Research on the evolution of innovation behavior of new generation entrepreneurs in different scenarios
Abstract
Innovation of new generation entrepreneurs is crucial to the development of a country. Empirical research method can analyze the history and current situation, but it is difficult to reflect the dynamic process and evolution trend under different scenarios. In this paper, we adopt computational experiment method to model the decision-making process of new generation entrepreneurs. Multi-agent evolution model is constructed to simulate individual behavior of different types of new generation entrepreneurs under different scenarios. By the comparison of different results, it analyses the evolutionary rules of innovation behaviors and explores guidance policies to promote entrepreneurs’ innovation behavior and achieve better innovation performance. The experimental results show that although internal elements such as individual’s innovative spirit, innovative ability and cognition of social capital determine the innovation intention, the capital, technology and talent conditions are also very important for innovation implementation. New generation entrepreneurs with different risk preferences should objectively evaluate and treat innovation risks according to their own characteristics. This helps to reduce the negative impact of innovation risk on continuous innovation. Meanwhile, government should pay attention to establishing risk guarantee mechanism such as innovation insurance fund to promote the innovation of new generation entrepreneurs.
First published online 17 April 2020
Keyword : new generation entrepreneur, innovation behavior, computational experiment, evolution, scenario
How to Cite
Zhao, A., Sun, Z., Guan, H., & Jia, J. (2020). Research on the evolution of innovation behavior of new generation entrepreneurs in different scenarios. Technological and Economic Development of Economy, 26(5), 1098-1124. https://doi.org/10.3846/tede.2020.12373
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Hiatt, S. R., & Sine, W. D. (2014). Clear and present danger: Planning and new venture survival amid political and civil violence. Strategic Management Journal, 35(5), 773–785. https://doi.org/10.1002/smj.2113
Holmes, R. M., Bromiley, P., & Devers, C. E. (2011). Management theory applications of prospect theory: Accomplishments, challenges, and opportunities. Journal of Management, 37(4), 1069–1107. https://doi.org/10.1177/0149206310394863
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Jiao, H., Yang, D., Gao, M., Xie, P., & Wu, Y. (2016). Entrepreneurial ability and technological innovation: Evidence from publicly listed companies in an emerging economy. Technological Forecasting and Social Change, 112, 164–170. https://doi.org/10.1016/j.techfore.2016.08.003
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Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decisions under risk. Econometrica, 47(2), 263–291. https://doi.org/10.2307/1914185
Kanter, R. M. (1988). Three tiers for innovation research. Communication Research, 15(5), 509–523. https://doi.org/10.1177/009365088015005001
Khandwalla, P. N. (1977). The design of organizations. McGill University Press.
Lanahan, L., & Feldman, M. P. (2015). Multilevel innovation policy mix: A closer look at state policies that augment the federal SBIR program. Research Policy, 44(7), 1387–1402. https://doi.org/10.1016/j.respol.2015.04.002
Langer, T., & Weber, M. (2001). Prospect theory, mental accounting, and differences in aggregated and segregated evaluation of lottery portfolios. Management Science, 47(5), 716–733. https://doi.org/10.1287/mnsc.47.5.716.10483
Lant, T. K. (1992). Aspiration level adaptation: An empirical exploration. Management Science, 38(5), 623–644. https://doi.org/10.1287/mnsc.38.5.623
Liu, J., Zhu, Y., Serapio, M., & Cavusgil, S. T. (2019). The new generation of millennial entrepreneurs: A review and call for research. International Business Review, 28(5), 101581. https://doi.org/10.1016/j.ibusrev.2019.05.001
Luria, G., & Berson, Y. (2013). How do leadership motives affect informal and formal leadership emergence? Journal of Organizational Behavior, 34(7), 995–1015. https://doi.org/10.1002/job.1836
Martínez, K. R. G., Ángel, H. C., & Fernándezlaviada, A. (2017). Influence of perceived risk on entrepreneurial desirability and feasibility: Multidimensional approach for nascent entrepreneurs. Journal of Risk Research, 20, 1–19.
