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The influence of institutions on entrepreneurial activities: How dynamics, transaction costs, and uncertainty affect new ventures
Felix Hoch, Todor Stefan Lohwasser
University of Münster, Deutschland
The impact of institutions has revealed a puzzling picture of the international allocation of risky venture capital. This study connects literature on the institution-based view and transaction cost economics by examining the effects of reduced transaction costs and uncertainty on venture capital provision. Empirical results from 38,637 individual companies, nested in 101 countries, show that ventures attract higher funding in countries with lower transaction costs but higher uncertainty. Contrary, those funded ventures are more likely to survive in countries with lower transaction costs but lower uncertainty. Hence, we promote a dynamic perspective for investors and founders when assessing entrepreneurial opportunities in heterogeneous countries since institutional effects driven by uncertainty and transaction costs depend on the individual business purpose.
The Relative Performance of Family Firms Depending on the Type of Financial Market
Todor Stefan Lohwasser
University of Münster, Deutschland
The purpose of this multi-level meta-analytic study is to examine the impact of the financial environment on performance differences between family firms and non-family firms. The considerable cross-country variability of meta-analyses focusing on this relationship suggests noticeable differences between firm- and country-based characteristics. We trace this variance to differences in the banking systems and development of the financial markets. We show that family firms outperform non-family firms in market-based economies. We further show that family firms report worse performance measures in sophisticated financial markets. If, however, strong investor protection strengthens these sophisticated financial markets, family firms also outperform non-family firms.
Can Multinational Firms Exploit the Social Divide as Competitive Advantage? An Experiment about Female Talent, Corporate Social Responsibility and Corporate Attractiveness
Martin-Luther-Universität Halle-Wittenberg, Deutschland
Multinational companies (MNCs) that enter a foreign market face a war for talent while operating in unfamiliar territory. There is a large body of research about whether MNCs suffer from liability of foreignness (LOF) when competing with local firms of the host country or whether they benefit from an outsider’s advantage, which also applies to the recruitment of prospective employees. Prior studies show that companies can increase their attractiveness as employers by engaging in corporate social responsibility (CSR) activities, but there is little research on potential diverging effects between MNCs and local companies. I address this gap by means of an experimental vignette study in which job advertisements were manipulated with information about CSR in the area of diversity and inclusion of women with undergraduate students in South Korea (n=1089). The results show that CSR affects corporate attractiveness positively for both MNCs and local companies, but does so in different ways: Introducing CSR information increases the attractiveness for local companies stronger, thus, allowing them to close the attractiveness advantage of MNCs that exists in the absence of CSR information. In addition, the data shows that while CSR information has a strong positive effect on female jobseekers, there is no adverse effect on males. Failing to understand the potential for a business case for CSR could engender significant costs in form of misallocated company resources as well as forgoing positive externalities at a societal level, i.e. the reduction of discrimination against female workers.
Blurring of the Lines between Quality and Questionable Research: A Wake-up Call for Green HRM and Other Fields of Research
Michael Müller-Camen, Lisa Obereder, Raik Thiele
WU Wien, Österreich
Our study aims to contribute to the debate on the quality of open access publishing by comparing research published in different outlets and examining the impact on quality research. With a systematic literature review, we analyse 25 years of Green HRM research (1995-2019) and refine our results with citation and plagiarism analyses. We chose Green HRM as an appropriate case, because research has grown rapidly in the last decade, similar to the development of open access publishing in general. We first give an overview of the Green HRM literature in terms of its development over time, the regional distribution of publications and research methods. By looking closer at the journals where Green HRM research is published, we present characteristics of two broad categories of research qualities. Counter to our expectations, we do not only show how papers published in quality journals are incorporated into papers published in questionable (so-called “predatory”) outlets, but also the other way round. Through citations, questionable research contributes to the success of quality publications. Yet, we also reveal the opposite case, since authors publishing in quality journals help disseminating papers from predatory journals by using their questionable papers as references. We close our study by giving practical implications to different stakeholders and a general plea for more awareness and responsibility.