Advertisement

Entrepreneurial ecosystem, entrepreneurial rate and innovation: the moderating role of internet attention

  • Yan Yan
  • Jiancheng GuanEmail author
Article

Abstract

The purpose of this study is to improve our understanding of the entrepreneurial ecosystem. Unlike many previous studies, we accomplish this aim by testing the roles of entrepreneurial contexts in stimulating entrepreneurial performance, which is captured by entrepreneurial rate and entrepreneurial innovation. We further investigate their interacting with entrepreneurial attention (EA), measured by Internet search data. This is a national longitudinal study of all OECD countries between 2005 and 2014 based on multisource data. Based on the seemingly unrelated regression (SUR) results, the main findings are: (1) R&D transfer and market dynamics are important but negative predictors of both entrepreneurial activities; (2) entrepreneurial finance and taxes or regulations policies have significant positive effects on entrepreneurial innovation only when the entrepreneurship attention is high; (3) also only under the high entrepreneurship attention condition, physical infrastructure and cultural and social norms for entrepreneurship have significant positive effects on total entrepreneurial rate. The findings of this study, besides having important implications for entrepreneurial management and policy, have implications on the research of the entrepreneurial ecosystem, entrepreneurial innovation and attention.

Keywords

Entrepreneurial ecosystem Entrepreneurship Innovation Entrepreneurship attention GEM 

Notes

Acknowledgements

This study is supported by the Grants from National Natural Science Foundation of China (Nos. 71673261 and 71373254) and from The Research Team of Natural Science Foundation of Guangdong Province in China (2016A030312005). The authors are very grateful for the valuable comments and suggestions from two anonymous reviewers and the Editors of the Journal, which significantly improved the quality of the paper.

