2011-12 EEI Research Report

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Research Academic Year 2011‐12

Prepared: November 2012

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ESADE Entrepreneurship Institute

Academic Year 2011-12 RESEARCH - ACADEMIC YEAR 2011-12

Profile Description 1) ESADE Entrepreneurship Institute is an interdisciplinary group comprising different profiles of researchers and academics from different fields such as Entrepreneurship, Strategy, Finance, Family Business, Social entrepreneurs and others.

2) The ESADE Entrepreneurship Institute aims to become an international reference point in the field of entrepreneurship, family businesses, venture capital, entrepreneurial creativity, as well as innovation and growth through an active educational model, a rigorous research program and an active presence in the social debate.

Main participants in group

1) Luisa Alemany 2) José Ernesto Amorós 3) Eugenia Bieto 4) Jan Brinckmann 5) Xavier Busquets 6) Alberto Gimeno 7) Carlos Losada

ESADE Entrepreneurship Institute

8) Ignacio Mur 9) Pedro Parada 10) Marcel Planellas 11) Dimo Ringov 12) Javier Santiso 13) Enric Segarra 14) Silviya Svejenova 15) Alfred Vernis 16) Luis Vives 17)Sondos Abdelgawad 18) Francesco Di Lorenzo 19) Neus Feliu 20) Lotta Hassi 21) Jan Hohberger 22) Margaret Kalinowski 23) Maria JosĂŠ Parada 24) Mariarosa Scarlata 25) Barbara Slavich 26) Lourdes Urriolagoitia 27) Maika Valencia

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Main research questions addressed The main areas we investigate are:

1) Company creation, growth and financing (venture capital, F&F, private equity, business angels, etc.),

2) Entrepreneurial spirit in family firms,

3) Success factors for new entrepreneurs,

4) Creativity and innovation,

5) Internationalization processes, strategic alliances and born global enterprises,

6) Corporate entrepreneurship, social entrepreneurship

7)Educating young people to become entrepreneurs

Academic Output Refereed journal publications published/accepted 1. Almeida, P.; Hohberger, J. & Parada, P. (2011). Individual scientific collaborations and firm-level innovation.

Industrial and Corporate Change, 20(6), 1571-1599.

2. Brinckmann, J., Hoegl, M., (2011): Effects of Initial Teamwork Capability and Initial Relational Capability on the Development of New Technology-Based Firms. Strategic Entrepreneurship Journal, Vol. 5, Nr. 1, 37–57.

3. Brinckmann, J. & Kim, S.M., (forthcoming): Beyond institutional forces: The impact of an individual’s characteristics on business planning. Journal of Management.

4. Di Lorenzo, F.; Almeida, P., Parada, P. (2011). Performance, aspirations and the change in partnering behavior: evidence from the pharmaceutical industry 1990-2006. Submitted to Organization Science 5. Esteve, M; Di Lorenzo, F; Inglés, E & Puig, N. (2011) Empirical Evidence of Stakeholder Management in Sports Clubs: The Impact of the Board of Directors, 11 (4), 423-440. European Sport Management Quarterly.

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6. Gimeno, A. & Vives, L. (2012). La internacionalización de la empresa familiar española. Experiencias, (5), 1-16.

7. Gimeno, A. (2012). Struktuturelles Risiko und Mentalle Modelle. Familienunternehmen. (3/2013), 92-98.

8. Giró Catá, V. & Vernis, A. (2012). Taking a team to the top: The K2 magic line leadership challenge.

Developing Leaders: Executive Education in Practice (6), 58-63.

9. Jones, C.; Maoret, M.; Massa, F. & Svejenova, S. (2011), Rebels with a Cause: Formation, Contestation and Expansion of the De Novo Category ‘Modern Architecture’, 1870-1975. P. 1-23. Organization Science.

10. Parada, P. (2012). Cómo preparar y aprovechar la expansión internacional. Harvard Deusto Business Review, (213), 4-14.

11. 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, Vol. 26, Nr. 4, 441-457 (top 10 most downloaded papers in JBV, 17 citations to date).

12. Rosenbusch, N., Brinckmann, J., Mueller, V. (Accepted.) Does acquiring venture capital pay off for the funded firms? A meta-analysis on the relationship between venture capital investment and funded firm financial performance, Revise and Resubmit, Journal of Business Venturing.

13. Santiso, J. (2011). Agentes emergentes en los mercados de capitales: BRIC, fondos soberanos y los nuevos depositarios de capital. Economistas (128), 66-71.

