Massimo G. Colombo, Luca Grilli, Massimiliano Guerini, Evila Piva, Cristina Rossi Lamastra

The Enlargement of the Managerial Ranks of Entrepreneurial Ventures: The Case of High-Tech Start-Ups

  • Abstract

Informations and abstract

Keywords: Enlargement of Managerial Ranks, Owner Manager, Salaried Manager, New Technology Based Firms, M130; L260; O320.

In this paper, we consider the first enlargement of the managerial ranks of entrepreneurial ventures since firm foundation. This can occur either by taking on board a new owner-manager or by appointing a salaried manager who reports to the entrepreneurial team. In order to analyze this phenomenon we propose a novel interpretative framework that acknowledges the presence of multi-level drivers. We provide a series of hypotheses and investigate them empirically through the estimates of survival data analysis and competing risks models on a sample of Italian New Technology-Based Firms observed over the 1994-2003 year period. The empirical analysis indicates that the addition of a new owner-manager and the appointment of a salaried manager are two faces of the same coin, having several common antecedents at different levels. However, it also reveals some specific drivers of the two events.

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