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Article
A Review and
Synthesis of
Entrepreneurship
Research: Towards
an Integrative Model
of Dependent Variables
Xuequn Wang
Leonard M. Jessup
Abstract
To assess the progress of the burgeoning entrepreneurship research
literature and whether the entrepreneurship research converges or
diverges since Shane and Venkataraman (2000, 2001), we conducted a
systematic review of dependent variables in the entrepreneurship literature across the US and Europe. We find that the entrepreneurship
literature becomes relatively stable since 2005 and that the US and the
European literature converge on seven core categories of dependent
variables. We then develop an integrative model of dependent variables
to summarise previous research. We conclude our study with mentioning the implications for the existing literature and future studies in the
field of entrepreneurship.
Keywords
entrepreneurship, dependent variable, literature review
164
166
Method
To assess the progress of the entrepreneurship literature, we conducted
a systematic review, the purpose of which is to identify, appraise and
synthesise the existing research literature with a replicable, scientific and
transparent process (Petticrew & Roberts, 2006; Tranfield, Denyer &
Smart, 2003). In this section, we explain our sample, the protocols for
article admittance and exclusion, following Tranfield et al. (2003).
168
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Description/Definition
Pre-launch attitude
Entrepreneurs
Coding Categories
New category
New category
Source
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New category
New category
New category
New category
New category
New category
New category
New category
Environmental
characteristics
Environment
Practices
Support
Other Agencies
Pre-investment
strategies and practices
Pre-investment
resources
Decisions and
Investment
Post-investment
practices
Post-investment
outcomes
Investors
characteristics
Investors
172
Results
The number of studies included is shown in Table 2. Our study is not to
examine the methods used in previous studies. Therefore, we did not
further break the number based on the methods.
Research Question 1: What are different categories of dependent variables in the entrepreneurship research?
Our review identified a total of 1,585 dependent variables for four
different stakeholders. The four different stakeholders are entrepreneurs
(also including employees), investors (including venture capitalists,
business angels and bankers), other agencies that provide various supports to entrepreneurs, and environment. Based on the different stakeholders, our interpretation of the literature yielded 17 specific categories
to group the literature. Table 3 summarises the results, and Table 4
presents examples of previous studies in each category.
Our analysis revealed that different stakeholders received different
levels of attention. For example, 90.91 per cent of the dependent
variables examine entrepreneurs, while only 1.01 per cent of the dependent variables focus on other agencies. For specific categories, the
percentages range from 35.90 (start-up outcomes) to 0.06 (investors
characteristics).
We admit that our categorisation method is not without limitations,
and there may be other possible ways to classify dependent variables.
However, the method for classifying the dependent variables should
be consistent with the research objectives. For example, we could have
followed Carpenter, Geletkanycz and Sanders (2004) and classified the
Table 2. Entrepreneurship Studies Includeda
ETP
Empirical
Studies
Quantitative
Qualitative
Conceptual
Total
Per cent (%)
JBV
US
440
ISBJ
110
SBE
444
182
258
554
994
95.39
179
3
30
212
20.35
94.53
1.06
4.61
100
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Entrepreneurs
Pre-launch attitude
Pre-launch intention
Entrepreneurial entry
Venture resources
Financial resources
Other resources
Strategies and practices
Entrepreneurs
Employees
Ventures
