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The research aims to investigate how digital transformation (DT), entrepreneurial orientation (EO) and socioemotional wealth (SEW) impact the financial performance of family firms in uncertain business environments. Drawing from existing literature, we propose that DT and EO drive firm performance. Additionally, we suggest a new role for SEW, which positively moderates this relationship in family firms, especially in terms of risk behavior and innovation for survival.

We used the STEP Consortium’s 2020–2021 database, derived from a global survey that explored how family businesses responded to environmental shocks. Following STEP’s definitions, we proposed three hypotheses and tested two models using structural equation modeling.

The findings show that EO significantly enhances the impact of DT on family firm performance. Family businesses exhibit a notable willingness to take strategic venture risks to protect their SEW. These findings align with conclusions drawn in related literature, supporting all hypothesized relationships proposed.

The study has made an applied contribution by challenging the misconception that family firms are outdated and provides insights into supporting their approach to entrepreneurship, innovation and transgenerational entrepreneurship. Furthermore, it provides business families and consultants with a new view of SEW as a strategic asset.

Our study adds to the literature by showing how entrepreneurial orientation catalyzes the positive impact of digital transformation on firm financial performance. We also highlight the contextual influence on family firm decision-makers' risk propensity, which affects SEW development and firm outcomes. This context dependency of SEW can hinder or enhance performance, offering new research and support avenues for family firms.

Literature has pointed that conventional financial development theories have inconclusive role on motivating new businesses. New ventures often consider the conventional system that passes through risk and provides fixed-interest lending as a burden. Comparatively, Islamic finance contributes using participative and equitable substitute for startups and has a potential in promoting new businesses. This study aims to investigate the holistic financial development index quadratic effect on entrepreneurship and include the moderating role of Islamic financing at national level.

Islamic banks of 21 nations constitute the unbalanced panel data. Financial development and entrepreneurship indices were developed using factor analysis and panel median regression to estimate the nonlinear financial market development effects and Islamic financing moderation model.

The results indicated that low financial market development is entrepreneurship deterring because of interest burden effect, which could be eased with a proportional increase in the Islamic financing, which is participative. The moderating effect has led to the categorization of the sample countries into entrepreneurship promoting and entrepreneurship discouraging with respect to the current incidence of financial market development and Islamic financing, which can help policymakers in understanding the entrepreneurship promoting combination of financial development and Islamic financing.

Central banks and Shari’ah advisory councils can adopt Islamic financing transition in the national financial inclusion policy for new business facilitation.

This study is instrumental in exploring the assessment of introducing Islamic financing while developing the financial sector on multidimensional entrepreneurship.

High failure rates characterise the experience of new entrepreneurial ventures in Nigeria and other emerging economies. Reliance on strategic tools such as entrepreneurial orientation (EO) is critical to the growth and survival of new ventures. This empirical study aims to deepen the understanding of the relationship between EO and performance of new venture logistics firms in Nigeria. It further explores the contingent effects of social capital and marketing capabilities on the hypothesised direct relationships from a transport industry perspective.

Managers of 650 new venture logistics service providers in selected Nigerian cities were Web-surveyed. Exploratory and confirmatory factor analyses were performed. Regression analysis was further performed. Common method variance and other validity checks were assessed.

The 469 valid responses showed a positive relationship between EO and new venture performance (NVP). Social capital and marketing capabilities positively moderate the direct relationship between EO and NVP. Managerial implications suggest that context-specific dynamics must be considered when making strategic EO decisions to aid firm growth and survival.

This study directly responds to the contingency approach recommendation of past studies (Anwar et al., 2022; Van Stel et al., 2021; Covin and Wales, 2019) using the logistics service and emerging economy context. It also introduces social capital and marketing capabilities as moderators.

This study examines the role of social media adoption (SMA), opportunity recognition (OR) and opportunity exploitation (OE) in mediating the relationship between entrepreneurial orientation (EO) and the performance of newly established small and medium-sized enterprises (SMEs) in emerging economies, with a particular emphasis on Ghana.