References

  1. Acs, Z. J., & Amorós, J. E. (2008). Entrepreneurship and competitiveness dynamics in Latin America. Small Business Economics, 31(3), 305–322.  https://doi.org/10.1007/s11187-008-9133-y Google Scholar
  2. Acs, Z. J., & Szerb, L. (2007). Entrepreneurship, economic growth and public policy. Small Business Economics, 28(2), 109–122.  https://doi.org/10.1007/s11187-006-9012-3 Google Scholar
  3. Ács, Z. J., Autio, E., & Szerb, L. (2014). National systems of entrepreneurship: Measurement issues and policy implications. Research Policy, 43(3), 476–494.  https://doi.org/10.1016/j.respol.2013.08.016 Google Scholar
  4. Ács, Z. J., Szerb, L., & Autio, E. (2015). National systems of entrepreneurship. In Global Entrepreneurship and Development Index 2014 (pp. 13-26): Springer.Google Scholar
  5. Acs, Z., Åstebro, T., Audretsch, D., & Robinson, D. T. (2016). Public policy to promote entrepreneurship: A call to arms. Small Business Economics, 47(1), 35–51.  https://doi.org/10.1007/s11187-016-9712-2 Google Scholar
  6. Andrei, D., & Hasler, M. (2014). Investor attention and stock market volatility. The Review of Financial Studies, 28(1), 33–72.Google Scholar
  7. Askitas, N., & Zimmermann, K. F. (2009). Google econometrics and unemployment forecasting. Applied Economics Quarterly, 55(2), 107–120.  https://doi.org/10.3790/aeq.55.2.107 Google Scholar
  8. Autio, E., Kenney, M., Mustar, P., Siegel, D., & Wright, M. (2014). Entrepreneurial innovation: The importance of context. Research Policy, 43(7), 1097–1108.  https://doi.org/10.1016/j.respol.2014.01.015 Google Scholar
  9. Balakrishnan, N. (2013). Handbook of the logistic distribution: CRC Press.Google Scholar
  10. Bandura, A. (1989). Social cognitive theory. The international encyclopedia of communication. New York: Oxford University Press.Google Scholar
  11. Bandura, A. (2001). Social cognitive theory: An agentic perspective. Annual Review of Psychology, 52(1), 1–26.  https://doi.org/10.1146/annurev.psych.52.1.1 Google Scholar
  12. Baranowski, T., Perry, C. L., & Parcel, G. S. (2002). How individuals, environments, and health behavior interact. Health behavior and health education: Theory, research, and practice, 3, 165–184.Google Scholar
  13. Brockhaus, R. H., & Nord, W. R. (1979). An exploration of factors affecting the entrepreneurial decision: Personal characteristic vs. environmental conditions. In Academy of Management Proceedings, 1, 364-368.Google Scholar
  14. Bygrave, W., & Minniti, M. (2000). The social dynamics of entrepreneurship. Entrepreneurship: Theory and Practice, 24(3), 25–25.Google Scholar
  15. Carayannis, E. G., Rogers, E. M., Kurihara, K., & Allbritton, M. M. (1998). High-technology spin-offs from government R&D laboratories and research universities. Technovation, 18(1), 1–11, High-technology spin-offs from government R&D laboratories and research universities, DOI:  https://doi.org/10.1016/S0166-4972(97)00101-6.
  16. Carayannis, E. G., Alexander, J., & Ioannidis, A. (2000). Leveraging knowledge, learning, and innovation in forming strategic government–university–industry (GUI) R&D partnerships in the US, Germany, and France. Technovation, 20(9), 477–488.  https://doi.org/10.1016/S0166-4972(99)00162-5 Google Scholar
  17. Carree, M., Van Stel, A., Thurik, R., & Wennekers, S. (2007). The relationship between economic development and business ownership revisited. Entrepreneurship & Regional Development, 19(3), 281–291.  https://doi.org/10.1080/08985620701296318 Google Scholar
  18. Casson, M. (1995). Enterprise and competitiveness: A systems view of international business. Oxford University Press.Google Scholar
  19. Chang, S.-J., & Wu, B. (2014). Institutional barriers and industry dynamics. Strategic Management Journal, 35(8), 1103–1123.  https://doi.org/10.1002/smj.2152 Google Scholar
  20. Chatterji, A. K. (2009). Spawned with a silver spoon? Entrepreneurial performance and innovation in the medical device industry. Strategic Management Journal, 30(2), 185–206.  https://doi.org/10.1002/smj.729 Google Scholar
