Serial entrepreneurs and venture survival: Evidence from U.S. Venture-capital-financed semiconductor firms

Strategic Entrepreneurship Journal

Volumn 8, Issue 3, 2014, Pages 254-268

  Paik, Yongwook ^a  

^a UNIVERSITY OF SOUTHERN CALIFORNIA   (United States)

Author keywords

Entrepreneurship; Founder experience; Learning; Serial entrepreneurs; Start up; Venture capital (VC)

Indexed keywords

EID: 84885984573     PISSN: 19324391     EISSN: 1932443X     Source Type: Journal    
DOI: 10.1002/sej.1161     Document Type: Article

References (78)

1. Adler PS, Kwon S-W. 2002. Social capital: prospects for a new concept. Academy of Management Review 27(1): 17-40.
2. Agarwal R, Audretsch D, Sarkar MB. 2007. The process of creative construction: knowledge spillovers, entrepreneurship, and economic growth. Strategic Entrepreneurship Journal 1(3/4): 263-286.
3. Amit R, Glosten L, Muller E. 1990. Entrepreneurial ability, venture investments, and risk sharing. Management Science 36(10): 1233-1246.
4. Argyris C. 1999. On Organizational Learning (2nd edn). Blackwell: Malden, MA.
5. Armour J, Cumming D. 2008. Bankruptcy law and entrepreneurship. American Law and Economics Review 10(2): 303-350.
6. Arrow KJ. 1974. The Limits of Organization. Norton: New York.
7. Audretsch DB. 1991. New-firm survival and the technological regime. Review of Economics and Statistics 73(3): 441-450.
8. Audretsch DB, Meijaard J, Stam E. 2005. Renascent men or entrepreneurship as a one-night stand: entrepreneurial intentions subsequent to firm exit. CEPR Discussion Paper No. 5342, Center for Economic and Policy Research, Washington, D.C.
9. Barney J. 1991. Firm resources and sustained competitive advantage. Journal of Management 17(1): 99-120.
10. Baumol WJ, Litan RE, Schramm CJ. 2007. Good Capitalism, Bad Capitalism, and the Economics of Growth and Prosperity. Yale University Press: New Haven, CT.
11. Baumol WJ, Strom RJ. 2007. Entrepreneurship and economic growth. Strategic Entrepreneurship Journal 1(3/4): 233-237.
12. Brüderl J, Preisendörfer P, Ziegler R. 1992. Survival chances of newly founded business organizations. American Sociological Review 57(2): 227-242.
13. Carr JC, Haggard KS, Hmieleski KM, Zahra SA. 2010. A study of the moderating effects of firm age at internationalization on firm survival and short-term growth. Strategic Entrepreneurship Journal 4(2): 183-192.
14. Carroll GR, Hannan MT. 1989. Density delay in the evolution of organizational populations: a model and five empirical tests. Administrative Science Quarterly 34(3): 411-430.
15. Cassar G. Industry and start-up experience on entrepreneur forecast performance in new firms. Journal of Business Venturing. Forthcoming.
16. Casson M, Wadeson N. 2007. Entrepreneurship and macroeconomic performance. Strategic Entrepreneurship Journal 1(3/4): 239-262.
17. Chatterji AK. 2009. Spawned with a silver spoon? Entrepreneurial performance and innovation in the medical device industry. Strategic Management Journal 30(2): 185-206.
18. Coleman JS. 1988. Social capital in the creation of human capital. American Journal of Sociology 94: S95-S120.
19. Cox DR. 1972. Regression models and life-tables. Journal of the Royal Statistical Society. Series B (Methodological) 34(2): 187-220.
20. Delmar F, Shane S. 2006. Does experience matter? The effect of founding team experience on the survival and sales of newly founded ventures. Strategic Organization 4(3): 215-247.
21. Eckhardt JT, Ciuchta MP. 2008. Selected variation: the population-level implications of multistage selection in entrepreneurship. Strategic Entrepreneurship Journal 2(3): 209-224.
22. Eckhardt JT, Shane S, Delmar F. 2006. Multistage selection and the financing of new ventures. Management Science 52(2): 220-232.
23. Eesley CE, Roberts EB. 2012. Are you experienced or are you talented? When does innate talent versus experience explain entrepreneurial performance? Strategic Entrepreneurship Journal 6(3): 207-219.
