Recent Publications

See my Google Scholar Citations

Entry, exit and the potential for resource redeployment,’ (with Marvin Lieberman and Gwendolyn Lee). Forthcoming in Strategic Management Journal.

Abstract:  Combining the concept of resource relatedness with the economic notion of sunk costs, we assess how the potential for resource redeployment affects market entry and exit by multi-business firms.  If the performance of a new business falls below expectations, a diversified firm may have more flexibility if it is able to redeploy its resources back into related businesses.  In effect, relatedness reduces the sunk costs associated with a new business, which facilitates exit.  This, in turn, has implications for entry: by decreasing the cost of failure, the potential for redeployment justifies the undertaking of riskier entries and greater experimentation.  These dynamic benefits of relatedness are distinct from standard notions of ‘synergy.’  To show support for this idea, we provide a mathematical model, descriptive data, and company examples.


A comparison of the effect of angels and venture capitalists on innovation and value creation,’ (with Supradeep Dutta). Journal of Business Venturing, 2016, 31(1): 39-54.

Abstract:  We examine the extent to which private equity investors generate value-added benefits to venture development, and investigate whether these benefits differ across angel groups and venture capitalists. This is the first study to compare the relative contributions to venture innovation and successful exits by angel groups versus venture capitalists. We do so by tracking external investments in 350 technology ventures. The results suggest that VCs and angel groups contribute equally to innovation rates, but these effects are non-additive. We also show, however, that VC-backed ventures have more impactful innovations and experience faster commercialization rates. 


A model scholar and preeminent contributor to our understanding of strategic entrepreneurship: Arnold C Cooper (1933-2012).’ Strategic Entrepreneurship Journal, 8 (2014): 349-360.

Abstract: This paper discusses the scholarly work of Arnold C. Cooper. He was an influential pioneer in the study of entrepreneurship, strategic management, and technology management, and his work provided an important foundation for subsequent development in those fields. Many of his contributions are a result of methodological approaches to gathering data, enabling him to draw insights from systematic empiricism of phenomena. Many of his most influential works are discussed and linked to subsequent work, including work emanating from this journal. Future research opportunities tied to his work are also elaborated.


Getting beyond relatedness as a driver of corporate value,’ (with A. Sakhartov). Strategic Management Journal, 2015, 36: 1939-1959.

Abstract: Our paper scrutinizes how corporate value derives from redeployability of firms’ resources to new product markets. We focus on the underexplored determinant of redeployability, inducements, defined as advantages in returns in new over existing markets. We assemble separate dimensions of inducements from research on corporate diversification and real options and consider inducements in their entirety. A simulation  model casts  redeployability  as a real option to switch the use of resources across markets and explicates important interdependences  among the dimensions of inducements. The model also demonstrates that inducements modify the effect of relatedness on  corporate  value Our  theoretical  arguments  amend  existing  theory  and  have  important implications for corporate diversification research.


Resource relatedness, redeployability, and firm value,’ (with A. Sakhartov). Strategic Management Journal, 2014, 35: 1781-1797.

Abstract: Our  paper  elaborates  the  effects  of  resource  relatedness  on  value  of  multibusiness  firm. W emphasize  that  value  results  from  interplay  of  benefits  of  synergy  and  redeployability. This view, considering how synergy and redeployability interact in determining value, extends prior  separate  considerations  of the two benefits. We also diagnose  that the value effect of resource relatedness is contingent on uncertainty  and specify this contingent relationship. We use the real option valuation approach and formally evaluate the impacts of the two effects of relatedness. This explication enables us to demonstrate how redeployability contributes to value beyond  synergy,  and how they contribute  in tandem.  In this sense, we illuminate  previously undiagnosed  value  in multibusiness  firms. Beyond  theoretical  implications,  our  results  have important  empirical  and managerial  implications.   



Rationalizing organizational change: A need for comparative testing,’ (with A. Sakhartov) Organization Science, 24, 4 (2013): 1140-1156.

Abstract: Behavioral theory explains that organizational change is prompted by performance relative to a firm-specific aspiration. Although this explanation has been empirically confirmed, it has not been tested comparatively alongside other explanations, most notably rational choice. This lack of comparative study implies that prior research may be committing Type I errors—confirming aspiration-level decision making when it is not actually occurring. This paper contributes to behavioral theory in two specific ways. First, we show that several foundational studies purporting to provide empirical support for aspiration-level decision making may actually represent maximizing behavior. To consider this potential, we simulate a sample of subjectively rational agents who choose strategies by maximizing expectations. We show that it is possible and highly probable to diagnose satisficing when agents are, in fact, maximizing. Second, we develop and implement recommendations for comparative testing to demonstrate reliability. Analysis shows that the recommendations are effective at reducing Type I and II errors for both behavioral theory and rational choice. This paper is meant to inspire the design of future studies on aspirations and, indeed, all studies of organizational change.


Entrepreneurial entry thresholds,’ (with B. McCann), Journal of Economic and Behavioral Organization, 84, 3 (2012): 782-800.

Abstract: Much of prior research recognizes that entry into entrepreneurship involves a comparison of expected economic returns in a venture to some threshold leel of acceptable performance. Despite this recognition, theory commonly focuses on drivers of economic returns at the exclusion of threshold drivers. Moreover, typical empirical investigation of entry provide little insight into whether determinants influence expected returns, the required threshold, or both. Drawing from the Panel Study of Entrepreneurial Dynamics, we apply an empirical approach new to the entrepreneurial entry literature to investigate the drivers of both expected performance and the unobserved threshold, providing greater insight into the specific causal role of entry determinants.

Hybrid Entrepreneurship,’ (with F. Delmar and K. Wennberg) Management Science56, 2(2010): 253-269.

Abstract: In contrast to previous efforts to model an individual’s movement from wage work into entrepreneurship, we consider that individuals might transition incrementally by retaining their wage job while entering into self-employment. We show that these hybrid entrepreneurs represent a significant share of all entrepreneurial activity. Theoretical arguments are proposed to suggest why hybrid entrants are distinct from self-employment entrants, and why hybrid entry may facilitate subsequent entry into full self-employment. We demonstrate that there are significant theoretical and empirical consequences for this group and our understanding of self employment entry and labor market dynamics. Using matched employee–employer data over eight years, we test the model on a population of Swedish wage earners in the knowledge-intensive sector.