Startup outcomes
Entrepreneurs
Employees
Ventures
Industry and region
outcomes
Individual characteristics
Investors
Pre-investment strategies
and Practices
Pre-investment resources
9
47
4
4
9
17
3
JBV
319
24
12
16
23
18
5
63
13
1
49
160
25
0
135
12
261
17
15
12
20
11
9
88
17
2
69
89
12
4
73
11
ETP
18
64
7
580
41
27
28
43
29
14
151
30
3
118
249
37
4
208
23
US
202
5
3
7
22
12
10
88
8
80
67
2
65
2
SBE
11
41
9
659
15
6
87
108
93
15
138
11
4
123
253
18
6
229
41
EU
19
41
9
861
20
9
94
130
105
25
226
19
4
203
320
20
6
294
43
0.32
2.33
6.62
1.01
90.91
3.85
2.27
7.70
10.91
8.45
2.46
23.79
3.09
0.44
20.25
35.90
3.60
0.63
31.67
4.16
(Table 3 continued)
37
105
16
1441
61
36
122
173
134
39
377
49
7
321
569
57
10
502
66
Total
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ETP
29
10
8
2
368
23.22
JBV
39
14
10
4
649
40.95
US
6
3
3
7
7
215
13.56
ISBJ
Investment outcomes
4
Financial outcomes
2
Other outcomes
2
Investors characteristics
Other Agencies
3
Practices
Supports
3
Environment
Environmental characteristics
Total
281
Per cent (%)
17.73
(Table 3 continued)
20
4
6
6
1
5
1
4
16
16
721
45.49
SBE
20
4
6
6
1
11
4
7
23
23
936
59.05
EU
59
4
20
16
4
1
16
4
12
23
23
1585
Total
3.72
0.25
1.26
1.01
0.25
0.06
1.01
0.25
0.76
1.45
1.45
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Individual characteristics
Startup outcomes
Venture resources
Strategies and practices
Entrepreneurial entry
Pre-launch intention
Pre-launch attitude
Entrepreneurs
Dependent Variable
Opportunity identification (Ucbasaran, D., Westhead, P., & Wright, M., 2009) and attitudes
towards family and business issues (Birley, 2002)
Entrepreneurial intention (Gupta,V., Turban, D., Wasti, S., & Sikdar, A., 2009); employees
willingness to act entrepreneurially (Brundin, E., Patzelt, H., & Shepherd, D., 2008) and
intentions to join the family business (Birley, 2002)
Entry into self-employment (Kolvereid & Isaksen, 2006); choice of future employment
(Athayde, 2009)
Network Resources (Tang, 2011)
Time allocated to the venture (Lvesque & Schade, 2005); network activities (Greve & Salaff,
2003); value-creating attitudes and behaviours (Barnett and Kellermanns, 2006); employees
creativity (Wu, C., McMullen, J., Neubert, M., & Yi, X., 2008); innovation (Marvel & Lumpkin,
2007); internationalisation (Cloninger & Oviatt, 2007) and risk management (Yoshikawa, T.,
Phan, P., & Linton, J., 2004)
Entrepreneurs overall satisfaction (Schjoedt, 2009); perceptions of the environment (Tan,
2002) and opportunism (Dickson, P., Weaver, K., & Hoy, F., 2006)
Economic performance (Audretsch, D., Bnte, W., & Keilbach, M., 2008); domestic innovative
activity (Anokhin & Schulze, 2009); growth in employment (Kirchhoff, B., Newbert, S., Hasan, I.,
& Armington, C., 2007); annual university share of patents (Shane, 2004) and new organisations
creation (Rao, 2004)
Cognition (Mitchell, R., Smith, J., Morse, E., Seawright, K., Peredo, A., & McKenzie, B., 2002)
and self-efficacy (Ozgen & Baron, 2007)
(Table 4 continued)
Sample Work
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Environmental
characteristics
Environment
Supports
Practices
Other Agencies
Investors characteristics
Post-investment practices
Investment outcomes
Pre-investment strategies
and practices
Pre-investment resources
Investors
Dependent Variable
(Table 4 continued)
External consultants project evaluation (Soriano, D., Roig, S., Sanchis, J., & Torcal, R., 2002)
and business advisors service characteristics (Bennett & Robson, 2005)
University support (Allen, S., Link, A., & Rosenbaum, D., 2007; Powers & McDougall, 2005)
and policy programs (Patzelt & Shepherd, 2009)
Venture capitalists strategies (Patzelt, H., zu Knyphausen-Aufse, D., & Fischer, H., 2009)
and learning (De Clercq & Sapienza, 2005)
New funds for investment (Leleux & Surlemont, 2003) and investment size for angel
investors (Wiltbank, R., Read, S., Dew, N., & Sarasvathy, S.D., 2009)
Assessment of team quality (Franke, N., Gruber, M., Harhoff, D., & Henkel, J., 2006); venture
