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Advances in Entrepreneurship and Entrepreneurial Finance Research
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Advances in Entrepreneurship and Entrepreneurial Finance Research

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Business and Entrepreneurship".

Deadline for manuscript submissions: closed (30 June 2023) | Viewed by 7948

Special Issue Editors

Dr. Ramy Elitzur

E-Mail Website
Guest Editor
Rotman School of Management, 105 St. George, St. Toronto, ON M2R 3V6, Canada
Interests: game theory in accounting and finance; accounting manipulations; entrepreneurial finance; entrepreneurship; crowdfunding; sports analytics; machine learning and big data
Dr. Rohit Kapoor

E-Mail Website
Guest Editor
Indian Institute of Management (I.I.M), Indore, India
Interests: operations management; logistics and supply chain management; humanitarian supply chain

Special Issue Information

Dear Colleagues,

Research shows that entrepreneurship is a major driver of economic growth in developed countries. To succeed in new ventures, entrepreneurs require resources and support from a diverse array of external audiences. Such resources could greatly enhance the likelihood of the survival of a new venture. Consequently, this Special Issue aims to examine advancements in research on entrepreneurship and entrepreneurial finance. In particular, the issue aims to publish useful and interesting theories and evidence on mechanisms and consequences of entrepreneurship and entrepreneurial finance. We welcome both theoretical and empirical research in the field. Research could examine the process of entrepreneurship and decision making.  Other interesting areas include decision making by angels and venture capital firms and the consequences of such, as well as innovative research on crowdfunding.

Dr. Ramy Elitzur
Dr. Rohit Kapoor
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • entrepreneurship
  • entrepreneurial finance
  • venture capital
  • angels
  • crowdfunding

Published Papers (4 papers)

