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See detailA comprehensive review of the global development of initial coin offerings (ICOs) and their regulation
Bellavitis, Cristiano; Fisch, Christian UL; Wiklund, Johan

in Journal of Business Venturing Insights (2021), 15(6), 00213

Initial coin offerings (ICOs) represent an innovative and new funding mechanism for new technology ventures. In our comprehensive review of the industry’s evolution, we show that despite its short history ... [more ▼]

Initial coin offerings (ICOs) represent an innovative and new funding mechanism for new technology ventures. In our comprehensive review of the industry’s evolution, we show that despite its short history, there have been dramatic changes and shifts in the number of ICOs, the amount of money raised, the geographic distribution of ICOs, and their regulation. This dynamism calls into question current research practices and findings. We propose that scholars sort out and differentiate supply of vs. demand for ICO funding, taking geography and regulation into account with a global perspective. [less ▲]

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See detailBankruptcy regulation and self-employment entry: the moderating roles of income share, parenthood, and hybrid entrepreneurship
Schulz, Matthias; Schwens, Christian; Fisch, Christian UL

in Entrepreneurship: Theory and Practice (2021), 45(6), 1522-1549

We investigate how individual factors moderate the impact of bankruptcy exemption levels—that is, the amount of wealth individuals can keep in case of bankruptcy—on entry into self-employment ... [more ▼]

We investigate how individual factors moderate the impact of bankruptcy exemption levels—that is, the amount of wealth individuals can keep in case of bankruptcy—on entry into self-employment. Conceptually, we combine Prospect Theory’s axiom of diminishing sensitivity with insights from research on entrepreneurial failure. We hypothesize that individuals who face higher financial, social, or psychological costs because of bankruptcy will be less sensitive to higher exemption levels than will those who face lower costs across these dimensions. Our empirical results, which are based on a quasi-natural experiment in the United States, support our theoretical predictions. [less ▲]

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See detailAre behavioral and electrophysiological measures of impulsivity useful for predicting entrepreneurship?
Fisch, Christian UL; Franken, Ingmar; Thurik, Roy

in Journal of Business Venturing Insights (2021), 16

We examine the association between several behavioral and electrophysiological indices of impulsivity-related constructs and multiple entrepreneurial constructs. Specifically, we investigate if these ... [more ▼]

We examine the association between several behavioral and electrophysiological indices of impulsivity-related constructs and multiple entrepreneurial constructs. Specifically, we investigate if these behavioral and electrophysiological measures are more useful as predictors of entrepreneurship than self-reported measures of impulsivity. Our findings are based on two datasets (n = 133 and n = 142) and indicate that behavioral and electrophysiological impulsivity measures are not robustly associated with entrepreneurship constructs, in contrast to selfreported measures of impulsivity. Though disappointing at first, our findings pave the way for future research on the relevance of behavioral and electrophysiological measures for entrepreneurship. [less ▲]

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See detailMotives and profiles of ICO investors
Fisch, Christian UL; Masiak, Christian; Vismara, Silvio et al

in Journal of Business Research (2021), 125(3), 564-576

Research on initial coin offerings (ICOs) is nascent and assesses ICOs from the perspectives of ventures and regulators. Little is known about the equally important group of investors who provide their ... [more ▼]

Research on initial coin offerings (ICOs) is nascent and assesses ICOs from the perspectives of ventures and regulators. Little is known about the equally important group of investors who provide their capital to ventures in ICOs. Using a primary dataset of 517 ICO investors, we identify and categorize the motivations to invest in ICOs using factor analysis. We find that investors are driven by ideological, technological, and financial motives. Regarding the relative importance of the motives, we find that technological motives are the most important motives to ICO investors, followed by financial and ideological motives. To further profile investors, we conduct a regression analysis to distinguish investors across different motives. For example, we show significant differences across motives with regard to investors' risk perception, sources of information, and demand for strict regulation. The implications of this study for both theory and practice are considerable. [less ▲]

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See detailHealth perception of French SME owners during the 2020 COVID-19 pandemic
Torrès, Olivier; Fisch, Christian UL; Mukerjee, Jinia et al

in International Review of Entrepreneurship (2021), 19(2), 151-168

The COVID-19 pandemic has immense impact on the conditions and behaviours of people and on those of small business owners in particular. Using two samples of some 3700 French business owners, collected ... [more ▼]

The COVID-19 pandemic has immense impact on the conditions and behaviours of people and on those of small business owners in particular. Using two samples of some 3700 French business owners, collected before and during the pandemic, this study finds that on average, health perceptions in terms of physical and mental health differ: while perceptions of good mental health declined, those of good physical health improved. We also find that the size of business and the growth of turnover are mechanisms that contributed to the decline of the total health score. This novel finding implies that during the pandemic, business size and growth of turnover are seen as liabilities rather than assets by business owners. The results of our study have strong implications both for business owners as well as for policy makers. [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 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 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 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 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 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 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 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 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 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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