Received in revised form 10 February 2013 All rights reserved.Ĭontents lists available at SciVerse ScienceDirect Box 915, CH-1001 Lausanne, Switzerland c ESADE, Avenida Pedralbes, 60-62, 08034 Barcelona, Spain d Naval Postgraduate School, 1 University Circle, Monterey, CA 93943, United States e University of St. Katrin Mayer-Haug3'*, Stuart Readb1, Jan Brinckmannc'2, Nicholas Dewd 3, Dietmar Grichnike'4Ī WHU - Otto Beisheim School of Management, Burgplatz 2,56179 Vallendar, Germany b ¡MD, Chemin de Bellerive23, P.O. Moreover, we observe that entrepreneurial talent is more relevant in developing economies.Įntrepreneurial talent and venture performance: A meta-analytic investigation ofSMEs Furthermore, growth, scale (number of employees) and sales outcomes are significantly related to planning skills, while profit and other financial and qualitative measures are strongly connected with the network surrounding the firm founders. Analysis of these data yields an unexpectedly weak connection between education and performance. Our investigation includes 50,045 firms (K of 183 studies) and summarizes 1002 observations of small and medium-sized firms. Using meta-analysis, we integrate this work to view connections between aspects of entrepreneurial talent and different performance outcomes. These are important issues for institutions and policy makers seeking to achieve specific economic goals (e.g., survival or growth of ventures, employment or revenue). A significant body of research looking at antecedents to venture performance has identified that entrepreneurial talent variables account for meaningful differences in venture performance and that significant heterogeneity exists across performance measures. Because entrepreneurs and creditors are sensitive to different elements of the codes, there is scope for optimisation of the legal design of bankruptcy law to achieve both an adequate supply of credit and to encourage high-ambition entrepreneurship.Abstract of research paper on Economics and business, author of scientific article - Katrin Mayer-Haug, Stuart Read, Jan Brinckmann, Nicholas Dew, Dietmar GrichnikĪs the broad link between small and medium-sized firm activity and key policy goals such as employment or economic growth has become generally accepted, the conversation has focused on a more nuanced understanding of the entrepreneurial engines of economic activity. We use multilevel random coefficient logistic regressions to take account of the hierarchical nature of the data (country and individual levels). Based on this, we derive and confirm hypotheses about the impact of aspects of bankruptcy codes on entrepreneurial activity using the Global Entrepreneurship Monitor combined with data on both personal and corporate bankruptcy regulations for 15 developed OECD countries. Responding to this ambiguity, we apply prospect theory to propose that entrepreneurs do not attach the same significance to different elements of bankruptcy codes-and to explain which aspects of debtor-friendly bankruptcy laws matter more to entrepreneurs. laws that are more forgiving towards debtors in bankruptcy proceedings) are likely to have more entrepreneurs, or whether, creditor-friendly regimes have positive effects on new ventures via enhanced incentives for the supply of credit to entrepreneurs.
Previous theories have reached ambiguous conclusions as to whether countries with more debtor-friendly bankruptcy laws (i.e.
We apply prospect theory to explain how personal and corporate bankruptcy laws affect risk perceptions of entrepreneurs at time of entry and therefore their growth ambitions. We discuss how uncertainty transitions throughout the judgment process, how the judgment process continues dynamically even after a judgment is made, and how the nature of uncertainty shifts over time due to endogenous and exogenous change. We build these insights into a theory of the entrepreneurial process that highlights the transitory nature of uncertainty as entrepreneurs make certain judgments and revise those judgments over time. We then examine the nature of decision making within these distinct contexts, highlighting differences in how entrepreneurs make decisions within different types of uncertainty. We begin with a novel typology of uncertainty that defines and delineates different types of uncertain contexts. Adopting this approach, we revisit the nature of entrepreneurial decision making under uncertainty. While judgment has hitherto typically been viewed as a discrete decision process, we propose that it be conceptualized instead as a continuous and dynamic process of reassessment and revision.
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