Band 9, Heft 2 -

With regard to research and development (R&D), corporate finance tends to be too broad, whereas marketing tends to be too specific. Using the marketing–finance interface, new R&D expenditure variables are constructed to reflect industry rivalry by incorporating industry-year median and standard deviation. Market competition and customer satisfaction are also included in the regression. Dynamic generalized-method-of-moments regressions based on US data provide subversive results. Sales and cash flow, which are reported in prior literature to be associated with R&D investment, were insignificant. Leverage, known as detrimental to investment in intangible assets, such as R&D, contributed to rivalrous and strategic R&D investments. Of course, high market-to-book ratios encourage such R&D investments. However, in high-tech industries, market competition absorbs all other influences on R&D, though the impact of market competition on R&D is negative. We also expect that while high customer satisfaction in the product markets could broadly serve as a suppressor to R&D, it can also serve as a driver for young and high-tech firms.

This article brings together existing literature on institutions and entrepreneurship. Despite a recent increase in publications on their relationship, this line of inquiry is still very fragmented due to a lack of consistent theoretical framework to guide the selection of institutions. To provide a “big picture” of this research area, an integrative model is proposed around two central themes: theoretical constructs of institutions that work at different levels and their relationship with different aspects of entrepreneurship. This integrative model presents an overview of existing literature, how previous research fit in the model, the gaps in what we know, and the future directions might be taken by scholars hoping to contribute to this important and growing research area.

This article draws on signal theory and the research findings of local bias in VC to examine how geographic distance (GD) and different signals affect equity crowdfunding platforms launching projects online. We find that local bias still exists in the pre-investment stage of equity crowdfunding. Equity crowdfunding platforms prefer to launch local projects online. We also prove that signals of media usage and start-ups’ quality (credit) are positively correlated with the launching of projects on platforms. Moreover, the platform is more inclined to list projects initiated by firms engaging in strategic emerging industries online. Above all, the signal of project risk fully mediates the relationship between start-ups’ quality and the launching of projects online. Empirical analyses are based on the dataset of equity crowdfunding projects on the Dahuotou equity crowdfunding platform (http://www.dahuotou.cn/) during 2014–2017.

Environmental factors determine several features of society, but are becoming increasingly relevant in the entrepreneurship process. In recent years, entrepreneurship has been expanding worldwide and implies an exponential role of the environment. Accordingly, research into this phenomenon has also increased: contributions have rocketed, including increasingly complex and sophisticated analytical frameworks and empirical studies. This research aims to offer, through a bibliometric analysis, a comprehensive picture of research into entrepreneurial ecosystems using the Global Entrepreneurship Monitor database published in Web of Science journals during the period 2004–2016. A bibliometric analysis allows us to identify both the leading authors and journals that contribute to the progress made by the literature on entrepreneurial ecosystems. We expect our analysis to be useful to both junior and experienced scholars. The results show that the entrepreneurial ecosystems literature has a relatively high impact, as well as a high demand of related journals (an indicator about the quality of studies).