| Serial entrepreneurship can greatly contribute to economic growth,and is beneficial to social welfare.It is an indispensable part of national modernization.However,without the support of highquality systems,serial entrepreneurship may become ineffective and even destructive.The stability,predictability and effectiveness of the policy system can reduce the cost of economic transactions,making the transaction structure within the economy transform from a relationship based personalized rule to a non relationship based transaction mechanism.The behavior of serial entrepreneurs and the development of serial entrepreneurial activities are affected by the suitability and operability of the national formal system.For example,laws can regulate the market entry and exit behavior of potential serial entrepreneurs,and bankruptcy law and contract law will regulate the development of venture capital.Other formal systems,including those that encourage freedom of investment,such as the Constitution to promote foreign investment,can also greatly affect the development of entrepreneurship.It is generally believed that a better system is characterized by a more perfect legal system,honest government institutions,and less government intervention.Because most of the serial entrepreneurial activities are "opportunity driven" rather than "survival driven" entrepreneurial types,the entrepreneurial opportunities released by institutional improvement can effectively provide serial entrepreneurs with a "window" to seize the opportunity,and thus have a direct impact on serial entry decisions.The speed of policy improvement has brought multiple impact mechanisms for potential serial entrepreneurs,including the opportunity creation effect,uncertainty deterrence effect,failure cost effect and crowding out effect.Rapid institutional improvement can create opportunities and ease barriers to exit.However,rapid institutional change will increase environmental variability and complexity,add new barriers to entry,and lead to new enterprises being "squeezed out" by mature enterprises.Therefore,when analyzing how institutional improvement affects serial entrepreneurship decision-making,what is the relationship between formal institutional improvement(speed)and change range(including acceleration and decline of improvement)and serial entrepreneurship? What kind of restriction mechanism is implied? How do these mechanisms affect the relationship between the above main effects? Both are issues that need urgent attention in theory and practice.Based on the characteristics of entrepreneurial exit events,who is more likely to start a new business after the entrepreneurial enterprise before the entrepreneur exits? Is it an individual who failed to start a business before? Or individuals who have achieved staged entrepreneurial success?According to existing theoretical research,individuals who failed in entrepreneurship hope to start again to recover their losses,while those who succeeded in entrepreneurship are more capable and confident,and more likely to implement serial entry behavior.Based on the prospect theory in psychology,researchers put forward the factors that affect the formation of entrepreneurial willingness,including relationship networks,the utility of enterprise products,entrepreneurial efforts,etc.,to explain the formation mechanism of re entrepreneurial willingness in various entrepreneurial situations.Entrepreneurs usually regard the entrepreneurial results as losses or gains relative to a neutral reference point.If entrepreneurs realize that they are in the loss area(i.e.,entrepreneurial failure,lower than their reference point),entrepreneurs will be more sensitive to future earnings,so they will be more willing to take risks to recover from financial difficulties and reach a balance of payments state;If entrepreneurs realize that they are in the income field(i.e.,entrepreneurial success is far higher than their reference point),they will tend to avoid risks.In this case,entrepreneurs perceive that they need higher expected returns to induce the next risky behavior.Therefore,in essence,whether entrepreneurs regard a situation as related to losses or gains will directly affect their attitude towards risk behaviors(such as re entrepreneurship).Here,the national system and government policy,as the structural framework that affects individual cognition,can ultimately determine entrepreneurs to make serial entry decisions by influencing their willingness to continue entrepreneurship.Based on institutional theory,serial entrepreneurship theory,institutional economics perspective,institutional dynamic foundation view,policy change perspective,transaction cost theory and signal theory,this paper brings the dynamic change of institutional policy into the research framework through the construction of institutional improvement variables.According to the speed and range of institutional improvement,this paper analyzes the serial entrepreneurial decision-making and the serial entry mode with the characteristics of differentiated exit events.Based on three stages of research and three perspectives,this paper examines the impact of institutional improvement on serial entrepreneurship.The three stages specifically include: Sub-study 1(the first stage)is the impact of institutional improvement(speed)at the national level on serial entrepreneurship;The second sub-study(the second stage)is the impact of accelerated and declining institutional improvement at the enterprise and individual levels on serial entrepreneurship;The third sub-study(the third stage)is the study of institutional improvement