profitability estimates (Shepherd and Zacharakis, 2002) and cross-border venture capital
investment (Alhorr, H., Moore, C., & Payne, G., 2008)
The involvement of additional venture capitalists in subsequent financing (Hopp, 2010)
Internal rates of return (Wiltbank et al., 2009); home runs and strikeouts (Dimov &
Shepherd, 2005); investors behaviour tendency after investment process (Parhankangas &
Landstrm, 2006)
Lead underwriters reputation (Williams, D., Duncan, W., & Ginter, P., 2010)
Sample Work
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Pre-launch attitude
Pre-launch intention
Entrepreneurial entry
Venture resources
Financial resources
Other resources
Strategies and practices
Entrepreneurs
Employees
Ventures
Startup outcomes
Entrepreneurs
Employees
Ventures
Industry and region outcomes
Individual characteristics
Pre-investment strategies and Practices
Pre-investment resources
Decisions and investment
Post-investment practices
Investment outcomes
Investors characteristics
Other Agencies practices
Other Agencies supports
Environmental characteristics
2
3
5
1
1
0
12
2
0
10
30
2
0
28
58
6
1
0
2
0
1
0
1
1
1
2002
1
1
3
1
0
1
29
1
0
28
38
4
0
34
72
0
0
2
1
0
0
0
0
0
1
2003
1
1
7
8
6
0
25
0
1
24
49
2
1
46
95
0
0
0
0
0
0
0
0
0
0
2004
3
4
8
14
11
2
32
3
0
29
41
6
0
35
76
3
1
0
2
0
4
0
2
6
3
2005
6
3
16
15
13
1
29
3
1
25
57
7
0
50
107
3
2
0
9
1
6
0
0
0
0
2006
6
4
7
29
18
6
26
1
0
25
37
1
3
33
70
4
0
1
7
0
2
0
1
3
0
2007
9
1
14
9
7
3
40
8
1
31
53
4
0
49
102
1
2
1
6
0
0
0
0
0
6
2008
7
8
11
17
11
3
40
8
1
31
75
14
1
60
135
2
1
1
2
0
2
0
0
1
3
2009
9
1
13
30
30
3
37
4
0
33
58
6
0
52
110
3
7
0
14
1
3
1
0
0
0
2010
5
5
18
20
12
7
54
4
2
48
63
6
1
56
119
8
1
0
6
1
0
0
0
0
3
2011
12
5
20
29
8
13
53
15
1
37
68
5
4
59
127
7
1
0
10
1
2
1
0
1
6
2012
decisions and investment, investment outcomes and environmental characteristics for more than half of the period between 2002 and 2012. These
results may indicate that these five categories can be important for the
field, but researchers paid mixed attention to these categories. Categories
from the third group receive relatively little attention. Less than half of
the period has any study focusing on pre-investment resources, postinvestment practices, investors characteristics, other agencies practices
and supports. These results suggest that some researchers believe that
these categories are important, but the field as a whole has not yet
embraced these categories.
To summarise, our results show that the field first became more
convergent and focused immediately after 2002, and then became
divergent and relatively stable since 2005. Further, the categories of
dependent variables can be divided into three groups the core component, the emerging component and the peripheral component of the field
(see Figure 2). Overall, the entrepreneurship literature seems to converge
on the essential phenomena of entrepreneurs.
Our results also show that the publications of Shane and Venkataraman
(2000, 2001) have a significant impact on the field in two aspects. First,
seven categories of the core component can be fit into the framework
proposed by Shane and Venkataraman (2000, 2001): categories can
be grouped into opportunity discovery (pre-launch attitude, intention and
entrepreneurial entry), opportunity exploitation (venture resources and
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180
182
example, no studies in the US literature examine the environment surrounding ventures. Second, the European literature examines additional
categories of dependent variables such as post-investment practices,
investors characteristics, other agencies practices and environmental
characteristics, while no dependent variables from the US literature deal
with these categories. Third, when dealing with investment outcomes,
the European literature focuses only on financial outcomes and ignores
other aspects of investment outcomes. On the other hand, the US literature examines not only financial outcomes but also other aspects of
investment outcomes.
