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Origins, Attributes, CritiqueFoss, Nicolai J.; Klein, Peter G. (, 2009)[More information][Less information]
Abstract: Israel Kirzner’s concept of entrepreneurship as alertness to profit opportunities is one of the most influential modern interpretations of the entrepreneurial function. Shane and Venkataraman’s (2000: 218) influential assessment defines entrepreneurship research as “the scholarly examination of how, by whom, and with what effects opportunities to create future goods and services are discovered, evaluated, and exploited.” As such, “the field involves the study of sources of opportunities; the processes of discovery, evaluation, and exploitation of opportunities; and the set of individuals who discover, evaluate, and exploit them.” Shane’s General Theory of Entrepreneurship (2003) cites Kirzner and “Kirznerian opportunities” more than any writer other than Joseph Schumpeter. More generally, the entrepreneurial opportunity, rather than the individual entrepreneur, the startup company, or the new product, has become the centerpiece of the academic study of entrepreneurship. URI: http://hdl.handle.net/10398/7755 Files in this item: 1
SMG WP 2009-02.pdf (317.2Kb) -
How Headquarters Facilitate Business Model Innovation at the Subsidiary LevelCao, Yangfeng; Ping Li, Peter; Skat-Rørdam, Peter (Frederiksberg, 2013)[More information][Less information]
Abstract: Primarily due to the large gaps in economic and institutional contexts between the developed and emerging markets, business model innovation (BMI) at the subsidiary level plays an important role for the success of small and mediumsized firms (SMEs) from the developed markets operating in the emerging markets as top-down venture. While some studies claim that the direct involvement of headquarters (HQ) of SMEs in the activities of their subsidiaries is essential, surprisingly little is known about how HQ specifically facilitates BMI at the subsidiary level, especially in the context of top-down venture. Adopting the method of comparative and longitudinal case study, we tracked the BMI process of six SMEs from Denmark operating in China. The emergent framework indicates that entrepreneurial aspiration and flexibility at the HQ level 2 Asia Research Centre, CBS, Copenhagen Discussion Paper 2013-42 are two primary facilitators of BMI at the subsidiary level via the mechanisms of commitment and cooperation. We also found that BMI performance would influence the two facilitators in a feedback loop. Hence, we can contribute to the literatures on international entrepreneurship and strategic entrepreneurship by integrating the two previously separated research streams via their shared theme of accelerated learning. In particular, this study helps solve the puzzle concerning fast and successful international venture. URI: http://hdl.handle.net/10398/8679 Files in this item: 1
Yangfeng_Cao.pdf (521.1Kb) -
Iversen, Jens; Malchow-Møller, Nikolaj; Sørensen, Anders (Frederiksberg, 2009)[More information][Less information]
Abstract: We argue that formal schooling and wage-work experience are complementary types of human capital for entrepreneurs. Strong empirical support is found for this hypothesis as the interaction term between schooling and actual wage-work experience enters positively and significantly in a Mincer equation, whereas the effect of schooling in the absence of wage-work experience is insignificant. These results are extremely robust towards more flexible specifications, including fixed-effects estimations dealing with unobserved heterogeneity. For wage workers, the interaction term is negligible, confirming that the complementarity is a distinct characteristic of entrepreneurial human capital. URI: http://hdl.handle.net/10398/7990 Files in this item: 1
WP_Iversen_Malchow_Sorensen.pdf (256.4Kb) -
A Review and Future Directions for ResearchV. Christensen, Patrizia; P. Ulhøi, John; Madsen, Henning (Århus, 2004)[More information][Less information]
Abstract: The main focus of this paper is on individuals and/or groups of individuals who create or seize a new technology-based or knowledge-intensive entrepreneurial opportunity. For this purpose, a theoretical framework for studying entrepreneurship, using financial, social and human capital, including social ties and networks, has been developed. Research themes or questions concerning how social ties and entrepreneurs’ background affect the funding, launching and subsequent development of a new venture in high-tech or knowledge-intensive sectors are outlined. Also of interest here is how the presence or absence of important environmental factors, such as financing opportunities and involvement in a technology business incubator, can affect the success or failure of entrepreneurial efforts. After reviewing the existing literature, the paper concludes by presenting future research challenges and practical implications for organisations and individuals willing to take advantage of entrepreneurial opportunities URI: http://hdl.handle.net/10398/8128 Files in this item: 1
