References of "Fisch, Christian 50047190"
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See detailMonetary policy and venture capital markets
Bellavitis, Cristiano; Fisch, Christian UL; Vismara, Silvio

in Review of Corporate Finance (in press)

We assess the impact of monetary policy (i.e., central bank interest rates) on the activity of venture capitalists (VC). Using data from 31 countries from 2004 to 2019, we find that VC firms’ fundraising ... [more ▼]

We assess the impact of monetary policy (i.e., central bank interest rates) on the activity of venture capitalists (VC). Using data from 31 countries from 2004 to 2019, we find that VC firms’ fundraising activity increases when interest rates become negative. We explain this finding by referring to the principal-agent relationship between general and limited partners of VC firms in combination with behavioral finance arguments. Specifically, we identify three channels pertaining to a legal motivation (i.e., legislative hurdles and litigation risks), a liquidity motivation (i.e., substitution effect relative to other asset classes), and behavioral biases (i.e., mental accounting, conservatism, disposition effect, or prospect theory). [less ▲]

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See detailSchumpeterian entrepreneurial digital identity and funding from venture capital firms
Block, Jörn; Fisch, Christian UL; Diegel, Walter

in Journal of Technology Transfer (in press)

Schumpeterian entrepreneurs are considered agents of innovation and technology transfer. However, to fulfill this role, they need entrepreneurial finance. From the perspective of digital identity, we ... [more ▼]

Schumpeterian entrepreneurs are considered agents of innovation and technology transfer. However, to fulfill this role, they need entrepreneurial finance. From the perspective of digital identity, we examine the relationship between a Schumpeterian digital identity and venture capital (VC) funding. Because the VC industry celebrates innovative and visionary entrepreneurship, we posit that a founder’s digital identity as a Schumpeterian-type entrepreneur influences the venture’s chances of receiving VC funding. A quantitative analysis of the language used by 3313 founders in a large sample of Twitter messages, however, provides a mixed picture. While some dimensions of Schumpeterian entrepreneurship have a positive relationship with the acquisition of resources from VC firms (entrepreneurial vision and optimism), other dimensions seem to have no (uncertainty tolerance and rationality) or even a decreasing (achievement motivation) effect. The negative relationships observed can be explained by the particularities of the VC business model, which does not align with Schumpeterian entrepreneurship in all respects. Our study contributes to research on Schumpeterian entrepreneurship, the financing of technology transfer, and the link between entrepreneurial digital identity and entrepreneurial finance. From a practical perspective, the results of our study demonstrate the limits of VC with regard to the financing of technology transfer and highlight the need for public funding through governmental VC or agencies for (disruptive) innovation. [less ▲]

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See detailReplication studies in top management journals: an empirical investigation of prevalence, types, outcomes, and impact
Block, Jörn; Fisch, Christian UL; Kanwal, Narmeen et al

in Management Review Quarterly (in press)

Replication studies are important for the empirical research process. Yet, while there is an increased awareness of the need for replication in management research, it appears that such studies are rarely ... [more ▼]

Replication studies are important for the empirical research process. Yet, while there is an increased awareness of the need for replication in management research, it appears that such studies are rarely published in leading management journals. Importantly, we lack a comprehensive overview of replication studies in the top management journals that spans all sub-disciplines. Our systematic review closes this gap and provides an overview of the prevalence, types, outcomes, and impact of replication studies in management journals. We find that differences in the prevalence of replications between sub-disciplines exist and that most replications are wide replications. With regard to the replication outcome, our review shows that the share of non-confirming replications is low. Moreover, such replications are cited less often than confirming replications pointing towards a confirmation bias in management research. We discuss the implications of our results for authors, reviewers, and editors of management journals. [less ▲]

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See detailTrademarks as an indicator of regional innovation: evidence from Japanese prefectures
Block, Jörn; Fisch, Christian UL; Ikeuchi, Kenta et al

in Regional Studies (2022), 22(2), 190-209

Regional science has long been concerned with measuring the spatial distribution of innovation activity. We introduce trademarks as a new indicator for regional innovation and argue that they are ... [more ▼]

