Dissertation
Three essays on innovation and entrepreneurship: Culture, internationalization and initial public offerings
Washington State University
Doctor of Philosophy (PhD), Washington State University
05/2009
DOI:
https://doi.org/10.7273/000006020
Abstract
This dissertation investigated the issue of innovation and innovation and entrepreneurship within three broad contexts: US domestic, internationalization and cross-cultural contexts. The first essay investigated U.S. new ventures that went public from 2001 to 2003. I particularly looked into earnings management at the time of lockup expiration. We found that there are significant negative price reactions when the lockup agreements expire. Further, this study shows that the amounts of negative abnormal returns at lockup expiration provide a good signal to predict IPO firms' earnings management because insiders want to maximize their wealth when they are free to sell their shares. Finally, we also found the subsequent roles of venture capitalists that influence new ventures to manage earnings at the time of IPOs. The second essay examines the international entrepreneurship. I particularly focus on internationalization from emerging countries rather than from the developed countries. We develop a multi-level theoretical model using firm- and country-level factors to systematically assess the reasons for internationalization for such firms. We find that technological and human dependence on foreign countries are positively associated with internationalization. Further, cross-level effects suggest that favorable institutional environments that provide critical resources to such firms enhance their likelihood for internationalization to overcome their dependence on foreign sources. Finally, the third essay investigates a cross-cultural analysis on innovation. Given that simple unequivocal notion of cultural dimensions is not satisfactory to explain the true nature of culture, this study introduces the notion of "cultural ambivalence" to explain firm innovation. We believe that each society has multiple and ambivalent concepts of culture so that researchers can distinguish between practices ("as is"- meaning the way things are) and values ("should be"- meaning the way things should be). Data for 26,859 firms from 27 countries was analyzed using Hierarchical Linear Modeling (HLM). Results show that "as-is" cultural values are strong predictors for firm level innovation. Furthermore, this study provides the empirical evidence that the state of cultural ambivalence could be a source of change in a society.
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Details
- Title
- Three essays on innovation and entrepreneurship
- Creators
- Dae-il Nam
- Contributors
- John B. Cullen (Chair)Jonathan D Arthurs (Committee Member)Sung Keuk Ahn (Committee Member) - Washington State University, Department of Finance and Management Science
- Awarding Institution
- Washington State University
- Academic Unit
- Carson College of Business
- Theses and Dissertations
- Doctor of Philosophy (PhD), Washington State University
- Publisher
- Washington State University
- Number of pages
- 139
- Identifiers
- 99901055125401842
- Language
- English
- Resource Type
- Dissertation