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This study investigates the relationship between board gender diversity (BGD) and the time to Initial Public Offering (IPO), which stands as an entrepreneurially risky choice, particularly challenging in family firms. We also investigate the moderating role of family ownership dispersion (FOD).

We draw on an integrated theoretical framework bringing together the upper echelons theory and the socio-emotional wealth (SEW) perspective and on hand-collected data on a sample of Italian family IPOs that occurred in the period 2000–2020. We employ ordinary least squares (OLS) regression and alternative model estimations to test our hypotheses.

BGD positively affects the time to IPO, thus, it increases the time required to go public. FOD negatively moderates this relationship. Our findings remain robust with different measures for BGD, FOD, and family business definition as well as with different econometric models.

The article develops literature on family firms and IPO and it enriches the academic debate about gender and IPOs in family firms. It adds to studies addressing the determinants of the time to IPO by incorporating gender diversity and the FOD into the discussion. Finally, it contributes to research on women and outcomes in family firms.

The purpose of this paper is to review the empirical literature on the relationship between the characteristics of the top management teams (TMTs) and the performance of entrepreneurial firms.

A literature review was carried out on 33 empirical studies related to TMTs and performance through analyzing and summarizing the quantitative studies conducted in this area.

The results of the literature review show that the relationship between TMTs (demographics and heterogeneity) and the performance of entrepreneurial firms is not straightforward and further investigation is still needed in this area.

The author maps the theoretical and empirical research of TMT demographics and heterogeneity in relation to firms’ performance and possible moderators and mediators, which govern the relationship between TMT composition and firms’ performance.

The author presents a detailed future research agenda for the purpose of advancing the theoretical and empirical knowledge on TMT-performance links. The review provides a comprehensive picture of TMT-firms’ performance literature and what should be done to enrich the literature.

This study aims to analyze the impact of different exit alternatives, investor presence and founders’ human capital on the exit value of European venture capital (VC)-backed high technology startups.

The empirical analysis is based on a sample of 107 European firms that obtained an exit through Merger&Acquisition (M&A) or an initial public offering (IPO) between 2010 and 2017, backed by VC investors.

This study provides empirical evidence on how different exit alternatives, investor heterogeneity and founders’ human capital may affect the exit value of European VC-backed startups. Exiting through an IPO and retaining a larger equity stake are positively correlated with the exit value. The presence of business angels and non-governmental VC firms is associated with larger valuations. Founders’ previous education was positively correlated with the exit value.

Exit strategies in technology startups are essential to capitalize investors’ efforts and reinvest cash into new ventures, supporting the development of entrepreneurial ecosystems and countries’ competitiveness. The results of this study provide interesting hints for policymakers and contribute to an in-depth understanding of the drivers of exit valuation for startups.

The theory presented suggests that underwriters are both advisors and independent agents in the issuerʼs attempt to send “signals” of quality to investors by making pre-IPO organizational changes. These pre-IPO gambits are intended to increase IPO proceeds, and preemptively address potential investor concerns that would deter them from subscribing. These organizational changes initially can financially benefit founders, early investors and underwriters. But they can also have a longterm impact that some issuers, especially founders, would prefer to avoid. Utilizing signaling and resource-based power, we find that underwriter power is significantly associated with making pre-IPO gambits and lower levels of underpricing.

The purpose of this paper is to examine the informational value of Shariah-compliant disclosure in the Malaysian initial public offerings (IPOs) prospectus and whether Shariah-compliant status has an impact on the IPO initial return when adopted as a signalling mechanism.

It uses data from 320 IPOs for Shariah-compliant companies listed on the Bursa Malaysia between 2004 and 2013.

It finds that the degree of IPO underpricing for Shariah-compliant companies is 19.97 per cent with investors earning significant returns on the first trading day. For the effect of different factors on the degree of IPO, we find that the size and type of IPO offers have a significant impact on the degree of IPO underpricing. Other economic confidence factor models fail to yield economically plausible parameter values.

The study contributes to the literature in a number of ways. It is the first to evaluate the effect of Shariah-compliance status regulation in Malaysian market, hence it provides an insight into the effectiveness of such regulation. Second, while the existing Shariah-compliant IPO studies in the same market focus on Shariah status at the date of the studies being conducted, this study uses the information around IPO time. The information that investors receive around IPO time may influence investors’ decision and valuation of the IPOs in the aftermarket. Specifically, this study is different from the previous research, as it investigates whether Shariah-compliant companies would change the average degree of IPO underpricing for companies listed on Bursa Malaysia.