  21. Chliova, M., Brinckmann, J., & Rosenbusch, N. (2015). Is microcredit a blessing for the poor? A meta-analysis examining development outcomes and contextual considerations. Journal of Business Venturing, 30(3), 467–487.  https://doi.org/10.1016/j.jbusvent.2014.10.003 Google Scholar
  22. Cho, T. S., & Hambrick, D. C. (2006). Attention as the mediator between top management team characteristics and strategic change: The case of airline deregulation. Organization Science, 17(4), 453–469.  https://doi.org/10.1287/orsc.1060.0192 Google Scholar
  23. Collins, C. J., & Smith, K. G. (2006). Knowledge exchange and combination: The role of human resource practices in the performance of high-technology firms. Academy of Management Journal, 49(3), 544–560.  https://doi.org/10.5465/AMJ.2006.21794671 Google Scholar
  24. Corwin, S. A., & Coughenour, J. F. (2008). Limited attention and the allocation of effort in securities trading. The Journal of Finance, 63(6), 3031–3067.  https://doi.org/10.1111/j.1540-6261.2008.01420.x Google Scholar
  25. Courtney, S. M. (2004). Attention and cognitive control as emergent properties of information representation in working memory. Cognitive, Affective, & Behavioral Neuroscience, 4(4), 501–516.  https://doi.org/10.3758/CABN.4.4.501 Google Scholar
  26. Da, Z., Engelberg, J., & Gao, P. (2011). In search of attention. The Journal of Finance, 66(5), 1461–1499.  https://doi.org/10.1111/j.1540-6261.2011.01679.x Google Scholar
  27. Davidsson, P., & Honig, B. (2003). The role of social and human capital among nascent entrepreneurs. Journal of Business Venturing, 18(3), 301–331.  https://doi.org/10.1016/S0883-9026(02)00097-6 Google Scholar
  28. Davis, P. S., & Harveston, P. D. (2000). Internationalization and organizational growth: The impact of internet usage and technology involvement among entrepreneur-led family businesses. Family Business Review, 13(2), 107–120.  https://doi.org/10.1111/j.1741-6248.2000.00107.x Google Scholar
  29. De Carolis, D. M., & Saparito, P. (2006). Social capital, cognition, and entrepreneurial opportunities: A theoretical framework. Entrepreneurship Theory and Practice, 30(1), 41–56.  https://doi.org/10.1111/j.1540-6520.2006.00109.x Google Scholar
  30. De Clercq, D., Lim, D. S., & Oh, C. H. (2014). Hierarchy and conservatism in the contributions of resources to entrepreneurial activity. Small Business Economics, 42(3), 507–522.  https://doi.org/10.1007/s11187-013-9515-7 Google Scholar
  31. Del Canto, J. G., & González, I. S. (1999). A resource-based analysis of the factors determining a firm's R&D activities. Research Policy, 28(8), 891–905.  https://doi.org/10.1016/S0048-7333(99)00029-3 Google Scholar
  32. Denis, D. J. (2004). Entrepreneurial finance: An overview of the issues and evidence. Journal of Corporate Finance, 10(2), 301–326.  https://doi.org/10.1016/S0929-1199(03)00059-2 Google Scholar
  33. Dimitratos, P., Lioukas, S., & Carter, S. (2004). The relationship between entrepreneurship and international performance: The importance of domestic environment. International Business Review, 13(1), 19–41.  https://doi.org/10.1016/j.ibusrev.2003.08.001 Google Scholar
  34. Dorado, S., & Ventresca, M. J. (2013). Crescive entrepreneurship in complex social problems: Institutional conditions for entrepreneurial engagement. Journal of Business Venturing, 28(1), 69–82.  https://doi.org/10.1016/j.jbusvent.2012.02.002 Google Scholar
  35. Dubini, P., & Aldrich, H. (1991). Personal and extended networks are central to the entrepreneurial process. Journal of Business Venturing, 6(5), 305–313.  https://doi.org/10.1016/0883-9026(91)90021-5 Google Scholar
  36. Dukas, R. (2002). Behavioural and ecological consequences of limited attention. Philosophical Transactions of the Royal Society of London B: Biological Sciences, 357(1427), 1539–1547.  https://doi.org/10.1098/rstb.2002.1063 Google Scholar
  37. Fiegenbaum, A., & Thomas, H. (1995). Strategic groups as reference groups: Theory, modeling and empirical examination of industry and competitive strategy. Strategic Management Journal, 16(6), 461–476.  https://doi.org/10.1002/smj.4250160605 Google Scholar
  38. Fredric, K., & Zolin, R. (2005). Technological entrepreneurship and small business innovation research programs. Academy of Marketing Science Review, 7, 1–16.Google Scholar