24. Eisenhardt KM, Schoonhoven CB. 1990. Organizational growth: linking founding team, strategy, environment, and growth among U.S. semiconductor ventures, 1978-1988. Administrative Science Quarterly 35: 504-529.
25. Feeser HR, Willard GE. 1990. Founding strategy and performance: a comparison of high and low growth high tech firms. Strategic Management Journal 11(2): 87-98.
26. Fuller AW, Rothaermel FT. 2012. When stars shine: the effects of faculty founders on new technology ventures. Strategic Entrepreneurship Journal 6(3): 220-235.
27. Gimeno J, Folta TB, Cooper AC, Woo CY. 1997. Survival of the fittest? Entrepreneurial human capital and the persistence of underperforming firms. Administrative Science Quarterly 42(4): 750-783.
28. Gino F, Pisano GP. 2011. Why leaders don't learn from success. Harvard Business Review 89(4): 68-74.
29. Gompers P, Kovner A, Lerner J, Scharfstein D. 2010. Performance persistence in entrepreneurship. Journal of Financial Economics 96(1): 18-32.
30. Gompers P, Lerner J. 2000. Money chasing deals? The impact of fund inflows on private equity valuation. Journal of Financial Economics 55(2): 281-325.
31. Gompers PA, Lerner J. 2004. The Venture Capital Cycle. MIT Press: Cambridge, MA.
32. Gorman M, Sahlman WA. 1989. What do venture capitalists do? Journal of Business Venturing 4(4): 231-248.
33. Haider A, Nemat A. 2011. The capital-lite semiconductor model: revitalizing semiconductor startup investment. Available at: http://www.gsaglobal.org/capital_lite_working_group/docs/EvolutionofSemiStarupInvestment-AUG15-final.pdf (accessed 12 August 2013).
34. Hannan MT, Freeman J. 1989. Organizational Ecology. Harvard University Press: Cambridge, MA.
35. Heckman JJ. 1979. Sample selection bias as a specification error. Econometrica 47(1): 153-161.
36. Hellmann T, Puri M. 2000. The interaction between product market and financing strategy: the role of venture capital. Review of Financial Studies 13(4): 959-984.
37. Hellmann T, Puri M. 2002. Venture capital and the professionalization of start-up firms: empirical evidence. Journal of Finance 57(1): 169-197.
38. Hendershott R. 2009. Will the old venture model work with new web-based start-ups? Unpublished manuscript. Available at: http://cms.scu.edu/business/cie/elp/faculty/upload%20/New-web-startups-R-Hendershott.pdf (accessed 3 September 2012).
39. Holtz-Eakin D, Joulfaian D, Rosen HS. 1994. Sticking it out: entrepreneurial survival and liquidity constraints. Journal of Political Economy 102(1): 53-75.
40. Hsu DH. 2004. What do entrepreneurs pay for venture capital affiliation? Journal of Finance 59(4): 1805-1844.
41. Hsu DH. 2007. Experienced entrepreneurial founders, organizational capital, and venture capital funding. Research Policy 36(5): 722-741.
42. Jovanovic B. 1982. Selection and the evolution of industry. Econometrica 50(3): 649-670.
43. Kaplan SN, Stromberg P, Sensoy BA. 2002. How well do venture capital databases reflect actual investments? Available at: http://ssrn.com/abstract=939073 (accessed 12 August 2013).
44. Klepper S. 2002. Firm survival and the evolution of oligopoly. RAND Journal of Economics 33(1): 37-61.
45. Kortum S, Lerner J. 2000. Assessing the contribution of venture capital to innovation. RAND Journal of Economics 31(4): 674-692.
46. Lerner J. 1995. Venture capitalists and the oversight of private firms. Journal of Finance 50(1): 301-318.
47. Levitt B, March JG. 1988. Organizational learning. Annual Review of Sociology 14(1): 319-338.
48. Li H, Zhang Y, Li Y, Zhou L-A, Zhang W. 2012. Returnees versus locals: who perform better in China's technology entrepreneurship? Strategic Entrepreneurship Journal 6(3): 257-272.
49. MacMillan I. 1986. To really learn about entrepreneurship, let's study habitual entrepreneurs. Journal of Business Venturing 1(3): 241-243.
50. Madsen PM, Desai V. 2010. Failing to learn? The effects of failure and success on organizational learning in the global orbital launch vehicle industry. Academy of Management Journal 53(3): 451-476.