Regional science has long been concerned with measuring the spatial distribution of innovation activity. We introduce trademarks as a new indicator for regional innovation and argue that they are particularly useful to measure the ‘soft’ side of innovation that is difficult to capture with conventional indicators. We explore the spatial distribution of trademarks using a detailed and comprehensive dataset of 47 Japanese prefectures from 1999 to 2012. In addition to mapping differences in trademarking across regions, we identify correlates at the regional level that provide insights into determinants of regional innovation measured via trademarks. For example, regional trademark activity positively correlates with population density, income per capita, entrepreneurship rate, the number of universities, and strong private service and finance sectors. Overall, the results reveal associations unique to trademarks that other measures of innovation cannot uncover. Our findings contribute to research in regional science and the evolving literature on trademarks. [less ▲]

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See detailThe CEO beauty premium: Founder CEO attractiveness and firm valuation in initial coin offerings
Colombo, Massimo; Fisch, Christian UL; Momtaz, Paul et al

in Strategic Entrepreneurship Journal (2022), 16(3), 491-521

We apply insights from research in social psychology and labor economics to the domain of entrepreneurial finance and investigate how founder chief executive officers' (founder CEOs') facial ... [more ▼]

We apply insights from research in social psychology and labor economics to the domain of entrepreneurial finance and investigate how founder chief executive officers' (founder CEOs') facial attractiveness influences firm valuation. Leveraging the novel context of initial coin offerings (ICOs), we document a pronounced founder CEO beauty premium, with a positive relationship between founder CEO attractiveness and firm valuation. We find only very limited evidence of stereotype-based evaluations, through the association of founder CEO attractiveness with latent traits such as competence, intelligence, likeability, or trustworthiness. Rather, attractiveness seems to bear economic value per se, especially in a context in which investors base their decisions on a limited information set. Indeed, attractiveness has a sustainable effect on post-ICO performance. [less ▲]

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See detailDoes blockchain technology democratize entrepreneurial finance? An empirical comparison of ICOs, venture capital, and REITs
Fisch, Christian UL; Meoli, Michele; Vismara, Silvio

in Economics of Innovation and New Technology (2022), 31(1–2), 7089

Initial coin offerings (ICOs) are one of the major innovations that characterize the digital revolution of financial markets. Among the expectations created by the digital revolution is the ... [more ▼]

Initial coin offerings (ICOs) are one of the major innovations that characterize the digital revolution of financial markets. Among the expectations created by the digital revolution is the democratization of entrepreneurial finance, defined in terms of the creation of more equality regarding the access to financial resources by categories known to be underrepresented among potential entrepreneurs. Following this line of research, we investigate, through two complementary empirical studies, whether gender, ethnicity, and geography affect the choice of ICOs vs. traditional financing alternatives. Additionally, we assess whether these characteristics increase the amount of money an entrepreneur can raise. In Study I, we compare 390 ICO ventures to a sample of 1,078 VC-backed blockchain ventures, identifying a negative correlation between the choice of an ICO (vs. VC-backing) and a location in an urban area. In Study II, we compare 160 ICO ventures to 163 real estate investment trusts (REITs), reaffirming the results of Study I. The findings show significant participation and likelihood of successful campaigns for ethnical minorities in ICOs, with the latter also being able to collect, ceteris paribus, larger amounts of funding. In contrast, female entrepreneurs do not have higher chances to participate nor raise funds in ICOs. [less ▲]

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See detailThe rise of decentralized autonomous organizations (DAOs): a first empirical glimpse
Bellavitis, Cristiano; Fisch, Christian UL; Momtaz, Paul

in Venture Capital (2022)

Blockchain technology and smart contracts are catalysts for decentralization and disintermediation. These new technologies reduce transaction costs, agency costs, and offer a basis for trustless social ... [more ▼]

Blockchain technology and smart contracts are catalysts for decentralization and disintermediation. These new technologies reduce transaction costs, agency costs, and offer a basis for trustless social and economic interactions. They are fueling new business models for decentralized platforms and have revolutionized crowdfunding. A recent trend, Decentralized Autonomous Organizations (DAOs), stands to fundamentally transform organizing and governance. DAOs are blockchain-native, decentralized organizations that are collectively owned and managed by their members via smart contracts. In this note, we assess the promises and challenges of DAOs, with a focus on decentralized governance and disintermediation, and offer a first empirical glimpse at the rise and functioning of DAOs. Overall, DAOs may introduce a new era in organizational economics, transforming the global corporate landscape from hierarchical organizations to democratic and distributed organizations powered by organizational entrepreneurship and innovations. [less ▲]

