Emergence of new firms: A test of the resource-based view, signaling and behavioral perspectives

Massimo G. Colombo (), Caterina Lucarelli (), Nicoletta Marinelli and Alessandra Micozzi ()
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Massimo G. Colombo: Politecnico di Milano
Caterina Lucarelli: Università Politecnica delle Marche
Alessandra Micozzi: Universitas Mercatorum

International Entrepreneurship and Management Journal, 2024, vol. 20, issue 2, No 23, 1153-1196

Abstract: Abstract The resource-based view, signaling, and behavioral perspectives focus on different theoretical mechanisms through which human capital and the behavioral characteristics of nascent entrepreneurs, in combination with insider and outsider financing, may influence the emergence of new ventures. This work tests the relative explanatory power of these different theoretical perspectives. We estimate a mediation model to disentangle the direct effect of nascent entrepreneur personal characteristics on new firm creation from their indirect effects, mediated by the amount of insider financing committed to new ventures and access to greater outsider financing. Our empirical results are based on data from the Panel Study of Entrepreneurial Dynamics (PSED II) and improve our understanding of the drivers of new firm creation and their underlying mechanisms. Our findings support the resource-based view and the behavioral perspective in our sample of nascent entrepreneurs, but do not provide evidence of the signaling perspective.

Keywords: Nascent entrepreneurship; New firm creation; Human capital; Behavioral traits; Insider financing; Outsider financing; L26; O25; C33; G30 (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/s11365-024-00951-z

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