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Pervin, L. (1994). A critcal analysis of current trait theory. Psychological Inquiry, 5(2), 103–113. https://doi.org/10.1207/s15327965pli0502_1
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Schumpeter, J. A., & Nichol, A. J. (1934). Robinson’s economics of imperfect competition. Journal of Political Economy, 42(2), 249–259. https://doi.org/10.1086/254595
Shane, S., & Venkataraman, S. (2000). The promise of entrepreneurship as a field of research. Academy of Management Review, 25(1), 217–226. https://doi.org/10.5465/amr.2000.2791611
Stam, W., Arzlanian, S., & Elfring, T. (2014). Social capital of entrepreneurs and small firm performance: A meta-analysis of temporal and contextual contingencies. Journal of Business Venturing, 29(1), 152–173. https://doi.org/10.1016/j.jbusvent.2013.01.002
Strauss, W., & Howe, N. (1991). Generations: The history of America’s future. Quill.
Vissa, B. (2011). A matching theory of entrepreneurs’ tie formation intentions and initiation of economic exchange. Academy of Management Journal, 54(1), 137–158. https://doi.org/10.5465/amj.2011.59215084
Wei, C. L., & Ho, C. T. (2019). Exploring signaling roles of service providers’ reputation and competence in influencing perceptions of service quality and outsourcing intentions. Journal of Organizational and End User Computing, 31(1), 86–109. https://doi.org/10.4018/JOEUC.2019010105
Zadeh, L. A. (1965). Fuzzy sets. Information and Control, 8(3), 338–356. https://doi.org/10.1016/S0019-9958(65)90241-X
Zadeh, L. A. (1968). Probability measures of fuzzy events. Journal of Mathematical Analysis and Applications, 23(2), 421–427. https://doi.org/10.1016/0022-247X(68)90078-4
Amit, R., & Schoemaker, P. J. H. (1993). Strategic assets and organizational rent. Strategic Management Journal, 14(1), 33–46. https://doi.org/10.1002/smj.4250140105
Anderson, M. H. (2002). How personality drives network benefits: Need for cognition, social networks, and information amount. Academy of Management Proceedings, MOC: C1. https://doi.org/10.5465/apbpp.2002.7517524
Arthur, M. B. (1994). The boundaryless career: A new perspective for organizational inquiry. Journal of Organizational Behavior, 15(4), 295–306. https://doi.org/10.1002/job.4030150402
Audia, P. G., & Greve, H. R. (2006). Less likely to fail: Low performance, firm size, and factory expansion in the shipbuilding industry. Management Science, 52(1), 83–94. https://doi.org/10.1287/mnsc.1050.0446
Batjargal, B. (2007). Comparative social capital: Networks of entrepreneurs and venture capitalists in China and Russia. Management and Organization Review, 3(3), 397–419. https://doi.org/10.1111/j.1740-8784.2007.00080.x
Baum, J. A. C., & Dahlin, K. B. (2007). Aspiration performance and railroads’ patterns of learning from train wrecks and crashes. Organization Science, 18(3), 368–385. https://doi.org/10.1287/orsc.1060.0239
Baumol, W. (1990). Entrepreneurship: Productive, unproductive, and destructive. Journal of Political Economy, 98(5), 893–921. https://doi.org/10.1086/261712
Bleichrodt, H., Schmidt, U., & Zank, H. (2009). Additive utility in prospect theory. Management Science, 55(5), 863–873. https://doi.org/10.1287/mnsc.1080.0978
Chan, K. Y., Ho, M. H. R., Chernyshenko, O., Bedford, O. A., Uy, M. A., & Gomulya, D. A. (2012). Entrepreneurship, professionalism, leadership: A framework and measure for understanding boundaryless careers. Journal of Vocational Behavior, 81(1), 73–88. https://doi.org/10.1016/j.jvb.2012.05.001
Chan, K. Y., Uy, M. A., Chernyshenko, O., Ho, M. H. R., & Sam, Y. L. (2015). Personality and entrepreneurial, professional and leadership motivations. Personality and Individual Differences, 77, 161–166. https://doi.org/10.1016/j.paid.2014.12.063
Covin, J. G., & Slevin, D. P. (1989). Strategic management of small firms in hostile and benign environments. Strategic Management Journal, 10(1), 75–87. https://doi.org/10.1002/smj.4250100107
Cyert, R. M., & March, J. G. (1963). A behavioral theory of the firm. Engle Wood Cliffs.