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See detailThe effect of trademark breadth on IPO valuation and post-IPO performance: an empirical investigation of 1,510 European IPOs
Fisch, Christian UL; Meoli, Michele; Vismara, Silvio et al

in Journal of Business Venturing (2022), 37(5), 106237

Trademarks differ in breadth and can cover a wide range of categories of goods and services. We draw on real options theory and argue that greater trademark breadth constitutes a valuable real option that ... [more ▼]

Trademarks differ in breadth and can cover a wide range of categories of goods and services. We draw on real options theory and argue that greater trademark breadth constitutes a valuable real option that is associated with higher firm valuation and performance. We analyze a sample of 1510 firms that went public in Europe between 2002 and 2015 and find a positive effect of trademark breadth on initial public offering (IPO) valuation and post-IPO performance. We implement a contingency analysis to contrast real options and signaling theory and find stronger support for the real options perspective. [less ▲]

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See detailThe determinants of bootstrap financing in crises: evidence from entrepreneurial ventures in the COVID-19 pandemic
Block, Jörn; Fisch, Christian UL; Hirschmann, Mirko UL

in Small Business Economics (2022), 58(2), 867-885

Bootstrap financing refers to measures that entrepreneurial ventures undertake to preserve liquidity (e.g., reducing expenses, collecting receivables, delaying payments, preselling). Prior research shows ... [more ▼]

Bootstrap financing refers to measures that entrepreneurial ventures undertake to preserve liquidity (e.g., reducing expenses, collecting receivables, delaying payments, preselling). Prior research shows that bootstrap financing is an important enabler for the growth of resource-constrained early-stage ventures. However, little is known about the use of bootstrap financing in crises, during which the preservation of liquidity is particularly salient. We investigate the determinants of bootstrap financing in the 2020 COVID-19 crisis using a sample of 17,046 German entrepreneurial ventures. We formulate hypotheses about the determinants of bootstrap financing from a necessity, human capital, and opportunity cost perspective. Among others, our results show that the severity of the crisis for the venture, the level of private consumption, and self-employment experience are positively associated with an increased use of bootstrap financing measures. Our study contributes to the literature on bootstrap financing and illuminates how entrepreneurial ventures maintain liquidity in crises. [less ▲]

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See detailArtificial intelligence and entrepreneurship research
Obschonka, Martin; Fisch, Christian UL

in Oxford Research Encyclopedia of Business and Management (2022)

Advances in Artificial Intelligence (AI) are intensively shaping businesses and the economy as a whole, and AIrelated research is exploding in many domains of business and management research. In contrast ... [more ▼]

Advances in Artificial Intelligence (AI) are intensively shaping businesses and the economy as a whole, and AIrelated research is exploding in many domains of business and management research. In contrast, AI has received relatively little attention within the domain of entrepreneurship research, while many entrepreneurship scholars agree that AI will likely shape entrepreneurship research in deep, disruptive ways. When summarizing both the existing entrepreneurship literature on AI and potential avenues for future research, the growing relevance of AI for entrepreneurship research manifests itself along two dimensions. First, AI applications in the real world establish a distinct research topic (e.g., whether and how entrepreneurs and entrepreneurial ventures use and develop AI-based technologies, or how AI can function as an external enabler that generates and enhances entrepreneurial outcomes). In other words, AI is changing the research object in entrepreneurship research. The second dimension refers to drawing on AI-based research methods, such as big data techniques or AI-based forecasting methods. Such AI-based methods open several avenues for researchers to gain new, influential insights into entrepreneurs and entrepreneurial ventures that are more difficult to assess using traditional methods. In other words, AI is changing the research methods. Given that, so far, human intelligence could not fully uncover and comprehend the secrets behind the entrepreneurial process that is so deeply embedded in uncertainty and opportunity, AI-supported research methods might achieve new breakthrough discoveries. We conclude that the field needs to embrace AI as a topic and research method more enthusiastically while maintaining the essential research standards and scientific rigor that guarantee the field’s well-being, reputation, and impact. [less ▲]

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See detailCOVID-19 and the global venture capital landscape
Bellavitis, Cristiano; Fisch, Christian UL; McNaughton, Rod

in Small Business Economics (2022), 59(3), 781-805

We assess the effect of the COVID-19 pandemic on venture capital (VC) investments, documenting a significant decline in investments using a dataset of 39,527 funding rounds occurring before and during the ... [more ▼]

