An Economic Perspective on Entrepreneurial Decision Making
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An Economic Perspective on Entrepreneurial Decision Making
First Haniel-Kreis Meeting on Entrepreneurship Research
Editors: Demougin, Dominique | Schade, Christian
Entrepreneurship, Marketing, Innovation, Vol. 2
(2006)
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Abstract
This volume is dedicated to the first Haniel-Kreis, which took place in Berlin from the 4th to the 8th of January, 2005. The almost weeklong event was characterized by stimulating bilateral meetings, various scientific presentations, and intense discussions. One commonality among the authors is a growing interest in the application of economic models and econometrics to the field of entrepreneurship. Entrepreneurship, a comparatively young field of research, generates a growing interest by researchers from various fields including economics, psychology, sociology, operations research, and management (to name only the most influential). The Kreis focuses on an economic perspective by emphasizing expertise from behavioral economics, operations research, and management. This book addresses pivotal areas of entrepreneurial decisions. The topics include the decision to start a business and the identification and analysis of the factors, environments, and prerequisites that led to this decision, such as age (Levesque and Minniti), perceptions about personal ability (Köllinger et al.), and the institutional environment in a country (Choi and Phan). A related question is the decision on succession in a family business and the organization of the transfer from one generation to the next (Phan et al.). Finally, the design of an incentive compatible wage scheme that covers the area of entrepreneurial decision-making (Demougin and Fluet) is discussed.
Table of Contents
| Section Title | Page | Action | Price |
|---|---|---|---|
| Preface | 5 | ||
| Contents | 9 | ||
| Young Rok Choi and Phillip H. Phan: A Generalized Supply/Demand Approach to National Entrepreneurship: Examples from the United States and South Korea | 11 | ||
| Abstract | 11 | ||
| 1. Introduction | 11 | ||
| 2. A general supply/demand model of entrepreneurship | 12 | ||
| 3. Factors driving the supply and demand for entrepreneurship | 15 | ||
| a) Macro factors driving entreneurial opportunities | 16 | ||
| (1) Technology | 16 | ||
| (2) Economic structure | 17 | ||
| b) Macro factors driving the supply of entrepreneurial effort | 18 | ||
| (1) Demand for labor: Unemployment | 18 | ||
| (2) Supply of labor: Barriers to labor mobility | 19 | ||
| c) Macro factors driving the demand for entrepreneurship | 19 | ||
| (1) Availability of venture capital | 19 | ||
| 4. Methods | 20 | ||
| a) Data and variables | 20 | ||
| b) Control variables | 22 | ||
| c) Analysis | 23 | ||
| 5. Results | 23 | ||
| 6. Discussions and conclusions | 28 | ||
| References | 31 | ||
| Maria Minniti: A Generalized Supply/Demand Approach to National Entrepreneurship: Examples from the United States and Korea. Comment | 35 | ||
| References | 38 | ||
| Dominique Demougin and Claude Fluet: Group vs. Individual Performance Pay When Workers are Envious | 39 | ||
| Abstract | 39 | ||
| 1. Introduction | 39 | ||
| 2. The model | 40 | ||
| 3. Individual bonus | 41 | ||
| 4. Group bonus | 43 | ||
| 5. Comparison | 44 | ||
| 6. Conclusion | 46 | ||
| References | 47 | ||
| Christian Schade: Group vs. Individual Performance Pay When Workers are Envious. Comment | 49 | ||
| References | 50 | ||
| Philipp Koellinger, Maria Minniti and Christian Schade: Characteristics of Entrepreneurs Across Countries - Evidence from a CART Approach | 51 | ||
| Abstract | 51 | ||
| 1. Introduction | 51 | ||
| 2. Theoretical background | 52 | ||
| 3. The data | 54 | ||
| 4. CARTs | 57 | ||
| 5. Discussion | 62 | ||
| 7. Implications for future research | 64 | ||
| References | 65 | ||
| Moren Lévesque: Characteristics of Entrepreneurs Across Countries - Evidence from a CART Approach. Comment | 73 | ||
| References | 75 | ||
| Moren Lévesque and Maria Minniti: Age, Independence and Entrepreneurial Choice | 77 | ||
| Abstract | 77 | ||
| 1. Introduction | 77 | ||
| 2. Theoretical background | 79 | ||
| 3. A model of entrepreneurial choice | 81 | ||
| a) Model formulation | 81 | ||
| b) Optimal Time Allocations | 84 | ||
| c) Sensitivity of time allocation | 86 | ||
| 4. Implications and extensions | 87 | ||
| References | 89 | ||
| Appendix | 92 | ||
| Claude Fluet: Age, Independence and Entrepreneurial Choice. Comment | 93 | ||
| References | 96 | ||
| Phillip H. Phan, John E. Butler and Soo-Hoon Lee: Corporate Governance and Management Succession in Family Business | 97 | ||
| Abstract | 97 | ||
| 1. Introduction | 97 | ||
| 2. Literature review | 98 | ||
| a) Succession planning | 99 | ||
| b) Preparation of the successor | 100 | ||
| c) The transition process | 101 | ||
| d) Succession and business strategy | 101 | ||
| e) Performance and effectiveness | 102 | ||
| 3. The research model | 102 | ||
| 4. Methods | 104 | ||
| a) Variables | 104 | ||
| b) Data | 106 | ||
| 5. Results | 106 | ||
| a) Sample characteristics | 106 | ||
| 6. Discussion and conclusion | 110 | ||
| References | 111 | ||
| Dominique Demougin: Corporate Governance and Management Succession in Family Business. Comment | 117 | ||
| References | 119 | ||
| Authors | 121 |