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The purpose of this paper is to develop an original six-phase model describing entrepreneurial learning in the transition of place-based enterprises toward a sustainable exploitation of natural common resources (commons).

The six-phase model proposed by this study explains the learning processes involving place-based enterprises through two important existing theories: adaptive co-management and Lachmann’s evolutionary, embedded theory of entrepreneurship. The proposed model integrates these two theories on the basis of a longitudinal case study on the fishing enterprises in an Italian marine protected area (MPA).

In the case study, the success factors identified by the adaptive co-management literature proved important in enabling an embedded entrepreneurial learning process consistent with Lachmann’s view. The case analysis allowed the authors to cluster these learning processes around six phases. Further, even if traditional fishing is not knowledge-intensive, this case shows the transition to a sustainable business model required intense efforts of educated institutional work and scientific research. Interestingly, the key learning processes were enabled by the emergence of a larger, networked social entity (a network form of organization) including the community of fishermen, the MPA management and a network of scientists studying the marine area ecosystem.

This study is explorative and relies on a single case study. Despite this limitation, it opens up new research paths in the fields of entrepreneurship, institutional work, network organizations and adaptive management of the commons.

This study is strongly interdisciplinary; it proposes an original model based on a theoretical view that is highly innovative for organization and management studies; and addresses a relevant but overlooked issue with important societal implications.

Austrian economics figures centrally in organizational entrepreneurship research. However, researchers have focussed almost entirely on the Austrian school's “gales of creative destruction” and “entrepreneurial discovery” metaphors, which are rooted in equilibrium assumptions and thus downplay the more subjective and dynamic aspects of entrepreneurship. The purpose of this paper is to question such assumptions, proposing instead a “kaleidic” metaphor drawn from the radical subjectivist strand of Austrian economics. The paper develops, grounds, and enriches the theoretical concepts this metaphor embodies in order to advance the general understanding of entrepreneurship as a radically subjective, disequilibrium phenomenon, as well as the specific knowledge of entrepreneurs’ career and venture experiences. In doing so, the paper highlights creative imagination as a wellspring of entrepreneurship.

The paper employs a case study design to inductively develop the theoretical concepts embodied in the kaleidic metaphor and deductively ground them in the accounts 12 entrepreneurs provided about their career and venture experiences. The paper employs symbolist methods to develop thicker descriptions, generate alternative understandings, and facilitate richer interpretations. Moreover, the paper adopts a reflexive approach in considering the study's implications.

The results suggest the kaleidic metaphor comprises five overarching ideas that resonate, often very strongly, with entrepreneurs.

The study is the first to theoretically develop and empirically ground the ideas the kaleidic metaphor embodies. The paper contributes to a growing body of conceptual work and joins a handful of empirical studies by organizational entrepreneurship scholars using the radical Austrian perspective.

AT a time when the name Handley Page is continually in the news, we are privileged to announce that our next issue will contain Part 1 of an article entitled ‘Boundary Layer Control for Low Drag’, written by that acknowledged international authority on the subject, Dr G. V. Lachmann. As Director of Research with the Handley Page Company, Dr Lachmann has been responsible for maintaining this country's stake in the development and application of laminar flow techniques, and it is a sad commentary on Ministry of Aviation policy that while sponsored work is being carried out in the United States with a view to flight testing full‐scale laminarised aircraft, the Handley Page Company has been obliged to continue its work without the substantial financial backing which only a Government contract could provide.

Despite the increasing popularity of entrepreneurship among students in colleges and university, there is a surprising scarcity of theoretical or empirical research on this topic. In this article, we define the concept of student entrepreneurship, delineate its domain, and demarcate its boundaries. We propose a preliminary typology of student entrepreneurship rooted in the works of three leading economists from the Austrian School of Economics: Joseph Schumpeter, Israel Kirzner, and Ludwig Lachmann. We also identify and discuss important challenges associated with the practice of student entrepreneurship. The article concludes by advancing a future research agenda for the study of student entrepreneurship.

This paper aims to study the internationalisation of management accounting research in the German-speaking countries and to analyse whether researchers from these countries rely on their intellectual heritage or adapt to the conventions prevailing in the international community.

This paper provides a research taxonomy of 273 papers published by management accounting researchers from the German-speaking countries between 2005 and 2018 in domestic and international journals with regard to topics, settings, methods, data origins and theories of these papers. The study also systematically compares these publications with the publications by international scholars as synthesised in selected prior bibliometric studies.

The findings suggest that German-speaking researchers increasingly adapt to the conventions prevailing in the international management accounting literature. Indicative of this development is the crowding out of traditional core areas of German-speaking management accounting such as cost accounting by management control topics. The study also finds that German-speaking researchers increasingly rely on the research methods and theories prevailing internationally.

The paper documents considerable changes in the publications of management accounting researchers from the German-speaking countries. These changes raise the question how other national research communities internationalise and whether these processes lead to a greater homogenisation of international management accounting research, which might impair the advancement of management accounting knowledge.

This paper provides first empirical evidence on how management accounting research conducted in the German-speaking countries has changed in the course of the internationalisation of the research community and builds an important basis for future research in other geographic settings.

