Yasuhiro Yamakawa

What Drives New Ventures to Internationalize from Emerging to Developed Economies

The internationalization of new ventures from emerging economies to developed economies remains an unfilled gap at the intersection of the literature between international entrepreneurship and strategy in emerging economies. What drives some (but not all) new ventures from emerging economies to enter developed economies? We address this question by developing a comprehensive framework based on the three leading perspectives on strategy—industry–based, resource–based, and institution–based views. A series of propositions are proposed to explore the underlying logic behind new ventures’ entrepreneurial entries from emerging to developed economies.

Bankruptcy Laws and Entrepreneur‐ Friendliness

Using bankruptcy laws as a case of formal institutions, we show how formal institutions impact entrepreneurship development. Historically, bankruptcy laws usually have been harsh. Recently, many governments have realized that entrepreneur–friendly bankruptcy laws can not only lower exit barriers, but also lower entry barriers for entrepreneurs. Since bankruptcy laws are not uniform around the world, it is important to understand how they differ in their friendliness to entrepreneurs. This article focuses on six dimensions of entrepreneur–friendliness: (1) the availability of a reorganization bankruptcy option, (2) the time spent on bankruptcy procedures, (3) the cost of bankruptcy procedures, (4) the opportunity to have a fresh start in liquidation bankruptcy, (5) the opportunity to have an automatic stay of assets during reorganization bankruptcy, and (6) the opportunity for entrepreneurs and managers to remain on the job after filing for bankruptcy. In an effort to cover both developed and emerging economies and to draw on geographically diverse examples, we use data from Australia, Canada, Chile, Finland, Hong Kong, Japan, Norway, Peru, Singapore, South Korea, Thailand, the United States, and other countries to illustrate these differences. Overall, this article contributes to the institution–based view of entrepreneurship by highlighting the important role that formal institutions such as bankruptcy laws play behind entrepreneurship development around the world.

Rising from the Ashes: Cognitive Determinants of Venture Growth after Entrepreneurial Failure

How does previous entrepreneurial failure influence future entrepreneurship? More specifically, under what conditions do entrepreneurs who rebound from failure do better in the next round? Drawing on the cognitive literature in attribution and motivation, we focus on entrepreneurs’ reaction to failure and the growth of their subsequent ventures. Leveraging a survey database of new–venture founders with failure experiences, we investigate how their internal attribution of the cause of failure, their intrinsic motivation to start up another business after failure, and the extent of their failure experiences impact the growth of their subsequent ventures.

Shackleton's Antarctic Adventure: Parallels to Entrepreneurship

This documentary follows the daring real-life exploits of Sir Ernest Shackleton and his crew. Determined to become the first people to walk across the South Pole, Shackleton and his men embark on their daring Antarctic expedition by sea. When their ship, the Endurance, is trapped and destroyed by ice, the British explorer and his group struggle to survive in the harsh, frigid environment, defying the odds as they cheat death (http://documentarystorm.com/shackletonsantarctic-adventure) largely through sheer perseverance.

Meet Your New Marketing Team: the Regulators

This exploratory study investigates how competitive and institutional factors jointly affect new venture performance. Specifically, we examine the relationship among new ventures’ product innovation capabilities (i.e., ability to introduce new products), legitimation capabilities (i.e., ability to manage internal and external contexts), the level of regulatory pressure in the environment, and how it affects new venture performance. A theoretical model is developed by synthesizing the strategic and institutional perspectives, and hypotheses are tested with a sample of venture firms in various manufacturing industries across the United States. Results indicate that the capabilityperformance relationships differ across various institutional (regulatory) contexts.