Digital economy brings great changes to the effect of board networks. However, the relationship between board networks and innovation has not yet been sufficiently understood in the context of digital transformation. Therefore, from the perspectives of social network theory and digital empowerment, this study explores the effect of board networks on innovation performance and the moderating role of digital transformation. Using a dataset of listed companies from 2007 to 2020, we find that board network centrality and structural hole can significantly improve enterprise innovation performance, and enterprise digital transformation enhances the relationship between board networks and innovation performance. This study provides insights into the innovation effects of board networks in the context of digital transformation.

By neglecting endogenous factors, existing studies that usually focus on examining the effect of exogenous characteristics on entrepreneurial decision-making logic has drawn conflicting conclusions. This paper explores the influences of cognitive styles on entrepreneurial decision-making logic, as well as the moderating role of environmental uncertainty. Using a multiregional sample of 336 Chinese entrepreneurs, the study obtained results by conducting multiple linear regression. Entrepreneurs with an intuitive cognitive style tend to apply causal logic, while those with an analytical cognitive style are inclined to adopt effectual logic. Environmental uncertainty moderates the effect of cognitive styles on some dimensions of entrepreneurial decision-making logic. In an uncertain environment, entrepreneurs with an intuitive cognitive style reduce the use of the logics of affordable loss and leveraging contingencies, while entrepreneurs with an analytical cognitive style reduce the use of the expected return logic. This paper clarifies the relationship between intuitive and analytical cognitive styles, which are always considered to be antithetical. This implies that they always coexist, instead of competing with each other in entrepreneurial decision-making. This finding verifies that entrepreneurial decision-making logic is the result of interactions between cognition and the environment, inspiring scholars to explore it from the combination of multiple elements.

: Entrepreneurial decision-making methods significantly influence the success of new ventures. They have been hot topics of entrepreneurship research. With the booming development of digital technology, entrepreneurial decision-making methods have changed. It is necessary to review the research on entrepreneurial decision-making methods, so as to lay a theoretical foundation for further research. This paper systematically reviews the literature on three entrepreneurial decision-making methods and summarizes their evolutionary patterns. This study clarifies the conceptual connotation and research structure of the three entrepreneurial decision-making methods. Meanwhile, the current research status of the three entrepreneurial decision-methods is summarized systematically. Finally, the future research direction is prospected.

The effectiveness of entrepreneurs' decision-making significantly influences the outcomes of their ventures. Therefore, understanding how entrepreneurs enhance entrepreneurial performance through effective decision-making has become a focal point in academic research. This study investigates the role of experience in shaping entrepreneurs' decision-making approaches in uncertain environments, specifically examining three aspects of experience: entrepreneurial experience, managerial experience, and industry experience. Utilizing a research sample of 203 domestic entrepreneurs, we explore the nature of experience and its impact on decision-making logic. The findings indicate that entrepreneurs with substantial entrepreneurial experience tend to employ both causation and effectuation in the entrepreneurial process. On the other hand, entrepreneurs with extensive managerial experience predominantly adopt a causation-based decision-making approach. Interestingly, industry experience does not significantly influence the decision-making logic of entrepreneurs. Additionally, we observe that environmental uncertainty negatively moderates the relationship between management experience and the use of causation and effectuation.