14. Santiso, J. (2011). Los nuevos argonautas latinos. Economía Exterior, (59), 101-108.

15. Scarlata, M.R.; Alemany, L. & Zacharakis, A., (2012), Philanthropic Venture Capital: Venture Capital for Social Entrepreneurs?, Vol. 8, No. 4, 2012 Foundations and Trends in Entrepreneurship.

16. Svejenova, S.; Strandgaard Pedersen, J. & Vives, L. (2011). Projects of passion: Lessons for strategy from temporary art. Advances in Strategic Management, 28, 501-527.

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17. Urriolagoitia, L. & Vernis, A. (2012) May the Economic Downturn Affect Corporate Philanthropy? Exploring the Contribution Trends in Spanish and U.S. Companies. Nonprofit and Voluntary Sector Quarterly. 41(5) 759–785 18. Vives, L. & Svejenova, S. (2011). To, from and beyond the margins. Management Research. The Journal of the Iberoamerican Academy of Management, Vol. 8 Iss: 3 19. Vives, L. & Svejenova, S. (2011), Business Models: Towards an Integrative Framework. Management Research. The Journal of the Iberoamerican Academy of Management, Vol. 9 Iss: 3, pp.230 - 242 ( 20. Winter, S.G.; Szulanski, G.; Ringov, D. & Jensen, R.J. 2011). Reproducing Knowledge: Inaccurate Replication and Failure in Franchise Organizations. Organization Science . vol. 23 no. 3 672-685

Refereed conference papers published/accepted 1. Alemany, L. (2012). Capital Riesgo Filantropico. Financiando a los Emprendedores Sociales Gobierno Vasco. Emprendeduria Social. Portugalete, Bilbao, 23/05/2012 2. Brinckmann, J. (2012). TBD. 2012 Babson College Entrepreneurship Research Conference. Fort Worth, Tex. (U.S.).

3. Brinckmann, J., Grichnik, D., Singh, L., (2011): What drives strategic flexibility of nascent ventures: An analysis of the roles of resource endowments and resource management, Strategic Management Conference, Miami, 2011.

4. Brinckmann, J., Grichnik, D., Singh, L., (2011): Sources of strategic flexibility in emergent organizations: An analysis of the roles of resource endowments and resource management, Academy of Management Conference, San Antonio, 2011.

5. Di Lorenzo, F.; Almeida, P. (2012). A behavioral perspective on inventors’ mobility: the case of pharmaceutical industry. Academy of Management Best Paper Proceedings 2012

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6. Di Lorenzo, F.; Almeida, P., Parada, P. (2011). Performance, aspirations and the change in partnering behavior: evidence from the pharmaceutical industry 1990-2006. Submitted to Organization Science 7. Gimeno, A. (2011). : Culture and values for entrepreneurial activities. South African Family Business Meeting (STEP). Johannesburg.

8. Gimeno, A. (2011). Chairman of the Conference. Private Wealth Management APAC Summit 2011. Macao.

9. Gimeno, A. (2011). Modelos de Empresa Familiar. Jornada. Barcelona.

10. Gimeno, A. (2012). Gestió transformadora de l’empresa familiar.ESADE Alumni; Club Tarragona ESADE Alumni. Tarragona, 02/02/2012 11. Gimeno, A. (2012). Gestión transformadora de la empresa familiar.ESADE Alumni; Club Canarias ESADE Alumni. Santa Cruz de Tenerife, 09/02/2012 12. Gimeno, A. (2012). Alternatives financeres de l’emprenedoria familiar.Confederació de Comerç de Catalunya (CCC). Emprenedoria i el món financer. Barcelona, 16/05/2012 13. Gimeno, A. (2012). La transformación de la empresa familiar vista desde la família empresaria .Associació Catalana de l’Empresa Familiar (ACEF). XIV Assemblea Ordinària i Extraordinària de l’Associació Catalana de l’Empresa Familiar. Barcelona, 14/06/2012.

