Thomas J. Dean

The Coevolution of Institutional Entrepreneurship: A Tale of Two Theories

This article provides a review and analysis of institutional entrepreneurship research with a focus on the emergence of this literature within two largely divergent streams: sociology-based institutional theory and economics-based institutional economics. The authors completed a review of 141 articles from these concurrent, but unlinked, research streams to understand how their integration might contribute to the further understanding of institutional entrepreneurship. Each stream is reviewed on its respective approaches to the following topics: the nature of the institutional entrepreneur, the types of institutions addressed, the determinants of institutional entrepreneurship, the mechanisms used in the process, and the empirical focus of each stream. The article recommends greater assimilation of the two streams and discusses specific opportunities for conceptual integration. Finally, the article offers an agenda for incorporating entrepreneurship research into the study of institutional entrepreneurshi...

The Role of Community in Crowdfunding Success: Evidence on Cultural Attributes in Funding Campaigns to “Save the Local Theater”:

Despite increased interest in examining the factors that influence crowdfunding success, the effects of community context have been relatively unexamined. We address this void by examining the role of cultural context in crowdfunding success. Our unique data set of crowdfunding projects to “save the local theater” are homogenous in their goal, allowing us to test whether crowdfunding campaigns in certain communities lead to better funding outcomes than others. Theoretically, our results suggest the need for further integration of community and cultural constructs into models of venture funding, as such variables may have more relevance than previously believed.

From Social Value to Social Cognition: How Social Ventures Obtain the Resources They Need for Social Transformation

Abstract Academic and popular discussions of social entrepreneurship often point to the importance of social value creation in contributing to a social ventures success. Implied in these discussions is the assumption that the more pressing the social problem addressed by the mission or the greater the social value generated, the more successful and attractive the venture will be. The present theoretical framework uses social cognition theory to examine the link between dimensions of the social mission and the ventures appeal to resource providers, and suggests that the magnitude of social value created is only one of a broader set of mission characteristics that influence social venture outcomes, such as resource acquisition from potential resource providers. Theoretical and practical implications are discussed.

Green marketing: a strategic balancing act for creating value

Purpose – The purpose of this study is to illustrate that when practiced correctly, environmental marketing can represent promising opportunities for value creation and market growth. For many companies, the practice of environmental marketing has delivered disappointing results. Design/methodology/approach – Building from examples of companies that have successfully transcended traditional environmental marketing, we create a model for strategic product positioning. We rely on illustrations from companies in a variety of industries that target both consumer and business markets. Findings – We describe five strategies that are built upon value drivers for green products such as image, status, functionality and brand management through authenticity and superior offerings. We also emphasize the importance of strategies that target commercial markets for green products, which represent valuable opportunities for growth. Originality/value – Companies often confront the challenge of positioning the green attri...

Reconsidering the Niche Prescription for New Ventures: A Study of Initial Strategy and Growth

While extant entry theory has long prescribed a niche approach for new ventures, a preponderance of empirical research has found that broad strategies may be the key to new venture success. This study examines the difference between entry theory and empirical evidence by considering the moderating impact of initial financial resources on the effectiveness of venture strategy. Examining new, independent firms at the point of inception, we find that initial financial resources moderate the relationship between strategic breadth and performance, implying that the returns to a broad initial strategy increase with the level of initial capital. Contrary to popular niche prescriptions for new ventures, we did not find support for the belief that firms with low initial financial resources should pursue niche strategies and suggest that it may be time to re-examine theory on the nature of the relationship between entry strategies and performance.

How to pay for saving biodiversity

Can private sector involvement in a global agreement help to conserve global biodiversity? The 1992 Convention on Biological Diversity (CBD) was one of the first international environmental agreements negotiated. In the same year, the Global Environment Facility (GEF) for funding biodiversity conservation in developing countries was launched. Yet 25 years later, biological populations and diversity continue to decline both on land (1) and in the oceans (2). The main reasons are chronic underfunding of global biodiversity conservation; the lack of incentives for global cooperation; and the failure to control habitat conversion, resource overexploitation, species invasions, and other drivers of biodiversity loss. Dinerstein et al. recently called for a global deal, complementing the 2015 Paris Climate Change Agreement, for conserving half of the terrestrial realm for biodiversity by 2050 (3). Here, we explore how such a deal might be implemented to overcome the funding problem in biodiversity protection.

Response—Conservation accord

Chen et al. argue against allowing corporations to participate formally in a Global Agreement of Biodiversity (GAB). Instead, they suggest an agreement in which only countries sign and enforce. Unfortunately, there is little evidence to indicate that current global agreements and financing are

How much do VCS and underwriters matter? A comparative investigation of venture capitalist and underwriter effects on IPO underpricing

Abstract Research on initial public offerings (IPOs) suggests that underwriters as well as venture capitalists (VCs) affect IPO underpricing. However, the magnitude of the effect of VCs on underpricing remains unclear. Are VCs as important as underwriters? We conduct a variance decomposition analysis to compare these two influences. Our results indicate that VCs are of greater importance, and we suggest that VCs’ superior evaluative capacity and signal legitimacy may be responsible for their effects.

The Neenan Company: rebuilding from a crisis

Synopsis The Neenan Company is a construction firm based in Fort Collins, Colorado, known for their efforts in pioneering the advancement of the design/build approach to construction. With a history of industry leadership, innovative contracting methods, and ethical business practices, the company now faces management, customer relations, and financial challenges. Serious structural problems were discovered in a number of public schools and other buildings built by the company. Thrown into a whirlwind of shock, Randy Myers, President of the company, must consider how to respond to the crisis, and how to prevent these issues in the future. Written from his perspective, this case provides a platform for considering the challenges that can result from industry innovation, ethical decision-making, and crisis management. Research methodology For the development of this case, the authors interviewed the top management at the Neenan Company: Founder David Neenan, President Randy Myers, and Donna Smith, Vice President of Business Development. The authors also interviewed current employees, previous employees of Neenan, representatives of school buildings built by Neenan, stakeholders, other experts in the construction field and existing customers of the company. The company made internal documents available to the authors, including financial statements and quality control and assessment tools, which were provided by Ryan Dellos, Chief Financial Officer. The authors surveyed financial documents and business documents to analyze pertinent information and data relevant to the case. All the interviews were recorded, coded, and analyzed to include multiple perspectives. Extensive online research was conducted on the construction industry and The Neenan Company which included several news articles and interviews on David and Randy. Additionally, the authors carefully studied the news reports by The Denver Post and other related press materials. Experts from the construction field and financial field provided assistance with data analysis and interpretation. The authors used a variety of academic resources to draw connections between the issues faced by Neenan and concepts discussed in business courses. Relevant courses and levels This case has applications in entrepreneurship, small business management, business ethics, leadership, organizational structure/design, and new venture management courses at both undergraduate and graduate levels. It also contains critical areas of decision-making relevant to an advanced strategic management course. The case can be introduced at any stage of the term, and is specifically relevant to discussions focussing on innovation and growth, corporate social responsibility, ethical decision-making, stakeholder theory, entrepreneurial crisis management, and long-term venture success.