Abstract Background Entrepreneurial decision-making plays an important role in the development of new enterprises and has become the central topic of entrepreneurship. Entrepreneurial decision logic describes how entrepreneurs make decisions, which refers to the thinking and cognitive process triggered in a specific entrepreneurial situation. Efficiency is one of the main logic of enterprise decision-making. However, the existing studies have not reached a consistent conclusion on the effectiveness of the results. In particular, few studies have explored how efficiency affects the emergence of new enterprises. Based on the theory of cognitive psychology, this paper investigates the impact of entrepreneurial effect on entrepreneurial enterprises and the regulatory effect of entrepreneurial resource scarcity. Research Objects and Methods This paper uses hierarchical logistic regression to analyze 202 entrepreneurs in the first two rounds of China Entrepreneurial Dynamics Group Research (CPSED). CPSED adopts large-scale random sampling. The sample was screened using the following criteria: (a) entrepreneurial activity, (b) owning a new business, (c) in the early stages of entrepreneurship, and (d) failure to achieve first-time sales. CPSED contacted 69990 Chinese families by telephone and interviewed 22045 people. Among them, 974 new entrepreneurs were selected. 601 of them completed the first wave of interviews. A year later, 321 entrepreneurs completed the second round of interviews. Before the task, whether the emotional states of the control group, conscious distraction group and unconscious distraction group were the same in the high and low depressed population at baseline Two factor ANOVA of PA index 2 (population: depression, non depression) * 3 (grouping: conscious, unconscious, control group) showed no significant group main effect (f (2112) = 0.58, P = 0.57) and interaction between group * population (f (2112) = 0.11, P = 0.89), indicating that there was no significant difference in the initial PA scores of the three groups for both depressed and non depressed people; In addition, the main effect of the population was significant (f (1112) = 10.41, P < 0.05, η P2 = 0.16), the PA score of depressed people was significantly lower than that of non depressed people The two factor ANOVA of Na index 2 (population: depression and non depression) * 3 (grouping: conscious, unconscious and control group) showed no significant group main effect (f (2112) = 0.01, P = 0.99) and group interaction (f (2112) = 0.23, P = 0.80), indicating that there was no significant difference in the initial Na scores of the three groups for both depressed and non depressed people; In addition, the main effect of the population was significant (f (1112) = 10.23, P < 0.05, η P2 = 0.16), the Na score of depressed people was significantly higher than that of non depressed people The above results show that for depressed and non depressed people, the emotional states of the three groups are the same before the experiment. Results This paper divides the impact into four dimensions: means driven logic, partnership logic, tolerable loss logic and leverage contingency logic. The empirical results show that entrepreneurs who follow the means driven logic are unlikely to promote the emergence of new enterprises. Entrepreneurs who follow the logic of partnership are more likely to promote the emergence of new enterprises. The logic of tolerable losses and occasional leverage will not significantly affect the emergence of new enterprises. When entrepreneurial resources are scarce, entrepreneurs who follow the logic of affordable loss are more likely to promote the emergence of new enterprises. The scarcity of entrepreneurial resources has no significant regulatory effect on the relationship between means driven logic, partnership logic, leverage contingency logic and the emergence of new enterprises. Conclusion This paper shows that the effectiveness of entrepreneurial decision-making logic affects the emergence of entrepreneurial enterprises, and the scarcity of entrepreneurial resources has a certain regulatory effect. Based on the theory of cognitive psychology, this study breaks through the existing view that effectiveness is regarded as a one-dimensional structure, and discusses how the sub dimensions of effectiveness affect the emergence of new enterprises. Break through the existing research and explore the direct impact of the scarcity of entrepreneurial resources on entrepreneurial performance. This paper helps to clarify the results of effectiveness and inspire scholars to explore the law of decision-making from the perspective of psychology. This has important enlightenment for entrepreneurs to improve the efficiency of entrepreneurial decision-making and rational entrepreneurship. In short, we should actively pay attention to the changes of entrepreneurs' psychology, emotion and behavior, and become builders, managers, coordinators and collaborators of innovation and entrepreneurship. According to the psychological characteristics of these groups, we should actively and flexibly organize rich activities, strive to create a relaxed and harmonious entrepreneurial atmosphere, create friendly and mutually beneficial entrepreneurial relations, encourage and guide these groups to adjust their psychological state to the best state, and promote the healthy development of their good cognition and good life. Acknowledgements Supported by the National Natural Science Foundation of China (Grant No.71772055), Humanities and Social Sciences of Ministry of Education Planning Fund of China (Grant No.17YJA630067), and Anhui Philosophical and Social Science Program (Grant No. AHSKY2019D030).

