We analyze how entrepreneurial opportunity cost conditions performance. We depart from the literature on entrepreneurship which identifies survival with performance. Instead, many entrepreneurs aim for a cash-out (IPO or acquisition), especially in innovation based industries. Striving for a...

We analyze how entrepreneurial opportunity cost conditions performance. Departing from the common practice of using survival as a measure of entrepreneurial performance, we model both failure and cash-out (liquidity event) as conditioned by the same underlying process. High-opportunity-cost...

Two of the founding pillars of corporate strategy research are Penrose’s (1959) development of the critical role of firm resources and their accumulation for the scope of the firm and Chandler’s (1962) examination of the relationship between a firm’s organizational structure and its scope...