8791023068.pdf (72.30Kb) -
Christensen, P. V.; Ulhøi, J. P.; Neergaard, H. (Aarhus, 2001)[More information][Less information]
Abstract: Based on a number of in-depth case studies, the aim of this paper is to elucidate some of the key internal and external mechanisms influencing the foundation and early growth of high-tech and knowledge-intensive entrepreneurial ventures. Following a detailed sampling procedure, a number of semi-structured interviews were carried out between August 2000 and June 2001. The firms were chosen among those established during the last three years both inside and outside Danish business incubators. The sampling was carried out in such a way as to include both male and female entrepreneurs. Our preliminary findings indicate that in the early phases of the business, prior social relations between members of the entrepreneurial teams play an important role in both the recruiting of key employees and managers and in the success of the entrepreneurial venture. Moreover, the weak ties resulting from the personal and/or business experience of at least one of the members of the entrepreneurial team appear to enhance the likelihood of the firm being “born global”. URI: http://hdl.handle.net/10398/8136 Files in this item: 1
x645152489.pdf (52.15Kb) -
Moberg, Kåre (Frederiksberg, 2012)[More information][Less information]
Abstract: In this book chapter I present a multidimensional entrepreneurial self-efficacy (ESE) scale. The scale builds on three established ESE-scales, but the reliability of it is improved compared to the original three scales as the highly discipline-specific jargon is transformed to a more neutral wording of the items. The scale has been tested in a large scale survey including 445 students from twelve different programmes at three universities in Denmark and one university in Sweden. Exploratory factor analysis (EFA) has been applied in order to investigate the multidimensionality of the items in the scale, and confirmatory factor analysis (CFA) has been applied to investigate its convergent, discriminatory and nomological validity. The results demonstrate support for a multidimensional ESE-scale with high predictive validity regarding entrepreneurial behaviours and with high reliability as the items are comprehensible to respondents, regardless if they have entrepreneurial experience or not. The scale can thus be used in programme evaluations that include control groups or other type of individuals that lack entrepreneurial experience. URI: http://hdl.handle.net/10398/8565 Files in this item: 1
Moberg_SMGWP2012_6.pdf (855.5Kb) -
From opportunity discovery to judgmentFoss, Nicolai J.; Klein, Peter G. (København, 2008)[More information][Less information]
Abstract: Entrepreneurship has become a fast-growing subfield in management research, and is increasingly appearing in economics, finance, and even law. We survey a number of approaches to entrepreneurship in the economics and management literatures, and argue that modern research in this area need to be focused around ideas from Austrian economics and Frank Knight on entrepreneurial judgment. We critically discuss the recent opportunity discovery literature in management, and argue that it has partially misunderstood the Austrian origins of the theory, and fails to ade-quately distinguish between opportunity identification and opportunity exploitation. URI: http://hdl.handle.net/10398/7485 Files in this item: 1
smg wp 2008-05.pdf (347.1Kb) -
Klein, Peter (København, 1998)[More information][Less information]
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Foss, Nicolai J.; Klein, Peter G. (København, 2008)[More information][Less information]
Abstract: Entrepreneurship is ultimately about the arrangement of resources into productive activi-ties. Much of the entrepreneurship literature, however, has focused on the demand side of the market. While resource heterogeneity is a feature of many theories of the firm, such theories are not built on a systematic theory of capital. We show how the approach to capital developed by the Austrian school of economics provides a natural bridge between theory of entrepreneurship and the theory of the firm. We refine Austrian capital theory by defining capital heterogeneity in terms of subjectively perceived attributes, the func-tions, characteristics, and uses of capital assets. Such attributes are not given, but have to be created or discovered by means of entrepreneurial action. URI: http://hdl.handle.net/10398/7443 Files in this item: 1
smg wp 2008-03.pdf (348.5Kb) -
Foss, Nicolai J.; Klein, Peter G.; Bylund, Per L. (Frederiksberg, 2011)[More information][Less information]
Abstract: The study of entrepreneurship and the study of economic organizing lack contact. In fact, the modern theory of the firm virtually ignores entrepreneurship, while the literature on entrepreneurship often sees little value in the economic theory of the firm. In contrast, we argue in this chapter that entrepreneurship theory and the theory of the firm can be usefully integrated, and that doing so would improve both bodies of theory. Adding the entrepreneur to the theory of the firm provides a dynamic view that the overly static analysis of firm organizing cannot support. Moreover, adding the firm to the study of the entrepreneur provides important clues to how we can understand entrepreneurship. URI: http://hdl.handle.net/10398/8250 Files in this item: 1
