Econometric models of duration data in entrepreneurship with an application to start-ups' time-to-funding by venture capitalists (VCs)

References

• P. Aghion, U. Akcigit, A. Hyytinen, and O. Toivanen, On the Returns to Invention Within Firms: Evidence from Finland, AEA Papers and Proceedings, Vol. 108, 2018, pp. 208–212.
   Google Scholar
• P.K. Andersen and R.D. Gill, Cox's regression model for counting processes: A large sample study, Ann. Stat. 10 (1982), pp. 1100–1120.
   Web of Science ®Google Scholar
• A. Bell, R. Chetty, X. Jaravel, N. Petkova, and J. Van Reenen, Who becomes an inventor in America? The importance of exposure to innovation, Q. J. Econ. 134 (2019), pp. 647–713.
   Web of Science ®Google Scholar
• J.H. Block, M.G. Colombo, D.J. Cumming, and S. Vismara, New players in entrepreneurial finance and why they are there, Small Bus. Econ. 50 (2018), pp. 239–250.
   Web of Science ®Google Scholar
• H. Blossfeld and G. Rohwer, Techniques of Event History Modeling: New Approaches to Causal Analysis, Lawrence Erlbaum Associates, Mahwah, 1995.
   Google Scholar
• J. Bretagnolle and C. Huber-Carol, Effects of omitting covariates in Cox's model for survival data, Scand. J. Stat. 15 (1988), pp. 125–138.
   Web of Science ®Google Scholar
• J. Burchardt, U. Hommel, D.S. Kamuriwo, and C. Billitteri, Venture capital contracting in theory and practice: Implications for entrepreneurship research, Entrepreneurship Theory Practice 40 (2016), pp. 25–48.
   Web of Science ®Google Scholar
• J.H. Cochrane, The risk and return of venture capital, J. Financ. Econ. 75 (2005), pp. 3–52.
   Web of Science ®Google Scholar
• M.G. Colombo, C. Fisch, P.P. Momtaz, and S. Vismara, The CEO Beauty Premium, 2021. Available at SSRN 3654561.
   Google Scholar
• J.G. Covin and D.P. Slevin, A conceptual model of entrepreneurship as firm behavior, Entrep. Theory Pract. 16 (1991), pp. 7–26.
   Google Scholar
• D. Cumming, Contracts and exits in venture capital finance, Rev. Financ. Stud. 21 (2008), pp. 1947–1982.
   Web of Science ®Google Scholar
• D. Cumming, I. Filatotchev, A. Knill, D.M. Reeb, and L. Senbet, Law, finance, and the international mobility of corporate governance, J. Int. Bus. Stud. 48 (2017), pp. 123–147.
   Web of Science ®Google Scholar
• D. Cumming and S. Johan, The problems with and promise of entrepreneurial finance, Strateg. Entrep. J. 11 (2017), pp. 357–370.
   Web of Science ®Google Scholar
• D. Cumming and A. Knill, Disclosure, venture capital and entrepreneurial spawning, J. Int. Bus. Stud. 43 (2012), pp. 563–590.
   Web of Science ®Google Scholar
• M. Da Rin, T. Hellmann, and M. Puri, A survey of venture capital research, in Handbook of the Economics of Finance, Vol. 2, Elsevier, 2013, pp. 573–648.
   Google Scholar
• D.R. DeTienne, Entrepreneurial exit as a critical component of the entrepreneurial process: Theoretical development, J. Bus. Ventur. 25 (2010), pp. 203–215.
   Web of Science ®Google Scholar
• G. Dissanaike, W. Drobetz, and P.P. Momtaz, Competition policy and the profitability of corporate acquisitions, J. Corp. Finance 62 (2020), pp. 101510.
   Web of Science ®Google Scholar
• G. Dissanaike, W. Drobetz, P.P. Momtaz, and J. Rocholl, The economics of law enforcement: Quasi-experimental evidence from corporate takeover law, J. Corp. Finance 67 (2021), p. 101849.
   Web of Science ®Google Scholar
• S. Djankov, R.L. Porta, F. Lopez-de Silanes, and A. Shleifer, The law and economics of self-dealing, J. Financ. Econ. 88 (2008), pp. 430–465.
   Web of Science ®Google Scholar
• W. Drobetz and P.P. Momtaz, Antitakeover provisions and firm value: New evidence from the M&A market, J. Corp. Finance 62 (2020), p. 101594.
   Web of Science ®Google Scholar
• W. Drobetz, P. Momtaz, and H. Schroeder, Investor sentiment and initial coin offerings, J. Altern. Invest. 21 (2019), pp. 41–55.
   Web of Science ®Google Scholar
• L. Duchateau and P. Janssen, The Frailty Model, Springer Science & Business Media, 2007.
