Joern H. Block
Erasmus University Rotterdam
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Publication
Featured researches published by Joern H. Block.
Schmalenbach Business Review | 2010
Joern H. Block; Marcus Wagner
In this paper we discuss necessity and opportunity entrepreneurship. We use panel data to analyze how these two types of entrepreneurs differ in general, and in their ability to discover and exploit entrepreneurial opportunities. We find that the opportunities exploited by opportunity entrepreneurs are generally more profitable than are those exploited by necessity entrepreneurs. We also find that the determinants of success differ to a strong degree. Standard wage equations seem to work better for opportunity than for necessity entrepreneurs. Our findings indicate a need to distinguish between the two groups in entrepreneurship theory and practice.
MPRA Paper | 2006
Joern H. Block; Marcus Wagner
In this paper we discuss necessity and opportunity entrepreneurship. We use panel data to analyze how these two types of entrepreneurs differ in general, and in their ability to discover and exploit entrepreneurial opportunities. We find that the opportunities exploited by opportunity entrepreneurs are generally more profitable than are those exploited by necessity entrepreneurs. We also find that the determinants of success differ to a strong degree. Standard wage equations seem to work better for opportunity than for necessity entrepreneurs. Our findings indicate a need to distinguish between the two groups in entrepreneurship theory and practice.
Family Business Review | 2013
Joern H. Block; Danny Miller; Peter Jaskiewicz; Frank Spiegel
Prior research has analyzed R&D spending in family and founder firms. Yet little is known about the economic and technological importance of innovations in these types of firms. Using patent citation data, we show that founder-managed firms, which we argue favor an entrepreneurial orientation, receive more patent citations when compared with other firms, even controlling for R&D spending. By contrast, family-managed firms, many of which, we argue, pursue socioemotional wealth for the family, receive fewer patent citations compared with other firms, again, controlling for R&D spending. Patent citations have been shown in the literature to reflect the economic and technological importance of innovations.
Archive | 2014
Alexandra Moritz; Joern H. Block
Crowdfunding has become important in recent years. However, there is no comprehensive overview of the economic literature on this topic. This paper provides an overview of crowdfunding literature, classified in terms of the main actors (capital seekers, capital providers, and intermediaries), and presents important research questions for future research.
Qualitative Research in Financial Markets | 2015
Alexandra Moritz; Joern H. Block; Eva Lutz
Purpose - – This study’s aim is to investigate the role of investor communication in equity-based crowdfunding. The study explores whether and how investor communication can reduce information asymmetries between investors and new ventures in equity-based crowdfunding, thereby facilitating the crowd’s investment decisions. Design/methodology/approach - – This paper follows an exploratory qualitative research approach based on semi-structured interviews with 23 market participants in equity-based crowdfunding: 12 investors, 6 new ventures and 5 third parties (mostly platform operators). After analyzing, coding and categorizing the data, this paper developed a theoretical framework and presented it in a set of six propositions. Findings - – The results indicate that the venture’s overall impression – especially perceived sympathy, openness and trustworthiness – is important to reduce perceived information asymmetries of investors in equity-based crowdfunding. To communicate these soft facts, personal communication seems to be replaced by pseudo-personal communication over the Internet (e.g. videos, investor relations channels and social media). In addition, the communications of third parties (e.g. other crowd investors, professional and experienced investors and other external stakeholders) influence the decision-making process of investors in equity-based crowdfunding. Third-party endorsements reduce the perceived information asymmetries and lower the importance of pseudo-personal communications by the venture. Originality/value - – Prior research shows that investor communication reduces information asymmetries between companies and investors. Currently, little is known about the role of investor communication in equity-based crowdfunding. This study focuses on the role of investor communication to reduce the perceived information asymmetries of investors in equity-based crowdfunding.
Industry and Innovation | 2017
Joern H. Block; Christian Fisch; Mirjam van Praag
Abstract Innovative entrepreneurship is considered an important pillar for economic development and has sparked a lively discussion in academia and practice alike. Oftentimes, however, the debate is not sufficiently grounded on solid empirical evidence. The academic literature is growing but very scattered and is separated into several disciplines. We provide a summary that takes stock of the academic knowledge about innovative entrepreneurship and summarizes the evidence from 102 empirical studies published in the primary economics and management journals on the antecedents, behavior, and consequences of innovative entrepreneurship. Based on this state-of-the-art literature review, directions for future research are discussed.
Entrepreneurship Theory and Practice | 2015
Joern H. Block; José María Millán; Concepción Román; Haibo Zhou
Although they represent a sizable occupational group, little is known about family employees. Using utility theory and the theory of compensating wage differentials, we hypothesize that family employees have higher levels of job satisfaction and lower wages relative to regular employees. We present several regressions based on a large cross–country panel data set that support our hypotheses, and we discuss our studys implications for research on family businesses and the labor market.
Journal of Management | 2017
Peter Jaskiewicz; Joern H. Block; Danny Miller; James G. Combs
Emerging evidence suggests that pay dispersion among non-CEO top management team (TMT) members harms firm performance, which raises questions about why firms’ owners tolerate or even support it. Prior research shows that the key distinction between founder and family owners is that in addition to firm performance and growth goals, family owners pursue socioemotional goals. On the basis of this distinction, we develop and test theory linking founders’ and families’ ownership to TMT pay dispersion. Consistent with our theory, a Bayesian panel analysis of Standard & Poor’s 500 firms shows that founder owners use less TMT pay dispersion and that family owners, relative to founder owners, use more, although that declines across generations. We also provide evidence that TMT pay dispersion harms firm performance. Our theory and results are significant because they help to explain why some owners favor compensation practices that cause TMT pay dispersion, despite evidence that this harms firm performance.
Entrepreneurship Theory and Practice | 2017
Peter Jaskiewicz; Joern H. Block; James G. Combs; Danny Miller
Although large owners monitor managers effectively, they differ in important ways. Whereas founder owners focus on firm performance, family owners also pursue socioemotional goals. We leverage this distinction to theorize that family owners offer hired CEOs more incentive pay—to attract nonfamily CEOs, signal good governance, and achieve better firm performance. Without socioemotional wealth distractions, founder owners do not need high incentives and overusing them is counterproductive. Bayesian regressions using a panel of 335 S&P 500 firms support our theory. A key implication is that founder and family owners approach governance differently and these differences affect firm performance.
Venture Capital: An International Journal of Entrepreneurial Finance | 2016
Alexandra Moritz; Joern H. Block; Andreas Heinz
Abstract This paper develops an empirical taxonomy of SME financing patterns in Europe by performing a cluster analysis including 12,726 SMEs in 28 European countries. The results reveal that SME financing in Europe is not homogenous but that different financing patterns exist. The cluster analysis identifies six distinct SME financing types: mixed-financed SMEs, state-subsidised SMEs, debt-financed SMEs, flexible-debt-financed SMEs, trade-financed SMEs and internally financed SMEs. These SME financing types differ according to the number of financing instruments used and the combinations thereof. Furthermore, the SME financing types can be profiled according to their firm-, product-, industry- and country-specific characteristics. Our findings support policy-makers in assessing the impact of policy changes on SME financing and in designing financing programmes tailored to the specific needs of SMEs.