Research Question 4: Can an integrative framework be developed to
capture the essence of entrepreneurship research to date?
Previous literature has proposed several conceptual models or frameworks, and we provide a few examples in Table 6. Overall, each work
has some missing parts and cannot fully capture our results. Therefore,
we propose a new model integrating different categories of dependent
variables, which is thought to be an important part of the reporting
process (Tranfield et al., 2003, p. 219; see Figure 3). Note that our presentation of previous literature is not intended to be a critique, but to
highlight the limitations of previous literature and how our model can
address these limitations. Because most relationships in the model have
been examined in the literature, we provide only a brief description of
our integrative model. We choose those relationships that seem to be
the most supportable based on the literature. We fully admit that other
relationships may exist in the current literature or will emerge in future
studies, and we encourage other discussions or perspectives to complement our model.
Entrepreneurs
Pre-launch Decisions
Shane (2003, p. 10) argues that an entrepreneurial process begins with
the perception of the existence of opportunities, or situations in which
resources can be recombined at a potential profit. After entrepreneurs
identify entrepreneurial opportunities and form their attitudes towards
these opportunities, they decide whether to exploit the opportunities
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(Table 6 continued)
Ignores employees,
investors and other
agencies also does
not include any
outcome
Shane (2003)
Limitations
Ignores employees,
investors, other
agencies and
environment;
Does not consider
industry and region
outcomes
Authors
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Ignores employees,
investors and other
agencies; Does
not pre-launch
attitude, intention,
entrepreneurial
entry and venture
resources
Ignores investors,
other agencies and
environment
Four main sets of research questions about entrepreneurship: (i) why, when and how
opportunities for the creation of goods and services come into existence; (ii) why, when,
and how some people and not others discover and exploit these opportunities; (iii) why,
when and how different modes of action are used to exploit entrepreneurial opportunities
(Shane & Venkataraman, 2000, p. 218) and (iv) why, when and how different outcomes (e.g.,
entrepreneurs, ventures, industries and societies) resulting from opportunities exploitation
(Shane & Venkataraman, 2001)
Shane and
Venkataraman (2000,
2001)
Wortman (1986)
Limitations
Authors
(Table 6 continued)
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186
Launch Activities
In order to exploit certain entrepreneurial opportunities, entrepreneurs
first need various resources. Shane (2003) summarises that financial
resources are important for ventures because abundant financial resources
overcome the liquidity constraints. In addition, ventures need other kinds
of resources, such as human resource value, to progress (Andrews &
Welbourne, 2000). Therefore, when entrepreneurs acquire sufficient
resources, they are more likely to adopt appropriate strategies to exploit
opportunities.
Post-launch Outcomes
We should not only examine the outcomes for entrepreneurs or ventures
but also consider industry and society (Cohen, Smith & Mitchell, 2008;
Shane & Venkataraman, 2001). When ventures survive, increase the
number of employees they hire, and generate profits, industry and society as a whole may enjoy such benefits as a lower level of unemployment. Therefore, the success of ventures can have many positive impacts
on industry and society.
Other Agencies
Other agencies can provide various supports in different stages of the
entrepreneurial process. For example, the Small Business Development
Centre (SBDC) programme in the US is to assist the start-up and growth
of entrepreneurial ventures (Chrisman, Gatewood & Donlevy, 2002).
The SBDCs services include assisting entrepreneurs with such things as
financial aspects, marketing, production, organisation and other related
problems. Support from agencies such as the SBDC can help entrepreneurs acquire useful skills to better evaluate entrepreneurial opportunities, choose more suitable strategies and enjoy enhanced performance.
