Recent critiques of internationalization process models question the wisdom of delaying internationalization. Internationalizing late allows firms to assemble resources and gain experience but also allows inertia to develop. We resolve this tension by positing that internationalization has...

We test whether managerial human capital has a first order effect on the performance and growth of small enterprises in emerging markets. In a randomized control trial in Puebla, Mexico, we randomly assigned 150 out of 432 small and medium size enterprises to receive subsidized consulting...

Many basic economic theories with perfectly functioning markets do not predict the existence of the vast number of microenterprises readily observed across the world. We put forward a model that illuminates why financial and managerial capital constraints may impede experimentation, and thus...

We develop and test a model in which managerial overconfidence offsets the underinvestment problem arising from managerial myopia. Using a three-period investment model in which we capture managerial myopia by hyperbolic discounting, we show that both overconfident owner-managers and...

This paper analyzes the impact of foreign presence on growth and survival of domestic firms. I separate the two opposing effects of foreign presence: a negative "crowding out" and positive "technology spillovers" and further analyze whether the crowding out effect is dynamic, i.e. domestic firms...

The purpose of this paper is to contribute to recent efforts to ground evolutionary theory in economics in the principles of Universal Darwinism. The paper will contrast two views of evolution, based on the Ultra-Darwinian and Naturalist theory of biological evolution, both of which are...

Many basic economic theories with perfectly functioning markets do not predict the existence of the vast number of microenterprises readily observed across the world. We put forward a model that illuminates why financial and managerial capital constraints may impede experimentation, and thus...

This paper critically considers ‘additional' and ‘instrumental' explanations that economists have recently suggested in order to reduce the understanding of CSR within the limits of standard economic theorizing, and contrasts them with a ‘constitutive' definition as an extended model of...

This paper uses entrepreneurs' survival expectations around the time of market entry and subsequent venture exits to study entrepreneurial optimism. Using data on a large number of nascent entrepreneurs in the US and start-ups in Finland, we find that new entrepreneurs survival beliefs are on...

We test whether managerial human capital has a first order effect on the performance and growth of small enterprises in emerging markets. In a randomized control trial in Puebla, Mexico, we randomly assigned 150 out of 432 small and medium size enterprises to receive subsidized consulting...