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See detailReligion and entrepreneurship: a map of the field and a bibliometric analysis
Block, Jörn; Fisch, Christian UL; Rehan, Farooq

in Management Review Quarterly (2020), 70(4), 591-627

Research concerning religion and entrepreneurship has greatly increased over the last years and is scattered across various academic disciplines and fields. To provide an overview, we conduct a systematic ... [more ▼]

Research concerning religion and entrepreneurship has greatly increased over the last years and is scattered across various academic disciplines and fields. To provide an overview, we conduct a systematic literature search leading to a descriptive overview of the field based on 270 articles published in 163 journals. We identify and characterize the most important publications, journals, and authors in the field and map the analyzed religions and regions. Then, we perform a bibliometric analysis to structure the field and identify thematic clusters and author and journal interconnections and networks. Our study provides a better understanding of the field of religion and entrepreneurship research and, based on these results, outlines avenues for future research. [less ▲]

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See detailIn which regions do governmental, independent, and corporate venture capital firms invest? An empirical investigation across 402 German regions
Masiak, Christian; Fisch, Christian UL; Block, Jörn

in Moritz, Alexandra; Block, Jörn; Golla, Stephan (Eds.) et al Contemporary Developments in Entrepreneurial Finance (2020)

We analyze the distribution of venture capital (VC) investments across German regions and explore the geographical determinants of these investments. So far, little is known about the regional ... [more ▼]

We analyze the distribution of venture capital (VC) investments across German regions and explore the geographical determinants of these investments. So far, little is known about the regional determinants of governmental (GVC), independent (IVC), and corporate (CVC) VC firms and about whether these types of VC firms invest in different regions. Combining a dataset of 402 German districts, our regressions show that regions with a higher supply of human capital and knowledge creators attract a significantly higher number of GVC investments. Moreover, we find a significant difference in economically weaker regions but do not find a metropolitan bias. Hence, GVC firms do not invest more frequently in rural regions per se and do not prevent regional disparities more often than other types of VC firms. The implications of these findings for high-tech firms and regional policy are discussed. [less ▲]

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See detailInstitutional investors and post-ICO performance: an empirical analysis of investor returns in initial coin offerings (ICOs)
Fisch, Christian UL; Paul, Momtaz

in Journal of Corporate Finance (2020), 64

We examine the role of institutional investors in initial coin offerings (ICOs). Taking a financial investor's perspective, we assess the determinants of post-ICO performance via buy-and-hold abnormal ... [more ▼]

We examine the role of institutional investors in initial coin offerings (ICOs). Taking a financial investor's perspective, we assess the determinants of post-ICO performance via buy-and-hold abnormal returns (BHAR) in a sample of 565 ICO ventures. Conceptually, we argue that institutional investors' superior screening (selection effect) and coaching abilities (treatment effect) enable them to partly overcome the information asymmetry of the ICO context and extract informational rents from their ICO investments. We find that institutional investor backing is indeed associated with higher post-ICO performance. Disentangling selection and treatment effects econometrically, we find that both of these effects explain the positive impact institutional investors have on post-ICO performance. Overall, our results highlight the importance of institutional investors in the ICO context. [less ▲]

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See detailEight tips and questions for your bibliographic study in business and management research
Block, Jörn; Fisch, Christian UL

in Management Review Quarterly (2020), 70(3), 307-312

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See detailThe impact of acquisitions on Chinese acquirers' innovation performance: An empirical investigation of 1,545 Chinese acquisitions
Fisch, Christian UL; Block, Jörn; Sandner, Philipp

in Journal of Business Economics (2019), 89(2), 125-153

Acquisitions by Chinese firms have increased markedly in recent years. So far, we know little about the effects of these acquisitions on the acquirer’s innovation performance. Our paper focuses on two ... [more ▼]

Acquisitions by Chinese firms have increased markedly in recent years. So far, we know little about the effects of these acquisitions on the acquirer’s innovation performance. Our paper focuses on two interrelated research questions. First, to what extent can Chinese firms increase their patent output following an acquisition? Second, which factors influence the post-acquisition patent output? Using a comprehensive dataset of 697 publicly listed Chinese firms in the manufacturing sector that conducted 1545 acquisitions from 2000 to 2012, we find no significant overall effect of acquisitions on patent output. However, we find that several acquisition-specific factors have a positive effect on the post-acquisition patent output (e.g., size of the acquired knowledge base, relatedness of the acquired knowledge base, cross-border acquisitions). Our study extends prior research on post-acquisition innovation performance to the context of Chinese acquirers. [less ▲]

