| "Residual Communism" Entrepreneurship and Micro-Enterprise Finance in Post-Communist Countries |
| | Chen, Chao C. | Rutgers U. | chaochen@andromeda.rutgers.edu | 973-353-5425 |
| | Kobeissi, Nada T. | Rutgers U., Newark | kobeissi@pegasus.rutgers.edu | 212 679-1890 |
| | Restructuring, privatization, decentralization etc. are the recommendations of reformers to revitalize the post-communist economies of Central and Eastern Europe (CFE)and the Former Soviet Union (FSU). Many believe that the success of the revitalization initiatives will depend on the availability of a number of market-oriented entrepreneurs and a critical mass of small to medium sized enterprises. Recent success of the micro-enterprise finance (MEF) schemes in many countries have prompted experts to use similar development models spending billions of dollars. Unfortunately, many of these schemes are implemented without adjustment to the unique business culture in CFE and FSU. This paper addresses this oversight and analyzes entrepreneurship development within the legacy of past communist ideology and administrative practices. |
| | Keywords: Micro-Enterprise; Communism; Development |
| Evidence of Entrepreneurial Capital: Firm Founder Effects on the Governance and Performance of the Firm at Initial Public Offering |
| | Nelson, Teresa | Suffolk U. | tnelson@suffolk.edu | 617-573-8338 |
| | This research examines the relationship of founder-entrepreneurs and the high growth firms they lead through the governance transition of initial public offering.
The fundamental test is whether, and how, founders who lead high growth venures strategically influence the firms with which they are associated.
There were three objectives for the study. First, while the entrepreneur-founder is obviously key to the start-up of the firm, the role of this player in the transition of the high
growth venture to public governance status has not been studied. Second, with the literature of entrepreneurship, supported by ideas of human capital developed within a resource-based
view of the firm, an examination of entrepreneur-founders' contribution of valuable, non-substitutable resources to firms through the IPO stage is made.
This inquiry links to current strategic management work on the topic of intangible assets, capabilities, and the source of competitive advantage. Third, the IPO, a
key shift point in the life of a high potential firm, is presented as a corporate decision that is strategic, voluntary, and significant: most firms pass this way
but once.
The study's results support two broad conclusions. Founders are substantially involved in the top management of their firms at IPO and, as demonstrated by regression results,
their presence does have an impact on the firms' governance relationships and performance outcomes. |
| | Keywords: founder; initial public offering; high growth firms |
| Chief Executive Officer (CEO) Tenure in Initial Public Offering (IPO) |
| | Mitsuhashi, Hitoshi | Cornell U. | hm18@cornell.edu | 607-266-0435 |
| | Theresa, Welbourne M. | Cornell U. | hm18@cornell.edu | 607-255-1139 |
| | Relying on network theory and power dependence theory, we develop a series of hypotheses that focus on determinants of Chief Executive Officer (CEO) turnover in IPO firms. We studied CEOs who had been with their companies at the IPO with a sample of 120 firms. The results indicate that having outsiders on the board of directors, selling shares at the time of the IPO, and being a part-time CEO all increase the risk of CEO turnover. CEO tenure at the time of the IPO, however, reduces turnover. Contrary to what we expected, being the founder of the company has no effect on CEO turnover. |
| | Keywords: Turnover; CEOs; Event History Analysis |