This study aims to analyze stock market reactions to layoff announcements in the renewable energy sector. The global renewable energy sector and most of the producers of wind and solar energy equipment are struggling. While changes in the regulation and in the promotion of energy production from renewable sources reduced the attractiveness of these technologies, many involved companies had to downsized their workforce to increase performance. The public often perceives these announcements as a way of increasing shareholder wealth at the cost of the employees. Support for this claim is often given in the form of isolated case study considerations. However, the case may be different for the renewable energy sector as changes in the overall institutional environment have sustainably deteriorated the prospects of this industry.

This study analyses stock market reactions of 65 layoff announcements made by companies in the renewable energy industry in the years from 2005 to 2014. The reactions are measured by cumulative abnormal returns, which are obtained by using the event study methodology.

It shows a significantly negative market reaction to the announcement of a layoff plan on the event day. The findings are generally in line with our expectations and underline the negative perspectives of the sector from a capital market point of view and the declining importance of the sector with respect to employment numbers.

The results of this study are important for investors when estimating the capital market reactions to layoff announcements and when they form their own expectations regarding possible future layoff announcements. For the public, the results are of interest as the prejudice, that layoff plans are used to increase shareholder wealth, can be dismantled. The opposite is shown.

This work of imaginative splendour is the product, in the first place, of Israel Kirzner's magnificient effort in designing, directing and editing a symposium in honour of Ludwig von Mises. Its contents illustrate the presence still of giants in our profession: Lachmann with fifty years of fame; James Buchanan and Stephen Littlechild who lead the van of to‐day's subjectivism. The level of excellence is carried down the list by brilliant minds: Stephan Boehm, Mario Rizzo, Lawrence White, Brian Loasby and many others.

WE publish this month a most important paper by MR. IRVING, giving the results of recent work done at the National Physical Laboratory, on the aerodynamic characteristics of tapered wings. This follows on the now famous lecture on the subject delivered by DR. LACHMANN before the Royal Aeronautical Society on October 8th last year. Possibly no paper read before the Society, or elsewhere, in recent years has roused such a storm of controversy. The time available for discussion on the evening of the meeting proving quite inadequate, it was continued at a later date in the library of the Society. Even that adjourned discussion by no means exhausted the argument, and the controversy has been continued with increasing acrimony in other quarters.

This study aims to examine which categories of management control systems (MCSs) in startups are most important to external financiers. Furthermore, this paper investigates how equity and debt financiers differ in their perceptions of MCS categories and examines the relevance of MCSs for their investment decisions.

This study collects data through a cross-sectional survey sent to equity and debt financiers actively investing in startups. The results are based on survey responses from 73 financiers.

The results show that financial MCSs are considered most important, followed by strategic MCSs, while human resources MCSs are perceived as only moderately important. This paper finds significant differences in the perceived importance of MCS categories between equity and debt providers, which can be explained by differing risk profiles and monitoring needs. Although debt financiers consider financial and strategic MCSs to be less important for their portfolios’ startups than equity financiers do, debt financiers perceive MCSs as more important for their initial investment decisions.

The study sheds new light on the importance of different MCS categories in startups by analyzing external financiers’ perceptions. Overall, the empirical study provides insights that are particularly valuable for startups seeking external financing for company growth.

The purpose of this paper is to discover the causes of the devastation of New Orleans and the Mississippi Gulf Coast and how it may be ameliorated.

Economic analysis of the prior conditions causing susceptibility to flooding, and of the subsequent events involving long‐term assets: how assets had been selected and what changes have occurred in the evaluation and selection process.

The devastation caused by the hurricanes was far exceeded by: the prior governmental misleading of entrepreneurs and property owners regarding the actual level of flood protection provided to New Orleans by the bureaucratic Army Corps “flood protection system”; the resulting Rothbardian “cluster of entrepreneurial error” which allowed the devastation of New Orleans capital goods; the Hayekian unintended consequences of government actions and pronouncements following the storm, which interfered with market signals, increased subjective risk, reduced return expectations of entrepreneurs for capital assets, reducing net present values below zero; and the Misesian bureaucratic inefficiency of the corps and other governmental agents both before and after the storm. A sharp increase in their perception of flooding risk caused market participants now to see that no improvement in flood control can be achieved under the present bureaucratic structure, and they have permanently increased their perceived risk and discount rates, thereby reducing the pace of asset emplacement. Replacing the system of Lachmanian heterogeneous capital assets and their communications connections destroyed by Katrina cannot be accomplished in the present situation. New government actions and regulations are continually changing, noisy, and have altered property rights. The interactive efficiency of the asset system has been decreased. Incorrect assets are being built, necessary assets are being neglected, and the communications network between assets is not being replaced.

A finer level of detail could be investigated, focusing on smaller sub‐systems and interactions.

Greatest improvement in asset rebuilding would follow the elimination of all government regulations and regulatory agencies impeding the decision process, and private companies should be contracted to replace the destroyed wetlands and emplace flood controls.

The paper employs an inter‐disciplinary analysis of events using several different theoretical tools combined in an innovative way to examine why systematic errors were made and are continuing, and how errors can be stopped. The paper is of greatest value to those charged with repair of the damaged infrastructure of southeast Louisiana and Mississippi.