There is more and more digital entrepreneurship emerging in practice, but research on it is rare and scattered, meaning that a review of digital entrepreneurship is important and necessary. Based on a data set covering 19 years of research, from 2003 to 2021, this article reviews 469 available articles from the Web of Science Core Collection. Using a scientific knowledge map, it divides digital entrepreneurship research into two stages, namely the “emerging stage” (2003–2017) and the “booming stage” (2018–2021). Research developed slowly in the emerging stage, focusing on the definition of digital entrepreneurship, the influence of digital technology, and antecedents of digital entrepreneurship. In the booming stage, however, digital entrepreneurship research grew explosively. This article sorts out the topics from three aspects, that is, organizational behavior, digital entrepreneurial ecosystem, and business model innovation. Longitudinal research, multi-case studies, mixed methods, and quantitative studies become mainstream, replacing the earlier single-case studies and conceptual analyses. The frontiers of research on digital entrepreneurship focus on digital entrepreneurial ecosystems, business model innovation, digital academic entrepreneurship, digital transformation, and the antecedents of digital entrepreneurship. This article proposes four future directions, including the interaction of digital entrepreneurship elements, the process of digital entrepreneurship with a dynamic perspective, digital entrepreneurship research at the community level, and digital entrepreneurship research in different contexts.

This paper deploys an abductive reasoning process to explore the ECF investors' co-investing preference based on previous online ties, drawing on 7417 investment records for 1355 investors. Based on the BGLL algorithm and Dunbar-Law, we trace the formation of co-investing relationships based on dynamic changes of sub-network. The results show how co-investing preferences of investors arise from the dependency they developed through cooperative behaviors over time. By relating two co-investing preferences to two kinds of community structures, the findings suggest that heterogeneous connections in a hierarchical structure are more stable and sustainable than homogeneous connections not based on strong ties within a decentralized structure. This work presents a dynamic network perspective in examining the relationship between the previous co-investing and following co-investing, enriches the research on the historical dependence in social behavior, and adds new knowledge to ECF investors' co-investing preference and ECF practice.

Drawing upon cyberfeminist theory with a socially constructed view of gender, this paper aims to objectively reveal the extent of digitalization in female entrepreneurs’ empowerment by examining the impacts of their online gender identities on crowdfunding performance. Leveraging a female-led sample of 3125 Kickstarter crowdfunding campaigns, we develop a measure of gender identity online using natural language processing analytic techniques to mine linguistic narratives, and empirically investigate our questions. The results reveal an inverted U-shaped relationship between the online displays of masculinity and crowdfunding performance for female entrepreneurs and no significant effect of femininity on crowdfunding performance. Regarding hybrid masculinity and femininity, we find those female entrepreneurs who display a masculine identity (i.e., high on masculinity and low on femininity) online perform better in crowdfunding. The results clearly demonstrate that the potential of crowdfunding for female entrepreneurs’ empowerment is overestimated in that embracing masculinity is reproduced online in addressing women’s financial constraints, thus providing objective and reliable evidence for informing the debate on the extent of digitalization in female entrepreneurs’ empowerment. Does digitalization sufficiently empower female entrepreneurs? Evidence from examining the impacts of their online gender identities on crowdfunding performance. Drawing upon cyberfeminist theory with a socially constructed view of gender, this paper relies on a dataset of female entrepreneurs online in a crowdfunding domain to reexamine the extent of digitalization in their empowerment. Through an empirical investigation of how female entrepreneurs “doing” gender identity online affects crowdfunding performance, this study shows that the online displays of masculinity have an inverted U-shaped association with crowdfunding performance; femininity has no significant effect; and their hybrids—a masculine identity (i.e., high on masculinity and low on femininity)—are more advantageous than are feminine, androgynous, and undifferentiated identities. Our findings based on cyberfeminist theoretical analyses reveal that embracing masculinity is reproduced online in addressing women’s financial constraints, strongly demonstrating that the true potential of crowdfunding for female entrepreneurs’ empowerment is overestimated. This paper provides objective evidence for informing the debates on the digitalization potential for female entrepreneurs’ empowerment and sheds light on how to apply cyberfeminism in subsequent research. Female entrepreneurs can also use our findings to improve crowdfunding performance.

