Information Processing Vallari Chandna and Manjula S. Salimath 513

Are Highly Innovative Firms also High Growth Firms? And what are the Causal Events that Deliver High Sales Growth? Marc Cowling, Josh Siepel, Weixi Liu and Gordon Murray 514

Employment Growth in New Ventures: Differences between Gore and Peripheral Regions Eli Gimmon, Zeev Greenbergand Yanay Farja 515

Entrepreneurship as Industry: Motivational Effects of the Goods and Services Marketed to Entrepreneurs Richard A. Hunt and Kip Kiefer 516

How Does Weifare State Generosity Impact Entrepreneurship in Distinctive Unemployment Conditions? Emeran Nziali and Alain Fayolle 517

The Great Recession of 2008-2009 and Regional Entrepreneurship: Identifying Cultural Resilience Factors Martin Obschonka, Michael Stuetzer, Samuel D. Gosling, Peter Jason Rentfrow and Jeff Potter 518

Individual-Level Predictors of Entrepreneurial Opportunity Identification: A Review and Meta-Analytical Examination Hessamoddin Sarooghi, Dirk P. Libaers, Jeffrey S. Hornsby and Andrew C. Burkemper... .519

The Effect of National Institutional Contexts on Opportunity Formation Susan L. Young, Christopher Welter and Michael Conger 520

Industry Knowledge and New Venture Survival ShakerZahra, Giuseppe Criaco, Lucia Naldi and Barbara Larraneta 521

INTERACTIVE PAPERS

The Influence of Geopolitics on Entrepreneurship during the Early Days of Silicon Valley Stephen B. Adams 522

DETAILED TABLE OF CONTENTS =mx

Firm Age and Growth Persistence Alex Coad, Sven-Olov Daunfeldt and Daniel Halvarsson 523

Learning to Walk: The Journey of an Aspiring Entrepreneur Bertha T. Jimenez 524

Bribery: Hindering or Facilitating New Product Introduction? Michael Mcleod, Robert Evert and Steven Bradley 525

Understanding the Value Proposition of Interdisciplinary Undergraduate Entrepreneurship Francine Schlosser, Zbigniew Pasek and Nira Roy 526

New Venture Creation in Mature Industries: The Role of Organizational Detritus, Effectuation and Bricolage Katrin M. Smolka and Jochem Kroezen 527

Entrepreneurial Opportun!ties as Temporal Constructions Elco van Burg and Hans Berends 528

The Role of Future Time Perspective in Explaining Entrepreneurial Involvement of Individuais across Countries Jacob Vermeire and Miguel Meuleman 529

XV. INTERNATIONAL

SUMMARIES

(Educated) Women and Men Differ: Social and Commercial Entrepreneurship Compared Saül Estrin, Tomasz Mickiewicz and Ute Stephan 530

Looking Beyond the Convention: A Novel Incremental Predictor of National Entrepreneurship Rates Markus Fitza and Daniel Lerner 531

The Impact of Resource Slack on SME Internationalization Andreea N. Kiss, Stephanie A. Fernhaber and Patricia P. McDougall-Covin 532

How Does Financial Innovation Emerge in Resource- Constrained Economies? David Lingelbach, Tigineh Mersha, Ven Sriram and Kojo Saffu 533

Cultural Leadership Stereotypes and the Entrepreneurial Process: A Multi-Level, Cross-National Study Ute Stephan 534

Age at Initial International Entry: A Meta-Analytic Review of Antecedents and Consequences Jason A. Strickling, David S. Jiang, David W. Williams and T. Russell Crook 535

Have We Made It? Investigating Value-Creating Strategies in Early Internationalizing Ventures Romeo V. Turcan and Anita Juho 536


INTERACTIVE PAPERS

Post-Entry Speed and the Performance of International New Ventures - The Role of Complexity Management Anne Domurath, Benjamin Schneck and Holger Patzelt 537

Profit or Peril? International Entrepreneurship, Constitutional Uncertainty and the Strategie Use of Private Ordering Richard A. Hunt 538

What Does It Take To Gross A Border? The Antecedents of Cross-Border Private Equity Investments Francisco Morales and Santiago Mingo 539

Slack Resources and the Exporting Behavior of Private Firms Ine Paeleman, Catherine Fuss and Tom Vanacker 540

XVI. CORPORATE ENTREPRENEURSHIP

The Influence of Managerial Attribution on Corporate Entrepreneurship Parvathi Jayamohan, Alexander McKelvie and Todd Moss 541

