New IE Articles — April 2022

Entrepreneurship Theory & Practice – DOI:

Schumpeterian Entry: Innovation, Exporting, and Growth Aspirations of Entrepreneurs

Saul Estrin, Julia Korosteleva, Tomasz Mickiewicz

We posit that entrepreneurs who engage in strategic activities will have high growth aspirations. Our proposed mechanism is that strategic engagements, specifically product innovation, process innovation and internationalization, open entrepreneurial ventures to learning, and thereby greater growth opportunities. Furthermore, these learning effects are reinforced in research-intensive industrial environments. We apply multilevel random slope estimation for individuals from 74 countries, 2001–2015, to derive results consistent with our hypotheses. The findings are robust to potential reverse causality between strategic behavior and growth aspirations, and to selection bias resulting from strategic engagements being only observed for actual entrepreneurs.

Strategic Entrepreneurship Journal – DOI:

Attention across borders: Investor attention as a driver of cross-border equity crowdfunding investments

Markku V. J. Maula, Anna Lukkarinen

Digital equity crowdfunding platforms have brought an unprecedented number of international investment opportunities to investors’ reach. Although most equity crowdfunding investments are still made domestically, cross-border investments often have a decisive role in a campaign’s success. We therefore ask what drives cross-border investments and theorize how international investors’ attention directs their investment choices. We leverage unique data and several complementary approaches to examine this question. Our contribution to the equity crowdfunding literature is twofold: (a) we theorize and empirically show how international investor attention affects cross-border equity crowdfunding investments, and (b) we conduct the first empirical study of the drivers of cross-border investments in equity crowdfunding. These findings also have implications for new venture internationalization research and the broader literature on investor attention.

Review of Managerial Science – DOI:

The role of affect in international opportunity recognition and the formation of international opportunity beliefs.

Terán-Yépez, E., Jiménez-Castillo, D. & Sánchez-Pérez, M.

Despite the significance of individual factors in how entrepreneurs recognize international opportunities either by active search or passive discovery, prior research has typically focused on cognitive aspects overlooking affect as a critical driver of this process. Drawing upon broaden-and-build and affect-as-information theories, we explore how courage, hope, fear of failure, and anticipated regret, as stable affective dispositions, can influence entrepreneurs’ active and passive international opportunity recognition (IOR). Also, based on the mental model theory, we examine whether both processes can lead entrepreneurs to differently form opportunity desirability and feasibility beliefs to judge the opportunities recognized in the foreign market. Based on data from a sample of 172 international entrepreneurs, we find that hope and anticipated regret are positively related to active IOR. Hope and courage are positively related to passive IOR, and fear of failure and anticipated regret are negatively related to passive IOR. Moreover, active IOR better informs opportunity desirability and feasibility beliefs than passive IOR, which indeed only predicts feasibility. These findings are original and novel and thus add value to the flourishing literature on the individual-level factors that influence IOR processes and the emerging literature on how international opportunity desirability and feasibility beliefs are formed to evaluate IOs.

Journal of International Entrepreneurship – Volume 20, pg. 29–51.

International entrepreneurship research agendas evolving: A longitudinal study using the Delphi method.

Etemad, H., Gurau, C. & Dana, LP.

The heterogeneity of research topics in international entrepreneurship (IE) makes the identification of a convergent research agenda difficult. Addressing this, we replicate a 2008 Delphi study, analyzing research directions considered relevant by recognized experts of IE, and also comparing the two sets of data, in an attempt to map the evolution of IE research. This is a first attempt to collect and analyze IE longitudinal data using the Delphi method. Findings provide a basis for developing a future research agenda, facilitating collaboration among researchers. This study can facilitate the understanding and enacting of IE activities for academics, entrepreneurs, and policy-makers.