Investors
Investors Investment Decisions
Investors invest in ventures so that they can get returns in the future. The
strategies that investors follow, therefore, influence the way in which
they make investments. For example, if certain investors tend not to
emphasise early-stage investment, and a venture in its early stages tries
to get financed via these investors, then these investors will probably
decide not to invest in that venture. Furthermore, to make investments,
investors first need financial resources. Sufficient resources can provide
investors the ability to make investments in the ways desired. Otherwise,
with limited financial resources, investors might not be able to invest
in the way that they would like, which in turn influences their decisions
to invest.
Ventures strategies and practices can also influence investors decision to invest. Before making decisions to invest, investors may first
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188
Environment
Different characteristics of environment may also influence the entrepreneurial process. For example, with lower barriers of internationalisation,
entrepreneurs are more likely to conduct international-oriented strategies
and try to expand their ventures internationally. These strategies and
practices may in turn influence ventures subsequent sales and revenue
performance.
Overall, our model has several attributes unique to previous literature.
First, our model highlights start-up outcomes, the final stage of the entrepreneurial process. Thus, our integrative model shows the final stage of
the entrepreneurial process as well as highlights the importance of other
parts of the model (e.g., strategies and practices) in achieving outcomes.
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Discussions
Implications for the Field of Entrepreneurship
Our study has important implications for the field of entrepreneurship.
Our study identified seven core categories of dependent variables and
researchers agree that these seven categories are important for the field of
entrepreneurship. The number of categories remains relatively stable
since 2005. These results are consistent with the argument of Vander Werf
and Brush (1989) in that an emerging field may first converge and then
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190
diverge again. Specially, the field first became convergent between 2002
and 2004, and then became divergent and relatively stable since 2005.
Davidsson et al. (2001) argue that the challenge for the progress of the
field is to examine a set of phenomena which is neither too broad nor too
narrow. Our results may help solve this issue and guide the future progress of the field. First, we identify seven core categories of the field, and
researchers can focus on these categories so that the entrepreneurship
literature can be distinctive from other related fields. Second, we also
identify emerging as well as peripheral categories of the field, and these
categories can make sure that the field has a certain level of divergence
and does not become too narrow. Further, these categories can be good
candidates when the field decides to include additional important and
distinctive phenomena as core components.
192
Fifth, most dependent variables focusing on investors deal with venture capitalists, and few examine other types of investors, such as friends
and relatives, angel investors or bankers. While our results can be limited by the outlets reviewed, those results nevertheless indicate that the
entrepreneurship literature has paid less attention to other forms of
investors. Venkataraman (1997) has recognised that the investment strategies are quite different between venture capitalists and business angels,
for example. While venture capitalists are portfolio investors looking for
projects that can enhance potentially higher portfolio returns, business
angels are not portfolio investors and typically have a lower capacity to
undertake highly risky projects (Venkataraman, 1997). Therefore, the
process of decision making for business angels is quite different from
that for venture capitalists. Parallel to the studies focusing on venture
capitalists, future studies may also want to examine the whole investment process of business angels and/or angel groups. Further, it can also
be interesting to examine venture capitalists, business angels, as well as
other kinds of investors in other countries, to compare the differences
across countries.
Conclusions
In this article, we classify dependent variables and develop an integrative
model of the entrepreneurship literature following an interpretative
approach to review previous entrepreneurship research. The taxonomy
and model developed in this article can be useful in guiding future
research in entrepreneurship. Our study makes several important contributions. First, our model provides a comprehensive picture of the field as
a whole. Second, we take a rich but unwieldy body of work and attempt
to make it more understandable. Third, our results can help researchers
identify the areas where researchers have paid much attention so that
latter studies can build upon previous work, which encourages the creation of a cumulative tradition in the field. Finally, our work can also help
researchers identify the gaps where more effort is needed. While our
work has its limitations and is not intended to be the definitive literature
review on entrepreneurship, we hope that it at least offers a useful piece
to the entrepreneurship puzzle.
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