Sugato Chakravarty (Purdue University, USA)
Douglas Cumming (Florida Atlantic University, USA)
Samuele Murtinu (University of Groningen, Netherlands)
Vittoria G. Scalera (University of Amsterdam, Netherlands)
Christian Schwens (University of Cologne, Germany)
Full call for papers at https://www.journals.elsevier.com/journal-of-world-business/call-for-papers/exploring-the-next-generation-of-international-entrepreneurs.
Entrepreneurship in the 21st century is an international phenomenon. Entrepreneurship is now in fact about business around the world, and there is a growing interest on the causes and consequences of international entrepreneurship (Schwens et al., Forthcoming).
Entrepreneurial firms, and particularly those in the high-tech sectors, compete and collaborate with other entrepreneurial firms from around the world. Financing of entrepreneurs through banks, trade credit, venture capital, private equity, crowdfunding, microfinance, and other sources is typically derived from capital that originates from a multitude of countries, and this is also due to the use of new technologies (e.g., fintech, artificial intelligence) making easier the matching between international demand and supply of capital (Hadded & Hornuf, 2016). Creation and marketing of entrepreneurial ideas through social media and other online outlets are scantly restricted to a single country (Fischer & Reuber, 2011). Human resource management in entrepreneurship typically requires a global perspective, as immigrants disproportionately contribute to entrepreneurial activities, and this is favored by the so-called "brain circulation" (Lin & Yang, 2017; Reuber & Fischer, 1997; Saxenian, 2005). Operations and production decisions within entrepreneurial firms optimally involve a multitude of countries thanks to reduced ICT and logistic costs and to the increased geographical spread of tangible and intangible assets used as production inputs (Di Gregorio et al., 2008; Gerschewski et al., 2015). Even public policy decisions, which are by construction designed to aid the local community, are based on decisions that involve comparative and competitive jurisdictional analyses. For instance, public policies targeting born-global entrepreneurial ventures are scantily intended for a single country or regional marketplace, as well as policy interventions aimed at sustaining the competitiveness of industrial clusters fostering the collaboration between local entrepreneurial firms and multinational enterprises (MNEs).
International entrepreneurship has also been becoming a key source of external knowledge for large corporations, which are constantly searching for novel business ideas and technological innovations to nurture their sustainable competitive advantage and to adapt their organizations to ongoing worldwide changes (Barney, 1991; Teece et al., 1997). To successfully engage in innovative organizational practices, such corporations cannot rely only on internal knowledge, capabilities and resources, but they need to think "out of the box" (i.e. overcoming the corporate routines) (Covin & Miles, 1999). Collaborations with increasingly internationalized entrepreneurial firms may be particularly strategic for established corporations, which can leverage the international orientation of entrepreneurs toward break-through innovation and technology sourced across countries. Indeed, large corporations, and particularly MNEs, have been also engaging in corporate venture capital (CVC) investments in order to leverage the major opportunities associated with the internationalization of entrepreneurial realms (Dushnitsky, 2012; Dushnitsky & Lenox, 2006). Cross-border investments in entrepreneurial firms have several benefits for both MNEs – such as new investment opportunities and risk diversification – and entrepreneurial ventures – in the form of access to foreign markets and endorsement by reputable international MNEs. Yet, global CVC investing poses specific challenges to MNEs and the foreign venture, because of political, cultural, legal, institutional and economic distance between the countries of the investor and the investee.
Equity investments in entrepreneurial ventures, both in home and in host countries, have been a key strategy implemented by emerging market MNEs to quickly upgrade their technology portfolio. The existing literature has uncovered new mechanisms through which emerging country MNEs may develop knowledge and innovative capabilities by leveraging skills and know-how sources from advanced economies (Perri et al., 2017). However, little is known about the ability of entrepreneurial ventures from emerging economies to source knowledge and financial resources through international markets, cross-border collaborations and foreign direct investments (FDI) (Sarasvathy et al., 2014). Yet, cases of successful emerging economies ventures increasingly come under the spotlight. Lufax, Flipkart, Snapdeal and Lianjia represent some of the examples of Unicorn companies born in China and India with a market value of over 6 billion US dollars, testifying the potential of emerging markets to give birth to fast growing start-ups. On the one hand, emerging economies entrepreneurial firms suffer from traditional weaknesses related to the liability of newness and smallness (Lu & Beamish, 2006; Rosenbusch et al., 2011), but internationally their performance may be jeopardized also by disadvantages arising from the liability of emergingness (Madhok & Keyhani, 2012). On the other hand, the literature has identified a number of factors, such as ethnic communities, diaspora, brain circulation, that may facilitate the international expansion and operations of emerging market ventures, and ultimately their ability to create knowledge and source financial resources (Filatotchev et al., 2009; Riddle et al., 2010; Saxenian, 2005; Zhou et al., 2007).
