Eesley research overview MS&E
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Overview of my research streams on institutional environments and entrepreneurship.
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Eesley research overview MS&E
- 1. Tech-based Entrepreneurship and the Institutional Environment Research Overview: Chuck Eesley cee@stanford.edu
- 2. stvp.stanford.edu Influence of the External Environment on Tech-Based Entrepreneurship • Individual characteristics, network ties, and strategy • Effective institutional change influences who starts firms, not just how many firms are started. • Study a single country (China, Chile, Japan, and the U.S.) before and after a major institutional change • natural experiments • Empirical/large dataset, international fieldwork/interviews
- 3. stvp.stanford.edu Three Streams 1. Formal Institutions 2. Industry Environment 3. Informal Institutions
- 4. stvp.stanford.edu Stream 1: Formal Institutions • Prior literature focuses on barriers to entry, self-employment • Entrepreneurial activities of high human capital individuals – focus on high- growth, technology-based firms. •Eesley, C. 2016. Institutional Barriers to Growth: Entrepreneurship, Human Capital and Institutional Change. Organization Science •Armanios, D., C.E. Eesley, K.M. Eisenhardt, J. Li. 2016. How entrepreneurs leverage institutional intermediaries in emerging economies to acquire public resources, Strategic Management Journal •Eesley, C.; J.B. Li, and D. Yang. 2016. Does Institutional Change in Universities Influence High-Tech Entrepreneurship?: Evidence from China’s Project 985. Organization Science, 27(2): 446-461. •Eberhart, R.; C. Eesley, and K. Eisenhardt. 2016 Failure IS an Option: Institutional Barriers to Failure, Bankruptcy and New Firm Performance, Organization Science, cond. acceptance
- 5. stvp.stanford.edu Stream 1: Formal Institutions Eesley, C. 2016. Institutional Barriers to Growth: Entrepreneurship, Human Capital and Institutional Change. Organization Science • Amendment to the Chinese constitution reversing regulations that favored firms with foreign investors and state-owned enterprises • Lowering BTG stimulates the founding of firms by high human capital individuals
- 7. stvp.stanford.edu • Eberhart, R.; C. Eesley, and K. Eisenhardt. 2016. Failure IS an Option: Institutional Barriers to Failure, Bankruptcy and New Firm Performance, Organization Science • 2003 bankruptcy reform in Japan • COSMOS2 database from Teikoku Databank, Ltd. 50,000 firms over a 20 year time period, 10 variables, 10 million observations • Lowering barriers to failure – increase churn, but also venture growth rates (due to elites) Stream 1: Formal Institutions – Barriers to Failure
- 8. Stream 2: Industry Environment
- 9. stvp.stanford.edu Industry Environment • Eesley, Charles E.; Hsu, D.; Roberts, E.B. 2013. The Contingent Effects of Top Management Teams on Venture Performance: Aligning Founding Team Composition with Innovation Strategy and Commercialization Environment. Strategic Management Journal, 35(12): 1798–1817. • Eesley, Charles E. and Roberts, E.B. 2012. Are You Experienced or Are You Talented?: When Does Innate Talent versus Experience Explain Entrepreneurial Performance. Strategic Entrepreneurship Journal. 6(3): 207-219. (Winner, Best Paper Proceedings Award, AOM conference, Montreal, 2010.) • Hsu, D.; Roberts, E.B.; Eesley, Charles. 2007. Entrepreneurs from Technology-Based Universities: Evidence from MIT. Research Policy 36, 768–788.
- 12. stvp.stanford.edu Stream 2: On-going work on digital platforms • 30 months of firm-level data on around 10,000 merchant ventures – Sales data – # of distinct items sold – pricing – product categories – customer review scores – gender of owner – age of owner – registration date – location (province & city) • 200+ hours of interviews • Alibaba – 1,000 Faces, platform change (with Wesley Koo) • Customizing search results to each individual consumer • Forced merchants to focus on particular consumer segments
- 13. Stream 3: Informal Institutions
- 14. stvp.stanford.edu Stream 3: Informal Institutions • Eesley, C.; Decelles, K.; Lenox, M. 2015. Through the Mud or in the Boardroom: Activist Types and their Strategies in Targeting Firms for Social Change. Strategic Management Journal, • Lenox, M. and Eesley, C. 2009. Private Environmental Activism and the Selection and Response of Firm Targets. Journal of Economics & Management Strategy, 18(1), 45-73. • Eesley, Charles; Lenox, Michael. 2006. Firm Responses to Secondary Stakeholder Action. Strategic Management Journal, 27(8):765-781.
