Knowledge that Transforms

Some research has suggested that investors prefer pitches made by men rather than women entrepreneurs, and physically attractive men entrepreneurs are even more successful than their physically unattractive counterparts. However, empirical evidence remains limited. We re-examine these findings using a large archival dataset with 9,285 entrepreneurs across 13 industries and 105 countries between the years of 2014 to 2018. Our results replicate the female penalty effect—women raised 12.9% less funds compared to men. However, we found that the physical attractiveness of the entrepreneurs has a negative main effect on startups’ success, and that this effect is only significant for men entrepreneurs.

Users are recognized as a vital source of innovation and entrepreneurship, transitioning from passive consumers to active creators. This shift has significantly impacted the entrepreneurial landscape, prompting multidisciplinary research. Using bibliometric and thematic coding, our study critically analyzes 179 articles published over a 25-year period. Our review presents a theoretical analysis and an integrative conceptual framework comprising eight inductively generated topics nested within three clusters, representing distinctive motivations, processes, and outcomes of user entrepreneurship. Our study also maps the theoretical foundations that have shaped the field, highlighting both dominant perspectives and opportunities for further theoretical development. By clarifying the distinctiveness of user entrepreneurship, our review advances theoretical understanding and provides a structured agenda for future knowledge accumulation.

Attention Deficit Hyperactivity Disorder (ADHD) has been increasingly linked to entrepreneurship, yet existing findings remain fragmented and, at times, contradictory. This meta-analysis synthesizes 298 effect sizes from 47 studies to examine the relationships between ADHD (inattention, hyperactivity/impulsivity, total symptoms, and clinical diagnosis) and entrepreneurial attitudes, behaviors, and post-launch outcomes. The results show hyperactivity/impulsivity is positively associated with entrepreneurial attitudes and behaviors, but not significantly related to post-launch outcomes. Conversely, inattention is negatively associated with post-launch outcomes. Total ADHD symptoms and diagnosis are positively related to entrepreneurial behaviors, yet negatively linked to outcomes. We conclude by proposing directions for future research. JEL code: L26, I10, J24

Building on research on social class origin and cognitive concepts from the psychology literature, we propose that social class environment during childhood creates class-based cognitive imprints among individuals, leading to contextualist cognitive tendencies among lower-class individuals and solipsistic cognitive tendencies among upper-class individuals. We theorize that these class-based cognitive tendencies explain the prosocial behavior of individuals, such that the philanthropic orientation is greater among entrepreneurs of lower-class origin compared with those of upper-class origin. The philanthropic orientation among lower-class entrepreneurs is further amplified by imprints of education and political propaganda. These theoretical predictions received support considering entrepreneurs in Chinese private enterprises. Our study contributes to the literature on the social class origin concept from the social stratification theory, the psychology literature on cognitive perspectives, and imprinting theory.

This methodological brief explains why and how family business research should account for public/private ownership to better understand how family control and influence affect firm outcomes. To support our arguments, we review the methodologies used in family business studies and identify four methodological pitfalls that obscure heterogeneity in family firm private/public ownership. We propose practical solutions to address those pitfalls and apply them to a recent study, showing how accounting for private/public ownership alters its empirical findings. The implication of our brief is that more fine-grained methodological attention to public/private family firm ownership will enhance family business research.

This study investigates whether male and female entrepreneurs exhibit systematic differences in the customer learning actions they pursue, and how those actions convert to venture performance. Drawing from a dyadic sample of founders and startup advisors in the high-technology context, we explore the effects of two alternative customer learning actions—customer involvement as an information source (CIS) and customer involvement as co-developers (CIC). We find that, compared to male entrepreneurs, female entrepreneurs engage in higher levels of both types of customer learning actions (CIS and CIC). Contrary to research from the large established firm context, we find CIS and CIC have conflicting startup performance implications—CIS is beneficial, but CIC is detrimental.

We theoretically model an entrepreneur’s choice of his firm’s products to trademark, the relation between the number of trademarks and venture capital (VC) investment staging, long-run operating performance, and successful firm exit probability. We test model predictions using a large dataset of trademarks registered by VC-backed private US firms. We find that firms with a larger number of trademarks at first VC investment have a smaller number of VC financing rounds; have larger long-run sales and employment; and have greater probabilities of successful exit (initial public offering [IPO] or acquisition). Our instrumental variable analysis demonstrates that more trademarks causally enhance firm performance and reduce VC staging. JEL code: G23, G24, L26, O34

Digital finance platforms are disrupting traditional financial entities (FEs). Yet, FEs increasingly invest in their ownership. We investigate whether FE ownership creates a “top-shelf blend” that enhances platform performance or a “sour mix” that undermines it. We integrate legitimacy theory and organizational identity theory to theorize an inverted U -shaped relationship between FE ownership and the performance of equity crowdfunding (ECF) platforms. A longitudinal analysis based on 306 ECF platforms demonstrates that FE ownership enhances performance up to a certain point, after which performance declines. The legitimacy of FEs owning ECF platforms moderates this relationship.

This study adopts a Bourdieusian lens to examine how founders’ social class origin influences venture performance through a central aspect of entrepreneurial habitus—risk-taking. In Study 1, we find that risk-taking mediates the relationship between social class origin and venture performance, advantaging those from higher social class origins. In an archival dataset, we show that an alternative measure of childhood social class similarly predicts risk-taking among self-employed individuals. In Study 2, we investigate how field-specific social capital moderates this pathway through founders’ social networks. These findings advance understanding of how early-life social class conditions shape entrepreneurial behavior and performance and imply the need for more nuanced and class-inclusive support within entrepreneurial ecosystems.

This study advances real options reasoning (ROR) logics by examining how entrepreneurs make sequential decisions under varying uncertainty. Although ROR has been conceptualized as a useful decision-making framework, its boundary conditions and theoretical applications remain underspecified. Through a multistage experimental design with 181 entrepreneurs and an archival study, we demonstrate that entrepreneurs employ different ROR logics based on both the initial level of uncertainty and its subsequent directional changes. This advances ROR by establishing its boundary conditions, demonstrating when entrepreneurs do and do not employ ROR logics, and revealing how the directionality and magnitude of uncertainty changes influence entrepreneurial decision-making.