Performance persistence in entrepreneurship

• 成果类型: Article
• 署名作者: Gompers, Paul; Kovner, Anna; Lerner, Josh; Scharfstein, David
• 署名单位: Harvard University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - New York
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2009.11.001
• 发表日期: 2010
• 页码: 18-32
• 关键词: private equity; New ventures; venture capital

摘要

This paper presents evidence of performance persistence in entrepreneurship. We show that entrepreneurs with a track record of success are much more likely to succeed than first-time entrepreneurs and those who have previously failed. In particular, they exhibit persistence in selecting the right industry and time to start new ventures. Entrepreneurs with demonstrated market timing skill are also more likely to outperform industry peers in their subsequent ventures. This is consistent with the view that if suppliers and customers perceive the entrepreneur to have market timing skill, and is therefore more likely to succeed, they will be more willing to commit resources to the firm. In this way, success breeds success and strengthens performance persistence. (C) 2010 Published by Elsevier B.V.