We assess the effect of the COVID-19 pandemic on venture capital (VC) investments, documenting a significant decline in investments using a dataset of 39,527 funding rounds occurring before and during the pandemic in 130 countries. In line with our theoretical considerations, we show that this decline is more pronounced for investments characterized by higher uncertainty, namely investments in seed-stage ventures, industries affected more heavily by the COVID-19 crisis, international investments, and non-syndicated investments. Investor prominence partially moderates these effects. [less ▲]

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See detailBeyond the bubble: will NFTs and digital proof of ownership empower creative industry entrepreneurs
Chalmers, Dominic; Fisch, Christian UL; Matthews, Russell et al

in Journal of Business Venturing Insights (2022), 17

Non-fungible Tokens (NFTs) are blockchain-enabled cryptographic assets that represent proof-of-ownership for digital objects. The use of NFTs has been pioneered by creative industry entrepreneurs who have ... [more ▼]

Non-fungible Tokens (NFTs) are blockchain-enabled cryptographic assets that represent proof-of-ownership for digital objects. The use of NFTs has been pioneered by creative industry entrepreneurs who have sought to generate new revenue streams and modes of stakeholder engagement. Despite rapid growth in popularity, concerns have been raised around the legal ownership of NFT assets and the prevalence of speculation and fraud associated with NFT trading. In this rapid response article, we explore the value of NFTs for creative industry entrepreneurs. First, we examine the novel digital affordances of the technology; second, we analyse NFTs through the prism of the recent Initial Coin Offering (ICO) boom and bust; and finally, we take a longer-term historical perspective to consider how past speculative waves inform the present NFT economy. While we identify some potentially valuable artistic and financial opportunities for creative industry entrepreneurs, we conclude that NFTs should be approached with caution. [less ▲]

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See detailVC investors’ venture screening: the role of the decision maker’s education and experience
Moritz, Alexandra; Diegel, Walter; Block, Jörn et al

in Journal of Business Economics (2022), 92(1), 27-63

We assess whether and how VC investors’ education and experience influence their screening decisions of potential investee candidates. Empirically, we perform an experimental choice-based-conjoint (CBC ... [more ▼]

We assess whether and how VC investors’ education and experience influence their screening decisions of potential investee candidates. Empirically, we perform an experimental choice-based-conjoint (CBC) analysis with 564 individual VC investors. Our results highlight that the level and field of education, as well as the decision maker’s investment and entrepreneurial experience, moderate the relative importance of different screening criteria. More specifically, we find that international scalability seems to become more important for decision makers with higher education and those with entrepreneurial experience. Whereas decision makers with a background in natural science focus on the value-added of the product or service, engineers seem to value a break even profitability and focus less on the management team. Investment experience, on the other hand, leads to a stronger focus on the management team. Our study contributes to the literature investigating the influence of human capital characteristics of the decision maker in venture financing. Practical implications exist for entrepreneurial ventures seeking financing and for risk capital investors making investments in such ventures. [less ▲]

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See detailRisk of burnout in French entrepreneurs during the COVID-19 crisis
Torrès, Olivier; Benzari, Alexandre; Fisch, Christian UL et al

in Small Business Economics (2022), 58(2), 717-739

The COVID-19 crisis presents manifest threats for entrepreneurs since their business survival is often directly at stake given the alarming economic downturn. This existential threat, together with their ... [more ▼]

The COVID-19 crisis presents manifest threats for entrepreneurs since their business survival is often directly at stake given the alarming economic downturn. This existential threat, together with their crucial role in the economy, is the reason for the plethora of public financial support schemes being implemented throughout the entire world. However, support schemes for mental health are lacking. We aim to investigate, first, whether burnout levels have increased during the crisis and, second, whether burnout levels during the COVID-19 crisis depend on the threat of becoming ill, having to stay at home due to the lockdown, and/or having to file for bankruptcy due to the economic downturn. We do so using seven data sets of French entrepreneurs with a temporal comparison of averages and two data sets of French entrepreneurs with a cross-sectional analysis of individuals. Our findings show that indeed, the risks of burnout have increased during the pandemic and that the threat of bankruptcy is the dominant threat. As an increasing number of studies in the entrepreneurship literature indicate that entrepreneurs’ mental health influences their activities, as well as the growth and sustainability of their ventures, our study is important and timely in its contribution, as it takes a close look at the perception of burnout in general and more specifically during the COVID-19 pandemic. [less ▲]

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See detailWhich criteria matter when impact investors screen social enterprises?
Block, Jörn; Hirschmann, Mirko UL; Fisch, Christian UL

in Journal of Corporate Finance (2021), 66

Impact investors pursue both financial and social goals and have become an important source of funding for social enterprises. Our study assesses impact investor criteria when screening social enterprises ... [more ▼]

