Re-examining And Extending Penrose's Growth Theory: Updating Penrose For The 21St Century

Edith Penrose argued that firms face a constraint on organic growth because of growth activities in previous periods. Central to her ideas about growth is the distinction between managerial and entrepreneurial capabilities. Growth in previous periods creates adjustment costs which are associated with managerial capabilities and impacts on the growth opportunities which are associated with entrepreneurial capabilities. In this paper we revisit Penrose’s work to examine how the nature of growth in previous periods may effect growth in the current period. Employing a panel of all commercially active enterprises in the private (non-government) sector in Sweden over a 10 year period our results indicate that previous organic growth acts as a constraint on organic growth, however, acquisitive growth may act as a catalyst for organic growth. Based on these findings, we suggest extensions Penrose’s to growth theory

The Effectiveness of University Knowledge Spill-Overs: Performance Differences between University Spin-Offs and Corporate Spin-Offs

While much prior research has focused upon how the Technology Transfer Offices and other contextual characteristics shape the level of university spin-offs (USO), there is little research on entrepreneurial potential among individual academics, and to the best of our knowledge, no comparative studies with other types of spin-offs exist to date. In this paper we suggest that knowledge transfer from academic research may flow indirectly to entrepreneurship by individuals with a university education background who become involved in new venture creation by means of corporate spin-offs (CSO) after gaining industrial experience, rather than leaving university employment to found a new venture as an academic spinoff. In fact, the commercial knowledge gained by industry experience is potentially more valuable for entrepreneurial performance compared to the academic knowledge gained by additional research experience at a university. This leads us to posit that not only will the average performance of CSOs be higher than comparable USOs, but the gains from founder’s prior experiences will also be higher among CSOs. We investigate these propositions in a comparative study tracking the complete population of USOs and CSOs among the Swedish knowledge-intensive sectors between 1994 and 2002.Spill-Overs

Comment on "Measurement of quantum states of neutrons in the Earth's gravitational field"

In the paper by V.V. Nesvizhevsky et al., Phys. Rev. D 67, 102002 (2003), it is argued that the lowest quantum state of neutrons in the Earth's gravitational field has been experimentally identified. While this is most likely correct, it is imperative to investigate all alternative explanations of the result in order to close all loopholes, as it is the first experiment ever claimed to have observed gravitational quantum states. Here we show that geometrical effects in the experimental setup can mimic the results attributed to gravity. Modifications of the experimental setup to close these possible loopholes are suggested.Comment: 4 pages, to appear in Phys.Rev.

Implications of Intra-Family and External Ownership Transfer Of Family Firms: Short Term and Long Term Performance

We contrast the performance consequences of intra-family vs. external ownership transfers. Investigating a sample of all private family firms in Sweden that went through ownership transfers during ten years, we find family firms transferred to external owners outperforming those transferred within the family, but that survival is higher among intra-family transfers. We attribute these performance differences to the long-term orientation of family firms passed on to the next generation and to the entrepreneurial willingness of acquirers to bear uncertainty. Based on distinct ownership transition routes and theoretical mechanisms explaining performance differences, we outline implications for family business and entrepreneurship research.long-term orientation; succession; ownership transfer; family firms; performance

Reconceptualizing Entrepreneurial Exit: Divergent Exit Routes and Their Drivers

We develop a conceptual model of entrepreneurial exit which includes exit through liquidation and firm sale for both firms in financial distress and firms performing well. This represents four distinct exit routes. In developing the model, we complement the prevailing theoretical framework of exit as a utility-maximizing problem among entrepreneurs with prospect theory and its recent applications in liquidation of investment decisions. We empirically test the model using two Swedish databases which follow 1,735 new ventures and their founders over eight years. We find that entrepreneurs exit from both firms in financial distress and firms performing well. In addition, commonly examined human capital factors (entrepreneurial experience, age, education) and failure-avoidance strategies (outside job, reinvestment) differ substantially across the four exit routes, explaining some of the discrepancies in earlier studiesEntrepreneurial Exit; Prospect Theory; Human Capital

Replenishing the pipeline: A quantitative approach to optimising the sourcing of new projects

Large pharmaceutical companies maintain a portfolio of assets, some of which are projects under development while others are on the market and generating revenue. The budget allocated to R&D may not always be sufficient to fund all the available projects for development. Much attention has been paid to the selection of optimal subsets of available projects to fit within the available budget. In this paper, we argue the need for a forward-looking approach to portfolio decision-making. We develop a quantitative model that allows the portfolio management to evaluate the need for future inflow of new projects to achieve revenue at desired levels, often aspiring to a certain annual revenue growth. Optimisation methods are developed for the presented model, allowing an optimal choice of number, timing and type of projects to be added to the portfolio. The proposed methodology allows for a proactive approach to portfolio management, prioritisation, and optimisation. It provides a quantitatively based support for strategic decisions regarding the efforts needed to secure the future development pipeline and revenue stream of the company