on the performance of serial entrepreneurship.The three perspectives are: serial entrepreneurial decision-making,failure re entrepreneurship and success re entry.Based on the analysis of the stratified and mixed data at the national level,enterprise level and individual level,the impact of institutional improvement on serial entrepreneurship is empirically tested,and the following main conclusions are drawn:First of all,in the sub-study I focusing on the national level,the empirical study found that:(1)The relationship between institutional improvement(speed)and serial entrepreneurship is an inverted U-shaped relationship.That is,with the gradual acceleration of institutional improvement,the probability of serial entrepreneurship is on the rise;However,when the speed of institutional improvement exceeds a certain threshold,the probability of serial entrepreneurship decreases.At this time,institutional improvement(speed)acts on serial entrepreneurial decision-making through the opportunity creation effect and uncertainty deterrence effect.Further analysis of the moderating effect of national culture in the relationship between institutional improvement and serial entrepreneurship shows that: traditionalist culture will strengthen the inverted U-shaped relationship between institutional improvement speed and serial entrepreneurship;However,the moderating effect of modernist culture on the above inverted U-shaped relationship is not significant.(2)There is an inverted U-shaped relationship between institutional improvement(speed)and failed re entrepreneurship.That is,with the gradual acceleration of institutional improvement,the probability of failure to re start a business is on the rise;However,when the speed of institutional improvement exceeds a certain threshold,the probability of failure to re start a business decreases.Further,the role of national culture is analyzed.The empirical conclusion obtained is similar to that of serial entrepreneurship.The traditional national culture has strengthened the inverted U-shaped relationship between the speed of institutional improvement and failed re entrepreneurship,while the modern culture has not significantly weakened the inverted U-shaped relationship.(3)There is a significant negative correlation between institutional improvement(speed)and successful reentry decision-making.Traditionalism culture and modernism culture can significantly weaken the negative correlation between institutional improvement(speed)and successful reentry.The conclusion of sub-study 1 shows that formal institutions are particularly important in the entrepreneurial environment,which determines whether entrepreneurs can obtain appropriate potential returns and thus drive them to engage in high-risk serial entrepreneurial activities.At the same time,the impact mechanism of the dynamic change of institutions on serial entrepreneurship is different,and it is not always linear.At different stages,the entrepreneurs’ response to the institutional improvement expedites or inhibits the re-entry probability.The restriction mechanism of cultural factors also shows that the serial entry decision of entrepreneurs can be explained by the matching relationship between dynamic market system and national culture.This is consistent with the cross-cultural research setting,that is,the role of national culture in serial entrepreneurial activities is complex.Therefore,governments of all countries should attach importance to the guiding and decisive role of national cultural types in the formation of entrepreneurship.Secondly,in the second sub-study focusing on the enterprise and individual level,the empirical study found that:(1)The acceleration and decline of institutional improvement can significantly promote serial entrepreneurship.Further,the financial capital of entrepreneurial enterprises plays a reverse role between accelerating institutional improvement and serial entrepreneurship;The social capital of entrepreneurs plays a positive role in regulating the decline of institutional improvement and serial entrepreneurship.(2)Whether the institutional improvement is accelerating or declining,it has played a role in promoting entrepreneurs’ decision to re start businesses after failure,which is consistent with the research of Banalieva(2018),that is,the acceleration and decline of institutional improvement are both signals of a better market environment.Examining the restrictive effects implied in the above relationships,the empirical findings are as follows: entrepreneurs’ social capital has no significant moderating effect on the positive correlation between accelerated institutional improvement and failed re entrepreneurship;However,it has played a significant positive role in regulating the positive correlation between institutional improvement recession and failed re entrepreneurship.