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Two types of opportunism, managerial and competitive, are described. Contractual covenants that control these types of opportunism are used when they are likely to occur, i.e., when there are obstacles to monitoring management behavior and when returns to starting new firms are large. These ideas are subjected to empirical test. The relationship between managers in new firms and venture capitalists is receiving increased attention in the literature (Norton and Tenenbaum 1990; Sahlman, 1988). The determinants and implications of several attributes of these relationships have been examined, including the percentage of a new firm's equity held by venture capitalists, the number of seats on the board controlled by venture capitalists, and the post‐funding activities of venture capitalists (e.g., helping the new firm raise additional capital, contacting customers, replacing management) (Barney, Busenitz, Fiet, and Moesel, 1989). While our understanding of the relationship between managers in new firms and venture capitalists is growing, one particularly important component of that relationship has yet to receive significant attention in the literature: the details of the formal contractual arrangement between managers in a new firm and venture capitalists. Often called the “terms and conditions” of the relationship between managers and venture capitalists, these contractual details specify the rights and obligations of both managers and venture capitalists throughout their entire relationship in a series of covenants (Fiet, 1991). Among other items, contractual covenants can specify limits on capital expenditures, limits on managerial salaries, limitations on raising additional outside capital, technology non‐disclosure agreements, and conditions for forcing a change in managing and liquidating the deal. The purpose of this paper is to understand the determinants of the formal contractual arrangements between managers in new firms and venture capitalists.

Gaglio’s work on opportunity recognition (Gaglio, 1997; Gaglio & Katz, 2001) represents an important contribution to the literature and has generated considerable scholarly attention. Therefore, it is with great pleasure that we respond to her commentary on our recent chapter (McMullen & Shepherd, 2003). Central to Gaglio’s commentary is a discussion about the appropriateness of our critique of the literature and a proposed alternate use for signal detection theory in building entrepreneurship theory. Responding to this commentary provides us the opportunity to better articulate our main arguments and to build on Gaglio’s ideas for an alternative application of signal detection theory.

Absorptive capacity (AC) is a key competitive advantage and is defined as the capacity to absorb knowledge from the environment. Although some studies have examined how various antecedents to AC differ between family firms and non-family firms, no studies have set out to specifically analyze AC in the context of family firms. The purpose of this paper is to discuss the ability of family firms to absorb external knowledge by analyzing the relationship between “familiness” and “AC”.

By reviewing and combining studies on AC and knowledge-management practices of family firms, new insights into the AC of family firms are developed.

It is argued that due to higher levels of social capital, familiness is positively related to the ability to transform and use external knowledge (i.e. realized AC). However, firms with high levels of familiness are likely to be inferior in acquiring and assimilating external knowledge (i.e. potential AC).

Although previous studies have analyzed various knowledge-management practices of family firms, no studies have set out to specifically explore how familiness affects various dimensions of AC.

The subject of part‐time work is one which has become increasingly important in industrialised economies where it accounts for a substantial and growing proportion of total employment. It is estimated that in 1970, average annual hours worked per employee amounted to only 60% of those for 1870. Two major factors are attributed to explaining the underlying trend towards a reduction in working time: (a) the increase in the number of voluntary part‐time employees and (b) the decrease in average annual number of days worked per employee (Kok and de Neubourg, 1986). The authors noted that the growth rate of part‐time employment in many countries was greater than the corresponding rate of growth in full‐time employment.

Rising unemployment in the 1970s and particularly over the last six years (1979–85) has focused trade union strategies on the question of job creation. The initial response was largely a restatement of Keynesian macro‐economic policies plus a series of short‐term “special measures”. The deepening of the recession in the early 80s caused a minor re‐think and an examination of notions of work redistribution. The immediate solution was seen as “the shorter working week” and, despite a growing awareness of other options, this remans the cornerstone of TUC thinking and that of its major affiliates.

Entrepreneurship is a source of innovation, job creation, and vibrancy for local and regional economies. As a direct result, there is a profound interest in creating an infrastructure that effectively encourages entrepreneurship and incubates entrepreneurial endeavors. Western State University has responded to this call by developing the Harvey Entrepreneurship Program, which is integrated in the Enterprise Residential College.The Harvey program provides a socially embedded experiential learning approach to entrepreneurial education. Faculty, students, entrepreneurs, and technical experts are drawn together in an environment that provides space for business incubators and an entrepreneurially focused curriculum. In this article, we present a case study in which we use qualitative research methods to explore the benefits and challenges of creating such a program.The delivery model that Enterprise Residential College provides for entrepreneurial education is examined through the perspectives of program administrators, faculty, and students. The findings reveal evidence that a residential college can form a powerful nexus of formal instruction, experiential learning, socialization, and networking to influence entrepreneurship. We discuss relevant findings that may aid others considering similar endeavors.