Lakes of the Peace-Athabasca Delta: Controls on nutrients, chemistry, phytoplankton, epiphyton and deposition of polycyclic aromatic compounds (PACs)

Floodplain lakes are strongly regulated by river connectivity because floodwaters exert strong influence on the water balance, the physical, chemical and biological limnological conditions, and the influx of contaminants. The Peace-Athabasca Delta (PAD) in northern Alberta (Canada) is a hydrologically complex landscape and is an important node in the upper Mackenzie River Drainage Basin. The ecological integrity of the PAD is potentially threatened by multiple environmental stressors, yet our understanding of the hydroecology of this large floodplain remains underdeveloped. Indeed, ever since the planning and construction of the WAC Bennett Dam (1960s), concerns have grown over the effects of upstream human activities on the lakes of the PAD. More recently, concerns over the health of the PAD have intensified and come to the fore of national and international dialogue due to water abstraction and mining and processing activities by the rapidly expanding oil sands industry centred in Fort McMurray Alberta. Currently, widespread perception is that upstream human activities have reduced water levels and frequency of flooding at the PAD, which have lowered nutrient availability and productivity of perched basin lakes, and have increased supply of pollutants from oil sands. However, these perceptions remain based on insufficient knowledge of pre-impact conditions and natural variability. Current and past relations between hydrology and limnology of PAD lakes are mostly undocumented, particularly during the important spring freshet period when the effects of river flood waters are strongest. Similarly, knowledge of the deposition of oil-sands- related contaminants in the PAD remains insufficient to determine whether anthropogenic activities have increased the deposition of important oil-sands-related contaminants such as polycyclic aromatic compounds (PACs) relative to natural processes. Such knowledge gaps must be filled to achieve effective monitoring, policy and governance concerning impacts of industrial development and the protection of human and environmental health within the PAD and Mackenzie drainage basin. This thesis examines the effects of river flooding (and the lack of) on water clarity, nutrients, chemistry, phytoplankton abundance, epiphyton community composition and the deposition of polycyclic aromatic compounds (PACs) in lakes of the Peace-Athabasca Delta. To determine the role of flooding on contemporary epiphytic diatom communities (an abundant and diverse guild of primary producers in PAD lakes), a field experiment was conducted examining the community composition and abundance of epiphytic diatoms in four PAD lakes. Two of these four lakes had received floodwaters that spring and two had not. Epiphytic diatom communities in each lake were sampled during the peak macrophyte biomass period (summer) from two macrophyte taxa (Potamogeton zosteriformis, P. perfoliatus var. richardsonii) and from polypropylene artificial substrates previously deployed that spring. A two-way analysis of similarity (ANOSIM) test identified that epiphytic diatom community composition differed between lakes that flooded and those that did not flood. From the use of similarity percentage (SIMPER) analysis, diatom taxa were identified that discriminate between flooded and non-flooded lakes. The relative abundance of ‘strong flood indicator taxa’ was used to construct an event-scale flood record spanning the past ~180 years using analyses of sedimentary diatom assemblages from a closed-drainage lake (PAD 5). Results were verified by close agreement with an independent paleo-flood record from a nearby flood-prone oxbow lake (PAD 54) and historical records. Comparison of epiphytic diatoms in flooded and non-flooded lakes in this study provides a promising approach to detect changes in flood frequency, and may have applications for reconstructing other pulse-type disturbances such as hurricanes and pollutant spills. Additionally, this study demonstrates that artificial substrates can provide an effective bio-monitoring tool for lakes of the PAD and elsewhere. To improve our understanding of the hydrolimnological responses of lake in the PAD to flooding, repeated measurements over three years (2003-05) were made on a series of lakes along a hydrological gradient. This allowed the role of river flooding to be characterized on limnological conditions of lakes and to identify the patterns and timescales of limnological change after flooding. River floodwaters elevate lake water concentrations of suspended sediment, total phosphorus (TP), SO4 and dissolved Si (DSi), and reduce concentrations of total Kjeldahl nitrogen (TKN), DOC and most ions. River flooding increases limnological homogeneity among lakes, because post-flood conditions are strongly affected by the river water properties. After floodwaters recede, limnological conditions become more heterogeneous among lakes in response to diversity of local basin influences (geology, slope, vegetation, depth, fetch, and biological communities and processes), and limnological changes occur at two distinct timescales. In the weeks to months after flooding, water clarity increases as suspended sediments and TP settle out of the water column. In the absence of flooding for many years to decades, evaporative concentration leads to an increase in most nutrients (TKN, inorganic N, and dissolved P), DOC