New Frontiers in Entrepreneurship

New Frontiers in Entrepreneurship

International Studies In Entrepreneurship Series Editors: Zoltan J. Acs Geroge Manson University Fairfox, VA, USA David B. Audretsch Indiana University Bloomington, IN, USA For other titles published in this series, go to www.springer.com/series/6149

David B. Audretsch Giovanni Battista Dagnino Rosario Faraci Robert E. Hoskisson Editors New Frontiers in Entrepreneurship Recognizing, Seizing, and Executing Opportunities

Editors David B. Audretsch Max Planck Institute of Economics Jena, Thuringia Germany and Indiana University Bloomington, IN USA Rosario Faraci University of Catania Catania Italy faraci@unict.it Giovanni Battista Dagnino University of Catania Catania Italy dagnino@unict.it Robert E. Hoskisson Rice University Houston, TX USA robert.hoskisson@rice.edu ISBN 978-1-4419-0057-9 e-isbn 978-1-4419-0058-6 DOI 10.1007/978-1-4419-0058-6 Springer New York Dordrecht Heidelberg London Library of Congress Control Number: 2009933114 Springer Science+Business Media, LLC 2010 All rights reserved. This work may not be translated or copied in whole or in part without the written permission of the publisher (Springer Science+Business Media, LLC, 233 Spring Street, New York, NY 10013, USA), except for brief excerpts in connection with reviews or scholarly analysis. Use in connection with any form of information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed is forbidden. The use in this publication of trade names, trademarks, service marks, and similar terms, even if they are not identified as such, is not to be taken as an expression of opinion as to whether or not they are subject to proprietary rights. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)

Contents 1 Introduction... 1 David B. Audrestch, Giovanni Battista Dagnino, Rosario Faraci, and Robert E. Hoskisson Part I Corporate Governance and Entrepreneurship 2 Initially Distracted: The Influence of Boards on Agency Costs in Initial Public Offering (IPO) Firms... 11 Thomas Dalziel, Robert E. White, Jonathan D. Arthurs, and Robert E. Hoskisson 3 Horizontal and Vertical Relationships in Developing Economies: Implications for SMEs Access to Global Markets... 31 Luiz F. Mesquita and Sergio G. Lazzarini 4 Corporate Governance Systems: Effects of Capital and Labor Market Congruency on Corporate Innovation and Global Competitiveness... 67 Robert E. Hoskisson, Daphne Yiu, and Hicheon Kim 5 The Entrepreneurial Society... 95 David B. Audretsch Part II Mobilizing Capital for Fostering Entrepreneurship 6 Mobilizing Capital for Fostering the Early Growth of Firms: The Role of Business Angels in Nascent European Entrepreneurship... 109 Giovanni Battista Dagnino, Rosario Faraci, and Mario Sorrentino 7 Venture Capital Financing and the Growth of New Technology-Based Firms: Correcting for Sample Self-Selection... 125 Fabio Bertoni, Massimo G. Colombo, Diego D Adda, and Luca Grilli v

vi Contents Part III Learning, Innovation and Entrepreneurship 8 Creating Exploratory Innovations by Learning from Entrepreneurial Ventures... 147 Anu Wadhwa, Corey Phelps, and Suresh Kotha 9 Business-University Alliances and Innovation in New and Adolescent Technology Ventures... 175 Ken Colwell and Donna Marie DeCarolis Part IV Open Innovation and New Entrepreneurship 10 A Test of Lazear s Theory of Entrepreneurship in the Open Source Software Virtual Community... 197 Paola Giuri, Francesco Rullani, and Salvatore Torrisi 11 Open Innovation and the Implications for Sustainable Profits... 223 Richard Reed and Susan F. Storrud-Barnes Index... 243

Contributors Jonathan D. Arthurs Washington State University, Pullman, WA, USA David B. Audretsch Max Planck Institute of Economics, Jena, Thuringia, Germany; Indiana University, Bloomington, IN, USA Fabio Bertoni Polytechnic of Milan, Milano, Italy Massimo G. Colombo Polytechnic of Milan, Milano, Italy Ken Colwell Drexel University, Philadelphia, PA, USA Diego D Adda Polytechnic of Milan, Milano, Italy Giovanni Battista Dagnino University of Catania, Catania, Italy Thomas Dalziel University of Cincinnati, Cincinnati, OH, USA Donna M. DeCarolis Drexel University, Philadelphia, PA, USA Rosario Faraci University of Catania, Catania, Italy Paola Giuri University of Bologna, Bologna, Italy Luca Grilli Polytechnic of Milan, Milano, Italy Robert E. Hoskisson Rice University, Houston, TX, USA vii

viii Contributors Hicheon Kim Korea University, Seoul, Korea Suresh Kotha University of Washington, Seattle, WA, USA Sergio G. Lazzarini Ibmec São Paulo, São Paulo, Brazil Luis F. Mesquita Arizona State University, Phoenix, AZ, USA Corey Phelps University of Washington, Seattle, WA. USA Richard Reed Washington State University, Pullman, WA, USA Francesco Rullani Copenhagen Business School, Copenhagen, Denmark Mario Sorrentino Second University of Naples, Naples, Italy Susan F. Storrud-Barnes Cleveland State University, Cleveland, OH, USA Salvatore Torrisi University of Bologna, Bologna, Italy Anu Wadhwa Ecole Polytechnique Fédérale de Lausanne, Lausanne, Vaud, Switzerland Robert E. White Iowa State University, Ames, IA, USA Daphne Yiu Chinese University of Hong Kong, Hong Kong