|
on Entrepreneurship |
| By: | Richard Jensen (Department of Economics, University of Notre Dame) |
| Abstract: | This paper empirically examines commercialization of university faculty inventions through startup firms from 1994 through 2008. Using data from the Association of University Technology Managers and the 2010 NRC doctoral rankings, our research reveals several findings. We find that university entrepreneurship is more common in bad economic times and that engineering department quality and biological sciences department size are more important after the NASDAQ stock market crash in 2000. We also find that the quality of a biological sciences department is positively associated with startup company activity. Conditional on creating one startup, each additional TTO employee significantly increases university startups. |
| Keywords: | Startups, Entrepreneurship, Innovation |
| JEL: | I23 M13 O31 |
| Date: | 2012–07 |
| URL: | http://d.repec.org/n?u=RePEc:nod:wpaper:009&r=ent |
| By: | Hermans J.; Vanderstraeten J.; Dejardin M.; Ramdani D.; Stam E.; Van Witteloostuijn A. |
| Abstract: | In the recent literature on entrepreneurship there is a growing body of knowledge that recognizes that some entrepreneurs have higher ambitions than others and that these entrepreneurial ambitions are an important antecedent of actual firm success. Consequently, it is not surprising that ambitious entrepreneurship gradually becomes a topic of high interest for policy makers and scholars (e.g., Gundry and Welsch, 2001; Van Gelderen, 2006). Nevertheless, there does not yet exist a clearly defined overview of what is known (and not known) about this topic. Moreover, although authors advocate that the difference between high and low entrepreneurial ambitions should be recognized (Cassar 2007), few studies actually distinguish between ambitious entrepreneurs and their less-ambitious counterparts. In this paper, we address this gap and provide a structured overview of existing literature on ambitious entrepreneurship. Our analysis confirms that ambitious entrepreneurs are an interesting population for the research community as well as for policy makers and other practitioners. Indeed, it suggests that ambitious entrepreneurs have a specific impact upon the economy and contribute to the quality of entrepreneurial activity. From a conceptual point of view, the review reveals that there is no consensus with regard to the operationalization of ambitious entrepreneurship and growth ambitions in general. As outcomes of this review, we indentify promising paths for future research and we propose the concept of a projecting process to clarify the link between growth attitude, growth intention and growth expectation. |
| Date: | 2012–10 |
| URL: | http://d.repec.org/n?u=RePEc:ant:wpaper:2012023&r=ent |
| By: | Viral V. Acharya; Ramin P. Baghai; Krishnamurthy V. Subramanian |
| Abstract: | We show that wrongful discharge laws – laws that protect employees against unjust dismissal – spur innovation and new firm creation. Wrongful discharge laws, particularly those that prohibit employers from acting in bad faith ex post, limit employers' ability to hold up innovating employees after the innovation is successful. By reducing the possibility of hold-up, these laws enhance employees' innovative efforts and encourage firms to invest in risky, but potentially mould-breaking, projects. We develop a model and provide supporting empirical evidence of this effect using the staggered adoption of wrongful discharge laws across the U.S. states. |
| JEL: | G3 J5 J8 K31 |
| Date: | 2012–11 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:18516&r=ent |
| By: | Lerner, Josh (Harvard Business School); Tåg, Joacim (Research Institute of Industrial Economics (IFN)) |
| Abstract: | We survey the literature on venture capital and institutions and present a case study comparing the development of the venture capital market in the US to Sweden. Our literature survey underscores that the legal environment, financial market development, the tax system, labor market regulations, and public spending on research and development correlates with venture capital activities across countries. Our case study suggests these institutional differences led to the later development of an active venture capital market in Sweden compared to the US. In particular, a later development of financial markets and a heavier tax burden for entrepreneurs have played a key role. |
| Keywords: | Financial market development; Institutions; IPOs; Labor markets; Legal environment; R&D; Taxation; Stock markets; Venture capital |
| JEL: | E02 G24 G28 N20 O16 O43 O57 |
| Date: | 2012–01–03 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:iuiwop:0897&r=ent |
| By: | Anna Kovner; Josh Lerner |
| Abstract: | This paper examines the investments and performance of community development venture capital (CDVC). We find substantial differences between CDVC and traditional venture capital (VC) investments: CDVC investments are far more likely to be in nonmetropolitan regions and in regions with little prior venture capital activity. Moreover, CDVC is likely to be in earlier-stage investments and in industries outside the venture capital mainstream that have lower probabilities of successful exit. Even after we control for this unattractive transaction mix, the probability of a CDVC investment being successfully exited is lower. One benefit of CDVCs may be their effect in bringing traditional VC investment to underserved regions: When we control for the presence of traditional VC investments, each additional CDVC investment results in an additional 0.06 new traditional VC firm in a region. |
| Keywords: | Community development ; Venture capital ; Investments |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fednsr:572&r=ent |