Dai, W., & Si, S. (2018). Government policies and firms’ entrepreneurial orientation: Strategic choice and institutional perspectives. Journal of Business Research, 93, 23–36. https://doi.org/10.1016/j.jbusres.2018.08.026
Dyer, J. H., Gregersen, H. B., & Christensen, C. (2008). Entrepreneur behaviors, opportunity recognition, and the origins of innovative ventures. Strategic Entrepreneurship Journal, 2(4), 317–338. https://doi.org/10.1002/sej.59
Feldman, M. P., Lanahan, L., & Lendel, L. I. (2013). Experiments in the laboratories of democracy: State scientific capacity building. Economic Development Quarterly, 28(2), 107–131. https://doi.org/10.1177/0891242413490018
Filippetti, A. (2011). Innovation modes and design as a source of innovation: A firm-level analysis. European Journal of Innovation Management, 14(1), 5–26. https://doi.org/10.1108/14601061111104670
Fishbein, M., & Ajzen, I. (1975). Belief, attitude, intention, and behavior: An introduction to theory and research. Addison-Wesley.
Graham, D. B., & David, L. (2015). Security analysis principles and techniques: The Classic 1951 Edition. McGraw-Hill.
Guan, H., Zhao, A., & Du, J. (2017). Enterprise green technology innovation behaviour. Economic Science Press.
Guan, H., Zhang, Z., Zhao, A., Jia, J., & Guan, S. (2019). Research on innovation behavior and performance of new generation entrepreneur based on grounded theory. Sustainability, 11(10), 2883. https://doi.org/10.3390/su11102883
Hernandez-Carrion, C., Camarero-Izquierdo, C., & Gutierrez-Cillan, J. (2019). The internal mechanisms of entrepreneur’s social capital: A multi-network analysis. BRQ Business Research Quarterly (in press). https://doi.org/10.1016/j.brq.2018.12.001
Hernandez-Carrion, C., & Camarero-Izquierdo, C. (2017). Entrepreneurs’ social capital and the economic performance of small businesses: The moderating role of competitive intensity and entrepreneurs’ experience. Strategic Entrepreneurship Journal, 11(1), 61–89. https://doi.org/10.1002/sej.1228
Hiatt, S. R., & Sine, W. D. (2014). Clear and present danger: Planning and new venture survival amid political and civil violence. Strategic Management Journal, 35(5), 773–785. https://doi.org/10.1002/smj.2113
Holmes, R. M., Bromiley, P., & Devers, C. E. (2011). Management theory applications of prospect theory: Accomplishments, challenges, and opportunities. Journal of Management, 37(4), 1069–1107. https://doi.org/10.1177/0149206310394863
Ivanaj, S., Nganmini, G. B., & Antoine, A. (2019). Measuring e-learners’ perceptions of service quality. Journal of Organizational and End User Computing, 31(2), 83–104. https://doi.org/10.4018/JOEUC.2019040105
Jiao, H., Yang, D., Gao, M., Xie, P., & Wu, Y. (2016). Entrepreneurial ability and technological innovation: Evidence from publicly listed companies in an emerging economy. Technological Forecasting and Social Change, 112, 164–170. https://doi.org/10.1016/j.techfore.2016.08.003
Juliao-Rossi, J., Forero-Pineda, C., Losada-Otalora, M., & Peña-García, N. (2019). Trajectories of innovation: A new approach to studying innovation performance. Journal of Business Research (in press). https://doi.org/10.1016/j.jbusres.2019.11.026
Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decisions under risk. Econometrica, 47(2), 263–291. https://doi.org/10.2307/1914185
Kanter, R. M. (1988). Three tiers for innovation research. Communication Research, 15(5), 509–523. https://doi.org/10.1177/009365088015005001
Khandwalla, P. N. (1977). The design of organizations. McGill University Press.