  39. Frese, M., Brantjes, A., & Hoorn, R. (2002). Psychological success factors of small scale businesses in Namibia: The roles of strategy process, entrepreneurial orientation and the environment. Journal of Developmental Entrepreneurship, 7(3), 259–282.Google Scholar
  40. Galunic, D. C., & Rodan, S. (1998). Resource recombinations in the firm: Knowledge structures and the potential for Schumpeterian innovation. Strategic Management Journal, 19(12), 1193–1201.  https://doi.org/10.1002/(SICI)1097-0266(1998120)19:12<1193::AID-SMJ5>3.0.CO;2-F Google Scholar
  41. Gifford, S. (1992). Allocation of entrepreneurial attention. Journal of Economic Behavior & Organization, 19(3), 265–284.  https://doi.org/10.1016/0167-2681(92)90038-D Google Scholar
  42. Gifford, S. (1998). Limited entrepreneurial attention and economic development. Small Business Economics, 10(1), 17–30.  https://doi.org/10.1023/A:1007966215575 Google Scholar
  43. Guan, J. C., & Yan, Y. (2016). Technological proximity and recombinative innovation in the alternative energy field. Research Policy, 45(7), 1460–1473.  https://doi.org/10.1016/j.respol.2016.05.002 Google Scholar
  44. Guan, J. C., Mok, C. K., Yam, R. C., Chin, K., & Pun, K. F. (2006). Technology transfer and innovation performance: Evidence from Chinese firms. Technological Forecasting and Social Change, 73(6), 666–678.  https://doi.org/10.1016/j.techfore.2005.05.009 Google Scholar
  45. Guan, J., Zhang, J., & Yan, Y. (2015). The impact of multilevel networks on innovation. Research Policy, 44(3), 545–559.  https://doi.org/10.1016/j.respol.2014.12.007 Google Scholar
  46. Hajro, A., Gibson, C. B., & Pudelko, M. (2017). Knowledge exchange processes in multicultural teams: Linking organizational diversity climates to teams’ effectiveness. Academy of Management Journal, 60(1), 345–372.  https://doi.org/10.5465/amj.2014.0442 Google Scholar
  47. Herrington, M., Kew, J., & Kew, P. (2010). Global entrepreneurship monitor, 2010.Google Scholar
  48. Huang, Q., Davison, R. M., & Gu, J. (2011). The impact of trust, guanxi orientation and face on the intention of Chinese employees and managers to engage in peer-to-peer tacit and explicit knowledge sharing. Information Systems Journal, 21(6), 557–577.  https://doi.org/10.1111/j.1365-2575.2010.00361.x Google Scholar
  49. Isenberg, D. (2011). Introducing the entrepreneurship ecosystem: Four defining characteristics. Forbes http://www.forbes.com/sites/danisenberg.Google Scholar
  50. Kahneman, D. (1973). Attention and effort (Vol. 1063). Englewood Cliffs: Prentice-Hall.Google Scholar
  51. Katz, J., & Gartner, W. B. (1988). Properties of emerging organizations. Academy of Management Review, 13(3), 429–441.Google Scholar
  52. Kelley, D., Singer, S., & Herrington, M. (2015). GEM 2015/2016 Global Report. London: Global Entrepreneurship Research Association.Google Scholar
  53. Koellinger, P. (2008). Why are some entrepreneurs more innovative than others? Small Business Economics, 31(1), 21–37.  https://doi.org/10.1007/s11187-008-9107-0 Google Scholar
  54. Kor, Y. Y., Mahoney, J. T., & Michael, S. C. (2007). Resources, capabilities and entrepreneurial perceptions. Journal of Management Studies, 44(7), 1187–1212.  https://doi.org/10.1111/j.1467-6486.2007.00727.x Google Scholar
  55. Korunka, C., Frank, H., Lueger, M., & Mugler, J. (2003). The entrepreneurial personality in the context of resources, environment, and the startup process—A configurational approach. Entrepreneurship Theory and Practice, 28(1), 23–42.  https://doi.org/10.1111/1540-8520.00030 Google Scholar
  56. Krueger, N. F., Reilly, M. D., & Carsrud, A. L. (2000). Competing models of entrepreneurial intentions. Journal of Business Venturing, 15(5), 411–432.  https://doi.org/10.1016/S0883-9026(98)00033-0 Google Scholar
  57. Leibenstein, H. (1968). Entrepreneurship and development. The American Economic Review, 58(2), 72–83.Google Scholar
  58. Levie, J., & Autio, E. (2008). A theoretical grounding and test of the GEM model. Small Business Economics, 31(3), 235–263.  https://doi.org/10.1007/s11187-008-9136-8 Google Scholar