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See detailEntrepreneurship in Islamic communities: how do Islamic values and Islamic practices influence entrepreneurship intentions?
Rehan, Farooq; Fisch, Christian UL; Block, Jörn

in Journal of Enterprising Communities (2019), 13(5), 557-583

Purpose – Prior research has investigated the development of Islamic communities. The authors contribute to this line of research by analyzing the effects of Islamic values and Islamic religious practices ... [more ▼]

Purpose – Prior research has investigated the development of Islamic communities. The authors contribute to this line of research by analyzing the effects of Islamic values and Islamic religious practices on entrepreneurship intentions in Islamic communities. Using theory of planned behavior as a theoretical lens, they also take into account that the relationship between religion and entrepreneurial intentions can be mediated by individual’s attitude toward entrepreneurship. Design/methodology/approach – The authors analyze primary data obtained from a sample of 1,895 Pakistani university students. They also use structural equation modeling to perform a nuanced assessment of the relationship between Islamic values and practices and entrepreneurship intentions and to account for mediating effects. Findings – The results show that both Islamic values and Islamic practices positively influence entrepreneurship intentions. Both effects are mediated by the attitude toward entrepreneurship. Originality/value – The authors contribute to prior research on entrepreneurship in Islamic communities by applying a more fine-grained approach to capture the link between religion and entrepreneurship. Further, they contribute to the literature on entrepreneurship intentions by showing that the influence of religion on entrepreneurship intentions is mainly due to religious values and practices, which shape the attitude [less ▲]

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See detailInitial coin offerings (ICOs) to finance new ventures
Fisch, Christian UL

in Journal of Business Venturing (2019), 34(1), 1-22

In an initial coin offering (ICO), new ventures raise capital by selling tokens to a crowd of investors. Often, this token is a cryptocurrency, a digital medium of value exchange based on the distributed ... [more ▼]

In an initial coin offering (ICO), new ventures raise capital by selling tokens to a crowd of investors. Often, this token is a cryptocurrency, a digital medium of value exchange based on the distributed ledger technology. Both the number of ICOs and the amount of capital raised have exploded since 2017. Despite attracting significant attention from ventures, investors, and policy makers, little is known about the dynamics of ICOs. This initial study therefore assesses the determinants of the amount raised in 423 ICOs. Drawing on signaling theory, the study explores the role of signaling ventures' technological capabilities in ICOs. The results show that technical white papers and high-quality source codes increase the amount raised, while patents are not associated with increased amounts of funding. Exploring further determinants of the amount raised, the results indicate that some of the underlying mechanisms in ICOs resemble those found in prior research into entrepreneurial finance, while others are unique to the ICO context. The study's implications are multifold and discussed in detail. Importantly, the results enable investors to more accurately understand crucial determinants of the amount raised (e.g., technical white papers, source code quality, token supply, Ethereum-standard). This reduces the considerable uncertainty that investors face when investing in ICOs and enables more informed decision-making. [less ▲]

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See detailA personality perspective on business angel syndication
Block, Jörn; Fisch, Christian UL; Obschonka, Martin et al

in Journal of Banking and Finance (2019), 100

The decision to syndicate investments in entrepreneurial finance has been explained through financial, networking, and resource-based perspectives. We posit that a personality perspective exists next to ... [more ▼]

The decision to syndicate investments in entrepreneurial finance has been explained through financial, networking, and resource-based perspectives. We posit that a personality perspective exists next to these three perspectives and hypothesize that the personality of business angels influences syndication behavior. Using data from 3,234 syndication decisions of 1,348 business angels, we find evidence for some of our predictions. By measuring personality through a comprehensive language analysis based on digital footprints in Twitter statements of business angels, we show that extraversion makes syndication more likely, whereas conscientiousness reduces the likelihood of syndication. Several sensitivity analyses underline the robustness of our main results. Further exploratory analyses assess the relationship between personality and syndicate composition as well as that between personality and venture success. Our study contributes to the entrepreneurial finance literature by adding and validating a new perspective to explain syndication behavior. In addition, our study contributes to research on the personality of business angels. [less ▲]

