Motivation is an important factor that distinguishes those nascent entrepreneurs who make progress towards an operating venture from those who do not. Based on Vroom's (Work and motivation, 1964) expectancy theory, we predict that startup-specific instrumentality, valence and expectancy are key...

A framework which allows for the joint testing of the adaptive and rational expectations hypotheses is presented. We assume joint normality of expectations, realizations and variables in the information set, allowing for parsimonious interpretation of the data; conditional first moments are...