  59. Levinson, N. S. (2010). Innovation in cross-national alliance ecosystems. International Journal of Entrepreneurship and Innovation Management, 11(3), 258–263.  https://doi.org/10.1504/IJEIM.2010.031900 Google Scholar
  60. Lim, D. S., Morse, E. A., Mitchell, R. K., & Seawright, K. K. (2010). Institutional environment and entrepreneurial cognitions: A comparative business systems perspective. Entrepreneurship Theory and Practice, 34(3), 491–516.  https://doi.org/10.1111/j.1540-6520.2010.00384.x Google Scholar
  61. Lyngsie, J., & Foss, N. J. (2016). The more, the merrier? Women in top-management teams and entrepreneurship in established firms. Strategic Management Journal, 38(3), 487–505.Google Scholar
  62. Manolova, T. S., Eunni, R. V., & Gyoshev, B. S. (2008). Institutional environments for entrepreneurship: Evidence from emerging economies in Eastern Europe. Entrepreneurship Theory and Practice, 32(1), 203–218.Google Scholar
  63. Markman, G. D., Phan, P. H., Balkin, D. B., & Gianiodis, P. T. (2005). Entrepreneurship and university-based technology transfer. Journal of Business Venturing, 20(2), 241–263.  https://doi.org/10.1016/j.jbusvent.2003.12.003 Google Scholar
  64. Martins, E. C., & Terblanche, F. (2003). Building organisational culture that stimulates creativity and innovation. European Journal of Innovation Management, 6(1), 64–74.Google Scholar
  65. McMullen, J. S., Bagby, D., & Palich, L. E. (2008). Economic freedom and the motivation to engage in entrepreneurial action. Entrepreneurship Theory and Practice, 32(5), 875–895.  https://doi.org/10.1111/j.1540-6520.2008.00260.x Google Scholar
  66. Meek, W. R., Pacheco, D. F., & York, J. G. (2010). The impact of social norms on entrepreneurial action: Evidence from the environmental entrepreneurship context. Journal of Business Venturing, 25(5), 493–509.  https://doi.org/10.1016/j.jbusvent.2009.09.007 Google Scholar
  67. Miller, D., & Friesen, P. H. (1982). Innovation in conservative and entrepreneurial firms: Two models of strategic momentum. Strategic Management Journal, 3(1), 1–25.  https://doi.org/10.1002/smj.4250030102 Google Scholar
  68. Minniti, M. (2004). Entrepreneurial alertness and asymmetric information in a spin-glass model. Journal of Business Venturing, 19(5), 637–658.  https://doi.org/10.1016/j.jbusvent.2003.09.003 Google Scholar
  69. Minniti, M., & Bygrave, W. (1999). The microfoundations of entrepreneurship. Entrepreneurship: Theory and Practice, 23(4), 41–41.Google Scholar
  70. Morris, M. H., Neumeyer, X., & Kuratko, D. F. (2015). A portfolio perspective on entrepreneurship and economic development. Small Business Economics, 45(4), 713–728.  https://doi.org/10.1007/s11187-015-9678-5 Google Scholar
  71. Nambisan, S., & Baron, R. A. (2013). Entrepreneurship in innovation ecosystems: entrepreneurs' self-regulatory processes and their implications for new venture success. Entrepreneurship Theory and Practice, 37(5), 1071–1097.  https://doi.org/10.1111/j.1540-6520.2012.00519.x Google Scholar
  72. Nelson, T., & Levesque, L. L. (2007). The status of women in corporate governance in high-growth, high-potential firms. Entrepreneurship Theory and Practice, 31(2), 209–232.  https://doi.org/10.1111/j.1540-6520.2007.00170.x Google Scholar
  73. Norenzayan, A., Choi, I., & Peng, K. (2007). Perception and cognition. New York: Guilford Press.Google Scholar
  74. O’brien, R. M. (2007). A caution regarding rules of thumb for variance inflation factors. Quality & Quantity, 41(5), 673–690.  https://doi.org/10.1007/s11135-006-9018-6 Google Scholar
  75. Ocasio, W. (1997). Towards an attention-based view of the firm. Strategic Management Journal, 18(S1), 187–206.  https://doi.org/10.1002/(SICI)1097-0266(199707)18:1+<187::AID-SMJ936>3.3.CO;2-B Google Scholar
  76. Ocasio, W. (2011). Attention to attention. Organization Science, 22(5), 1286–1296.  https://doi.org/10.1287/orsc.1100.0602 Google Scholar
  77. Ovaska, T., & Sobel, R. S. (2005). Entrepreneurship in post-socialist economies. Journal of Private Enterprise, 21(1), 8–28.Google Scholar
