Abstract
Start-up highly stimulate employment and financial resources, that play a key role for firm’s success, are allocated depending on expected performance. Several studies focus the attention of the relationship between the contingency factors and firm’s performance. However, there is still a lack of studies regarding the link between firm’s expected performance and founder’s features. This research aiming at fill this gap by empirically analyse a sample of 1690 start-up. Findings show that at firm’s early life cycle, founders’ skills have a significant and positive effect on expected performance and on firm’s ability to get funds.Riferimenti bibliografici
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Bauweraerts, J., & Colot, O. (2014). Performance Implications of Manager Entrenchment in Family Firms. Business and Economic Journal, 5(2), 1–5.
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Brong, J. (2004). Be your own boss. Quality Progress, 37(7), 89–90.
Calenda, C. (2016). Relazione annuale al Parlamento sullo stato di attuazione e sull’impatto della policy a sostegno delle startup e delle PMI innovative.
Castellano, S. (2013). Being Your Own Boss. T+D, 67(8), 12. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=89267172&site=ehost-live
Cesaroni, F. M., Del Baldo, M., Demartini, P., & Paoloni, P. (2015). Entrepreneurial, Renewal and Trust Capital of Italian Firms: Insights from an Empirical Study. International Journal of Management, Knowledge and Learning, 4(1), 69–89. Retrieved from file:///C:/Users/fcappa/Downloads/IJMKL VOL 4 ISS 1_2015_4_69-89.pdf
Chang, S. J. (2004). Venture capital financing, strategic alliances, and the initial public offerings of Internet startups. Journal of Business Venturing, 19(5), 721–741. http://doi.org/10.1016/j.jbusvent.2003.03.002
Clarysse, B., Wright, M., & Van de Velde, E. (2011). Entrepreneurial Origin, Technological Knowledge, and the Growth of Spin-Off Companies. Journal of Management Studies, 48(6), 1420–1442. http://doi.org/10.1111/j.1467-6486.2010.00991.x
Colleoni, E., Rozza, A., & Arvidsson, A. (2014). Echo chamber or public sphere? Predicting political orientation and measuring political homophily in twitter using big data. Journal of Communication, 64(2005), 317–332. http://doi.org/10.1111/jcom.12084
Colombo, M. G., & Grilli, L. (2005). Founders human capital and the growth of new technology - based firms : A competence - based view. Research Policy, 34(6), 795–816. http://doi.org/10.1016/j.jbusvent.2009.01.005
Colombo, M. G., Grilli, L., Bonaccorsi, A., Cefis, E., Santarelli, E., Signorini, F., … Toivanen, O. (2010). On growth drivers of high-tech start-ups: Exploring the role of founders’ human capital and venture capital. Journal of Business Venturing, 25, 610–626. http://doi.org/10.1016/j.jbusvent.2009.01.005
Dahlander, L., & Gann, D. M. (2010). How open is innovation? Research Policy, 39(6), 699–709. http://doi.org/10.1016/j.respol.2010.01.013
Davila, A., Foster, G., & Gupta, M. (2003). Venture capital financing and the growth of startup firms. Journal of Business Venturing, 18(6), 689–708. http://doi.org/10.1016/S0883-9026(02)00127-1
Del Bosco, B. (2014). Densità imprenditoriale, specializzazione settoriale e nascita di nuove i. Rivista Piccola Impresa/Small Business, 2, 27–54. http://doi.org/doi: 10.14596/pisb.129
Dell’Era, C., & Verganti, R. (2010). Collaborative Strategies in Design-intensive Industries: Knowledge Diversity and Innovation. Long Range Planning, 43(1), 123–141. http://doi.org/10.1016/j.lrp.2009.10.006
Denis, D. J., Denis, D. K., & Sarin, A. (1997). Ownership structure and top executive turnover. Journal of Financial Economics, 45(2), 193–221. http://doi.org/10.1016/S0304-405X(97)00016-0
Di Camillo, A., D’Elia, A., Solda-Kuzmann, D., Pozzi, E., Carcano, G.,
Ragusa, G., & De Biase, L. (2012). Report Restart, Italia!
Engel, D., & Keilbach, M. (2007). Firm-level implications of early stage venture capital investment - An empirical investigation. Journal of Empirical Finance, 14(2), 150–167. http://doi.org/10.1016/j.jempfin.2006.03.004
Ensley, M., Carland, J., & Carland, J. (1998). The effect of entrepreneurial team skill heterogeneity and functional diversityon new venture performance.pdf. Journal of Business and Entrepreneurship, 10(1), 1–9.
Ensley, M., Pearson, A. W., & Amason, A. C. (2002). Understanding the dynamics of new venture top management teams: Cohesion, conflict, and new venture performance. Journal of Business Venturing, 17(4), 365–386. http://doi.org/10.1016/S0883-9026(00)00065-3
Fairlie, R., Reedy, E., Morelix, A., & Russell, J. (2015). Kauffman startup activity index 2015. Ewing Marion Kauffman Foundation. Retrieved from http://doi.wiley.com/10.1002/352760362X
Franks, J., Mayer, C., & Renneboog, L. (2001). Who Disciplines Management in Poorly Performing Companies? Journal of Financial Intermediation, Elsevier, 10(3-4), 209–248. http://doi.org/10.1006/jfin.2001.0317
GEM. (2017). Global Report 2016-17.