   Google Scholar
• M.K. Erramilli and D.E. D'Souza, Venturing into foreign markets: The case of the small service firm, Entrep. Theory Pract. 17 (1993), pp. 29–41.
   Google Scholar
• C. Fisch and P.P. Momtaz, Institutional investors and post-ICO performance: An empirical analysis of investor returns in initial coin offerings (ICOs), J. Corp. Finance 64 (2020), p. 101679.
   Web of Science ®Google Scholar
• W. Gibb Dyer Jr., Toward a theory of entrepreneurial careers, Entrep. Theory Pract. 19 (1995), pp. 7–21.
   Google Scholar
• S.T. Gross and C. Huber, Matched pair experiments: Cox and maximum likelihood estimation, Scand. J. Stat. 14 (1987), pp. 27–41.
   Web of Science ®Google Scholar
• I. Guler and M.F. Guillén, Institutions and the internationalization of US venture capital firms, J. Int. Bus. Stud. 41 (2010), pp. 185–205.
   Web of Science ®Google Scholar
• C. Haeussler, M. Hennicke, and E. Mueller, Founder–inventors and their investors: Spurring firm survival and growth, Strateg. Entrep. J. 13 (2019), pp. 288–325.
   Web of Science ®Google Scholar
• R. Henderson and P. Oman, Effect of frailty on marginal regression estimates in survival analysis, J. R. Stat. Soc: Ser B (Stat. Methodol.) 61 (1999), pp. 367–379.
   Web of Science ®Google Scholar
• W.J. Henisz, The institutional environment for economic growth, Econ. Politics 12 (2000), pp. 1–31.
   Google Scholar
• G. Hofstede, Cultures and Organizations: Software of The Mind, Vol. 1, Citeseer, 1991.
   Google Scholar
• P. Hougaard, Survival models for heterogeneous populations derived from stable distributions, Biometrika 73 (1986), pp. 387–396.
   Web of Science ®Google Scholar
• D.F. Jennings and D.M. Young, An empirical comparison between objective and subjective measures of the product innovation domain of corporate entrepreneurship, Entrep. Theory Pract. 15 (1990), pp. 53–66.
   Google Scholar
• L. Klapper, L. Laeven, and R. Rajan, Barriers to entrepreneurship, NBER Working Paper 10380, 2004.
   Google Scholar
• J.P. Klein, Semiparametric estimation of random effects using the Cox model based on the EM algorithm, Biometrics 48 (1992), pp. 795–806.
   PubMed Web of Science ®Google Scholar
• L. Kogan, D. Papanikolaou, A. Seru, and N. Stoffman, Technological innovation, resource allocation, and growth, Q. J. Econ. 132 (2017), pp. 665–712.
   Web of Science ®Google Scholar
• R. La Porta, F. Lopez-de Silanes, A. Shleifer, and R.W. Vishny, Law and finance, J. Polit. Econ. 106 (1998), pp. 1113–1155.
   Web of Science ®Google Scholar
• T. Lancaster, Econometric methods for the duration of unemployment, Econ. J. Econ. Soc. 47 (1979), pp. 939–956.
   Google Scholar
• Y. Li and S.A. Zahra, Formal institutions, culture, and venture capital activity: A cross-country analysis, J. Bus. Ventur. 27 (2012), pp. 95–111.
   Web of Science ®Google Scholar
• M.B. Lieberman and D.B. Montgomery, First-mover advantages, Strateg. Manag. J. 9 (1988), pp. 41–58.
   Web of Science ®Google Scholar
• D.S.K. Lim, E.A. Morse, R.K. Mitchell, and K.K. Seawright, Institutional environment and entrepreneurial cognitions: A comparative business systems perspective, Entrep. Theory Pract. 34 (2010), pp. 491–516.
   Web of Science ®Google Scholar
• C. Linder, C. Lechner, and F. Pelzel, Many roads lead to Rome: How human, social, and financial capital are related to new venture survival, Entrep. Theory Pract. 44 (2019), p. 1042258719867558.
   Web of Science ®Google Scholar
• R.G. McGrath, I.C. MacMillan, E.A. Yang, and W. Tsai, Does culture endure, or is it malleable? Issues for entrepreneurial economic development, J. Bus. Ventur. 7 (1992), pp. 441–458.
   Web of Science ®Google Scholar
• J.S. McMullen and D. Dimov, Time and the entrepreneurial journey: The problems and promise of studying entrepreneurship as a process, J. Manag. Stud. 50 (2013), pp. 1481–1512.
   Web of Science ®Google Scholar
• J.S. McMullen, D. Ray Bagby, and L.E. Palich, Economic freedom and the motivation to engage in entrepreneurial action, Entrep. Theory Pract. 32 (2008), pp. 875–895.