SUMMARIES

The Mediation Effect of Organizational Environment on Corporate Venturing Activities: an Individual Perspective Eissa E. Alrumaithi, Maribel Guerrero and Inaki Pena 554

The Paradox of Ambidexterity: Balancing the Benefits and Perils of Exploration, Exploitation and Learning from Failure Jennifer Bailey, Manpreet Hora and Cheryl Gaimon 555

Moving To The Next Project? Capturing Transition Performance in a Corporate Entrepreneurship Setting Judith Behrens 556

The Configuration of Corporate Venturing Logic through a Resource Dependence Institutional Lens Marina Biniari, Sharon A. Simmons, Erik Monsen and Maria Isabel Pizarro Moreno 557

The Role of Family Succession Teams in the Renewal of the Firms Entrepreneurial Orientation Luis Cisneros, Näima Cherchem and Berangere Deschamps 558

Impact of Entrepreneurial Orientation, Market Orientation, and Organizational Learning on Shareholder Value: A Moderated-Mediation Model DevK. Dutta andXiujian Chen 559

The Effect of Intrapreneurial Experience on Firm Creation: Evidence from Expansionary and Recession Periods Maribel Guerrero and Inaki Pena 560

DETAILED TABLE OF CONTENTS tm

To See or Not To See: An Inductive Analysis of Opportunity Identification in a Nascent Market Chiung-Yi Hwang 561

Is what is Good for the Goose also Good for the Gander? Examining the Differential Outcomes of EfFectuation Anette Johansson 562

Retaining Entrepreneurship in Maturing Family Businesses Einar Lier Madsen 563

Exploring the Evaluation and Selection Process of Corporate Ventures: Critical Factors and Stage-Based DifFerences Monica Masucci, Stefano Brusoni and James Hayton 564

Corporate Effectuation Laura P. Mathiaszyk and Christine Volkmann 565

Persistence and Start-Up Speed of Intrapreneurs Matthias A. Tietz and Simon C. Parker 566

INTERACTIVE PAPERS

Antecedents of Entrepreneurial Orientation: Testing the Impact of Engagement and Extra-Role Behaviors Olga Belousova, Aard J. Groen and Benoit Gailly 567

Pursuing Business Models Outside-The-Core: Lessons Learned from Six In-Depth Gase Studies Heidi Berteis, Peter Koen and Ian Elsum 568

Longer Term Financial Performance and Corporate Entrepreneurship Hans Bruiningand Aart Willem Saly 569

How to Achieve Sustainable Competitive Advantage: The Importance of Entrepreneurial Orientation Alexander Brunst 570

Designing the Organization for Corporate Entrepreneurship and Institutionalizing the Innovation Function Andrew Corbett, Gina O'Connor and Lois Peters 571

Entrepreneurial Orientation, Firm Performance, and CEO Power: Evidence from India Vishai Gupta, Abrarali Saiyed and Dev K. Dutta 572

Perceiving and Controlling Risk in the Academic Entrepreneurship Process Mark Johnson 573

Does One Size Fit All? The Impact of Organizational Size on Corporate Entrepreneurship Robert S. Nason, Donald F. Kuratko and Jeffrey S. Hornsby 574

Agency and Strategie Choice Perspectives on the New Venture Boards Involvement in Breakthrough Innovation Strategy Lois S. Peters, Gina C. O'Connor and Ibrahim A. Shaikh 575

xxxii FRONTIERS OF ENTREPRENEURSHIP RESEARCH 2013

Does Venturing Create Firm Value? A Configurational Approach to Understanding the Venturing-Firm Value Relationship Varkey Titus, Jr„ Brian S. Anderson and Bret Fund 576

When Less Is More: The Influence of Entrepreneurial Orientation upon Funds Raised at Initial Public Offering William Wales, Fariss Mousa and Steven Harper 577

XVII. PUBLIC POLICY

Sleeping Gazelles: High Profits but No Growth Anders Bornhäll, Sven-Olov Daunfeldt and Niklas Rudholm 578

INTERACTIVE PAPERS

The Evaluation of University Inventions: Judging A Book by Its Cover? Sharon Dolmans, Scott Shane, Joseph Jankowski, Isabelle Reymen and George Romme.... 594

University and Biotechnology Links: A System of Entrepreneurial Knowledge Creation and Technology Exchanges Dorothy M. Kirkman and Nadia Di Paola 595