This study adopts a post-positivist philosophical stance and uses a quantitative approach and a survey design. A purposive sampling technique was used to select 336 SME owners and managers from Ghana’s manufacturing, trading and service sectors. Questionnaires were administered to source the empirical data for this study. Structural equation modelling (SEM) was used to analyse the proposed hypotheses.

The results reveal that EO positively and significantly influences the performance of new-born SMEs. SMA, OR and OE partially mediated this relationship.

This study is a wakeup call to policymakers, practitioners, managers and owners of recently established businesses. Policymakers should provide support and resources for newly established SMEs to adopt effective social media marketing strategies, bolstering their online presence and customer engagement. Simultaneously, they should invest in entrepreneurship education and create an environment conducive to innovation to cultivate an entrepreneurial mindset among fresh SMEs. Business owners and managers should proactively monitor market trends and consumer preferences, adapting their strategies to identifying and seizing emerging opportunities.

This study introduces a significant novelty to previous literature and one of the first to employ the dynamic capability theory to examine the interplay between EO, SMA, OR and OE in influencing the performance of new SMEs in the context of emerging markets. Furthermore, it extends the scope of understanding of the mechanisms through which SMEs can prosper in these dynamic environments. This unique combination of theoretical framework, comprehensive variables and contextual focus sets this study apart from existing research, enriching the literature on SME performance in emerging markets.

This paper aims to investigate associations between firm resources and reliance on entrepreneurial marketing (EM) channels among agrofood ventures. It accounts for agropreneur gender and racial/ethnic status in the context of marketing channel portfolio composition. The authors examine the established assumption that resource limitations drive EM and whether socially disadvantaged status of agropreneurs is associated with marketing strategy beyond standard resourcing measures.

Using 2015 Local Foods Marketing Practices Survey data, the authors apply linear regression to investigate differences in the use of EM channels, accounting for resources, social status and other factors.

Limited-resource ventures rely more on consumer-oriented channels that require EM practices. Socially disadvantaged entrepreneurs favor these channels, even when accounting for resources. Notably, ventures headed by men of color rely more on the most customer-centric local foods marketing channel.

Future research should investigate how social and human capital influences the use of EM.

Entrepreneurial support policy and practice for agropreneurs should be cautious about the “double-burden” folk theorem of intersectional disadvantage and review how to best direct resources on EM to groups most likely to benefit.

This paper uses a unique, restricted, nation-wide, federal data set to examine relationships between resource endowments, social status and the composition of agrofood enterprises’ marketing channel portfolios. To the best of the authors’ knowledge, it is the first to include racial- and ethnic-minority status of agropreneurs and to account for intersectionality with gender.

This study aims to explore the perceptions of investors regarding the risks associated with funding renewable energy projects in India, as well as the various factors that influence these perceptions. The investigation is limited to debt providers and seeks to pinpoint the primary risks that bankers perceive and the drivers that shape these perceptions.

This study draws on interviews and surveys of Indian bank executives, investigating how finance providers perceive risks in the Indian context and the factors driving such perceptions. Qualitative interviews have been used for operationalizing “risk perception” within the renewable energy domain, followed by a quantitative survey and exploratory factor analysis.

The authors find that experience and capacity are the most important factors that account for 30% of the overall variance. The second factor, which accounts for 15% of the variance, includes the perceived risks in funding renewable energy projects as compared to infrastructure projects. Among individual risks, the authors find that bankers perceive technological risk to be the lowest (5%) and contractual and regulatory risks as the highest (66%) in renewable energy projects.

The study contextualizes risk perception toward renewable energy investments in the Indian context by drawing from the risk perception literature and qualitative interviews with senior bankers. It presents empirical evidence on the decision-making behavior of bankers, who are important stakeholders of the renewable energy ecosystem. The main limitation of the study is the relatively small sample, and generalizing the results to the broader population might require a larger sample. This will facilitate the use of confirmatory factor analysis and structural equation modeling, which can facilitate a more comprehensive understanding of risk perceptions in renewables financing.

