1,721,080 research outputs found
The entrepreneurial finance markets of the future: a comparison of crowdfunding and initial coin offerings
Full text linkEntrepreneurial finance markets are in a dynamic state. New market niches and players have developed and continue to emerge. The rules of the game and the methods for receiving financial backing have changed in many ways. This editorial and the special issue of Small Business Economics focus on crowdfunding (CF) and initial coin offerings (ICOs), which are two distinct but important entrepreneurial finance market segments of the future. Although the two market segments initially appear to be similar, we identify differences between them. Our comparison focuses on the stakeholders, microstructures, regulatory environments, and development of the markets. We conclude with suggestions for future ICO and CF research
(De)centralized governance and the value of platform-based new ventures: The moderating role of teams and transparency
Full text linkDrawing on institutional and demand-side perspectives, we investigate performance implications of (de)centralized governance modes in platform-based new ventures, and the conditions under which (de)centralization generates more value. Using a sample of 1,431 Initial Coin Offerings (ICOs), a new source of entrepreneurial finance, we find that centralization of decision-making is positively associated with platforms’ market value. Further, we consider how platform characteristics affect this relationship, finding that both the presence of an experienced Chief Technology Officer (CTO) and project transparency negatively moderate the positive relationship between centralization and market value. Thus, decentralized platforms need leaders with technical experience and project transparency to generate more value. Overall, this study provides a better understanding of the boundary conditions that increase the value of (de)centralized governance
Entrepreneurial team size and fundraising success : evidence from equity crowdfunding
No full textHow does entrepreneurial team size affect fundraising success? Theory and prior evidence are contradictory or inconclusive at least. Indeed, a resource dependency theory perspective suggests that larger teams have access to more resources, which should positively affect fundraising success. In contrast, a team effectiveness perspective suggests that larger teams incur higher coordination costs, which should negatively affect fundraising success. In this article, we address this theoretical paradox by arguing for a curvilinear effect between team size and fundraising success. By drawing on the liabilities of newness and smallness perspectives, we further argue that firm age and size will serve as important moderators. For this study, we exploit data from equity crowdfunding (ECF) markets. In Study 1, we examine the population of 2942 initial ECF offerings from three ECF platforms in the U.K. We provide first-time evidence of the inverted U-shaped relationship between entrepreneurial team size and the fundraising success of the ECF offering. Specifically, an entrepreneurial team of four members exhibits the highest probability in terms of ECF offering success. Moreover, we show that the inverted U-shape is stronger for younger and smaller firms relative to older and larger firms, respectively. In Study 2, we examine 256 initial ECF offerings from an Italian ECF platform and find broadly consistent results on the inverted U-shaped relationship between entrepreneurial team size and fundraising success
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
The role of resource slack and constraints in the development of privately held firms
No full textIn de huidige economische context staan bedrijven steeds meer onder druk om efficiënt te werken. Hun overtollige middelen proberen ze zoveel mogelijk te elimineren en ze trachten te functioneren met een zo laag mogelijke hoeveelheid aan middelen. De recente financiële crisis heeft aangetoond dat bedrijven voorzichtig moeten zijn in het volgen van een dergelijke strategie. Overtollige middelen of buffers aan middelen kunnen bedrijven immers beschermen tegen externe schokken en hun de nodige middelen bieden om te experimenteren, te innoveren en risicovolle maar potentieel winstgevende investeringen uit te voeren. In de huidige literatuur zijn er onderzoekers die de voordelen van het functioneren met een beperkte hoeveelheid aan middelen erkennen, terwijl anderen de voordelen benadrukken van het hebben van buffers aan middelen. Meer onderzoek is nodig om de rol te verduidelijken van buffers aan middelen en het tekort hebben aan middelen en dit specifiek in de ontwikkeling van private bedrijven. Deze bedrijven zijn immers de motor van onze economie en ervaren vaak veel meer moeilijkheden om externe middelen te verwerven.
Het doel van de eerste studie van dit proefschrift is om meer inzichten te bieden in wat het niveau van buffers aan middelen bepaalt binnen private bedrijven. Voorgaande studies hebben voornamelijk gefocust op de gevolgen van buffers aan middelen. Deze studie onderzoekt hoe de financiële crisis het niveau van buffers aan financiële middelen beïnvloedt. In de huidige literatuur bestaan er twee tegengestelde visies. Eén visie maakt de assumptie dat bedrijven financieel overtollige middelen gaan opgebruiken om zichzelf te beschermen tegen verhoogde onzekerheid in de bedrijfsomgeving. Een andere visie maakt de assumptie dat bedrijven net buffers aan financiële middelen gaan opbouwen uit voorzorgen. De bevindingen van de eerste studie linkt deze twee visies en toont aan dat tijdens de financiële crisis jongere en minder kredietwaardige bedrijven buffers aan financiële middelen gaan opgebruiken, terwijl oudere en meer kredietwaardige bedrijven deze net gaan opbouwen. Deze studie geeft ook meer inzichten in hoe bedrijven buffers aan financiële middelen gaan opbouwen of waarom ze net die buffers gaan aanwenden
Dispelling the Myths Behind First-author Citation Counts
Full text linkWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
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