SMG WP 6_2011.pdf (160.0Kb) -
Foss, Nicolai Juul; Klein, Peter G. (, 2011)[More information][Less information]
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Any Gains from Trade?Foss, Nicolai J.; Klein, Peter G. (København, 2004)[More information][Less information]
Abstract: Though they developed in isolation, the theory of entrepreneurship and the economic theory of the firm can be usefully integrated. In particular, the concept of entrepreneurship as judgment associated with Knight (1921) and some Austrian school economists aligns naturally with the theory of the firm. Because judgment cannot be purchased on the market, the entrepreneur needs a firm — a set of alienable assets he controls — to carry out his function. We show how this notion of judgment illuminates key themes in the modern theory of the firm (existence, boundaries, and internal organization). In our approach, resource uses are not data, but are created as entrepreneurs envision new ways of using assets to produce final goods. The entrepreneur’s problem is aggravated by the fact that capital assets are heterogeneous. Asset ownership allows the entrepreneur to experiment with novel combinations of heterogeneous assets. The boundaries of the firm, as well as aspects of internal organization, may also be understood as responses to entrepreneurial processes of experimentation. URI: http://hdl.handle.net/10398/7309 Files in this item: 1
ckg-wp 2004-11.pdf (200.5Kb) -
Any Gains from TradeFoss, Nicolai J.; Klein, Peter G. (København, 2004)[More information][Less information]
Abstract: Although they have developed very much in isolation from each other, we argue the theory of entrepreneurship and the economic theory of the firm are closely related, and each has much to learn from the other. In particular, the notion of entrepreneurship as judgment associated with Frank Knight and some Austrian school economists aligns naturally with the theory of the firm. In this perspective, the entrepreneur needs a firm, that is, a set of alienable assets he controls, to carry out his function. We further show how this notion of judgment adds to the key themes in the modern theory of the firm (i.e., the existence, boundaries, and internal organization). In our approach, resource uses are not data, but are created as entrepreneurs envision new ways of using assets to produce goods. The entrepreneur’s decision problem is aggravated by the fact that capital assets are heterogeneous. Asset ownership facilitates experimenting entrepreneurship: Acquiring a bundle of property rights is a low cost means of carrying out commercial experimentation. In this approach, the existence of the firm may be understood in terms of limits to the market for judgment relating to novel uses of heterogeneous assets; and the boundaries of the firm, as well as aspects of internal organization, may be understood as being responsive to entrepreneurial processes of experimentation. Key words: Entrepreneurship, heterogeneous assets, judgment, ownership, firm boundaries, internal organization. JEL Codes: B53, D23, L2 URI: http://hdl.handle.net/10398/6429 Files in this item: 1
04-12.pdf (343.6Kb) -
Report from a workshop 6-8 September 2010Schaumburg-Müller, Henrik; Jeppesen, Søren; Langevang, Thilde (Frederiksberg, 2010)[More information][Less information]
Abstract: This working paper is a report from the workshop on Entrepreneurship Development arranged by the Centre for Business and Development Studies at CBS and the Danish Ministry of Foreign Affairs in September 2010. The objective of the workshop was to use the participants’ joint knowledge and experiences to discuss and provide conclusions on what role entrepreneurship development has played and can play to stimulate growth and employment in Africa. Entrepreneurship development is understood as the promotion and development of activities and processes that foster and support productive entrepreneurship in the society. The workshop should provide inputs to how entrepreneurship in Africa can be supported and be used in the development and implementation of the “Growth and Employment” priority of the new Danish strategy for development cooperation. The workshop had twenty participants with long standing insight to the challenges of entrepreneurship development and employment growth in Africa from international organizations, development cooperation partners, universities and private enterprises and organizations. The report contains the key issues discussed at the workshop and ends with conclusions and recommendations. URI: http://hdl.handle.net/10398/8208 Files in this item: 1
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Foss, Nicolai J. (Frederiksberg, 2011)[More information][Less information]
