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Creating Strategic Advantage through EntrepreneurialGovernance in New Ventures

Audretsch, David B.; Lehmann, Erik; Plummer, Lawrence A. - Max-Planck-Institut für Ökonomik <Jena> - 2007

An important literature has made a fundamental link between corporate governanceand corporate strategy. According to agency theory, assigning managersstock options aligns their interests with the interests of the owners of the firm.This paper suggests that this may not apply in the context of...

Persistent link: https://www.econbiz.de/10005864514

The Localization of Entrepreneurship Capital - Evidence from Germany -

Audretsch, David B.; Keilbach, Max - Max-Planck-Institut für Ökonomik <Jena> - 2007

different factor, entrepreneurship capital, has emerged as a dri-ving force of economic growth. In this paper, we define a … regions capacity to create new firms start-ups as the regions entrepreneurship capital. We then investigate the local … knowledge-based entrepreneurship capital is driven by local levels of knowledge creation and the acceptance of new ideas …

Persistent link: https://www.econbiz.de/10005864584

The Effect of New Business Formation on Regional Development over Time: The Case of Germany

Fritsch, Michael; Mueller, Pamela - Max-Planck-Institut für Ökonomik <Jena> - 2006

We investigate the effects of new business formation on employment change in German regions. A special focus is on the lag-structure of this effect and on differences between regions. The different phases of the effects of new business formation on regional development are relatively pronounced...

Persistent link: https://www.econbiz.de/10005864877

Entrepreneurship, Growth and Restructuring

Audretsch, David B.; Keilbach, Max - Max-Planck-Institut für Ökonomik <Jena> - 2006

Economic growth has been a major preoccupation of economists, dating back at least to Adam Smith. William Stanley Jevons, for example, posited a growth theory based on the activity of sunspots. Robert Solow took a less exotic approach to explaining economic growth...

Persistent link: https://www.econbiz.de/10005864960

The Persistence of Regional New Business Formation-Activity over Time - Assessing the Potential of Policy Promotion Programs

Fritsch, Michael; Mueller, Pamela - Max-Planck-Institut für Ökonomik <Jena> - 2005

entrepreneurship. These factors also seem to be responsible for changes in the level of regional new business formation. In addition …

Persistent link: https://www.econbiz.de/10005865030

Entrepreneurship Capital - Determinants and Impact on Regional Economic Performance

Keilbach, Max; Audretsch, David B. - Max-Planck-Institut für Ökonomik <Jena> - 2004

The literature focusing on the geography of entrepreneurship has developed some-thing of a schizophrenic approach. On … account for inter-spatial variations in entrepreneurship. On the other hand is a literature that has ex-amined the impact of … entrepreneurship on the economic performance of that region. While the emergence of a statistical link between economic performance and …

Persistent link: https://www.econbiz.de/10005865132

The Effects of Experience, Ownership, and Knowledge on IPO Survival: Empirical Evidence from Germany

Audretsch, David B.; Lehmann, Erik - Max-Planck-Institut für Ökonomik <Jena> - 2004

We study the implications of ownership and its induced incentives on firm survival on the stock market for young and high-tech firms. Using a unique data set of all 341 firms listed on the Neuer Markt, the German counterpart of the NASDAQ, our results differ from studies on more traditional...

Persistent link: https://www.econbiz.de/10005865241

Financing High-Tech Growth: The Role of Debt or Equity

Audretsch, David B.; Lehmann, Erik - Max-Planck-Institut für Ökonomik <Jena> - 2004

Using a data set of the firms listed on the Neuer Markt in Germany, this paper demonstrates that venture backed firms differ from firms with other financial resources, especially debt. Thus, the results of this study provide evidence for the hypothesis that small and innovative firms are more...

Persistent link: https://www.econbiz.de/10005865242

Entrepreneurship Capital and Economic Performance

Audretsch, David B.; Keilbach, Max - Max-Planck-Institut für Ökonomik <Jena> - 2004

capital. In this paper we introduce a new factor, entrepreneurship capital, and link it to output in the context of a … production function model. This paper explains what is meant by entrepreneurship capital and why it should influence economic … output. A production function model including several different measures of entrepreneurship capital is then estimated for …

Persistent link: https://www.econbiz.de/10005865380