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See detailPrivate equity investment criteria: An experimental conjoint analysis of venture capital, business angels, and family offices
Block, Jörn; Fisch, Christian UL; Vismara, Silvio et al

in Journal of Corporate Finance (2019), 58

We use an experimental conjoint analysis to investigate the investment criteria of 749 private equity investors, distinguishing between family offices, business angels, venture capital funds, growth ... [more ▼]

We use an experimental conjoint analysis to investigate the investment criteria of 749 private equity investors, distinguishing between family offices, business angels, venture capital funds, growth equity funds, and leveraged buyout funds. Our results indicate that revenue growth is the most important investment criterion, followed by the value-added of product/service, the management team's track record, and profitability. Regarding differences across investor types, we find that family offices, growth equity funds, and leveraged buyout funds place a higher value on profitability as compared to business angels and venture capital funds. Venture capital funds, in turn, pay more attention to companies' revenue growth, business models, and current investors. With these results, our study contributes to the corporate finance literature by deepening our understanding of how different types of private equity investors make investment decisions. [less ▲]

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See detailHow do labor market institutions influence the preference to work in family firms? A multilevel analysis across 40 countries
Block, Jörn; Fisch, Christian UL; Lau, James et al

in Entrepreneurship: Theory and Practice (2019), 43(6), 1067-1093

Family firms must attract talented employees to stay competitive. They have different employer characteristics than nonfamily firms. For example, although they generally offer lower wages, they also ... [more ▼]

Family firms must attract talented employees to stay competitive. They have different employer characteristics than nonfamily firms. For example, although they generally offer lower wages, they also typically offer higher job security and a more cooperative and entrepreneurial work environment. However, drawing on occupational choice theory, we argue that the importance of these unique family firm characteristics depends on the national labor market context in which the family firm is embedded. A multilevel investigation of 12,746 individuals in 40 countries shows that individuals prefer to work in family firms in labor markets with flexible unregulated hiring and firing practices, centralized wage determination, and low labor–employer cooperation. A cross-level analysis further shows that the national labor market context moderates the effects of individual-level factors determining the preference to work in a family firm (e.g., entrepreneurship intention). Our article is the first to consider labor market institutions in research on family firms as employers. Practical implications exist for family firms regarding their employer branding and intrapreneurship strategies. [less ▲]

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See detailQuantity and quality of jobs by entrepreneurial firms
Block, Jörn; Fisch, Christian UL; Van Praag, Mirjam

in Oxford Review of Economic Policy (2018), 34(4), 565-583

The idea that start-ups and young firms (hereafter entrepreneurial firms) create jobs is very popular among policy-makers and has led to a large number of studies investigating the effect of ... [more ▼]

The idea that start-ups and young firms (hereafter entrepreneurial firms) create jobs is very popular among policy-makers and has led to a large number of studies investigating the effect of entrepreneurship on job creation. Recently, however, society and many players in the political arena have begun to care not only about job quantity and quantitative employment levels, but also about the quality of the jobs created. This study provides the first systematic literature review of research on the quantity and quality of jobs created by entrepreneurial firms. Our review shows that entrepreneurial firms have a long-lasting and positive effect on job creation. This effect seems to be due to a very small fraction of young, high-growth firms. With regard to job quality, however, the findings are less clear cut: while some studies indicate that entrepreneurial firms do create higher-quality jobs, a multitude of studies indicate that these jobs are of lower quality. We also show that entrepreneurial firms attract a different type of employee than established firms. For example, employees in entrepreneurial firms attach a lower weight to salary and job security than those in established firms, and instead assign greater value to responsibility, innovation, and challenges. Another finding is that many jobs in entrepreneurial firms are filled by formerly unemployed individuals. The review concludes with policy implications and avenues for future research. [less ▲]

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See detailEntrepreneurial personalities in political leadership
Obschonka, Martin; Fisch, Christian UL

in Small Business Economics (2018), 50(4), 851-869

Societies around the globe respond to the contemporary technological and economic change by defining entrepreneurship and innovation as core principles for future competitive advantage. Does this rise of ... [more ▼]