  78. Pavlou, P. A., & Dimoka, A. (2006). The nature and role of feedback text comments in online marketplaces: Implications for trust building, price premiums, and seller differentiation. Information Systems Research, 17(4), 392–414.  https://doi.org/10.1287/isre.1060.0106 Google Scholar
  79. Peris-Ortiz, M., & Sahut, J.-M. (2015). New challenges in entrepreneurship and finance. Switzerland: Springer.  https://doi.org/10.1007/978-3-319-08888-4 Google Scholar
  80. Poterba, J. M. (1989). Venture capital and capital gains taxation. National Bureau of Economic Research.Google Scholar
  81. Powers, J. B., & McDougall, P. P. (2005). University start-up formation and technology licensing with firms that go public: A resource-based view of academic entrepreneurship. Journal of Business Venturing, 20(3), 291–311.  https://doi.org/10.1016/j.jbusvent.2003.12.008 Google Scholar
  82. Reynolds, P. D., Hay, M., & Camp, S. M. (1999). Global entrepreneurship monitor: 1999 executive report. Babson College Babson Park.Google Scholar
  83. Scarbrough, H., Swan, J., Amaeshi, K., & Briggs, T. (2013). Exploring the role of Trust in the Deal-Making Process for early-stage technology ventures. Entrepreneurship Theory and Practice, 37(5), 1203–1228.  https://doi.org/10.1111/etap.12031 Google Scholar
  84. Schultz, B. B. (1985). Levene's test for relative variation. Systematic Biology, 34(4), 449–456.  https://doi.org/10.1093/sysbio/34.4.449 Google Scholar
  85. Scott, W. R. (1995). Institutions and Organizations (Vol. 2). Thousand Oaks: Sage.Google Scholar
  86. Shane, S. (2000). Prior knowledge and the discovery of entrepreneurial opportunities. Organization Science, 11(4), 448–469.  https://doi.org/10.1287/orsc.11.4.448.14602 Google Scholar
  87. Singer, S., Amoros, E., & Moska, D. (2015a). Global Entrepreneurship Monitor 2014 Global Report. London: Global Entrepreneurship Research Association (GERA).Google Scholar
  88. Singer, S., Amorós, J. E., & Arreola, D. M. (2015b). Global entrepreneurship monitor 2014 global report. Global Entrepreneurship Research Association, 1–116.Google Scholar
  89. Spigel, B. (2015). The relational Organization of Entrepreneurial Ecosystems. Entrepreneurship Theory and Practice. Google Scholar
  90. Staats, B. R., Brunner, D. J., & Upton, D. M. (2011). Lean principles, learning, and knowledge work: Evidence from a software services provider. Journal of Operations Management, 29(5), 376–390.  https://doi.org/10.1016/j.jom.2010.11.005 Google Scholar
  91. Stam, E. (2015). Entrepreneurial ecosystems and regional policy: A sympathetic critique. European Planning Studies, 23(9), 1759–1769.  https://doi.org/10.1080/09654313.2015.1061484 Google Scholar
  92. Stenholm, P., Acs, Z. J., & Wuebker, R. (2013). Exploring country-level institutional arrangements on the rate and type of entrepreneurial activity. Journal of Business Venturing, 28(1), 176–193.  https://doi.org/10.1016/j.jbusvent.2011.11.002 Google Scholar
  93. Sullivan, B. N. (2010). Competition and beyond: Problems and attention allocation in the organizational rulemaking process. Organization Science, 21(2), 432–450.  https://doi.org/10.1287/orsc.1090.0436 Google Scholar
  94. Suresh, J., & Ramraj, R. (2012). Entrepreneurial ecosystem: Case study on the influence of environmental factors on entrepreneurial success. European Journal of. Business and Management, 4(16), 95–101.Google Scholar
  95. Tan, J. (2002). Culture, nation, and entrepreneurial strategic orientations: Implications for an emerging economy. Entrepreneurship: Theory and Practice, 26(4), 96–111.Google Scholar
  96. Taylor, S. E., & Fiske, S. T. (1978). Salience, attention, and attribution: Top of the head phenomena. Advances in Experimental Social Psychology, 11, 249–288.  https://doi.org/10.1016/S0065-2601(08)60009-X Google Scholar
  97. Tsai, W. (2001). Knowledge transfer in intraorganizational networks: Effects of network position and absorptive capacity on business unit innovation and performance. Academy of Management Journal, 44(5), 996–1004.  https://doi.org/10.2307/3069443 Google Scholar
  98. Kastner, S., & Ungerleider, L. G. (2000). Mechanisms of visual attention in the human cortex. Annual Review of Neuroscience, 23(1), 315–341.  https://doi.org/10.1146/annurev.neuro.23.1.315 Google Scholar