This study presents evidence concerning the effects of affective and cognitive rhetoric on the underpricing of firms at the time of their initial public offering. It is suggested that firms that use less affective, and more cognitively oriented discourse in their IPO prospectus will experience better underpricing outcomes. We examine these assertions using a sample of young high-tech IPO firms where investors rely on prospectuses as accurate and informative firm communications. Results from a robust five-year time span observe initial support for the hypothesized effects. Moreover, the signaling of a higher degree of entrepreneurial orientation in the firm prospectus is found to worsen the negative effects of affective discourse

The purpose of this paper is to examine how entrepreneurship culture affects start-up and venture capital co-evolution during the early evolution of an entrepreneurial ecosystem (EE) and its ability to foster the emergence of ambitious entrepreneurship as an outcome of its activity. Unlike studies that capture entrepreneurship culture at the national level, this study focusses specifically on the culture of venture capital-financed entrepreneurship and understanding its implications to the development of venture capital markets and successful firm-level outcomes within ecosystems.

Relying on EE and organisational imprinting theory, this study specifies characteristics of venture capital-financed entrepreneurship of Silicon Valley to illustrate the American way of building start-ups and examine whether they have as imprints affected to the entrepreneurship culture and start-up and venture capital co-evolution in Finland during the early evolution of its EE between 1980 and 1997.

The results illustrate venture capital-financed entrepreneurship culture as a specific example of entrepreneurship culture beneath the national level that can vary across geographies like the findings concerning Finland demonstrate. The findings show that this specific culture matters through having an impact on the structural evolution and performance of EEs and on the ways how they deliver or fail to deliver benefits to entrepreneurs.

The results show that venture capital-financed entrepreneurship and the emergence of success stories as outcomes of start-up and venture capital co-evolution within an EE are connected to a specific type of entrepreneurship culture. This paper also contributes to the literature by connecting the fundamentals of organisational imprinting to EE research.

We examined the relationship between employee equity compensation, incentive compensation, and firm growth using a sample of 480 privately held firms from the Ewing Marion Kauffman Foundation’s database of Ernst & Young Entrepreneur Of The Year (EOY) winners. Using frameworks from agency and motivation theories, we argued that larger percentages of both equity- and incentivebased compensation allocated to top managers and employees would be associated with firm growth. After controlling for firm and industry effects, the results of the study showed that while the firms in the sample preferred providing incentive compensation, providing equity compensation for employees was a positively significant predictor of firm growth over a three-year period. These findings suggest that prescriptions for growth in larger firms developed from agency theory also may be applicable to entrepreneurial firms, and founder/CEOs seeking to grow their firms should consider using equity compensation to motivate their current employees and to attract new ones.

This study aims to show what type of directors founders (or entrepreneurs) first appoint to the board and how these appointments differ across experienced and novice entrepreneurs.

The sample consists of the human capital of board members in 443 new ventures in the computer software and information technology industries between 2000 and 2014. The hypotheses were tested using tobit regression.

The findings in this study reveal that compared to novice entrepreneurs, experienced entrepreneurs tend to appoint early boards with greater human capital (entrepreneurial, technical/scientific and industry-specific) and with greater functional diversity. In contrast, novice entrepreneurs tend to appoint early boards with greater finance and director experience.

The value of this research lies in filling the gap in the current literature by comparing the board appointment/selection behavior of novice and experienced entrepreneurs, which is relatively underexplored.

Entrepreneurship researchers use various types of screening criteria to select samples for study. In that selecting these criteria is, in effect, choosing a definition or model of entrepreneurship, the consequences are immense and have had a direct impact on the generalizability of research and theory development in our field. The purpose of this study is to help entrepreneurship researchers better understand these consequences and, thereby, improve our understanding of entrepreneurial phenomenon. Four of the most commonly used screening criteria are included in this study: firm age, firm size, firm growth, and innovation. Based on a sample of 368 manufacturing firms, the results indicate that few firms fit all or even most of the considered screening criteria and independent-dependent variable relationships vary considerably by screening criteria selection.