Abstract: This chapter discusses entrepreneurship in the context of the RBV. What does the RBV have to say that the study of entrepreneurship may usefully draw on? And, conversely, how can entrepreneurship research further the RBV? I begin by sketching the RBV. I then discuss the relation between the RBV and entrepreneurship research, before I characterize a new research stream that has emerged over the last decade or so in the intersection of the RBV and entrepreneurship research, namely “strategic entrepreneurship.” URI: http://hdl.handle.net/10398/8251 Files in this item: 1
SMG WP 8_2011.pdf (234.9Kb) -
Malchow-Møller, Nikolaj; Schjerning, Bertel; Sørensen, Anders (København, 2008)[More information][Less information]
Abstract: This paper analyses the importance of entrepreneurs for job creation and wage growth. Relying on unique data that covers all plants, firms and individuals in the Danish private sector, we are able to distil a number of different measures of entrepreneurial plants from the set of new plants, including measures that much more precisely capture the "truly new” or "entrepreneurial” plants than in previous studies. Using these data, we find that while new plants in general account for one third of the gross job creation in the economy, entrepreneurial plants are responsible for between 15% and 25% of this, and thus only account for up to 8% of total gross job creation in the economy. However, entrepreneurial plants seem to generate more additional jobs than other new plants in the years following entry. Finally, the jobs generated by entrepreneurial plants are to a large extent low-wage jobs, as they are not found to contribute to the growth in average wages. However, this insight varies across the different types of entrepreneurial plants. URI: http://hdl.handle.net/10398/7713 Files in this item: 1
dp 2008-13.pdf (122.6Kb) -
Towards a new SynthesisFoss, Nicolai J.; Klein, Peter G.; Kor, Yasemin Y.; Mahoney, Joseph T. (København, 2006)[More information][Less information]
Abstract: This paper maintains that the consistent application of subjectivism helps to reconcile contemporary entrepreneurship theory with strategic management research in general, and the resource−based view in particular. The paper synthesizes theoretical insights from Austrian economics and Penrose’s (1959) resources approach, arguing that entrepreneurship is inherently subjective and firm specific. This new synthesis describes how entrepreneurship is manifested in teams, and is driven by both heterogeneity of managerial mental models and shared team experiences. URI: http://hdl.handle.net/10398/7463 Files in this item: 1
cbs forskningsindberetning smg 67.pdf (455.7Kb) -
Foss, Nicolai Juul; Foss, Kirsten (København, 2006)[More information][Less information]
Abstract: This paper responds to Kim and Mahoney’s "How Property Rights Economics Furthers the Resource-Based View: Resources, Transaction Costs and Entrepreneurial Discovery" (a comment on Foss and Foss, 2005). While we agree with many of their arguments, we argue that they fail to recognize how exactly transaction costs and property rights shape the process of entrepreneurial discovery. We provide a sketch of the mechanisms that link entrepreneurship, property rights, and transaction costs in a resource-based setting, contributing further to the attempt to take the RBV in a more dynamic direction. URI: http://hdl.handle.net/10398/7476 Files in this item: 1
cbs forskningsindberetning smg 47.pdf (357.2Kb) -
Meyer, Klaus; Tran, Yen Thi Thu (København, 2004)[More information][Less information]
Abstract: Multinational enterprises (MNEs) are expanding their global reach, carrying their products and brands to ever more remote corners of the world. They encounter business environments that vary not only from their country of origin, but also vary greatly amongst each other. Thus foreign investors have to adapt their strategies, most notably their marketing and acquisition strategies, to the local context. In this paper, we outline why globalisation drives MNEs into emerging economies, and we provide conceptual frameworks that may aid investors to adapt their strategies to emerging economy contexts. MNEs have to develop a portfolio of local and/or global brands that matches their competences with local needs. If they aim for market leadership they may pursue a multi-tier strategy, but this needs to be supported by an appropriate foundation of global and local resources. This strategy in particular requires the acquisition of complementary local resources controlled by local firms. However, acquisitions in emerging economies are inhibited by institutional obstacles and weak local firms. Thus, foreign investors may pursue staged, multiple, indirect, or Brownfield acquisitions to build their projected operation. We illustrate our proposed strategies by analysing how one multination enterprise - Carlsberg Breweries - has developed its operations in three very different emerging economies: Poland, Lithuania and Vietnam. URI: http://hdl.handle.net/10398/7071 Files in this item: 1
working paper 2004-50.pdf (334.0Kb) -
[More information][Less information]