Economic and Managerial Perspectives on New Venture Growth: An Integrated Analysis

Economic and Managerial Perspectives on New Venture Growth: An Integrated Analysis Small Business Economics (2006) 26: 427–437  Springer 2006 DOI 10.1007/s11187-005-5068-8 Economic and Managerial Perspectives on New Venture Growth: An Integrated C. Timothy Koeller Analysis Thomas G. Lechler 1. Introduction the influence of uncertainty. Stigler (1939) intro- duced the concept of flexibility to address efficient During the past two decades the behavior and operations for firms facing uncertain market performance of new ventures have been central conditions. Facing considerable Knightian uncer- issues for entrepreneurship research. Empirical tainty, new ventures can therefore be represented efforts, primarily conducted from industrial as adopting the concept of flexibility in their man- economic and strategic management perspectives, agerial activities. have identified specific factors related to new ven- This paper attempts to extend existing research ture performance. Despite the volume of these by developing a framework that integrates studies, however, researchers continue to seek economic and management explanations of new generally accepted theoretical models to explain venture growth in the early stages of a venture’s the growth of new ventures (see e.g., Tuck and life. Our framework is derived from an industrial Hamilton, 1993). economic model of firm behavior and perfor- A serious conceptual problem facing this mance suggested by Marris (1964) and extended research Small Business Economics Springer Journals

Economic and Managerial Perspectives on New Venture Growth: An Integrated Analysis

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Kluwer Academic Publishers
Copyright © 2006 by Springer
Business and Management; Management; Microeconomics; Entrepreneurship; Industrial Organization
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