| By: | Dawson, Christopher (University of the West of England, Bristol); Henley, Andrew (Aberystwyth University) |
| Abstract: | This paper is concerned with whether women are less likely to express business start-up intentions because of a less favourable attitude to risk. Previous research suggests that attitude to risk differs significantly between genders, but has not addressed the question of whether this contributes to lower levels of female interest in venture creation. This paper describes a conceptual basis for this question, and investigates it using a survey of business start-up intention from across a sample of European universities. A large proportion of the difference in average levels of intention between genders appears to be associated with attitude to risk. |
| Keywords: | entrepreneurship intentions, attitude to risk, gender difference |
| JEL: | D84 J13 M13 |
| Date: | 2012–10 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp6947&r=ent |
| By: | Calá, Carla Daniela; Arauzo Carod, Josep Maria; Manjón Antolín, Miguel C. |
| Abstract: | Regional policies aiming to attract new firms are largely based on evidence that originates from Europe, the USA and Japan. This may raise doubts about the usefulness of such policies when applied to developing economies. This paper addresses this issue by providing estimates of the determinants of firm entry in the Argentinean provinces. We find that most of the determinants used in previous studies analysing developed countries are still relevant. However, there is a need for additional explanatory variables that reflect the specificities of developing economies. Key words: firm entry, regional economics, Argentina. JEL: R12; R30; C33 |
| Keywords: | Empreses -- Creació, Economia regional, Argentina, 332 - Economia regional i territorial. Economia del sòl i de la vivenda, |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:urv:wpaper:2072/203159&r=ent |
| By: | G. Coco; G. Pignataro |
| Abstract: | This paper investigates the impact of credit allocation on heterogeneous wealth entrepreneurs from an egalitarian opportunity point of view. We show that in a model with hidden information about both entrepreneurial wealth and e¤ort aversion, and moral hazard, collateral proves ineffective in sorting good entrepreneurs from bad ones. Due to DARA, poor entrepreneurs, other things equal realize better projects. This notwithstanding, they may be rationed out or obtain a loan only at the cost of cross subsidizing bad projects realized by rich entrepreneurs. |
| JEL: | D31 D82 G21 |
| Date: | 2012–10 |
| URL: | http://d.repec.org/n?u=RePEc:bol:bodewp:wp851&r=ent |
| By: | OECD |
| Abstract: | This report provides the main findings and recommendations of a case study review of entrepreneurship education and business start-up support in Tunisian universities and universities of applied sciences as part of a series of reviews on Skills and Competences for Entrepreneurship carried out by the Local Economic and Employment Development (OECD) Programme of the Organisation for Economic Co-operation and Development (OECD).<P> The review examines current strategies, structures and practices for entrepreneurship promotion in Tunisian universities highlighting activities to instil entrepreneurial intentions and to favour business creation among graduates. One of the core strengths of the Tunisian system is that it reaches a large proportion of students with basic entrepreneurship teaching. The report sets out the opportunities to improve this teaching using international best practice models and to complement it with more intense start-up support for those students ready to go further. <P> To this end, the report recommends the creation of a national graduate entrepreneurship strategy with clear objectives, indicators and incentives, methods for benchmarked learning and a resource bank of teaching materials together with an exchange platform for universities on entrepreneurship support practices, with an interface through university enterprise champions, an academic association, and improved training of trainers. The existing basic teaching in entrepreneurship should be improved with new activities and approaches and a new level of deeper business creation and growth support introduced including incubation, coaching and referral and post start-up support. |
| Date: | 2012–10–29 |
| URL: | http://d.repec.org/n?u=RePEc:oec:cfeaaa:2012/18-en&r=ent |
| By: | Eleonora Lorenzini (Department of Economics and Management, University of Pavia) |
| Abstract: | This paper draws on the literature on innovation in clusters and e-commerce to investigate how a particular kind of innovation project, the establishment of a regional e-marketplace (REM), may contribute to regional development. Using a firm-centred perspective, the role of geographical and cognitive proximity, absorptive capacity and other firm characteristics in the adoption and development of this particular type of innovation project is assessed. Hypotheses are tested with reference to the case of an REM recently established in the Italian area of Valtellina. The policy implications of the study are that REMs deserve support as an instrument of territorial development both in the establishment and in the implementation phase, more with “soft policies” than with “hard policies”. |
| Keywords: | clusters, innovation policy, e-commerce, proximity, Italy |
| Date: | 2012–10 |
| URL: | http://d.repec.org/n?u=RePEc:pav:demwpp:demwp0003&r=ent |
| By: | Francesco LISSONI (GREThA, CNRS, UMR 5113); Fabio MONTOBBIO (KITeS, Université BOCCONI - Milan) |