51. March JG. 1991. Exploration and exploitation in organizational learning. Organization Science 2(1): 71-87.
52. McGrath RG. 1999. Falling forward: real options reasoning and entrepreneurial failure. Academy of Management Review 24(1): 13-30.
53. Michael SC. 2007. Entrepreneurship, growth, and Adam Smith. Strategic Entrepreneurship Journal 1(3/4): 287-289.
54. Parker SC. 2013. Do serial entrepreneurs run successively better-performing businesses? Journal of Business Venturing 28(5): 652-666.
55. Politis D. 2005. The process of entrepreneurial learning: a conceptual framework. Entrepreneurship Theory and Practice 29(4): 399-424.
56. Pollock TG, Fund BR, Baker T. 2009. Dance with the one that brought you? Venture capital firms and the retention of founder-CEOs. Strategic Entrepreneurship Journal 3(3): 199-217.
57. Sahlman WA. 1990. The structure and governance of venture capital organizations. Journal of Financial Economics 27(2): 473-521.
58. Shane S, Cable D. 2002. Network ties, reputation, and the financing of new ventures. Management Science 48(3): 364-381.
59. Shane S, Stuart T. 2002. Organizational endowments and the performance of university start-ups. Management Science 48(1): 154-170.
60. Shepherd DA. 2003. Learning from business failure: propositions of grief recovery for the self-employed. Academy of Management Review 28(2): 318-328.
61. Sitkin SB. 1992. Learning through failure: the strategy of small losses. Research in Organizational Behavior 14: 231-266.
62. Sørensen M. 2007. How smart is smart money? A two-sided matching model of venture capital. Journal of Finance 62(6): 2725-2762.
63. Stinchcombe AL. 1965. Social structure and organizations. In Handbook of Organizations, March JG (ed). Rand McNally: Chicago, IL; 142-193.
64. Storey DJ. 2011. Optimism and chance: the elephants in the entrepreneurship room. International Small Business Journal 29(4): 303-321.
65. Stuart RW, Abetti PA. 1990. Impact of entrepreneurial and management experience on early performance. Journal of Business Venturing 5(3): 151-162.
66. Stuart TE, Sorenson O. 2007. Strategic networks and entrepreneurial ventures. Strategic Entrepreneurship Journal 1(3/4): 211-227.
67. Ucbasaran D, Westhead P, Wright M. 2008. Opportunity identification and pursuit: does an entrepreneur's human capital matter? Small Business Economics 30(2): 153-173.
68. Ucbasaran D, Westhead P, Wright M. 2011. Why serial entrepreneurs don't learn from failure. Harvard Business Review 89(4): 26.
69. Ucbasaran D, Westhead P, Wright M, Flores M. 2010. The nature of entrepreneurial experience, business failure and comparative optimism. Journal of Business Venturing 25(6): 541-555.
70. Wernerfelt B. 1984. A resource-based view of the firm. Strategic Management Journal 5(2): 171-180.
71. Westhead P, Ucbasaran D, Wright M. 2003. Differences between private firms owned by novice, serial and portfolio entrepreneurs: implications for policy makers and practitioners. Regional Studies 37(2): 187-200.
72. Westhead P, Ucbasaran D, Wright M. 2005a. Decisions, actions, and performance: do novice, serial, and portfolio entrepreneurs differ? Journal of Small Business Management 43(4): 393-417.
73. Westhead P, Ucbasaran D, Wright M, Binks M. 2005b. Novice, serial and portfolio entrepreneur behavior and contributions. Small Business Economics 25(2): 109-132.
74. Westhead P, Wright M. 1998. Novice, portfolio, and serial founders: are they different? Journal of Business Venturing 13(3): 173-204.
75. Westhead P, Wright M. 2011. David Storey's optimism and chance perspective: a case of the emperor's new clothes? International Small Business Journal 29(6): 714-729.
76. Wright M, Robbie K, Ennew C. 1997a. Serial entrepreneurs. British Journal of Management 8(3): 251-268.
77. Wright M, Robbie K, Ennew C. 1997b. Venture capitalists and serial entrepreneurs. Journal of Business Venturing 12(3): 227-249.
78. Zhang J. 2011. The advantage of experienced start-up founders in venture capital acquisition: evidence from serial entrepreneurs. Small Business Economics 36(2): 187-208.