定性比较分析法以组态视角进行案例分析,可以得到产生特定现象的条件组合,日益受到各个研究领域学者的关注.文章系统梳理了国内外学术期刊发表的运用定性比较分析法研究创业的文献,从文献发表情况、研究主题等方面对于定性比较分析法在创业研究领域的运用进行了总结和分析,探讨了当前定性比较分析法在创业研究中的不足,指出了定性比较分析法在创业研究中进一步优化应用的方向.

How entrepreneurs make entrepreneurial decisions to improve entrepreneurial performance is a popular concern in both theoretical and practical circles. Existing studies mostly analyze the effect of entrepreneurial decision-making logic on the survival and growth of new ventures from the perspective of financial performance, but few studies focus on new venture sustainability. Based on datasets from the first two survey rounds of CPSED (Chinese Panel Study of Entrepreneurial Dynamics), this paper selects a group of 259 entrepreneurs as a sample and uses logistic regression analysis as a research method. The purpose of this study is to examine the effects of entrepreneurial decision-making logic on new venture sustainability. There are two main entrepreneurial logics, namely effectuation and causation. The paper discusses causation in terms of four dimensions, namely goal orientation, expected returns, competitive analysis, and avoiding contingencies. It examines effectuation in terms of the dimensions of means orientation, affordable loss, partnerships, and leveraging contingencies. The empirical results show that goal orientation plays a negative role in promoting new venture sustainability, while avoiding contingencies has a positive influence on it. Partnerships are conducive to new venture sustainability, while means orientation and leveraging contingencies have a negative effect.

本文以A股重污染行业企业为研究对象,探索组织冗余影响企业财务绩效的内在作用机制.对575家重污染行业企业2015年～2020年的面板数据进行多元线性回归分析发现,首先,沉淀冗余负向影响企业财务绩效,非沉淀冗余正向影响企业财务绩效.其次,沉淀冗余正向影响绿色技术创新,非沉淀冗余负向影响绿色技术创新.最后,绿色技术创新在组织冗余与企业财务绩效间具有部分中介作用.

PurposeFrom the perspective of cause and effect, the operational processes of property insurance companies can be considered as historical events. The purpose of this study is to measure the operating efficiency of China's property insurance industry, explore the determinants that affect technical efficiency and outline the path to achieving high-quality development.Design/methodology/approachWe chose 44 Chinese property insurance companies as research objects. The data were obtained from the Chinese Insurance Yearbook and China Statistical Yearbook 2015–2017. First, the data envelopment analysis (DEA) method was used to calculate the technical efficiency of property insurance companies. Then, Tobit regression and quantile regression were adopted to explore the influencing factors of technical efficiency. Finally, the fuzzy-set qualitative comparative analysis (fsQCA) method was employed to summarize the path to improving the operating efficiency of property insurance companies.FindingsThe empirical results in the first stage suggested that the operation efficiency of China's property insurance industry was technically inefficient, and the scale efficiency was relatively better than the pure technical efficiency. In the second stage, we observed that the drivers for firm size, reinsurance rate, claim ratio and equity restriction were important determinants of an insurance firm's efficiency.Research limitations/implicationsWe also put forward four applicable, targeted and proven ways to improve the technical efficiency of property insurance companies. These configurations are verified by cases of existing property insurance companies, which can provide practical references for the insurance industry.Originality/valueOur research enriches the insurance literature and efficiency methods, particularly regarding the specific paths of improving the technical efficiency. The relationship between elements and results is analyzed from a systematic perspective, and the research results are not only more consistent with what logic might imply but also more instructive for the improvement of reality.