Insights gained can be used to provide policy recommendations for improving the financing ecosystem of renewable energy projects. The research significantly contributes to the extant literature within the renewable energy financing domain for emerging economies.

While extensive research exists on how positive life circumstances and positive personality traits promote entrepreneurship, there is little research focusing on how negative personal circumstances may potentially breed entrepreneurship. This study aims to build upon the theory of underdog entrepreneurship to examine the effect of challenging life circumstances such as poverty on the development of entrepreneurial traits in underdog entrepreneurs. This research analyzed the effect of risk-taking (RT) on the entrepreneurial success (ES) of underdog entrepreneurs and the role of optimism (OPM) and persistence (P) as mediating variables and poverty as a moderator variable.

A cross-sectional survey was conducted to collect data from 400 micro-finance borrowers of Akhuwat Foundation Pakistan. Akhuwat provides interest-free small loans to the poor segment of society. Preliminary testing of the survey questionnaire with a sample of 35 borrowers of Akhuwat Foundation in Lahore city was conducted before data collection. Data was collected from four randomly selected branches in Lahore city.

The authors found that OPM and P significantly mediate the relationship between RT and ES. In addition, the authors analyzed the moderating effect of poverty on the relationship between OPM and ES and found a negative moderating effect. A strong positive moderating effect of poverty was found on the relationship between P and ES. The results of multi-group analysis show that successful and unsuccessful underdog entrepreneurs differ in their RT propensity, which is significantly mediated by OPM and P.

This study provides empirical evidence on entrepreneurial traits and success of poor entrepreneur in an emerging economy. This work is original and has not been submitted elsewhere.

This paper aims at measuring the factors affecting early-stage entrepreneurial activity by opportunity vs necessity motives in India using theory of planned behaviour.

The study is based on the Adult Population Survey (APS) of Global Entrepreneurship Monitor (GEM), covering 4,165 respondents in 2018. The data has been analysed using descriptive statistics, chi-square test, analysis of variance and logistics regression. The theory of planned behaviour has been used to identify the determinants of early-stage entrepreneurial activity by opportunity vs necessity motives.

About 13.1% of the respondents reported early-stage entrepreneurial activity, of which opportunity motives were reported by 6.5% respondents, necessity motives by 5.4% respondents and the remaining 1.2% respondents reported other motives. Further, the mean difference in early-stage entrepreneurial activities by motives shows the domination of opportunity-driven entrepreneurial activities. Finally, marginal effects of all determining variables and three components of the theory of planned behaviour, i.e. attitude towards entrepreneurship (ATE), perceived subjective norm (PSN) and perceived behavioural control (PBC), have been estimated on opportunity vs necessity motives of early-stage entrepreneurial activities.

This paper contributes theoretically and practically to the existing body of knowledge by predicting the factors affecting opportunity vs necessity motives of early-stage entrepreneurial activities by applying the theory of planned behaviour. Considering the current focus of the government on promoting entrepreneurship, this piece of research can be valuable in adopting a motive-based approach in implementing entrepreneurial initiatives.

This paper provides unique insights into developing a policy framework for promoting new ventures based on the perceived motives of the entrepreneurs.

Resiliency is essential for achieving the necessary level of performance and ensuring the survival of a new business during difficult times. However, neither this characteristic nor its antecedents have been exhaustively studied. Using a configuration approach, this study aims to analyze the neuropsychological and business-related characteristics of entrepreneurs that may explain their resilience during the business development process.

Using the fuzzy set qualitative comparative analysis (fsQCA), the authors investigated distinct characteristics of Costa Rican agro-entrepreneurs with high levels of entrepreneurial resilience. The fsQCA methodology identifies combinations of causal measures that result in the outcome.