Societies around the globe respond to the contemporary technological and economic change by defining entrepreneurship and innovation as core principles for future competitive advantage. Does this rise of the Bentrepreneurial society also imply that entrepreneurial personalities are becoming increasingly widespread and powerful in political leadership? Joseph A. Schumpeter already argued that highly influential entrepreneurs are unique and show a certain personality pattern that can be described as being not only high in creativity and change orientation but also high in competitiveness and rule-breaking. It is interesting to ask whether such Schumpeterian personalities indeed play an increasingly important role in political leadership, given that daily routines of policy leaders, at least at first glance, usually require rather non-entrepreneurial strategies such as careful, risk-averse diplomacy. To address this question, we first survey the existing literature on personality and political leadership.We further present a novel personality analysis of an influential business leader that recently made a transition to political leadership: Donald J. Trump, the incumbent US president. Employing a language-based, computerized method of analyzing Twitter statements, we compare his online personality to the online personality of other influential entrepreneurs and business managers, who do not engage in political leadership. The results indicate that Trump is indeed distinct in that he shows stronger features of a Schumpeterian personality. However, he is also comparatively high in Neuroticism. We discuss these findings focusing on the potential implications of a concentration of entrepreneurial mindsets in political leadership. [less ▲]

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See detailSix tips for your (systematic) literature review in business and management research
Fisch, Christian UL; Block, Jörn

in Management Review Quarterly (2018), 68(2), 103-106

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See detailWhat drives the intellectual property output of high-tech firms? Regional- and firm-level factors
Masiak, Christian; Fisch, Christian UL; Block, Jörn

in Presse, André; Terzidis, Orestis (Eds.) Technology Entrepreneurship (2018)

This study analyzes the effects of regional- and firm-level factors on the intellectual property (IP) output of high-tech firms. So far, little is known on how regional factors influence the IP output of ... [more ▼]

This study analyzes the effects of regional- and firm-level factors on the intellectual property (IP) output of high-tech firms. So far, little is known on how regional factors influence the IP output of high-tech firms.We combine data on 8317 German high-tech firms with regional data and perform various regression analyses. We measure the IP output by the number of granted patents and trademarks. In particular, the receipt of venture capital and firm size have a significant effect on the IP output. With regard to regional factors, the student rate in a region is positively linked to IP output, whereas the existence of a technical university in a region has no significant effect on the IP output. Implications for policy makers and practitioners are discussed. [less ▲]

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See detailTrademark or patent? The effects of market concentration, customer type, and venture capital financing on start-ups’ initial IP applications
De Vries, Geertjan; Pennings, Enrico; Block, Jörn et al

in Industry and Innovation (2017), 24(4), 325-345

We analyse the initial IP applications of 4,703 start-ups in the U.S., distinguishing between trademark and patent applications. Our empirical results show that start-ups are more likely to file for ... [more ▼]

We analyse the initial IP applications of 4,703 start-ups in the U.S., distinguishing between trademark and patent applications. Our empirical results show that start-ups are more likely to file for trademarks instead of patents when entering markets with a higher market concentration. Furthermore, we find that start-ups that are primarily active in business-to-consumer markets instead of business-to-business markets are more likely to file trademarks. Finally, the involvement of a venture capitalist (VC) affects the initial IP application. VC-backed start-ups are more likely than other startups to file initial IP in the form of trademarks rather than patents. This paper contributes to research on the use of IP rights in start-ups and to the literature on new venture strategy. [less ▲]

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See detailUsing digital footprints in entrepreneurship research: A Twitter-based personality analysis of superstar entrepreneurs and managers
Obschonka, Martin; Fisch, Christian UL; Boyd, Ryan

in Journal of Business Venturing Insights (2017), 8

Research indicates that individuals’ digital footprints, for example in Twitter and Facebook, can reveal remarkably valid information about their personality characteristics. In this study, we use digital ... [more ▼]

