In contrast to previous efforts to model the individual's movement from wage work into entrepreneurship, we consider that individuals might transition incrementally by retaining their wage job while entering into self-employment. We show that these hybrid entrepreneurs represent a significant...

The founder (team)’s human capital is a vital determinant of future firm performance. This is a stylized fact. Less is known about the effect of the human capital of the initial workforce hired by the founder(s). We study the performance consequences of a founder’s choice of the initial...

The first essay builds upon economic theories of entrepreneurship that view the decision to engage in entrepreneurship as a career choice and contends that entry into the entrepreneurial process only occurs when expected performance exceeds an unobserved, individual-specific entry threshold....

This study empirically tests Pouder & St. John's propositions (1996) on the evolutions of geographic clusters, in the context of the U.S. biotechnology industry. We find that during the origination period of the cluster evolution clustered biotechnology firms exhibit higher cost economies and...

Researchers in corporate strategy have long argued that resource “relatedness” contributes to a firm's competitive advantage. One implication is that entries made by a firm into businesses that are closely related to the firm's existing businesses should have higher survival rates than...

An important aspect of young firms' competitionis their ability to attract resources that allow them to commercialize theirideas. As many public firms, especially in high-technology industries, havehard-to-value assets, it is important that firms continue to show knowledge oftheir growth to...

In this article, we examine whether the option value of keeping an operation alive will deter firms from exiting an industry. We find that uncertainty dissuades firms from exiting an industry, but only when the sunk costs of entering and exiting that industry are sizeable. Moreover, we argue and...

The founder (team)'s human capital is a vital determinant of future firm performance. This is a stylized fact. Less is known about the effect of the human capital of the initial workforce hired by the founder(s). We study the performance consequences of a founder's choice of the initial...

This study examines the role of national culture on an issue which is central to competitive strategy: whether to maintain flexibility or commit to a strategic direction. We consider thatequity investments in foreign partners may be initiated as the first step in a sequential acquisition...