   Web of Science ®Google Scholar
• P.P. Momtaz, The pricing and performance of cryptocurrency, Eur. J. Finance 27 (2021), pp. 367–380.
   Web of Science ®Google Scholar
• P.P. Momtaz, Initial coin offerings, PLoS ONE 15 (2020), pp. 1–30.
   Web of Science ®Google Scholar
• P.P. Momtaz, Initial coin offerings, asymmetric information, and loyal CEOs, Small Bus. Econ. (2020), pp. 1–23. Forthcoming.
   Web of Science ®Google Scholar
• P.P. Momtaz, CEO emotions and firm valuation in initial coin offerings: An artificial emotional intelligence approach, Strateg. Manag. J. 42 (2021), pp. 558–578.
   Web of Science ®Google Scholar
• P.P. Momtaz, Entrepreneurial finance and moral hazard: Evidence from token offerings, J. Bus. Ventur. (2021), pp. 1–24. Forthcoming.
   Web of Science ®Google Scholar
• S.A. Murphy, Asymptotic theory for the frailty model, Ann. Stat. 23 (1995), pp. 182–198.
   Web of Science ®Google Scholar
• R. Nahata, S. Hazarika, and K. Tandon, Success in global venture capital investing: Do institutional and cultural differences matter? J. Financial Quant. Anal. 49 (2014), pp. 1039–1070.
   Web of Science ®Google Scholar
• G.G. Nielsen, R.D. Gill, P.K. Andersen, and T.I.A. Sørensen, A counting process approach to maximum likelihood estimation in frailty models, Scand. J. Stat. 19 (1992), pp. 25–43.
   Web of Science ®Google Scholar
• D.C. North, Institutions, J. Econ. Perspect. 5 (1991), pp. 97–112.
   Web of Science ®Google Scholar
• B.M. Oviatt and P.P. McDougall, Defining international entrepreneurship and modeling the speed of internationalization, Entrep. Theory Pract. 29 (2005), pp. 537–553.
   Web of Science ®Google Scholar
• M.W. Peng, Institutional transitions and strategic choices, Acad. Manag. Rev. 28 (2003), pp. 275–296.
   Web of Science ®Google Scholar
• S. Porcellana, The EU is not entrepreneur heaven – but it could be, 2018.
   Google Scholar
• J.M. Poterba, Capital gains tax policy toward entrepreneurship, Natl. Tax J. 42 (1989), pp. 375–389.
   Web of Science ®Google Scholar
• J.A. Schumpeter, The Theory of Economic Development. An Inquiry Into Profits, Capital, Credit, Interest, and The Business Cycle, 1934.
   Google Scholar
• A. Schwienbacher, The entrepreneur's investor choice: The impact on later-stage firm development, J. Bus. Ventur. 28 (2013), pp. 528–545.
   Web of Science ®Google Scholar
• S. Shane, Cultural influences on national rates of innovation, J. Bus. Ventur. 8 (1993), pp. 59–73.
   Web of Science ®Google Scholar
• S.A. Shane, Why do some societies invent more than others? J. Bus. Ventur. 7 (1992), pp. 29–46.
   Web of Science ®Google Scholar
• O. Sorenson, V. Assenova, G.C. Li, J. Boada, and L. Fleming, Expand innovation finance via crowdfunding, Science 354 (2016), pp. 1526–1528.
   PubMed Web of Science ®Google Scholar
• T. Therneau, Mixed effects Cox models, Tech. Rep., 2015.
   Google Scholar
• H.C. Triandis, Collectivism and individualism as cultural syndromes, Cross Cult. Res. 27 (1993), pp. 155–180.
   Google Scholar
• J.W. Vaupel, K.G. Manton, and E. Stallard, The impact of heterogeneity in individual frailty on the dynamics of mortality, Demography 16 (1979), pp. 439–454.
   PubMed Web of Science ®Google Scholar
• C.J. Wild, Failure time models with matched data, Biometrika 70 (1983), pp. 633–641.
   Web of Science ®Google Scholar
• J.M. Wooldridge, Introductory Econometrics: A Modern Approach, Nelson Education, 2016.
   Google Scholar
• M. Wright, S. Pruthi, and A. Lockett, International venture capital research: From cross-country comparisons to crossing borders, Int. J. Manag. Rev. 7 (2005), pp. 135–165.
   Web of Science ®Google Scholar
• B. Wu and A.M. Knott, Entrepreneurial risk and market entry, Manage. Sci. 52 (2006), pp. 1315–1330.
   Web of Science ®Google Scholar
• S.A. Zahra, New product innovation in established companies: Associations with industry and strategy variables, Entrep. Theory Pract. 18 (1994), pp. 47–69.
   Google Scholar
• C.J.W. Zorn, Modeling duration dependence, Polit. Anal. 8 (2000), pp. 367–380.
   Google Scholar