(3)Accelerated institutional improvement significantly inhibited successful re-entry;However,the institutional improvement and recession did not significantly promote the successful re-entry.Among them,the negative effect of social capital on the negative correlation between accelerated institutional improvement and successful re-entry is not significant;However,it has played a significant negative role in regulating the positive correlation between institutional improvement,recession and successful re-entry.The conclusion of sub-study 2 shows that entrepreneurs’ social capital can restrict serial entrepreneurial activities characterized by differentiated exit events when the system is improving and declining.When the system is improving and declining,social capital promotes failed re entrepreneurship and inhibits successful re entry.This phenomenon shows that the situation in which social capital of serial entrepreneurs plays a role changes with the trend of institutional improvement and the characteristics of entrepreneurial exit events.The fluctuation of government policy and its signaling effect determine the boundary effect of social capital of different types of serial entrepreneurs in the above relationship.In the face of the uncertainty of the market environment,the previous social capital,on the one hand,can help alleviate the resource constraints of failed re entrepreneurship,but on the other hand,it can also lead to the knowledge absorption capacity trap of successful re entry.Therefore,potential serial entrepreneurs should make rational use of the social capital they accumulated in the early stage to promote serial entrepreneurship to the maximum extent.Finally,the third sub-study believes that in addition to serial entrepreneurial motivation,institutional improvement can also have an impact on serial entrepreneurial performance.The empirical test on employment creation of national performance shows that:(1)there is an inverted U-shaped relationship between institutional improvement(speed)and serial entrepreneurship employment creation.At the same time,the relationship between institutional improvement(speed)and serial entrepreneurship and employment creation is also restricted by national cultural types.Specifically,traditionalism culture has not significantly weakened the inverted U-shaped relationship between institutional improvement(speed)and serial entrepreneurship employment effect;Modernist culture can significantly strengthen the above inverted U-shaped relationship.(2)The relationship between institutional improvement(speed)and employment creation of failed re start-ups is an inverted U-shaped one,with a significant rise first and then decline.Similar to serial entrepreneurship,traditionalism culture has not significantly weakened the inverted U-shaped relationship between institutional improvement(speed)and employment effect of failed re entrepreneurship;However,the national culture of modernism has significantly strengthened the above inverted U-shaped relationship.(3)There is an insignificant negative correlation between institutional improvement(speed)and successful re-entry into employment creation,and national culture has not played a significant role in regulating the relationship between them.Further,the empirical test on the survival time of enterprise level performance shows that:(1)there is no significant positive correlation between accelerated institutional improvement and the survival time of serial entrepreneurial enterprises;There is a significant negative correlation between the decline of institutional improvement and the survival time of serial entrepreneurial enterprises.Examining the restrictive factors,the regulatory effects of financial capital and social capital of entrepreneurs are not significant.(2)There is no significant positive correlation between accelerated institutional improvement and the survival time of failed re start-ups;There is a significant negative correlation between the decline of institutional improvement and the survival time of failed re start-ups.In terms of regulatory effect,the restrictive role of entrepreneurs’ social capital in the above relationships is not significant.(3)There is no significant negative correlation between the accelerated institutional improvement and the survival time of successful re start-ups;There is a significant negative correlation between the decline of institutional improvement and the survival time of successful re start-ups.At the same time,entrepreneurs’ social capital has not significantly weakened the negative relationship between the former;The negative relationship between the latter is significantly strengthened.The conclusion of sub-study 3 shows that the employment effect of institutional improvement(speed),serial entrepreneurship and failed re entrepreneurship can be enhanced by emphasizing the characteristics of performance priority and future emphasis in the modernist culture.Therefore,entrepreneurs should make full use of the cultural characteristics of modernism,play its "incentive" role in high-quality entrepreneurship,and create a good national entrepreneurial and employment environment.At the same time,the government should also pay attention to the negative impact of the system improvement recession on the survival time of serial entrepreneurial enterprises,increase the preferential policies for serial entrepreneurs,and provide assistance and support for serial entrepreneurial enterprises;We should also resolve the hidden costs of successful people when they face the lack of institutional supply,strengthen their interpretation and absorption of entrepreneurial knowledge,and promote their viability and sustainable operation efficiency after successful re-entry.This study has important theoretical value and practical significance for further understanding the impact of the dynamic environment of institutional improvement on serial entrepreneurship.Through theoretical and empirical analysis,the issues discussed in this paper have the following major research contributions:First,based on the perspective of institutional economics,serial entrepreneurship theory and the basic view of institutional dynamics,and combined with social network theory and signal theory,the research hypothesis is analyzed and deduced,which is helpful for in-depth discussion of the entrepreneurial characteristics of serial