Purpose Since the limited growth of enterprises has been identified as a deliberate choice of women entrepreneurs, the purpose of this paper is to illustrate how the institutional environment of an entrepreneurial ecosystem (EE) fosters the gender gap in entrepreneurial growth intention. The mediating role of the perceived institutional environment in the gender effect on entrepreneurial growth intention is tested in the Chinese context. As individuals’ cognitions are usually influenced by their cultural orientations, the gender difference in perceptions of the institutional environment is considered to be contingent on entrepreneurs’ self-construal. Design/methodology/approach Using a multiregional sample of 206 Chinese entrepreneurs who completed the questionnaire, the study obtained results by adopting a structural equation modelling analysis with a partial least squares approach. Findings There are significant gender gaps in perceptions of the institutional environment and growth intention among Chinese entrepreneurs. Due to their limited political ties and lower legitimacy in economic activities in the country, Chinese women entrepreneurs have more negative perceptions of the regulative and cognitive institutional environment than their male counterparts, which accounts for the lack of growth ambition among Chinese women entrepreneurs. Independent self-construal enlarges the difference in environmental perceptions between male and female entrepreneurs. Originality/value This research enriches the discussion in the emerging area of EEs by adequately responding to the highlighted target to advance ambitious entrepreneurship and offering an interpretation of its evolutionary thinking. Given the increasing calls for a focus on high-growth women’s entrepreneurship, this study provides an explanation for how the institutional environment engenders the absence of women in growth-oriented entrepreneurial activities. It also uncovers the overlooked deficiency in institutional practice by highlighting the gender inequality in the implementation process of entrepreneurial support policies and the distribution of entrepreneurial capabilities in society.

创业直觉是创业情境下的重要决策方式,但当前该领域的研究十分有限.文章通过梳理已有文献总结了创业直觉的概念界定,分析了创业直觉的研究现状并归纳出主要研究主题,包括创业直觉的操作化测量方法、影响创业直觉的个体因素和环境因素以及创业过程、创业者和企业三个层面创业直觉的作用机制.最后,从创业直觉研究的理论基础、研究方法、驱动和效应机制等角度提出未来研究方向.

Entrepreneurial growth intention, as an outcome of the entrepreneur's cognition, has been found to be influenced by the institutional context. However, the cognitive rationale for the institutional impact on entrepreneurial growth intention is still unknown. This article builds upon the framework of institutional theory to reveal how the perceptions of institutional environment foster entrepreneurial growth intention via the entrepreneur's specific cognitive process. Based on an extended model of the theory of planned behavior, we find that perceptions of different institutional dimensions exert important but distinct influence on the way in which entrepreneurs view and perceive venture growth and then indirectly inspire their ambitions in the post-entry stage of entrepreneurship. The entrepreneur's perception of behavioral control plays a key role in this process. The implications for entrepreneurial practice and future research are then discussed.

This article draws on signal theory and the research findings of local bias in VC to examine how geographic distance (GD) and different signals affect equity crowdfunding platforms launching projects online. We find that local bias still exists in the pre-investment stage of equity crowdfunding. Equity crowdfunding platforms prefer to launch local projects online. We also prove that signals of media usage and start-ups' quality (credit) are positively correlated with the launching of projects on platforms. Moreover, the platform is more inclined to list projects initiated by firms engaging in strategic emerging industries online. Above all, the signal of project risk fully mediates the relationship between start-ups' quality and the launching of projects online. Empirical analyses are based on the dataset of equity crowdfunding projects on the Dahuotou equity crowdfunding platform (http://www.dahuotou.cn/) during 2014-2017.