Impact investors pursue both financial and social goals and have become an important source of funding for social enterprises. Our study assesses impact investor criteria when screening social enterprises. Applying an experimental conjoint analysis to a sample of 179 impact investors, we find that the three most important criteria are the authenticity of the founding team, the importance of the societal problem targeted by the venture, and the venture’s financial sustainability. We then compare the importance of these screening criteria across different types of impact investors (i.e., donors, equity investors, and debt investors). We find that donors pay more attention to the importance of the societal problem and less attention to financial sustainability than do equity and debt investors. Additionally, equity investors place a higher value on the largescale implementation of the social project than do debt investors. We contribute to the nascent literature on impact investing by documenting how impact investors make investment decisions and by providing a nuanced view of different investor types active in this novel market. Practical implications exist for both impact investors and social enterprises. [less ▲]

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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 detailLearning from invention failure among research organizations: the role of top management team founding experiences and exposure to US culture
Semrau, Thorsten; Fisch, Christian UL; Klingbeil, Caren

in Industry and Innovation (2021), 28(6), 704-724

Building on organisational failure learning and upper echelons theory, we examine the link between top management team (TMT) prior experiences and invention failure learning among research organisations ... [more ▼]

Building on organisational failure learning and upper echelons theory, we examine the link between top management team (TMT) prior experiences and invention failure learning among research organisations. Specifically, we develop theoretical arguments to suggest that TMT founding experience and exposure to US culture facilitate organisational learning from failure. We test our theoretical reasoning using a longitudinal data set comprising 550 organisation-year observations of the patenting activities conducted by 39 research institutes in Germany. In support of our theoretical arguments, we find that TMT founding experience and TMT exposure to US culture positively moderate the link between prior invention failure and subsequent invention performance. Pointing to TMT experiences as a crucial contingency for whether organisations learn from failure, the present study contributes to the literature on organisational failure learning and upper echelons. [less ▲]

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See detailHow does entrepreneurial failure change an entrepreneur’s digital identity? Evidence from Twitter data
Fisch, Christian UL; Block, Jörn

in Journal of Business Venturing (2021), 36(1), 106015

We assess whether and how entrepreneurs' digital identities change in response to entrepreneurial failure based on a sample of 760 entrepreneurs who experienced failure. We analyze a longitudinal dataset ... [more ▼]

We assess whether and how entrepreneurs' digital identities change in response to entrepreneurial failure based on a sample of 760 entrepreneurs who experienced failure. We analyze a longitudinal dataset of Twitter messages before, during, and after a business failure with a language-based method of computerized text analysis. The results of our explorative research indicate that the financial, social, and psychological consequences of failure are reflected in entrepreneurs' Tweets and lead to changes in their digital identities. Among others, entrepreneurs' language decreases in emotional tone and indicates increased psychological distress. Simultaneously, we observe higher levels of self-assurance and reflection after failure. We conclude by outlining the potential of using Twitter-generated digital footprints in future entrepreneurship research. [less ▲]

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See detailHistorical institutional differences and entrepreneurship: socialist legacy in Vietnam
Fisch, Christian UL; Wyrwich, Michael; Nguyen, Thi Lanh et al

in International Review of Entrepreneurship (2021), 19(4), 499-522

We study the case of Vietnam to assess the long-lasting role of institutional and historical legacy on entrepreneurial outcomes. In particular, we investigate the detrimental effect of socialist ... [more ▼]

We study the case of Vietnam to assess the long-lasting role of institutional and historical legacy on entrepreneurial outcomes. In particular, we investigate the detrimental effect of socialist institutions on entrepreneurship. Vietnam offers a unique quasi-experimental setting because the country was divided into the socialist North and the nonsocialist South for a relatively short period of two decades. After reunification, the South adopted the institutional framework conditions of the North. To assess the relationship between socialist history and entrepreneurship in this unique setting, we survey more than 3,000 North and South Vietnamese individuals more than four decades after the reunification of the country. We find that North Vietnamese respondents have lower entrepreneurship intentions, are less likely to select into entrepreneurship education programs, and are less willing to engage in a business takeover. These patterns indicate the persistence of historical differences in institutional framework conditions on entrepreneurship. We conclude by outlining the implications of a socialist legacy for entrepreneurship theory and policymakers. [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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