- 16. stvp.stanford.edu Influence of the External Environment on Tech-Based Entrepreneurship • Policy leaders wish to foster high growth, technology-based start- ups • Institutional changes can significantly influence the types of firms that are created, who creates them, and how they perform. • Theoretical contributions – institutional barriers to growth and failure, founding team alignment, informal inst. • Methods contributions – look beyond developed North American and European economies. – differences-in-differences, randomized field experiments, regression discontinuity, instrumental variables
- 17. Institutions and High-Tech Entrepreneurship Chuck Eesley cee@stanford.edu
- 19. stvp.stanford.edu Social Influence in Entrepreneurial Career Choice
- 22. Methods contributions • Alumni Surveys • Platform/Field Randomized Experiments • Web scraping, platform data – Alibaba/Taobao (Wesley), Chinese regional government websites (Daniel), LinkedIn (Xinyi), • Lab experiment – Tsinghua Executive MBAs (Xinyi) • QCA analysis, In-person interview surveys (Daniel, Jamber) • (A) showing how to measure talent, (B) using alumni surveys to reduce success bias, (C) collecting data internationally, (D) using randomized field experiments, and (E) analyzing multi- industry databases with state-of-the-art statistics (Regression discontinuity, instrumental variables, differences-in- differences)
- 23. Why study high-tech entrepreneurship? • Driver of economic growth and technical progress • Driver of economic and social mobility • Important intersection of technical and social science issues • Young field, interesting methodological, statistical issues
- 24. stvp.stanford.edu Public Research Institutions and Entrepreneurship Science Parks • How entrepreneurs leverage institutional intermediaries in emerging economies to acquire public resources. (Strategic Management Journal with D. Armanios, J. Li and K. Eisenhardt), • Provide multiple paths that expand the set of people who can become successful entrepreneurs. • Distinguish which entrepreneurs benefit from certification v. capability-building – new constructs: skill adequacy and context relevance.
- 25. stvp.stanford.edu Chinese Academy of Sciences Reform • w/ Daniel Armanios (Carnegie Mellon) • Combining web scraping via Python script and government database of high tech certification • Dataset of >10,000 Chinese high tech ventures R&R at Administrative Sciences Quarterly
- 26. stvp.stanford.edu Social Influence in Entrepreneurial Career Choice
- 29. stvp.stanford.edu Stanford Alumni Survey % of firms median emp# median rev ($mil) Est. aggregate total emp# Est. aggregate total sales ($mil) Less than 1000 97% 10 $1 1,762,000 $1,711,000 1,000–10,000 2.6% 1,947 $250 2,248,000 $704,000 More than 10,000 0.3% 16,000 $1,950 1,377,000 $251,452 Total 100% 11 $1.2 5,387,000 $2,667,000
- 30. stvp.stanford.edu Heavy Innov Moderate Innov Little Innov Total Percent of firms 25% 25% 50% 100% Revenue (in millions of $) $1,270,000 $531,000 $864,000 $2,667,000 % of total revenues by all Stanford firms 48% 20% 32% 100% Employees 1,141,000 2,003,000 2,242,000 5,387,000 % of total employment by all Stanford firms 21% 37% 42% 100% Stanford Alumni Survey
- 31. stvp.stanford.edu Stanford Alumni Survey 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% PercentageParticipating Program Participation By Stanford Alumni Entrepreneurship Courses Competitions and Programs (STVP, CES, E-Challenge, Dschool, BioDesign, TLO) Alumni Network for funding, cofounders, customers, partnerships or advisors/mentors
- 32. Start-Up Chile The Economist – October 2012
- 33. The Experiment • Analytic Strategy – Regression Discontinuity Design. (Imbens & Lemieux, 2008) • Treated: Domestic entrepreneurs who were barely accepted into the program. • Control: Domestic entrepreneurs who were barely rejected from the program. – Self-reported value assessment comparison. – Interviews. • Treatment – Participation in Start-Up Chile. • Data – Pre- and post-treatment surveys. (Shadish, Cook & Campbell, 2002) – Self-assessment survey of beliefs and behaviors, corrected by socially desirable responding. (Paulhus, 2002) – Relative change comparison. (Hennig, Mullensiefen & Bargmann, 2010)
Editor's Notes
- Public policy that started 4 years ago. $40,000 equity free to foreign and domestic entrepreneurs. Founders’ intuition: Domestic entrepreneurs had less audacious business models than foreign entrepreneurs as a consequence of deficient individual level characteristics. Caused by the country’s insularity. By forcing social interaction between domestic and foreign entrepreneurs, domestic entrepreneurs would improve. It’s founders goal: To spur national entrepreneurialism by connecting Chilean entrepreneurs with Global entrepreneurs. Incentive for foreigners: equity free capital and a work visa. Incentive for nationals: not so obvious at first, As an aside, this program was highly controversial in its early stage. Tax payer money going to foreigners? Increasing competition for limited resources? However, now national entrepreneurs fight to get in, and prefer receiving $40,000 to get into SUP than $80,000 to go into an incubator.