XVIII. SOCIAL ENTREPRENEURSHIP

THE G. DALE MEYER AWARD FOR THE MOST RELEVANT RESEARCH IN SOCIAL ENTREPRENEURSHIP

Understanding Failure and Exit in Social Entrepreneurship: A Protocol Analysis of Coping Strategies Pablo Munoz and Gabriella Cacciotti 596

SUMMARIES

The Wickedness of Döing Good: The Role of Problem Type on Social Entrepreneurial Founding and Performance Anthony R. Briggs, Jo-Louise Huq and Jennifer E. Jennings 612

Monetizing Social Value Creation - A Business Model Approach Susanne Dohrmann, Matthias G. Raith and Nicole Siebold 613

Where Is The Fertile Ground? An Empirical Investigation of the Macro Determinants of Social Entrepreneurship Mark Griffiths, Jill Kickul and Niharika Garud 614

Gaining Externa! Legitimacy through Interpartner Legitimacy and Resource Transfer -A Quantitative Analysis on Social Enterprises and their Most Important Partners Kathrin Lambrich and Christiana Weber 615

Legitimation Strategies of Nascent Social Ventures: A Textual Analysis of Incorporation Documents of Community Interest Companies Raja Singaram and Jeroen Kraaijenbrink 616


Innovation, Financial Independence or Both - What Drives Social Impact the Most? Empirical Evidence of Social Enterprises Christiana Weber and Jeffrey Overall 617

INTERACTIVE PAPERS

Distinctly Distant: Geographie and Cognitive Distance in Crowdfunded Microlending Aaron H. Anglin, Thomas H. Allison, Lawrence A. Plummer and Lowell W. Busenitz 618

Understanding the Drivers of Social Innovation: Social Entrepreneurs, Commercial Entrepreneurs, or Both? Sergey Anokhin and Kostas Alexiou 619

Much Ado about Nothing? A Comparative Study of Hybrid Social Enterprises and Nonprofit Organization in Developing and Developed Economies Niharika Garud, Sophie Bacq, Jill Kiekut and Mark Griffiths 620

Profit First or Outreach to Poor People First? Institutionally Embedded Ventures in Microfinance Junyon Im and Sunny Li Sun 621

XIX. ENTREPRENEUR OTHER

Home Country Factors and the Decision to Internationalize Technology-Based New Ventures: A Multi-Level Study of Early-Stage Entrepreneurs Saurav Pathak, Etayankara Muralidharan and Andre Laplume 622

TMI: Honest Claims and Risk of Overdisclosure in Crowdfunding Campaigns Phillip H. Kim 638

SUMMARIES

The Effect of Soliciting advice in Pre-Start up Phase on Ventures Speeding Products to Market Tae Jun Bae, ShanShan Qian and Robert P. Garrett, Jr. 646

Does Entrepreneurship Education Change Students' Attitüde towards being an Entrepreneur? The Moderating Effect of Family Supportiveness Heidi Berteis, Peter Koen, Norris Krueger and David Rivera 647

Measuring Perceived Risk: Development and Validation of an Entrepreneurship-Specific Scale Saulo Dubard Barbosa 648

Qualitative Research in Entrepreneurship: Current Research Practices and Suggestions for the Future Vishai Gupta, Alexander Knights, Golshan Javadian and Alka Gupta 649

Nascent Necessity Entrepreneur Well-Being as an Antecedent to Entrepreneurial Intention and Start-Up Behavior: A Longitudinal Study of Gender Differences Wendy Lindsay, Noel Lindsay, Peter Balan and Eva Balan-Vnuk 650


Do Teams Really Matter? The Direct and Indirect Effects of Team Composition on Financing, Network, and Performance of University Spin-Offs Petra Moog and Christian Soost 651

Control Variables in Entrepreneurship Research: Use, Misuse, and Recommended Use Leon Schjoedt and Barbara Bird 652

Exploring the Role of Observation in the Entrepreneurial Process Ricardo Zozimo, Sarah L. Jack and Ellie Hamilton 653

INTERACTIVE PAPERS

Business Model Design for Entrepreneurial Firms as Sustainable Energy Providers Veronika Gustafsson and Patrick Holzmann 654

Rebeis With A Cause: Perceptions, Beliefs, and the Coopetitive Dynamics of Entrepreneurs in the Emergence of the New Space Industry Laura Huangand GregAutry 655

Do Superordinate Identities Alter Entrepreneurial Opportunity Recognition Kip Kiefer and Justin I. Miller 656

Disentangling Entrepreneurial Firm Exits and Failures Karen A. Murdock and Tamara Stucchi 657