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The Enlargement of the Managerial Ranks of Entrepreneurial Ventures: The Case of High-Tech Start-Ups

Author

Listed:
  • Massimo G. Colombo
  • Luca Grilli
  • Massimiliano Guerini
  • Evila Piva
  • Cristina Rossi Lamastra

Abstract

In this paper, we consider the first enlargement of the managerial ranks of entrepreneurial ventures since firm foundation. This can occur either by taking on board a new owner-manager or by appointing a salaried manager who reports to the entrepreneurial team. In order to analyze this phenomenon we propose a novel interpretative framework that acknowledges the presence of multi-level drivers. We provide a series of hypotheses and investigate them empirically through the estimates of survival data analysis and competing risks models on a sample of Italian New Technology-Based Firms observed over the 1994-2003 year period. The empirical analysis indicates that the addition of a new owner-manager and the appointment of a salaried manager are two faces of the same coin, having several common antecedents at different levels. However, it also reveals some specific drivers of the two events.

Suggested Citation

  • Massimo G. Colombo & Luca Grilli & Massimiliano Guerini & Evila Piva & Cristina Rossi Lamastra, 2011. "The Enlargement of the Managerial Ranks of Entrepreneurial Ventures: The Case of High-Tech Start-Ups," L'industria, Società editrice il Mulino, issue 3, pages 513-538.
    • Handle: RePEc:mul:j0hje1:doi:10.1430/35243:y:2011:i:3:p:513-538
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