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Research

19 pages, 4790 KiB  
Article
A New Multi-Dimensional Framework for Start-Ups Lifespan Assessment Using Bayesian Networks
by Mohammadreza Valaei and Vahid Khodakarami
J. Risk Financial Manag. 2023, 16(2), 88; https://doi.org/10.3390/jrfm16020088 - 1 Feb 2023
Cited by 1 | Viewed by 1228
Abstract
As historical data are typically unavailable for a start-up, risk assessment is always complex and challenging. Traditional methods are incapable of capturing all facets of this complexity; therefore, more sophisticated tools are necessary. Using an expert-elicited Bayesian networks (BNs) methodology, this paper aims [...] Read more.
As historical data are typically unavailable for a start-up, risk assessment is always complex and challenging. Traditional methods are incapable of capturing all facets of this complexity; therefore, more sophisticated tools are necessary. Using an expert-elicited Bayesian networks (BNs) methodology, this paper aims to provide a method for combining diverse sources of information, such as historical data, expert knowledge, and the unique characteristics of each start-up, to estimate the default rate at various stages of the life cycle. The proposed method not only reduces the cognitive error of expert opinion for a new start-up but also considers the learning feature of BNs and the effect of lifespan when updating default estimations. In addition, the model considers the impact of investors’ risk appetite. Furthermore, the model can rank the most effective risk factors at various stages. The receiver operating characteristic (ROC) curve was utilized to assess the model’s explanatory power. Moreover, three distinct case studies were used to demonstrate the model’s capabilities. Full article
(This article belongs to the Special Issue Advances in Entrepreneurship and Entrepreneurial Finance Research)
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12 pages, 277 KiB  
Article
How Do State-Owned and Private-Owned CVC Differ in Nurturing Innovation in China?
by Xiang Gao, Guoping Shi, Yige Wu and Luming Zhang
J. Risk Financial Manag. 2023, 16(1), 26; https://doi.org/10.3390/jrfm16010026 - 2 Jan 2023
Viewed by 1411
Abstract
We investigate how state-owned corporate venture capital differs from privately owned corporate venture capital in fostering innovation among startups. Based on the data of Chinese A-share listed companies and the startups in their portfolios that they invested in between 2009 and 2018, we [...] Read more.
We investigate how state-owned corporate venture capital differs from privately owned corporate venture capital in fostering innovation among startups. Based on the data of Chinese A-share listed companies and the startups in their portfolios that they invested in between 2009 and 2018, we find that startups backed by state-owned corporate venture capital are less innovative than startups backed by privately owned corporate venture capital. Using a two-stage least-squares analysis yields the same results. Further, we find evidence consistent with two potential mechanisms: Investors of state-owned corporate venture capital provide weaker technical support and are less tolerant of failure. These results have important implications for stakeholders, management, and policy makers who care about incentivizing young and rapidly growing companies to innovate more effectively. Full article
(This article belongs to the Special Issue Advances in Entrepreneurship and Entrepreneurial Finance Research)
21 pages, 1921 KiB  
Article
An Entrepreneurial Definition of the Blockchain Technology and a Stacked Layer Model of the ICO Marketplace Using the Text Mining Approach
by Ahmed Gomaa and Yibai Li
J. Risk Financial Manag. 2022, 15(12), 557; https://doi.org/10.3390/jrfm15120557 - 28 Nov 2022
Viewed by 2368
Abstract
The landscape of ICOs and its underlying Blockchain technology needs more clarity, given that several overlapping and opposing views exist from governmental institutions, institutional investors, economists, and academia. Those positions stem from confusion, bias, and vested interest. Having consensus from the pioneer entrepreneurs [...] Read more.
The landscape of ICOs and its underlying Blockchain technology needs more clarity, given that several overlapping and opposing views exist from governmental institutions, institutional investors, economists, and academia. Those positions stem from confusion, bias, and vested interest. Having consensus from the pioneer entrepreneurs who define Blockchain technology usage, and its marketplace address this need. Furthermore, an agreement on the problems blockchain is solving from the industry perspective would further the understanding of the technology direction and its “raison d’être.” or “reason of existence”. The paper analyzes 4367 businesses that requested funding using ICO whitepapers and raising more than $20 billion US dollars during the most active ICO period. Using Latent Semantic Analyses (LSA), the paper identifies a one-factor solution that explains 98.15% of all ICOs. The paper conducts a second-order analysis that generates an 18-factor solution. Through the empirical analysis, the paper presents its findings as an ICO marketplace stacked layer model. The model is comprised of four layers: (1) Trust; (2) Value exchange; (3) Automation; and (4) Applications to enable value exchange, and an era of new business models. The paper then presents an unbiased, unified entrepreneurial definition of the Blockchain technology usage. Full article
(This article belongs to the Special Issue Advances in Entrepreneurship and Entrepreneurial Finance Research)
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17 pages, 1039 KiB  
Article
Can Entrepreneurs Who Experienced Business Closure Bring Their New Start-Up to a Successful M&A?
by Shai Harel, Eliran Solodoha and Stav Rosenzweig
J. Risk Financial Manag. 2022, 15(9), 386; https://doi.org/10.3390/jrfm15090386 - 29 Aug 2022
Cited by 5 | Viewed by 2121
Abstract
Numerous technology start-ups end up shutting down their operations. The present study aims to answer the following research questions: can entrepreneurs who closed their previous ventures bring their new venture to a successful exit through M&A and to what extent does this positive [...] Read more.
Numerous technology start-ups end up shutting down their operations. The present study aims to answer the following research questions: can entrepreneurs who closed their previous ventures bring their new venture to a successful exit through M&A and to what extent does this positive outcome correspond to whether investors funded their start-up? We examine 9723 technology start-ups established by 19,458 entrepreneurs. About half of the start-ups were funded, and 3463 of them had entrepreneurs with closure or with M&A experience. We find that entrepreneurs with closure experience are negatively associated with the probability of M&A as a main effect, in line with the theory that indicates imprinting. Nevertheless, entrepreneurs with closure experience are positively associated with the probability of M&A when their co-founders have M&A experience. We suggest that entrepreneurs with closure experience can compensate for their lack of M&A experience by learning from their peers who possess this experience. We discuss implications for theory, investors, and entrepreneurs. Full article
(This article belongs to the Special Issue Advances in Entrepreneurship and Entrepreneurial Finance Research)
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