and ions. Contrary to a prevailing paradigm, these results suggest that regular flooding is not required to maintain high nutrient concentrations. In light of anticipated declines in river discharge, limnological conditions in the southern Athabasca sector will become increasingly less dominated by the short-term effects of flooding, and resemble nutrient- and solute-rich lakes in the northern Peace sector that are infrequently flooded. To determine the roles of the Athabasca River and atmospheric transport as vectors for the deposition of PACs in the PAD, sediment cores spanning the last ~200 years were collected from three lakes within the delta. A closed-drainage basin elevated well above the floodplain (PAD 18) was selected to determine temporal patterns of change in PAC concentration due to atmospheric deposition and within-basin production of PACs. Known patterns of paleohydrological changes at the other two lakes (PAD 23 and 31) were used to assess the role of the Athabasca River in delivering PACs to the Athabasca Delta during the ~200 year. Well- dated sediment core samples were analysed for 52 alkylated and non-alkylated PACs (method EPA 3540/8270-GC/MS). Sediments deposited in the non-flood prone lake (PAD 18) contained lower concentrations of total PACs compared to sediments deposited during flood-prone periods in the other study lakes, and were dominated by PACs of a pyrogenic rather than bitumen origin. Multivariate analysis of similarity tests identified that the composition of PACs differs between sediments deposited during not flood-prone and flood-prone periods. Subsequent Similarities Percentage (SIMPER) analysis was used and identified seven PACs that are preferentially deposited during flood-prone periods. These seven PACs are bitumen-associated, river-transported and account for 51% of the total PACs found in oil-sands sediment. At PAD 31, which has been flood-prone both before and since onset of Athabasca oil sands development, identified no measureable differences in both the proportion and concentration of the river-transported indicator PACs in sediments deposited pre-1940s versus post-1982. Our findings suggest that natural erosion of exposed bitumen along the banks of the Athabasca River and its tributaries is the main process delivering PACs to the Athabasca Delta, and that the spring freshet is a key period for contaminant mobilization and transport. Such key baseline environmental information is essential for informed management of natural resources and human-health concerns by provincial and federal regulatory agencies and industry, and for designing effective long-term monitoring and surveillance programs for the lower Athabasca River watershed in the face of future oil sands development. Further monitoring activities and additional paleolimnological studies of the depositional history of PACs and other oil-sands- and non-oil-sands-related contaminants is strongly recommended. Overall, results of this research identify that river flooding exerts strong control on physical, chemical and biological conditions of lakes within the PAD. However, contrary to prevailing paradigms, the PAD is not a landscape that has been adversely and permanently affected by regulation of the Peace River and industrial development of the oil sands along the Athabasca River. Instead, data from contemporary and paleolimnological studies identify that natural processes continue to dominate the delivery of water and contaminants to the delta. Regular and frequent flooding is not essential to maintain the supply of nutrients and productivity of delta lakes, which has been a widespread paradigm that developed in the absence of objective scientific data. Instead, nutrient concentrations rise over years to decades after flooding and lake productivity increases. During the thesis research, novel approaches were developed and demonstrated to be effective. Namely, new artificial substrate samplers were designed for aquatic biomonitoring that accrue periphyton and can identify the occurrence of flood events. Also, paleolimnological methods were employed to characterize the composition and concentration of PACs supplied by natural processes prior to oil sands industrial activity, which serves as an important benchmark for assessing industrial impacts. These are effective methods that can be employed to improve monitoring programs and scientific understanding of the factors affecting this world-renowned landscape, as well as floodplains elsewhere.1 yea

Entrepreneurship in the Future: A Delphi Study of ETP and JBV Editorial Board Members

What will entrepreneurship look like in 2030? We conducted a Delphi panel study asking this question of editors and Editorial Review Board members of the two leading entrepreneurship journals, Journal of Business Venturing and Entrepreneurship Theory and Practice in an attempt to lift the eyes of the field to the horizon, outside academe, if only briefly. Using thematic coding analysis, we identified close to 1000 first-order codes from the 175 scholars surveyed, which we categorized into 24 distinct themes. From this input in the first round, we generated 93 predictions, which were assessed by the panel in terms of likelihood in a second round. It is our hope that these themes and predictions might serve to inspire our present research, teaching, and entrepreneurial endeavors, and spur debate and discussions among (future) entrepreneurship scholars of future-relevant phenomena that can potentially be studied under the rubric of entrepreneurship