Refugees at the door: Initial funding partners and new venture performance in a changing emerging market

• 成果类型: Article; Early Access
• 署名作者: Coles, Ryan; Hiatt, Shon R.; Raines, Grady W.; Sine, Wesley D.
• 署名单位: University of Connecticut; University of Southern California; Cornell University
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.3741
• 发表日期: 2025
• 关键词: emerging markets; entrepreneurship; INSTITUTIONAL THEORY

摘要

Research SummaryEntrepreneurs must navigate complex environmental shifts that significantly impact firm survival. In this paper, we investigate how different firm-level logics influence new venture survival in Jordan during changing social and economic conditions, such as a refugee influx. Our study reveals that these shifting environmental dynamics can differentially alter the performance outcomes of firms based on their internal logics that drive venture strategy. This dynamic relationship underscores how varying firm-level logics can alter the impact of environmental changes on new venture performance. These findings provide guidance to entrepreneurs to be aware of their venture's underlying values and principles and consider how they may impact business decisions and outcomes in the face of changing circumstances.Managerial SummaryThis study examines the impact of the Syrian refugee crisis on new venture performance in Jordan, specifically investigating whether ventures' survival was affected by the source of their initial funding. The results show that ventures that received their initial funding from family were less likely to survive than those that received their initial funding from banks when significant numbers of refugees entered Jordan. Our paper suggests that this difference may be due to how the guiding principles of firms shaped decisions around resource allocation and strategic adaptation. For entrepreneurs and investors, this suggests that the source of a venture's initial funding can be a hidden strength or vulnerability, depending on the social and economic disruptions it faces.