Razvitost države kot determinanta zgodnje podjetniške aktivnosti

Our study is built on the dependence of early-stage entrepreneurial activity on GDP per capita, GDP real growth rate, unemployment rate, inflation rate, investments and public debt of different countries. We divide the early-stage entrepreneurial activity into necessity-driven and improvement-driven opportunistic entrepreneurial activity. To establish the dependencies we have conducted the regression analyses. Our three main findings are: (a) early-stage entrepreneurial activity does depend on our predictors(b) necessity-driven entrepreneurial activity is negatively correlated to country’s developmentand (c) improvement-driven opportunistic entrepreneurial activity is positively correlated to country’s development.Naša študija raziskuje vzroke zgodnje podjetniške aktivnosti, pri čemer razlikujemo med podjetniško aktivnostjo zaradi potrebe ter priložnostno podjetniško aktivnostjo zaradi izboljšav. Kot možne vzroke zgodnje podjetniške aktivnosti raziskujemo BDP na prebivalca, realno stopnjo rasti BDP, stopnje nezaposlenosti, stopnje inflacije, investicije ter javni dolg različnih držav. Izstopajo sledeči izsledki regresijske analize, izvedene z namenom ugotavljanja soodvisnosti: (a) zgodnja podjetniška aktivnost je odvisna od predvidenih kazalcev(b) priložnostna zgodnja podjetniška aktivnost zaradi potrebe je v negativni korelaciji z razvojem proučevane državeter (c) priložnostna podjetniška aktivnost zaradi izboljšav je pozitivno korelirana z razvojem države

Resampling and bootstrap algorithms to assess the relevance of variables: applications to cross-section entrepreneurship data

In this paper, we propose an algorithmic approach based on resampling and bootstrap techniques to measure the importance of a variable, or a set of variables, in econometric models. This algorithmic approach allows us to check the real weight of a variable in a model, avoiding the biases of classical tests, and to select the more relevant variables, or models, in terms of predictability, by reducing dimensions. We apply this methodology to the Global Entrepreneurship Monitor data for the year 2014, to analyze the individual- and national-level determinants of entrepreneurial activity, and compare the results with a forward selection approach, also based on resampling predictability, and a standard forward stepwise selection process. We find that our proposed techniques offer more accurate results, which show that innovation and new technologies, peer effects, the sociocultural environment, entrepreneurial education at University, R&D transfers, and the availability of government subsidies are among the most important predictors of entrepreneurial behavior

Value chain envy: explaining new entry and vertical integration in popular music

The desirability of establishing a value chain at a particular stage in a value system can be considered to depend on the relation between the value that can be created and the value that can be captured at that particular stage. Value chain envy motivates firms to invade the more desirable stages of the value system, either through new entry or vertical integration. The feasibility of establishing a value chain, however, can be considered to depend on the efficacy of the means to value protection at that particular stage. The concepts of value creation, capture, and protection within value systems are employed to analyze recent developments in the recorded music industries, particularly those affecting the stage of music publishing. Over the course of the 20th century the value created at the stage of music publishing diminished steadily, while the value captured remained high, thereby giving rise to value chain envy. On the basis of the proposed theoretical framework one could expect these developments to trigger strategic responses to remedy this value chain envy. However, most actors, except the major record companies, were unable to do so until new information communication technologies were introduced. Industry level data do indeed corroborate that vertical integration by major record companies was followed, from the mid-1990’s onwards, by a significant increase in the prevalence rate of newly founded SMEs in the music publishing industry in the Netherlands. These newly founded firms are testimony to new entry or vertical integration by musician-entrepreneurs, thereby providing support for the advanced arguments.

Entrepreneurial intention and entrepreneurial behaviour:a social psychological perspective

Increasing the supply of entrepreneurs reduces unemployment and accelerates economic growth (Acs, 2006; Audretsch, 2007; Santarelli et el. 2009; Campbell, 1996; Carree & Thurik, 1996). The supply of entrepreneurs depends on the entrepreneurial intention and activity of the people (Kruger & Brazeal, 1994). Existing behavioural theories explain that entrepreneurial activity is an attitude driven process which is mediated by intention and regulated by behavioural control. These theories are: Theory of Planned Behaviour (Ajzen, 1991; 2002, 2012); Entrepreneurial Event Model (Shapiro & Shokol, 1982), and Social Cognitive Theory (Bandura, 1977; 1986; 2012). Meta-analysis of existing behavioural theories in different fields found that the theories are more effective to analyse behavioural intention and habitual behaviour, but less effective to analyse long-term and risky behaviour (McEachan et al., 2011). The objective of this dissertation is to improve entrepreneurship behaviour theory to advance our understanding of the determinants of the entrepreneurial intention and activity. To achieve this objective we asked three compelling questions in our research. These are: Firstly, why do differences exist in entrepreneurship among age groups. Secondly, how can we improve the theory to analyse entrepreneurial intention and behaviour? And, thirdly, is there any relationship between counterfactual or regretful thinking and entrepreneurial intention? We address these three questions in Chapters 2, 3 and 4 of the dissertation. Earlier studies have identified that there is an inverse U shaped relationship between age and entrepreneurship (Parker, 2004; Hart et al., 2004). In our study, we explain the reasons for this inverse U shape (Chapter 2). To analyse the reasons we use Cognitive Life Cycle theory and Disuse theory. We assume that the stage in the life cycle of an individual moderates the influence of opportunity identification and skill to start a business. In our study, we analyse the moderation effect in early stage entrepreneurship and in serial entrepreneurship. In Chapter 3, the limitations of existing psychological theories are discussed, and a competency value theory of entrepreneurship (CVTE) is proposed to overcome the limitations and extend existing theories. We use a ‘weighted competency’ variable instead of a ‘perceived behavioural control’ variable for the theory of planned behaviour (TPB) and self-efficacy variable for social cognitive theory. Weighted competency is the perceived competency ranking assigned by an individual for his total competencies to be an entrepreneur. The proposed theory was tested in a pilot survey in the UK and in a national adult population survey in a South Asian Country. The results show a significant relationship between competencies and entrepreneurial intention, and weighted competencies and entrepreneurial behaviour as per CVTE. To improve the theory further, in Chapter 4, we test the relationship between counterfactual thinking and entrepreneurial intention. Studies in cognitive psychology identify that ‘upward counterfactual thinking’ influences intention and behaviour (Epstude & Rose, 2008; Smallman & Roese, 2009). Upward counterfactual thinking is regretful thinking for missed opportunities of a problem. This study addresses the question of how an individual’s regretful thinking affects his or her future entrepreneurial career intention. To do so, we conducted a study among students in a business school in the UK, and we found that counterfactual thinking modifies the influence of attitude and opportunity identification in entrepreneurial career intention