Gerli, F., Tognazzo, A., & Gubitta, P. (2012). What makes italian sme entrepreneurs successful? The leverage effect of relational competencies. Rivista Piccola Impresa/Small Business, 3, 71–97.
Golub, B., & Jackson, M. O. (2012). How Homophily Affects the Speed of Learning and Best-Response Dynamics. The Quarterly Journal of Economics, 127(3), 1287–1338. http://doi.org/10.1093/qje/qjs021
Gompers, P. A., & Lerner, J. (1998). What drives venture capital fundraising? Brookings Papers on Economic Activity: Microeconomics, 1998(6906), 149–204. http://doi.org/10.2139/ssrn.57935
Gompers, P. A., Lerner, J., Silviera, R., & Wright, R. (2007). The Venture Capital Cycle. MIT Press. Retrieved from https://books.google.com/books?hl=en&lr=&id=yEAcswbX1fEC&pgis=1
Hambrick, D. C., Cho, T. S., & Chen, M.-J. (1996). The influence of top management team heterogeneity on firms’ competitive moves. Administrative Science Quarterly, 41(4), 659–684. http://doi.org/10.2307/2393871
Hambrick, D. C., & D’Aveni, R. (1992). Top Team Deterioration As Part of the Downward Spiral of Large Corporate Bankruptcies. Management Science, 38(10), 1445–1466.
Hayes, A. F. (2013). Introduction to Mediation, Moderation, and Conditional Process Analysis. Guilford Press. Retrieved from www.guilford.com/p/hayes3
He, X., Karri, R., Zhang, Y., & Mei, L. (2016). Executive Entrenchment in Founder-Managed Firms: An Empirical Study from China. Journal of Small Business Management, 54(3), 851–870. http://doi.org/10.1111/jsbm.12225
Hyytinen, A., Pajarinen, M., & Rouvinen, P. (2015). Does innovativeness reduce startup survival rates? Journal of Business Venturing, 30(4), 564–581. http://doi.org/10.1016/j.jbusvent.2014.10.001
Jehn, K. A. (1994). Enhancing effectiveness: an investigation of advantages and disadvantages of value‐based intragroup conflict. International Journal of Conflict Management, 5(3), 223–238. http://doi.org/10.1108/eb022744
Kaiser, U., & Müller, B. (2015). Team Heterogeneity in Startups and its Development over Time. Small Business Economics, 45(4), 787–804.
Kaplan, S. N., & Schoar, A. (2005). Private equity performance: Returns, persistence, and capital flows. Journal of Finance, 60(4), 1791–1824. http://doi.org/10.1111/j.1540-6261.2005.00780.x
Kerr, W. R., Lerner, J., & Schoar, A. (2014). The consequences of entrepreneurial finance: Evidence from angel financings. Review of Financial Studies, 27(1), 20–55. http://doi.org/10.1093/rfs/hhr098
Kirzner, I. M. (2015). Competition and Entrepreneurship. (The University of Chicago Press, Ed.).
Knockaert, M., Ucbasaran, D., Wright, M., & Clarysse, B. (2011). The Relationship Between Knowledge Transfer, Top Management Team Composition, and Performance: The Case of Science-Based Entrepreneurial Firms. Entrepreneurship Theory and Practice, 35(4), 777–803. http://doi.org/Doi 10.1111/J.1540-6520.2010.00405.X
Maiolini, R., Marra, A., Baldassarri, C., & Carlei, V. (2016). Digital Technologies for Social Innovation: An Empirical Recognition on the New Enablers. Journal of Technology Management & Innovation, 11(4), 22–28.
Maiolini, R., Marra, A., & Luciani, M. (2015). Innovazione sociale: un’indagine del fenomeno nelle industrie ad alto contenuto tecnologico. L’industria, 4, 535–551. http://doi.org/10.1430/82531
Marco Viola. (2015). Ma quindi laurearsi non aiuta nel lavoro, giusto? Sbagliato – ROARS. Retrieved February 22, 2017, from http://www.roars.it/online/ma-quindi-laurearsi-non-aiuta-nel-lavoro-giusto-sbagliato/
Millán, J. M., Congregado, E., Román, C., Van Praag, M., & Van Stel, A. (2014). The value of an educated population for an individual’s entrepreneurship success. Journal of Business Venturing, 29(5), 612–632. http://doi.org/10.1016/j.jbusvent.2013.09.003
Mollick, E. (2014). The dynamics of crowdfunding: An exploratory study. Journal of Business Venturing, 29(1), 1–16. http://doi.org/10.1016/j.jbusvent.2013.06.005
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