14. Gimeno, A. (2012). Modelos de empresa familiar y la incorporación de sus futuras generaciones.America Empresarial LTDA. Family Business Summit 2012. Bogotá (Colombia), 20/06/2012 15. Gimeno, A. (2012). Patrones para el desarrollo de las siguientes generaciones en una familia emprendedora.America Empresarial LTDA. Family Business Summit 2012. Bogotá (Colombia), 20/06/2012 16. Gimeno, A. (2012). Nuevos paradigmas para la alta dirección.ESADE Alumni; Chapter ESADE Alumni Colombia. Alumni Chapter Event - Bogotá. Bogotá (Colombia), 20/06/2012

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17. Gimeno, A. (2012). Nuevos paradigmas para la alta dirección.ESADE Alumni; Chapter ESADE Alumni México. Alumni Chapter de México. México, D.F. (México), 21/06/2012 18. Grichnik, D., Brinckmann, J., Kapsa, D. (2011): Strategic orientations and strategy archetypes of nascent entrepreneurs, Babson College Entrepreneurship Research Conference, Syracuse, 2011.

19. Hassi, L.; Tuulenmaki, A. (2012) Experimentation-driven approach to innovation: developing novel offerings through experiments, Proceedings of XXIII ISPIM Conference, 17.-20.6., Barcelona, Spain.

20. Iñesta Codina, A.; Rovira, X. ; Serlavós, R. & Valencia Silva, M. (2012). The integrative module in the bachelor of business administration: Training undergraduate students in creative problem solving. INBAM 2012. Valencia.

21. Markowska, M. (2011) Entrepreneurial Competence Development: Triggers, Processes & Consequences.

JIBS Dissertation Series No. 71, Jönköping: JIBS 22. Markowska, M. (2012) Celebrity Restaurateurs: Narratives of Entrepreneurial Competence Development.

Paper accepted for presentation at BCERC conference in Fort Worth, TX, USA - June 2012 23. Markowska, M. (2012) The Role of Innovative Entrepreneurs in Fostering Value Creation and Local Development. A Case of Scandinavian Rural Gourmet Restaurateurs. Paper accepted for presentation at BCERC conference in Fort Worth, TX, USA - June 2012 24. Markowska, M. & Welter, F. (2012) The Role of Goal Orientation and Role Models on Development of Entrepreneurial Competence. Paper accepted for presentation at ACERE conference, Fremantle, Australia – January 31 – February 3, 2012 25. Markowska, M. & Wiklund, J. (2012) Advancing Entrepreneurial Learning Theory by Focusing on Learning Mode and Learning Target- Paper accepted for presentation at Academy of Management conference in Boston, MA, USA – August, 2012

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26. Ringov, D. (2011). Biased agents, unbiased organizations: Can organizations mitigate individual biases?.

SMS 31st Annual International 27. Valencia Silva, M.; Lamolla, L.; Amorós J. E. & Planellas, M. (2012). Business goals and performance relationships in new ventures created by women entrepreneurs. INBAM 2012. Valencia.

Other academic outputs BOOKS; MONOGRAPHS; STUDIES 1. Alemany, L. & Planellas, M. (2012). Emprender es posible. Barcelona: Planeta. [ISBN: 978-84-234-28656].

2. Chliova et al, (2012). Aprendiendo de las empresas sociales. Barcelona: Esade. [ISBN: 978-84-88971-609] 3. Navarro Colomer, C. & Vernis, A. (2012). Bones pràctiques internacionals de suport a l’emprenedoria social. Barcelona: Generalitat de Catalunya. [D.L.: B-3023-2012] 4. Planellas, M. & Urriolagoitia, L. (2011). La alianza estratégica entre Grupo Vips y Fundación Hazloposible.

Un ejemplo de colaboración empresa-ONG. Barcelona: ESADE. Instituto de Innovación Social. [ISBN: 97884-88971-53-1].

5. Santiso, J. (2012). Las economías emergentes y el reequilibrio global: retos y oportunidades para España.

Madrid: Fundación de Estudios Financieros. [ISBN: 978-84-615-5811-7].

6. Santiso, J. (2012). La década de las multilatinas. Madrid: Fundación Carolina y Siglo XXI. [ISBN: 978-84323-1491-9 ].

7. Santiso, J. & Dayton-Johnson, J. (2012). The Oxford handbook of Latin American political economy. New York: Oxford University Press. [ISBN: 978-0-19-974750-4].

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BOOK CHAPTERS 1. Alemany, L. & Scarlata, M. R. (2012). Philanthropic venture capital from a global perspective: Definition and investment strategy. In D. J. Cumming (ed.) (Ed.). The Oxford handbook of venture capital (pp. 274300). Oxford (U.K.): Oxford University Press.[ISBN: 978-0-19-539159-6] 2. Almeida, P.; Hohberger, J. & Parada, P. (2011). Informal knowledge and innovation. In M. Easterby-Smith, M. A. Lyles (eds.) (Ed.). Handbook of organizational learning and knowledge management (2nd ed.) (pp.