From the mixture of configurations, the authors found four combinations of individual’s characteristics that explain the profile of a resilient agro-entrepreneur.

This work contributes to the literature on agricultural entrepreneurship and entrepreneurial resilience. This study identifies four distinct combinations of entrepreneurs’ characteristics that produce entrepreneurial resilience in the agricultural industry. Moreover, it incorporates individuals’ business-related attributes into examining characteristics combinations that affect resilience. Also, this research offers agro-entrepreneurs’ stakeholders, valuable insights to develop more resilient entrepreneurs.

La resiliencia es esencial para lograr el nivel de rendimiento necesario y garantizar la supervivencia de un nuevo negocio en tiempos difíciles. Sin embargo, ni esta característica ni sus antecedentes han sido exhaustivamente estudiados. Empleando un enfoque de configuración, este estudio busca analizar las características neuropsicológicas y empresariales de los emprendedores que pueden explicar su resiliencia durante el proceso de desarrollo empresarial.

Utilizando el análisis cualitativo comparativo de conjuntos difusos (fsQCA, por sus siglas en inglés), investigamos distintas características de los agroemprendedores costarricenses con altos niveles de resiliencia emprendedora. La metodología fsQCA identifica combinaciones de medidas causales que originan un fenómeno o resultado.

A partir de la mezcla de configuraciones, encontramos cuatro combinaciones de características del individuo que explican el perfil de un agroemprendedor resiliente.

Nuestro trabajo contribuye a la literatura sobre emprendimiento agrícola y resiliencia emprendedora. Este estudio identifica cuatro combinaciones distintas de las características de los emprendedores que producen resiliencia emprendedora en la industria agrícola. Además, incorpora las características empresariaes de los individuos al examinar las combinaciones de características que afectan la resiliencia. También, nuestra investigación ofrece a los públicos de interés información valiosa para desarrollar emprendedores más resilientes.

A resiliência é essencial para alcançar o nível de desempenho necessário e garantir a sobrevivência de um novo negócio em tempos difíceis. Porém, nem esta característica nem seus antecedentes foram exaustivamente estudados. Empregando uma abordagem de configuração, este estudo busca analisar as características neuropsicológicas e empresariais de empreendedores que podem explicar sua resiliência no processo de desenvolvimento de negócios.

Usando a análise comparativa qualitativa do conjunto difuso (fsQCA), investigamos características distintas de agroempreendedores costarriquenhos com altos níveis de resiliência empreendedora. A metodologia fsQCA identifica combinações de medidas causais que causam um fenômeno ou resultado.

A partir da mistura de configurações, encontramos quatro combinações de características individuais que explicam o perfil de um agroempreendedor resiliente.

Nosso trabalho contribui para a literatura sobre empreendedorismo agrícola e resiliência empreendedora. Este estudo identifica quatro combinações distintas de características dos empreendedores que produzem resiliência empreendedora na indústria agrícola. Além disso, incorpora as características de negócios dos indivíduos ao examinar as combinações de características que afetam a resiliência. Adicionalmente, nossa pesquisa oferece às partes interessadas dos agroempreendedores insights valiosos para desenvolver empreendedores mais resilientes.

This study aims to investigate limited partners’ (LPs) influence on venture capital (VC) fund returns.

We merge data from Preqin and SDC’s VentureXpert spanning from 1993 to 2014 and conduct multiple regression analysis to examine the influence of LPs on VC fund performance. Additionally, we conduct three distinct robustness tests to verify the credibility of our findings.

Our empirical analysis demonstrates that newbie LPs consistently exert a significant positive influence on VC fund returns.

VC and LP data is self-reported, and there is no comprehensive dataset as some LPs prefer to maintain anonymity.

Extant literature on LPs’ contribution to VC fund performance is limited. The general assumption is that the role of LPs in VC fund performance is confined to funding. We introduce a new variable, LP track record, as a proxy for LP experience to examine if this variable influences VC performance.