  99. Urbano, D., & Alvarez, C. (2014). Institutional dimensions and entrepreneurial activity: An international study. Small Business Economics, 42(4), 703–716.  https://doi.org/10.1007/s11187-013-9523-7 Google Scholar
  100. Valdez, J. (1988). The entrepreneurial ecosystem: Toward a theory of new business formation. SBIDA: Small Business Institute Director’s Association.Google Scholar
  101. Valdez, M. E., & Richardson, J. (2013). Institutional determinants of macro-level entrepreneurship. Entrepreneurship Theory and Practice, 37(5), 1149–1175.  https://doi.org/10.1111/etap.12000 Google Scholar
  102. Van Stel, A., Storey, D. J., & Thurik, A. R. (2007). The effect of business regulations on nascent and young business entrepreneurship. Small Business Economics, 28(2–3), 171–186.  https://doi.org/10.1007/s11187-006-9014-1 Google Scholar
  103. Vanevenhoven, J., & Liguori, E. (2013). The impact of entrepreneurship education: Introducing the entrepreneurship education project. Journal of Small Business Management, 51(3), 315–328.  https://doi.org/10.1111/jsbm.12026 Google Scholar
  104. Vicente, M. R., López-Menéndez, A. J., & Pérez, R. (2015). Forecasting unemployment with internet search data: Does it help to improve predictions when job destruction is skyrocketing? Technological Forecasting and Social Change, 92, 132–139.  https://doi.org/10.1016/j.techfore.2014.12.005 Google Scholar
  105. Vozlyublennaia, N. (2014). Investor attention, index performance, and return predictability. Journal of Banking & Finance, 41, 17–35.  https://doi.org/10.1016/j.jbankfin.2013.12.010 Google Scholar
  106. Wagner, J., & Sternberg, R. (2004). Start-up activities, individual characteristics, and the regional milieu: Lessons for entrepreneurship support policies from German micro data. The Annals of Regional Science, 38(2), 219–240.  https://doi.org/10.1007/s00168-004-0193-x Google Scholar
  107. Wennekers, S., Van Wennekers, A., Thurik, R., & Reynolds, P. (2005). Nascent entrepreneurship and the level of economic development. Small Business Economics, 24(3), 293–309.  https://doi.org/10.1007/s11187-005-1994-8 Google Scholar
  108. Wiklund, J., & Shepherd, D. (2005). Entrepreneurial orientation and small business performance: A configurational approach. Journal of Business Venturing, 20(1), 71–91.  https://doi.org/10.1016/j.jbusvent.2004.01.001 Google Scholar
  109. Wood, R., & Bandura, A. (1989). Social cognitive theory of organizational management. Academy of Management Review, 14(3), 361–384.Google Scholar
  110. Wright, M., Liu, X., Buck, T., & Filatotchev, I. (2008). Returnee entrepreneurs, science park location choice and performance: An analysis of high-technology SMEs in China. Entrepreneurship Theory and Practice, 32(1), 131–155.Google Scholar
  111. Xiang, Z., & Gretzel, U. (2010). Role of social media in online travel information search. Tourism Management, 31(2), 179–188.  https://doi.org/10.1016/j.tourman.2009.02.016 Google Scholar
  112. Zacharakis, A. L., Shepherd, D. A., & Coombs, J. E. (2003). The development of venture-capital-backed internet companies: An ecosystem perspective. Journal of Business Venturing, 18(2), 217–231.  https://doi.org/10.1016/S0883-9026(02)00084-8 Google Scholar
  113. Zahra, S. A., & Garvis, D. M. (2000). International corporate entrepreneurship and firm performance: The moderating effect of international environmental hostility. Journal of Business Venturing, 15(5–6), 469–492.  https://doi.org/10.1016/S0883-9026(99)00036-1 Google Scholar
  114. Zellner, A. (1962). An efficient method of estimating seemingly unrelated regressions and tests for aggregation bias. Journal of the American Statistical Association, 57(298), 348–368.  https://doi.org/10.1080/01621459.1962.10480664 Google Scholar

Copyright information

© Springer Science+Business Media, LLC, part of Springer Nature 2018

Authors and Affiliations

  1. 1.School of Economics & ManagementUniversity of Chinese Academy of SciencesBeijingChina
  2. 2.Innovation Management and StrategyUniversity of GroningenGroningenThe Netherlands
  3. 3.School of Business AdministrationSouth China University of TechnologyGuangzhouChina

Personalised recommendations