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Entrepreneurial Signaling. Eine theoretische und empirische Analyse des Einflusses von hoeheren Bildungssignalen und Patenten auf innovative Unternehmensgruendungen

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  • Arndt Werner
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    Abstract

    Unternehmensgruendungen allgemein und innovative Unternehmensgruendungen im Besonderen werden oft als Hoffnungstraeger der wirtschaftlichen Entwicklung angesehen. Damit innovative Neugruendungen jedoch erfolgreich am Markt agieren koennen, muessen sie typische Probleme ueberwinden, die sich aus den asymmetrisch verteilten Informationen zu den wichtigsten Marktpartnern ergeben. Mit diesem theoretisch spannenden und wirtschaftspolitisch wichtigen Problem beschaeftigt sich die vorliegende Arbeit von Arndt Werner. Der Autor geht vor allem der Frage nach, inwieweit Signaling – seit Spence (1973) als eines der wichtigsten Instrumente zur Behebung von Informationsasymmetrien bekannt – helfen kann, Informationsprobleme innovativer Neugruendungen beim Zugang zur Startfinanzierung, aber auch bei der Rekrutierung von qualifizierten Arbeitskraeften zu loesen. Im Ergebnis zeigen die theoretischen und empirischen Analysen, dass mit Hilfe von hoeheren Bildungssignalen sowohl der Rekrutierungserfolg als auch der Zugang zu Gruendungskrediten verbessert werden kann. Gleichzeitig reduziert der Besitz eines Patentes die Schwierigkeit der Kreditbeschaffung im Segment innovativer Neugruendungen. Wesentliche Erkenntnis der Arbeit ist, dass Informationsasymmetrien fuer innovative Unternehmensgruendungen ein nicht zu vernachlaessigendes Problem darstellen und dass Unternehmensgruender durch das Senden von Bildungssignalen zur Reduktion dieser Informationsasymmetrien und damit zur Verminderung von Finanz- und Arbeitsmarktproblemen beitragen koennen. (Unlike traditional start-ups, innovative start-ups and their respective market partners are faced with severe problems of asymmetric information due to their lack of prior production history and reputation. Here, we study whether and how entrepreneurial signaling via education can help innovative entrepreneurs signal their abilities to banks and prospective employees. We argue that innovative entrepreneurs signal their quality by means of certain characteristics of their educational history. In particular, we expect potential employees to use an entrepreneur's university degree as a quality signal when deciding whether to accept a job at an innovative start-up, and we expect banks to use a more precise indicator, namely the actual length of study in relation to a standard length, as a signal when deciding to extend credit to an innovative founder. By contrast, traditional start-ups are not faced with the same problems of asymmetric information, so we do not expect employees or banks to require the same signals from them. We empirically test our hypotheses using a dataset of more than 700 German start-ups collected in 1998/99. All hypotheses are borne out by the data.)

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    Bibliographic Info

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    This book is provided by Rainer Hampp Verlag in its series Books with number 9783866181830 and published in 2007.

    Edition: 1
    Handle: RePEc:rai:rhbook:9783866181830

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    Web page: http://www.hampp-verlag.de/

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    Postal: Rainer Hampp Verlag, Marktplatz 5, 86415 Mering, Germany
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    Web: http://www.hampp-verlag.de/Hampp_Buecher.htm

    Related research

    Keywords: Entrepreneurship; Signaling Innovation; Financing; Recruitment;

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