Lanahan, L., & Feldman, M. P. (2015). Multilevel innovation policy mix: A closer look at state policies that augment the federal SBIR program. Research Policy, 44(7), 1387–1402. https://doi.org/10.1016/j.respol.2015.04.002
Langer, T., & Weber, M. (2001). Prospect theory, mental accounting, and differences in aggregated and segregated evaluation of lottery portfolios. Management Science, 47(5), 716–733. https://doi.org/10.1287/mnsc.47.5.716.10483
Lant, T. K. (1992). Aspiration level adaptation: An empirical exploration. Management Science, 38(5), 623–644. https://doi.org/10.1287/mnsc.38.5.623
Liu, J., Zhu, Y., Serapio, M., & Cavusgil, S. T. (2019). The new generation of millennial entrepreneurs: A review and call for research. International Business Review, 28(5), 101581. https://doi.org/10.1016/j.ibusrev.2019.05.001
Luria, G., & Berson, Y. (2013). How do leadership motives affect informal and formal leadership emergence? Journal of Organizational Behavior, 34(7), 995–1015. https://doi.org/10.1002/job.1836
Martínez, K. R. G., Ángel, H. C., & Fernándezlaviada, A. (2017). Influence of perceived risk on entrepreneurial desirability and feasibility: Multidimensional approach for nascent entrepreneurs. Journal of Risk Research, 20, 1–19.
McKinley, W., Latham, S., & Braun, M. (2014). Organizational decline and innovation: Turnarounds and downward spirals. Academy of Management Review, 39(1), 88–110. https://doi.org/10.5465/amr.2011.0356
Pervin, L. (1994). A critcal analysis of current trait theory. Psychological Inquiry, 5(2), 103–113. https://doi.org/10.1207/s15327965pli0502_1
Rahim, N. A., Mohamed, Z. B., & Amrin, A. (2015). Commercialization of emerging technology: The role of academic entrepreneur. Procedia – Social and Behavioral Sciences, 169, 53–60. https://doi.org/10.1016/j.sbspro.2015.01.285
Schumpeter, J. A., & Nichol, A. J. (1934). Robinson’s economics of imperfect competition. Journal of Political Economy, 42(2), 249–259. https://doi.org/10.1086/254595
Shane, S., & Venkataraman, S. (2000). The promise of entrepreneurship as a field of research. Academy of Management Review, 25(1), 217–226. https://doi.org/10.5465/amr.2000.2791611
Stam, W., Arzlanian, S., & Elfring, T. (2014). Social capital of entrepreneurs and small firm performance: A meta-analysis of temporal and contextual contingencies. Journal of Business Venturing, 29(1), 152–173. https://doi.org/10.1016/j.jbusvent.2013.01.002
Strauss, W., & Howe, N. (1991). Generations: The history of America’s future. Quill.
Vissa, B. (2011). A matching theory of entrepreneurs’ tie formation intentions and initiation of economic exchange. Academy of Management Journal, 54(1), 137–158. https://doi.org/10.5465/amj.2011.59215084
Wei, C. L., & Ho, C. T. (2019). Exploring signaling roles of service providers’ reputation and competence in influencing perceptions of service quality and outsourcing intentions. Journal of Organizational and End User Computing, 31(1), 86–109. https://doi.org/10.4018/JOEUC.2019010105
Zadeh, L. A. (1965). Fuzzy sets. Information and Control, 8(3), 338–356. https://doi.org/10.1016/S0019-9958(65)90241-X
Zadeh, L. A. (1968). Probability measures of fuzzy events. Journal of Mathematical Analysis and Applications, 23(2), 421–427. https://doi.org/10.1016/0022-247X(68)90078-4