383-402). Chichester (U.K.): John Wiley & Sons.[ISBN: 978-0-470-97264-9] 3. Avendaño, R. & Santiso, J. (2011). Asian opportunities and diversification strategies: An outlook for Latin American trade. In K.C. Fung & A. García-Herrero (eds.) (Ed.). Sino-Latin American economic relations (pp.

36-69). Abingdon, Oxon (U.K.); New York, N.Y. (U.S.): Routledge.[ISBN: 978-0415681728] 4. Avendaño, R. & Santiso, J. (2011). Asian opportunities and diversification strategies: An outlook for Latin American trade. In K.C. Fung & A. García-Herrero (eds.) (Ed.). Sino-Latin American economic relations (pp.

36-69). Abingdon, Oxon (U.K.); New York, N.Y. (U.S.): Routledge.[ISBN: 978-0415681728] 5. Markowska, M & Prat-i-Pubill, Q. “There is no plant without a rich soil: Advancing the universal conditions for a context-specific Entrepreneurial University” in “HANDBOOK OF RESEARCH IN ENTREPRENEURSHIP EDUCATION. Volume 4 – Entrepreneurial University Handbook” edited by Allain Fayolle & Dana Redford.

6. Planellas, M. & Urbano, D. (2012). Iniciativas empresariales en Catalunya In Institut d’Estudis Catalans (Ed.). “Anuari Societat Catalana d’Economia” (pp. 87-97). Barcelona: Institut d’Estudis Catalans (IEC).

CASES 1. Casaburi, I. & Parada, P. (2011). (12/2011).Case Stdy: Lenovo Brand in Europe (A).

2. Vernis, A. & Giró Catá, V. (11/2011).Emprender, una aventura. Historia de un pequeño equipo y un gran sueño: la escalada del K2 por la Magic Line.

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Publications submitted for review 1. Parada, P. (Entregado: Aceptado para revisión 24/06/11). Beyond Strategic Alliances II - Parada,Almeida,Di Lorenzo. Organization Science 2. Parada, P. (Entregado: Aceptado para revisión 24/06/11). Individual-level Scientific Collaborations and Firm-level Innovation - Parada,Almeida,Hohberger. Organization Science 3. Di Lorenzo, F; Almeida, P. & Parada, P. (under review). Aspirations, Performance, and Changes in Partnering Behavior: Evidence from the Pharmaceutical Industry 1990 - 2006”, submitted to Organization Science in June 2011 4. Almeida, P.; Hohberger, J. & Parada, P., (work in process). Beyond Strategic Alliances: The Impact of Individual Collaborations. Strategic Management Journal 1, 1-1.

5. Rufin, C.; Parada, P. & Serra, E. (work in process). The paradox of multidomestic strategies in a globalizing world: evidence from nonmarket strategies in developing countries. Business & Society 1, 1-1.

Other academic outputs BOOKS; MONOGRAPHS; STUDIES 1. Alemany, L.; (2012) Educación Emprendedora. Financed by Fundación Príncipe de Girona

Additional sources of funding 1. Endowment Banco Santander 2. Endowment Agrolimen

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ESADE Entrepreneurship Institute

Institutional Contribution PhD students supervised 1. Sondos Abdelgawad – PhD student under co-supervision with Prof. Shaker Zahra, Robert E. Buuck Chair of Entrepreneurship and Professor of Strategy & Organization in the Carlson School of Management at the University of Minnesota (SS). Thesis: Entrepreneurial capabilities: A portfolio towards continuous opportunity exploitation.

2. Myrto Chliova – PhD student (JB) researching the effectiveness of microfinance as a tool for poverty alleviation, the multiple non-financial motivations of entrepreneurs, and finally the creation of the field of social entrepreneurship and the institutional entrepreneurship exercised by pioneers in this area 3. Francesco DiLorenzo - PhD student under co-supervision with Prof. Paul Almeida, Georgetown University (PP). Thesis: Corporate strategy and innovative performance: a behavioural perspective 4. Neus Feliu- PhD student under co-supervision with Prof. Ivan Lansberg (AG).

