Bankruptcy law and entrepreneurship development: A real options perspective

• 成果类型: Review
• 署名作者: Lee, Seung-Hyun; Peng, Mike W.; Barney, Jay B.
• 署名单位: University of Texas System; University of Texas Dallas; University System of Ohio; Ohio State University
• 刊物名称: ACADEMY OF MANAGEMENT REVIEW
• ISSN/ISSBN: 0363-7425
• DOI: 10.2307/20159291
• 发表日期: 2007
• 页码: 257-272
• 关键词: Chapter 11; FIRMS; Managers; REORGANIZATIONS; investments; COMPETITION; governance; EFFICIENCY; RESOURCES; strategy

摘要

We develop a real options perspective to explore how an entrepreneur-friendly bankruptcy law can encourage entrepreneurship development at the societal level. If bankrupt entrepreneurs are excessively punished for failure, they may let inherently high-risk but potentially high-return opportunities pass. We suggest that a more entrepreneur-friendly bankruptcy law, informed by a real options logic, can encourage more active and vibrant entrepreneurship development. We also discuss the implications of the role of venture capital and stigma in the effectiveness of an entrepreneur-friendly bankruptcy law.