International entreprenership, especially in emerging economies, has been favored also by the growing importance of peer-to-peer lending and crowdfunding. Direct peer to peer online micro lending is popular in places like China, and donations/reward based and equity crowdfunding markets have been doubling in size each year in recent times. These marketplaces typically involve investors from multiple countries, and encourage entrepreneurs to expand globally. Also, regulators have a pronounced concern of misrepresentation and fraud, and there have been large changes in regulations in recent years in different countries around the world (Bruton et al., 2011; McGaughey et al., 2016; Smith et al., 2016).
Despite the above important reasons – and the fact that the first special issue on international entrepreneurship dates back to Hisrich, Honig-Haftel, McDougall & Oviatt (1996) – our understanding of international entrepreneurial finance dynamics, how entrepreneurs market their ideas across countries and how social media help to this extent, how entrepreneurs deploy and recombine their operations and production decisions across countries, and what is the impact of global CVC programs on MNEs' geography of innovation activities is fairly limited. The special issue and associated conference will bring together academics and policy makers to debate the changing landscape of international entrepreneurship over the coming decade and beyond. The ultimate aim of this call for papers is to improve our understanding of the fast-changing phenomenon of international entrepreneurship, by shedding more light on its drivers and dynamics, and the related implications for entrepreneurs, investors and policy makers around the world. We call for original contributions that apply existing or original theoretical perspectives to extend our knowledge of how entrepreneurs and investors shape their strategies to scout and leverage opportunities worldwide, and analyze the extent to which such strategies affect entrepreneurial firms' performance and outcomes.
Submissions are encouraged from scholars that use different theoretical, empirical and experimental approaches to understand international entrepreneurship from different perspectives, including (but not limited to) international business, entrepreneurship, innovation, strategy, management and finance. While not exhaustive, the following list suggests possible issues that would be appropriate to address in this special issue:
· How do organizations and institutions operating in developed versus emerging markets support and promote new international entrepreneurship activity?
· How is international entrepreneurship affected by new financing alternatives, such as direct peer-to-peer lending, crowdfunding, and microfinance? Which are the consequences for internationalization strategies of entrepreneurship around the world?
· How do entrepreneurs market their ideas across countries? How do entrepreneurs deploy and recombine their operations and production decisions across global value chains?
· How have social media impacted entrepreneurial opportunities around the world? And which are the consequences of social media on the internationalization process and performance of new ventures?
· How has the role of institutions (law, culture, politics) and policymakers changed over time in fostering and financing international entrepreneurial activities? To which extent do instituions affect the development of international entrepreneurship at country level?
· How have immigrants – and formal and informal networks – contributed to the internationalization of entrepreneurial activities?
· How has the development of new technologies, such as cleantech or fintech, affected international entrepreneurs across countries?
· What is the impact of global CVC programs on international entrepreneurs' outcome and internationalization strategies?
· How different is the contribution of global CVC programs to international entrepreneurial ventures from emerging versus advanced countries?
· Which types of international entrepreneurial ventures benefit more from collaborations with MNEs? How can international entrepreneurial ventures interact with the MNE in order to improve their innovative performance?
· Between April 1st and May 15, 2019, authors should submit their manuscripts online via the Journal of World Business submission system at: https://www.evise.com/profile/#/JWB/login
· To ensure that all manuscripts are correctly identified for consideration for this Special Issue, it is important that authors select 'SI: next generation entrepreneurship' when they reach the "Article Type" step in the submission process.
· Manuscripts should be prepared in accordance with the Journal of World Business Guide for Authors available at www.elsevier.com/journals/journal-of-world-business/1090-9516/guide-for-authors. All submitted manuscripts will be subject to the Journal of World Business's double blind review process.
Research Data:Research data forms the backbone of research articles and provides the foundation on which knowledge is built. Researchers are increasingly encouraged, or even mandated, to make research data available, accessible, discoverable and usable. Although not mandatory, the journal encourages authors to submit their data at the same time as their manuscript. Further information can be found at: www.elsevier.com/authors/author-services/research-data
For More Information:
Please contact the Guest Editors:
Sugato Chakravarty, (Purdue University, USA, firstname.lastname@example.org)
Douglas Cumming, (Florida Atlantic University, USA, email@example.com)
Samuele Murtinu, (University of Groningen, Netherlands, firstname.lastname@example.org)
Vittoria G. Scalera, (University of Amsterdam, Netherlands, email@example.com))
Or the Supervising Editor:
Christian Schwens (University of Cologne, Germany, firstname.lastname@example.org)
A Sample of Relevant Work:
Acosta, P., Kim, N., Melzer, I., Mendoza, R.U., & Thelen, N. (2011). Business and human development in the base of the pyramid: Exploring challenges and opportunities with market heat maps, Journal of World Business, 46 (1), 50-60.
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120.