PurposeThe purpose of this paper is to build a research model to examine the effects of business planning on the new venture emergence, as well as to examine the moderating effects of innovativeness of products.Design/methodology/approachFour hypotheses are put forward and examined by hierarchical binary logistic regression. The data of this paper are based on the first two waves of data from Chinese Panel Study of Entrepreneurial Dynamics project.FindingsResults show that engaging in business planning has a positive effect on the new venture emergence, and the timing of business planning does not affect the new venture emergence significantly. This study also finds that the innovativeness of products has a positive moderating effect on the relationship between the timing of business planning and the new venture emergence.Research limitations/implicationsThis study has some limitations. The innovativeness of products is measured by a single indicator, which may not completely reflect the meaning of the attribute. Moreover, this study explores new ventures only in the nascent stage.Practical implicationsThe study is useful for entrepreneurs to realize the importance of business planning. First, engaging in business planning in early start-up stage is a very valuable activity, because business planning can help new ventures reduce the loss caused by trial and error learning. Second, engaging in business planning is more likely to ensure high innovative products quickly be accepted by the market. Because in the process of new venture emergence, the legitimacy signal to stakeholders can be transmitted and new products can be promoted to get support and recognition from stakeholder through the business plan.Originality/valueThis paper focuses on the early stage of new venture life cycle and the contextual factors to explore the influence of business planning on the new venture emergence under the logic of legitimacy. This paper could enrich business planning research from the perspective of legitimacy theory by inspiring scholars to focus on the differences between new ventures and mature enterprises and to offer proposals of legitimation strategies suitable for new ventures. Meanwhile, this study contributes to the understanding of the contextual factors of business planning. And it discusses the impact of the attribute in business planning on the new venture emergence, which helps scholars to get a deep thought about the value of business planning in entrepreneurial process.

随着创新创业的热潮不断推进,创业生态系统的研究愈发受到理论界和实践界的重视.文章从生态学视角,将创业生态系统类比于自然生态系统,分析了创业生态系统的结构模式、要素组成.基于此,分析了合芜蚌试验区的创业生态系统现状,并对其存在问题进行探讨.最后,针对合芜蚌试验区创业生态系统的发展提出了相关对策和建议.

Purpose -The purpose of this paper is to bridge the obvious gap presented in research on antecedents of effectuation by building a research model from the perspectives of effectuation and entrepreneurial opportunity.Design/methodology/approach - This paper examines the effects of patterns of opportunity discovery and the innovativeness of entrepreneurial opportunity on the decision-making process of effectuation in new venture creation. Eight hypotheses are put forward and examined by hierarchical multiple logistic regression. The data in this paper are based on the first two rounds of survey data from Chinese Panel Study of Entrepreneurial dynamics.Findings -The empirical results show that patterns of opportunity discovery have significant positive effects (at least partially) on effectuation. Namely, entrepreneurs employing fortuitous discovery tend to use available means and leverage contingency. And with lower innovativeness of opportunity, entrepreneurs are more likely to use affordable loss and leverage contingency.Research limitations/implications -The study is limited to each dimension of effectuation based on the single-item measure, which cannot completely reflect the effectual construct. More research should to be done to improvemeasures of effectuation.Practical implications - The findings are useful for entrepreneurs to make effective decisions whether to choose effectuation in the face of different patterns of opportunity discovery. Besides, it provides the advice on how to cope with the innovativeness of opportunity and seize entrepreneurial opportunities to entrepreneurs.Originality/value - This paper first systematically studies the effects of entrepreneurial opportunity on effectuation, making up for the obvious gap of research on antecedents of effectuation.

Spatial proximity means venture capital firms prefer to invest the firms around them .Based on CVSource database , this research collects information of 2 973 rounds venture capital in 1 020 portfolio companies from 623 venture capital firms between 2010 and 2012, adopts 1:1 matching design to study the effect of geographical distance on the probability of a financing relation -ship obtainment by Relogit regression analysis in STATA .Results show that the likelihood of a venture capital decreases with the increase of geographical distance between the investee and the investor .The deal size moderates the relationship between geo-graphical distance and the likelihood of a venture capital as an inverted u -shape.Experience of the venture capital firm also nega-tively moderates the relationship .Venture capital firms with much experience do not care the distance so much .To some extent, their experience can eliminate the negative effect of distance on the likelihood of an investment .