| Abstract: | This paper compares the value and impact of academic patents in five European countries with different institutional frameworks: Denmark, France, Italy, the Netherlands, and Sweden. Ownership patterns of academic patents are found to: (i) differ greatly across country, due to a combination of legal norms on IP and institutional features of the university system; (ii) be strongly associated to academic patents\' value, as measured by patent citations. Company-owned academic patents tend to be as cited as non-academic ones, while university-owned tend to be less cited. Academic patents in the Netherlands are more cited than non-academic ones, irrespective to their ownership, while university-owned patents get fewer citations in both France and Italy. We propose an explanation of these results based on the different autonomy and experience in dealing with IP and technology transfer enjoyed by universities in the countries considered. We also find that company-owned academic patents in Sweden get many fewer citations than non-academic. Individually-owned academic patents are more cited than non-academic patents similarly owned by their inventors. |
| Keywords: | Academic patents, Academic entrepreneurship, Patent citations, University system, Technology Transfer, Professor privilege |
| JEL: | O31 O32 O33 O34 |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:grt:wpegrt:2012-24&r=ent |
| By: | Maria Bas; Antoine Berthou |
| Abstract: | This paper investigates the microeconomic effects of financial development on economic growth. The increased availability of credit is usually expected to improve firms’ growth due to the elimination of credit constraints. We investigate this question using a survey of Indian firms in the manufacturing industry during the period 1997-2006, in a context of rapid economic growth and underlying structural changes. We examine how changes in the level credit over GDP in Indian States affected firms’ value added and capital used for production. The baseline estimations show that financial development has boosted within-firm growth in India. Our findings also suggest that the impact of financial development on firms’ growth is heterogeneous across firms and industries. Credit expansion has a greater effect on firms that are initially larger, more productive or profitable. The effect of financial development is less heterogenous in sectors relying on external finance, where both medium-size and large firms have expanded more rapidly than small firms. These results are robust to various specifications that allow to control for other reforms taking place simultaneously, or for potential reverse causality. |
| Keywords: | financial development;banking reforms;firm panel data;firm growth and capital investments |
| JEL: | O16 G21 |
| Date: | 2012–10 |
| URL: | http://d.repec.org/n?u=RePEc:cii:cepidt:2012-22&r=ent |
| By: | Thierry Levy-Tadjine (Laboratoire ICI-Equipe Entrepreneuriat - Université de Bretagne Occidentale - Brest) |
| Abstract: | Il est assez commun dans la littérature d'assimiler l'entrepreneur à un visionnaire, capable d'anticiper les besoins du marché, d'y adapter son entreprise ou son projet et d'y faire adhérer les parties prenantes. On se réfère alors au concept de vision stratégique. Pour autant, il nous semble que cette association de l'entrepreneur à la vision stratégique supporte deux interpellations, l'une conceptuelle et l'autre pratique. Conceptuellement, certains suggèrent qu'ils puissent exister des entrepreneurs qui fonctionnent au " flair " ou à l'intuition par opposition au " raisonnement analytique " que suppose l'élaboration d'une vision stratégique. Sur la base d'une démarche biographique conduite auprès d'un groupe familial libanais (AK), le texte s'intéresse à l'un de ces entrepreneurs archétypiques en cherchant à comprendre sa rationalité et sa logique d'action. Par analogie, nous proposons de qualifier ce type d'entrepreneurs, d'acteurs insurrectionnels et de rapprocher leur comportement de la théorie militaire de David Galula (aujourd'hui en vogue dans l'armée américaine suite aux conflits irakiens et afghans et à leur enlisement) qui se différencie de la doctrine de Clausewitz fréquemment mobilisée dans la pensée stratégique. |
| Keywords: | L'entrepreneur (théories, caractéristiques, typologies, etc.) ; Épistémologie et Méthodologie ; Cognition ; Stratégie ; Vision stratégique ; Théories militaires |
| Date: | 2012–10–24 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-00722660&r=ent |
| By: | Younes Ben Zaied (Université de Rennes 1 - CREM UMR CNRS 6211, France & Université de Tunis-Elmanar- LAREQUAD, Tunisie); Siagh Ahmed Ramzi (Université Kasdi-Merbah Ouergla, Algérie) |
| Abstract: | Dans cet article, nous nous intéressons aux comportements de l’entrepreneur de la région de Sfax en Tunisie qui est connu par son dynamisme, sa motivation et sa créativité. Pour ce faire, nous avons mené une analyse statistique appliquée basée sur les modèles d’équations structurelles estimés par la méthode PLS. Notre investigation empirique nous a amené à conclure que les caractéristiques individuelles, la capacité entrepreneuriale et la motivation de l’entrepreneur sfaxien sont les facteurs clés qui déterminent son succès remarquable par rapport aux entrepreneurs des autres régions en Tunisie. Cette étude nous permet de dresser une image de l’entrepreneuriat en Tunisie spécialement dans une région particulièrement concentrée vers le business, afin de soulever un constat sur les prototypes d’entrepreneurs émergeant dans cette région. Un tel constat soulève des idées et questions intéressantes au regard des institutions financières, d’investissement et des politiques d’accompagnement et de soutien proposées par l’Etat. |
| Keywords: | PME, entrepreneurs, succès, PLS, variables latentes |
| JEL: | L26 D87 |
| Date: | 2012–10 |
| URL: | http://d.repec.org/n?u=RePEc:tut:cremwp:201235&r=ent |