Bruton, G., Khavul, S., & Chavez, H. (2011). Microlending in emerging economies: Building a new line of inquiry from the ground up. Journal of International Business Studies, 42 (5), 718-739.
Bruton, G., Khavul, S., Siegel, D., & Wright, M. (2015). New Financial Alternatives in Seeding Entrepreneurship: Microfinance, Crowdfunding, and Peer-to-Peer Innovations. Entrepreneurship Theory and Practice 39 (1), 9-26.
Covin, J. G., & Miles, M. P. (1999). Corporate entrepreneurship and the pursuit of competitive advantage. Entrepreneurship: Theory and Practice, 23(3), 47-47.
Di Gregorio, D., Musteen, M., & Thomas, D. E., (2008). International new ventures: The cross-border nexus of individuals and opportunities. Journal of World Business, 43(2), 186-196.
Dushnitsky, G. (2012). Corporate venture capital in the 21st century: an integral part of firms' innovation toolkit. Oxford Handbook of Venture Capital, 156-210.
Dushnitsky, G., & Lenox, M. J. (2006). When does corporate venture capital investment create firm value?. Journal of Business Venturing, 21(6), 753-772.
Filatotchev, I., Liu, X., Buck, T., & Wright, M., 2009. The export orientation and export performance of high-technology SMEs in emerging markets: The effects of knowledge transfer by returnee entrepreneurs. Journal of International Business Studies, 40(6), 1005-1021.
Fischer, E., & Reuber, A. R., (2011). Social interaction via new social media:(How) can interactions on Twitter affect effectual thinking and behavior?. Journal of business venturing, 26(1), 1-18.
Gerschewski, S., Rose, E. L., & Lindsay, V. J. (2015). Understanding the drivers of international performance for born global firms: An integrated perspective. Journal of World Business, 50(3), 558-575.
Haddad, C., & Hornuf, L. (2016). The emergence of the global fintech market: economic and technological determinants. SSRN Working Paper.
Hearn, B., (2015). Institutional influences on board composition of international joint venture firms listing on emerging stock exchanges: Evidence from Africa, Journal of World Business, 50(1), 205-219.
Hisrich, R. D., Honig-Haftel, S., McDougall, P. P., & Oviatt, B. M. (1996). International entrepreneurship: Past, present, and future. Entrepreneurship Theory and Practice, 20(4), 5.
Lin, X., & Yang, X. (2017). From human capital externality to entrepreneurial aspiration: Revisiting the migration-trade linkage. Journal of World Business, 52(3), 360-371.
Lu, J. W., & Beamish, P. W. (2006). Partnering strategies and performance of SMEs' international joint ventures. Journal of Business Venturing, 21(4), 461-486.
McGaughey, S.L., Kumaraswamy, A., Liesch, P.W. (2016). Institutions, entrepreneurship and co-evolution in international business, Journal of World Business, Volume 51, Issue 6, November 2016, Pages 871-881.
Perri, A., Scalera, V. G., & Mudambi, R., (2017). What are the most promising conduits for foreign knowledge inflows? innovation networks in the Chinese pharmaceutical industry. Industrial and Corporate Change, 26(2), 333-355.
Reuber, A. R., & Fischer, E. (1997). The influence of the management team's international experience on the internationalization behaviors of SMEs. Journal of International Business Studies, 807-825.
Riddle, L., Hrivnak, G. A., & Nielsen, T. M., (2010). Transnational diaspora entrepreneurship in emerging markets: Bridging institutional divides. Journal of International Management, 16(4), 398-411.
Rosenbusch, N., Brinckmann, J., & Bausch, A. (2011). Is innovation always beneficial? A meta-analysis of the relationship between innovation and performance in SMEs. Journal of Business Venturing, 26(4), 441-457.
Sarasvathy, S., Kumar, K., York, J. G., & Bhagavatula, S. (2014). An effectual approach to international entrepreneurship: overlaps, challenges, and provocative possibilities. Entrepreneurship Theory and Practice, 38(1), 71-93.
Saxenian, A. (2005). From brain drain to brain circulation: Transnational communities and regional upgrading in India and China. Studies in Comparative International Development, 40(2), 35-61.
Schwens, C., Zapkau, F.B., Bierwerth, M., Isidor, R., Knight, G., & Kabst, R. (Forthcoming). International Entrepreneurship: A Meta-Analysis on the Internationalization and Performance Relationship. Entrepreneurship Theory & Practice.
Smith, A., Judge, W., Pezeshkan, A., Nair, A. (2016). Institutionalizing entrepreneurial expertise in subsistence economies, Journal of World Business, 51 (6), 910-922.
Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 509-533.
Zhou, L., Wu, W. P., & Luo, X. (2007). Internationalization and the performance of born-global SMEs: the mediating role of social networks. Journal of International Business Studies, 38(4), 673-690.
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