Validation of a Questionnaire to Evaluate the Hotel Employee Innovation Competency: Confirmatory Factor Analysis

The development and growth of the hotel business in Indonesia are increasingly rapid, along with the development of the tourism industry. One of the competencies that are needed in facing business competition is innovative competency. Although there have been many studies discussing the importance of mastering innovative competencies, there are still limited instruments for measuring the innovative competencies of hospitality employees. The purpose of this study is to develop an innovative competency measurement instrument for hospitality employees. The development of an innovation competency instrument for hotel marketing employees consists of three indicators, namely individual, interpersonal, and social network conditions. Data collection involved 143 hospitality marketing employees. Data analysis to test the validity of this innovative competency questionnaire uses the Confirmatory Factor Analysis (CFA). The study results revealed that the questionnaire was valid with the following criteria: RMSEA 0.094 (moderate), RMR = 0.037 (fit), Comparative Fit Index (CFI) = 0.901 (fit), Tucker-Lewis Index (TLI) = 0.891 (moderate), and NFI = 0.837 (moderate). These results indicate that an indication of a good fit or an innovative competency construct model in this study is declared fit so that it can be used to identify the innovative competencies of Sales Marketing employees in hospitality.Keywords: innovative; interpersonal; social network; instrument validity

Fleshing out the monetary transmission mechanism: output composition and the role of financial frictions

Financial frictions affect the way in which different components of GDP respond to a monetary policy shock. We embed the financial accelerator of Bernanke, Gertler and Gilchrist (1999) into a medium-scale Dynamic General Equilibrium model and evaluate the relative importance of financial frictions in explaining monetary transmission. Specifically, we match the impulse responses generated by the model with empirical impulse response functions obtained from a vector autoregression on US time series data. This allows us to provide estimates for the structural parameters of our model and judge the relevance of different model features. In addition, we propose a set of simple and instructive specification tests that can be used to assess the relative fit of various restricted models. Although our point estimates suggest some role for financial accelerator effects, they are actually of minor importance for the descriptive success of the model. JEL Classification: E32, E44, E51Financial Frictions, Minimum Distance Estimation, monetary policy, Output Composition

Essays on predictive and non-predictive strategies: real and simulated experiments

The dissertation studies how adopting a more systematic approach to decision-making impacts decision's outcomes and compares it with the adoption of non-predictive strategies. Coherently with previous literature (Camuffo et al. 2020), I call the systematic approach "scientific" since managers and entrepreneurs are asked to act as scientist would do in a business context. Indeed, this approach consists in developing theories and logic connections about the mechanism underlying future outcomes and test them with tailored experiments. "Scientific" managers and entrepreneurs are then called to analyse test results and make decisions accordingly. As mentioned, this approach helps decision-makers to improve their predictive power by probing the future with theory-based experiments but remains explorative. Managers and entrepreneurs explore other alternative ideas on which they can theorize on. On the non-predictive side, research on effectuation (Sarasvathy 2001; Dew et al. 2009; Chandler et Al. 2011) has shown how managers and entrepreneurs can deal with uncertainty by adopting a decision-making approach aimed to control the future instead of predicting it. Effectual decision-makers select alternative ideas based on loss affordability experimentation, and flexibility. But, in this case, experiments are not guided by well-framed theories and are not part of a systematic process. Sarasvathy (2008) uses the metaphor of a patchwork quilt: managers and entrepreneurs see the business context as a table where all the pieces are there but must be assembled or even created as the future is unpredictable. With the aim to unfold the mechanism driving diferent termination rates of ideas from the adoption of these two approaches, I propose a model with the aim to predict empirical results. The model proposes a Bayesian framework, where decision-makers acquire costly information to improve the precision of signals. Based on these informative signals, they act accordingly. I expect scientic decision-makers to react promptly to very informative bad signals. While I expect effectual decision-makers to react less to bad signals since they weight less predictive information. This translates into higher rates of termination for scientic decision-makers than effectual decision-makers. Moreover, scientic decision-makers terminate earlier than effectual decision-makers. In the second chapter, I focus on the scientific approach solely. I provide evidence of the implications of a scientific approach to decision-making through four Randomized Control Trials, involving start-ups and small-medium firms (SMEs) across two countries, Italy and UK. The three main findings are that scientic decision-makers are more likely to terminate their idea in early stages, corfiming findings of the previous chapter. They pivot fewer times before committing to one or terminate the idea. They also perform better in terms of revenues. A model has been developed to explain empirical results. In the third chapter, I study a way to scale research findings by using a simulation game to replicate, to some extent, results of the previous two chapters about the scientic approach