entrepreneurs worldwide from a macro perspective,combining the meso elements of entrepreneurial enterprises and the micro characteristics of entrepreneurs.Second,according to the different characteristics of serial entrepreneurial events,it is divided into two categories: failed re entrepreneurship and successful re entry,and the reasons for entrepreneurial exit are integrated to design a theoretical and empirical framework for institutional improvement on serial entrepreneurial decision-making.At the same time,the theoretical bases of these three perspectives are obviously different,so we will analyze them separately,so that we can explore the characteristics of serial entrepreneurship and the diversified behaviors of serial entrepreneurs from different conditions and perspectives.Third,the "optimization" of the speed of institutional improvement has always been regarded as the core issue of national reform.Scholars have conducted a lot of research on the issue of which is better or worse between "radical" reform and "incremental" reform,aiming to solve the problem of what kind of speed is optimal.This paper introduces the perspective of policy dynamic changes into the study of serial entrepreneurship,integrates the restrictive role of informal institutions-national culture in the relationship between the two,and enriches and develops the study of serial entrepreneurship based on the national environment.Fourth,due to the difference in the extent of institutional improvement,the acceleration and decline of institutional improvement are the "one and two sides" of institutional improvement,as well as the micro signals released by the changes in government policies,which may have a differentiated impact on serial entrepreneurs and entrepreneurs with failed and successful experiences.Therefore,this paper investigates the direction of institutional improvement,integrates institutional and economic perspectives,and based on the characteristics of entrepreneurial enterprises(financial capital)and entrepreneurs(social capital),deeply explores the behavioral characteristics of potential serial entrepreneurs in the face of the changing policy environment.Fifthly,the heterogeneity of the two sub studies was found.According to the research background at the national level,the sub-study object was divided into two sub samples of developed economies and developing economies,which further verified the mechanism of the speed of institutional improvement on serial entrepreneurial behavior,and explored the regulatory role of national culture in the two different samples;Based on the individual level of entrepreneurs,the second sub-study divides the research objects into two sub samples,namely risk aversion and risk preference,according to the economic scenarios where the signal effect has an impact.It further discusses the impact of accelerating and declining institutional improvement under the above scenarios,and sets relevant regulatory variables based on the characteristics of enterprises and individuals.These studies help to find the motivation of entrepreneurs to re start businesses under different scenarios.Sixth,the third sub-study based on the performance of serial entrepreneurship discussed the impact of institutional improvement(speed)on the national level employment effect created by serial entrepreneurship,and the impact of accelerated and declining institutional improvement on the survival time of serial entrepreneurship enterprises.At the same time of introducing the corresponding restriction mechanism,we found a mechanism different from the previous impact.The research in this chapter comprehensively and deeply discusses the whole process of institutional impact on serial entrepreneurship,expands and refines the research scope of institutional factors on serial entrepreneurship decision-making,and contributes to the development of serial entrepreneurship literature.Seventh,the study of this paper also has some practical significance.On the one hand,this paper provides a more comprehensive analysis for the evaluation of the institutional influencing factors of serial entrepreneurial decision-making,and also provides an important theoretical guidance for the further development and improvement of the national formal system.On the other hand,the research conclusion of this paper is helpful to deepen the interpretation of the reasons for the system to improve the economic effect and the serial entry of entrepreneurs.It also provides a reference for the government to formulate a market-oriented system reform plan,promote employment by entrepreneurship,and promote the survival time of serial entrepreneurial enterprises.By connecting the dynamic institutional environment with the behavior of serial entrepreneurs,this paper explains the mechanism of the impact of institutional improvement on serial entrepreneurial activities.On the basis of multi theory and multi perspective analysis,it provides a more complete explanation framework for the policy motivation of serial entrepreneurship entry mode.From the behavioral characteristics of serial entrepreneurs,the conclusions of the empirical analysis are basically consistent with those of previous scholars,and draw conclusions that have not been drawn by previous researchers.At the same time,due to the lack of in-depth analysis of different situations and enterprises and individuals in the previous research,the theoretical deduction and empirical findings of this paper have played a positive role in understanding serial entrepreneurial behavior from the perspective of institutional dynamics. |
PDF Full Text Request