Research indicates that individuals’ digital footprints, for example in Twitter and Facebook, can reveal remarkably valid information about their personality characteristics. In this study, we use digital footprints to gain insights into the personality of superstar entrepreneurs and managers, a largely understudied population in entrepreneurship research. Specifically, we compare the personality characteristics of 106 of the most influential business leaders employing a computerized text analysis tool based on the individuals’ Twitter messages (Receptiviti). Our findings are surprising and indicate that superstar managers are more entrepreneurial in many personality characteristics than superstar entrepreneurs. However, we also found some indications that superstar entrepreneurs seem to show features of a classic “Schumpeterian” entrepreneurial personality with respect to being creative, independent rule-breakers. [less ▲]

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See detailThe value of Chinese patents: An empirical investigation of citation lags
Fisch, Christian UL; Sandner, Philipp; Regner, Lukas

in China Economic Review (2017), 45

China has been experiencing a substantial growth in patent applications. But is this increase accompanied by a similar increase in patent value? To assess this question, we examine the citation lag of ... [more ▼]

China has been experiencing a substantial growth in patent applications. But is this increase accompanied by a similar increase in patent value? To assess this question, we examine the citation lag of Chinese patents as a proxy of patent value in comparison with patents from the US, Europe, Japan, and Korea. Our empirical analysis comprises a unique data set of 60,000 patents with priority years between 2000 and 2010. Utilizing Cox regressions, our results show that Chinese patents suffer from a large citation lag in comparison to international patents, indicating a lower value. This is especially true for patents filed domestically. However, we find empirical support for an increasing patent value in more recent patents. China shows a strong dynamic in the field of patenting and our results suggest that the gap between Chinese patents and international patents might narrow down in the near future. [less ▲]

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See detailThe Schumpeterian entrepreneur: a review of the empirical evidence on the antecedents, behaviour and consequences of innovative entrepreneurship
Block, Jörn; Fisch, Christian UL; Van Praag, Mirjam

in Industry and Innovation (2017), 24(1), 61-95

Innovative entrepreneurship is considered an important pillar for economic development and has sparked a lively discussion in academia and practice alike. Oftentimes, however, the debate is not ... [more ▼]

Innovative entrepreneurship is considered an important pillar for economic development and has sparked a lively discussion in academia and practice alike. Oftentimes, however, the debate is not sufficiently grounded on solid empirical evidence. The academic literature is growing but very scattered and is separated into several disciplines. We provide a summary that takes stock of the academic knowledge about innovative entrepreneurship and summarizes the evidence from 102 empirical studies published in the primary economics and management journals on the antecedents, behavior, and consequences of innovative entrepreneurship. Based on this state-of-the-art literature review, directions for future research are discussed. [less ▲]

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See detailPatents and trademarks: Motivations, antecedents, and value in industrialized and emerging markets
Fisch, Christian UL

Doctoral thesis (2016)

Intellectual property rights (IPRs) play a very important role for innovations. They serve as a mechanism for innovators (e.g., individuals, companies, universities) to protect their intellectual property ... [more ▼]

Intellectual property rights (IPRs) play a very important role for innovations. They serve as a mechanism for innovators (e.g., individuals, companies, universities) to protect their intellectual property and enable the holder of the IPR to profit from the innovation. Patents and trademarks constitute the two most important and most frequently utilized IPRs. This thesis contains five empirical studies that address recent research gaps in research on patents and trademarks. With regard to patents, this thesis focuses on patenting in China, which underwent a remarkable and explosive growth recently: Only 15 years ago, Chinese applicants filed 1.9% of the patents they filed in 2014. This is because China is trying to transition itself from an imitation-based to innovation-based economy. However, even though China is actively and prominently fostering innovation in trying to become a leading innovator, China is still far away from reaching the world’s innovation frontier. In light of this ongoing and still relatively unexplored phenomenon, this thesis addresses several important issues regarding the antecedents of patenting and the value of patents in China that are crucial, but have received little attention so far. In particular, this thesis addresses the more specific topics of university patenting, the impact of acquisitions on innovation performance, and patent value in China. In contrast to research on patenting, research on trademarking is in comparatively early stages. Trademarks are a very important IPR for firms to distinguish themselves from competitors and have been linked positively to the market valuation, survival, and productivity of firms. However, little is known on why firms file trademarks, which is the focus of the final study in this thesis. [less ▲]

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