STAKEHOLDER-BASED BARRIERS TO NEW ENTREPRENEURIAL ENTRY: AN EMPIRICAL TEST
主题：STAKEHOLDER-BASED BARRIERS TO NEW ENTREPRENEURIAL ENTRY:
AN EMPIRICAL TEST
张周，特许金融分析师（CFA），现为加拿大里贾纳大学终身副教授。主要研究领域为融资成本、审计以及内部控制等资本市场中的会计和财务问题。已经在《Journal of Corporate Finance》、《Journal of Business Finance and Accounting》等JCR/SSCI国际顶级期刊发表论文8篇。受邀为《Journal of Corporate Finance》,《European Journal of Finance》,《Journal of Empirical Finance》,《Pacific-Basin Finance Journal》等期刊的匿名评审人。
While many studies have found that stakeholder management performance is positively associated with firm performance, none have examined its effect on barriers to new entry. We argue that incumbencies with stakeholder-based competitive advantage possess barriers to new entry thus limiting entrepreneurial entry and the threat of future competition. Using the Kinder, Lydenberg, and Domini (KLD) Index, Compustat, and Kauffman’s Entrepreneurship Survey covering ?2003-2013, we find that incumbent stakeholder management performance has a U-shaped relationship with new entry, where very low and very high stakeholder management performance are associated with higher rates of entrepreneurial entry. This implies that stakeholder management in moderation may be the key to preventing new entry. We also find that industries that concentrate on too few stakeholders have more entries, suggesting that there are both firm level and industry level mechanism at play.