Publications

This study adds to the emergent stream of work examining the micro-level antecedents of pay dispersion by focusing on how business founders’ personal characteristics influence pay dispersion in their organizations. We leverage stakeholder theory and the motivated information processing perspective to predict pathways between founders’ self- versus other-oriented motivations, their perceptions of employee and shareholder salience, and pay dispersion in their organizations. We test our hypotheses on data from a two-wave survey of founders. We find that a high level of motivation to benefit others on the part of a founder reduces the salience of shareholder concerns in decision-making, which in turn reduces pay dispersion. In contrast, a high level of motivation to benefit oneself heightens the salience of shareholder concerns in decision-making, increasing pay dispersion. Our results inform the debate on pay dispersion by elucidating the role played by founders’ self- versus other-oriented motivations and stakeholder salience perceptions.

Purpose The purpose of this paper is to introduce an earnings management dimension to compute pre-manipulated accounting performance (free of discretionary accruals) to determine whether family-controlled firms perform better than non-family-controlled firms. Design/methodology/approach The authors used Jones’ model (1991) to obtain a pre-manipulated performance measure for a sample of Chilean firms. The authors then regressed the pre-manipulated measures of accounting performance as dependent variables against the family nature of the largest shareholder using the Blundell and Bond generalized method of moments estimator. Findings The authors found that the pre-manipulated performance of family-controlled firms is superior to that of non-family-controlled firms. The authors also show that the presence of institutional investors in the firm’s ownership structure has a positive influence on the performance of family companies. The results suggest that earnings management behavior is not sufficient to explain the better performance of family-controlled firms that has been reported in the literature. Originality/value The authors provide new evidence regarding the real superior performance of family business. These results provide some degree of confidence to investors since family firms provide good quality earnings measures of financial performance.

There is an extensive theoretical and empirical discussion regarding the linear relationship between R&D expenditure and innovation. However, the innovationdecision is not dichotomous since it implies the choice of a combination of technological and non-technological innovation options. Similarly, not only does internal R&D spending allow firms to innovate, but so-called non-R&D activities also allow firms to develop innovations. In this thesis we analyze two theoretical currents found in the innovation literature, innovation strategy and innovation complementarity, to discuss and show which of them allows us to better explain the innovation-decision of firms. We also analyze the effect that internal and external characteristics of firms have on their preferences for the types of R&D and non-R&D activities for the development of innovations

We examine the physical health consequences to entrepreneurs of firm growth and decline. Using register-based panel data (2000–2021), we find that entrepreneurs and hired CEOs are, on average, healthier and live longer than individuals from a socio-economically similar random sample from the general population. However, our findings also reveal that entrepreneurs are more likely to fall ill during their tenure and die younger than hired CEOs. Importantly, our findings demonstrate that both cumulative exposure to growth and episodic, rapid declines in sales and in the number of employees are equally taxing for entrepreneurs and hired CEOs.

AbstractThis paper provides an evaluative overview of the new venture survival literature. Since Stinchcombe's primary attempt to explain the mortality rates of new ventures, different research fields, including entrepreneurship, management and sociology, have devoted considerable attention to the antecedents of new venture survival. Despite this lively research commitment, a comprehensive review of the literature on new venture survival – as one of the most essential performance measures for new ventures – is missing. Covering 54 years of research, this paper provides an overview of the factors affecting new venture survival and highlights important methodological aspects in this research field. The review concludes by discussing opportunities for future research.

   Este artículo investiga los factores que influyen en la probabilidad de volver a emprender luego del fracaso empresarial, entre estos, los factores sociodemográficos y los económicos. En particular, se examina el efecto de la edad, el nivel educacional, el rol proveedor del emprendedor en la familia, la cobertura de los instrumentos y los servicios públicos para el emprendimiento, así como los motivos que llevan al emprendedor al cierre del negocio, sobre la disposición del emprendedor fallido a iniciar una nueva empresa. Se utiliza una muestra de 274 emprendedores fallidos de Chile, el país con la mayor tasa de actividad emprendedora (TEA) en el mundo, según el reporte del GEM 2019/2020. Los resultados de este estudio señalan que las variables principales tienen una influencia negativa en la probabilidad de reingresar al emprendimiento luego del fracaso empresarial, pero solo resultan significativas la edad, la cobertura regional de los servicios técnicos para el emprendimiento, la quiebra, la preferencia por el trabajo asalariado y el desempleo a nivel regional. Esta investigación contribuye a ampliar la evidencia empírica respecto a los factores que influyen sobre los emprendedores en serie y de segunda oportunidad, más allá de los aspectos relativos a la intención emprendedora y los elementos del comportamiento del emprendedor. Este trabajo entrega conclusiones relevantes orientadas al diseño de políticas públicas e instrumentos de fomento para los emprendedores que están dispuestos a crear un nuevo negocio luego del fracaso empresarial.

Purpose Social entrepreneurship (SE) has been a field of research that has interested researchers for over 30 years. However, there is no consensus on the concept of SE, and research in this field moves in several directions. The purpose of this study is to summarize the definitions of SE, propose a unified definition of SE and describe the state-of-the-art of SE in the Latin American context. Design/methodology/approach This study carries out a literature review on SE from 2010 to 2020 to explore the main topics in the SE field, searching, reviewing and selecting the most representative articles published. Findings The findings of this study suggest agreements and disagreements in the main topics of SE and reveal a significant gap in the SE research in the Latin American scenario. Originality/value This study contributes to the future growth of SE literature under a common umbrella that allows for more and better knowledge in this field and proposes a novel research agenda for the SE field in Latin America.