5. Margarete Kalinowski – PhD student under co-supervision with Prof. Luis Vives (SS) 6. Fernando Paiz Mendoza - PhD student (JB). Thesis: Antecedents to Entrepreneurial Opportunity Recognition 7. Maria Jose Parada - PhD student under co-supervision with Prof. Leif Melin, JIBS (AG) Thesis: Developing governance structures in family businesses: finding patterns and unlocking the black 8. Dominik Drerup (in Cooperation with Dietmar Grichnik from WHU Vallendar) (JB) 9. Felizitas Eichinger (in Cooperation with Dietmar Grichnik from WHU Vallendar) (JB) 10. Luv Singh (in Cooperation with Dietmar Grichnik from WHU Vallendar) (JB) 11. Diana Kapsa in Cooperation with Dietmar Grichnik from WHU Vallendar (JB)

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Research contributions to academic programs

1. Master in Science y PhD European Institute of Innovation and Technology (EIT),

a) From Science to Business, 28th November – 2nd December 2011

b) Introductory Crash Course in Entrepreneurship, 30tj January- 3rd February 2012

c) Introductory Crash Course in Entrepreneurship, 2nd-20th February 2012

d) Corporate Innovation and Intrapreneurship, 16th- 27th July 2012

e) Business Management and Entrepreneurship Summer School, 2nd- 27th July 2012

2. MSc in Innovation and Entrepreneurship: program development and Summer School (august 2011) 3. Entrepreneurial Finance Blocked Seminar (Bocconi)

Other relevant activities

1. Organizer of the ESADE Entrepreneurship Research Series (JB): 2. 17th October 2011: Anssi Tuulenmäki, Research Manager & Chief Innovation Activist, Aalto University (Finland) and CEO, Mindustry Ltd 3. 16th January 2012: Prof. Dr. Vangelis Souitaris, Professor of Entrepreneurship, Cass Business School (London,UK) 4. 13th February 2012: Prof. Dr. Dimo Dimov, Professor of Entrepreneurship, Director of Doctoral Programmes, Newcastle University (Newcastle,UK) 5. 23rd April 2012: Prof. Dr. Sharon Alvarez, Associate Professor, Management and Human Resources, Fisher College of Business (Ohio, USA)

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6. 9th May 2012: Prof. Dr. Luca Berchicci, Associate Assistant Professor of Entrepreneurship and New Business Venturing, Erasmus University (Rotterdam, Nederland) 7. Innovation Speed Dating (MBA) 27th March 2012 (JV) 8. Co-organizer 2nd Quest for Talent MBA 2nd March 2012 (JB) 9. Organizer of the Foro de Capital Riesgo ESADE Alumni (LA) 10. Organizer of the High Growth Forum (LA) 11. Organizer of the Last Thursdays in Hotel MandarĂ­n (EEI team) 12. Co-organizer TEDxEsade in Innovation and Entrepreneurship, 13th April 2012 (EEI) 13. Opening new space EGarage in ESADE Sant Cugat Campus 14. Visiting professors: Researcher Lotta Hassi, Aalto University (Findland) (from Feb 2011 till today) (In) 15. Dimo Ringov is an ad hoc referee for Organization Science, Research Policy, the European Management Review, and the Academy of Management Journal (Business Policy and Strategy division).

16. Dimo Ringov is a member of the Academy of Management, the Strategic Management Society and INFORMS. 17. Dimo Ringov (2011) Attended GMRI Workshop. Washington, DC (USA), 09/2011 18. Dimo Ringov (2011) Attended SMS Conference. Miami, FL (USA), 11/2011 19. Dimo Ringov (2012) Attended GMRI Workshop. Barcelona (Spain), 06/2012 20. Dimo Ringov (2012) Attended DRUID Conference. Copenhagen Business School, 06/2012 21. Dimo Ringov (2012) Attended Academy of Management Conference. Boston, MA (USA), 08/2012 22. Dimo Ringov participated in the committee of the PhD thesis Organizational Integrity in Hybrid Organizations: A Study of the Historical Evolution of a Social Enterprise. IESE. 2012 23. Dimo Ringov (2012) Referee of the academic journal Reviewer for Organization Science, AoM and SMS.2012

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Dissemination & Diffusion Participation in international research networks

1. EGOS 2. FFI (Family Firm Institute) 3. IFERA 4. STEP Project 5. CEMS Faculty Group 6. EFER (European Foundation for Entrepreneurship Research)

Other media presence 1) Constant interaction with the media in different domains.

The ESADE Entrepreneurship Institute wants to thank Banco Santander and Agrolimen for its support to the research activities of the Institute.

Barcelona, November 2012

EGarage Avda. Torre Blanca, 57 08172 - Sant Cugat del Vall猫s Telf. 93 280 61 02 eei@esade.edu www.esade.edu/eei

Con la colaboraci贸n de