This study aims to investigate the impact of family ownership on cooperative research and development (R&D). Drawing on the ability and willingness paradox framework in family business research, the authors suggest that family ownership influences cooperative R&D via two opposing mechanisms: power concentration and wealth concentration. It also deepens the current understanding of the boundary conditions of informal institutions for the impact of family ownership on cooperative R&D by investigating the moderating role of political ties.

The authors analyze a panel of 610 Chinese manufacturing family firms and 2,127 firm-year observations from 2009 to 2017. Fixed effects regression analysis is used to test the hypotheses, with the two-stage Heckman model to address sample selection bias.

The research findings indicate that family ownership has an inverted U-shaped relationship with cooperative R&D and political ties moderate the relationship in such a way that the inverted U-shaped relationship will be steeper in firms with more political ties than in firms with fewer political ties.

Family ownership influences firms’ cooperative R&D through the positive effect of power concentration and the negative effect of wealth concentration. Family owners should, therefore, take advantage of concentrated power, for instance, by adapting quickly and committing sufficient resources to cooperative R&D opportunities, while controlling path-dependent relationship development caused by concentrated family wealth. The effect of political ties on the relationship between family ownership and cooperative R&D is found to be a double-edged sword.

This study extends the ability and willingness paradox framework and provides novel insights into cooperative R&D in family businesses by integrating power concentration and wealth concentration associated with family ownership. Moreover, this study provides a contingency perspective and introduces the moderating role of political ties in shaping cooperative R&D in family firms.

Office automation as it is being introduced today aims “to automate office procedures”, as I.B.M. points out, not “merely to mechanize tasks”. It refers to the use of computer technology to process and transmit information, combining word and data processing. Automation also involves linking together today's many modern devices into “integrated office systems”. Because new technology is being developed to computerize the very flow of work in the office, its potential impact is qualitatively different from previous office equipment which “mechanized” or “automated” routine tasks.

The purpose of this paper is to examine the development of the early American clock industry as an entrepreneurial endeavor and to focus on the innovative marketing and financing practices that helped transform the industry during the first half of the nineteenth century.

The paper uses the historical method to identify the critical factors that allowed the clock industry to expand. Primary sources were consulted whenever they were available, and a survey of the existing clock literature was conducted.

The nineteenth century New England clock industry provides a rich field of exploration into the entrepreneurial practices of the early American Republic and provides us with many insights that are applicable to the modern entrepreneur. The clock makers and peddlers who moved clock making from a backwater cottage industry to a modern international industry are examples of entrepreneurship at its best. From a marketing perspective, the clockmakers made use of the existing peddler system in order to create a market for their products. From a financial perspective, the clockmakers innovated when a ready source of capital was unavailable and made extensive use of credit.

This paper points out the importance of viewing entrepreneurship from a historical perspective. Furthermore, it finds that successful clock entrepreneurs understand the usefulness of connections, recognize traps to be avoided (such as the “Cottage Industry Syndrome”), and resolve to be persistent and optimistic in the face of adversity.

This is the first study of the early American clock industry to consider the entrepreneurial aspects that contributed to its successful transformation into an international industry.

The purpose of this paper is to systematically review the literature on entrepreneurship education (EE) in the Asia Pacific spanning a ten-year publishing period. The results of previous EE research are summarily analyzed and the key themes are critically addressed.

This paper presents a systematic literature review of EE articles published from 2007 to 2016 in peer-reviewed, English-speaking journals that are available on the Scopus database. Frequency, bibliometrical data, and research content of the literature review are analyzed.

Research in this area is experiencing a steady growth, and a small percentage of scholars or countries in the Asia Pacific are found to make significant contributions to a body of knowledge on EE. The findings also show that the majority of studies lack theoretical legitimacy on the definition of EE and its underpinning theories; however, some articles consider an institutional or contextual perspective on EE, present individual-centered pedagogy in a traditional educational context, or indicate the intertwined connections between EE initiatives and economic growth. Thus, the findings manifest EE research in the Asia Pacific as relatively limited across research agenda, viewpoints, and levels.

Based on the discussion on key themes, a multi-faceted and multi-tier perspective and a longitudinal study are suggested to provide broader and deeper understanding of the complexities in EE provision and its role in the relationship with national entrepreneurship. Thus, the gap between Western/Asian research contexts and enabling a common evolving body of knowledge can be bridged.

This study provides valuable insights that can aid educators and policymakers to establish and improve EE design and operations. This study would benefit EE systems in countries of the Asia Pacific region and should improve their practical outcomes. The relevance of integrating functional, personality, and behavioral views into EE development seems difficult but is suitable for EE advancements, thereby boosting the acceptance of entrepreneurship in society and subsequently impacting the economic development of a country.

This study is the first literature review on EE research in the Asia Pacific; it provides a summary analysis of the current state of EE and future directions in theory and practice.