Incorporating Ethics into Entrepreneurship and Business Enterprise Education
Tim London
University of Cape Town
Introduction
Starting a new venture brings with it even greater challenges than carrying on an existing organization. While the levers of structure, culture, and people are still hugely important, at this stage they are still being formed, rather than being dealt with as existing entities that need managing. What is most important for this new venture? What am I willing to do to make it a success? These process and outcome challenges are fundamental to any new business, but they take on added significance when the ethical side of their answers is placed toward the head of the list of factors to consider. While financial survival will always be a driver for business, if an ethical component is not included in chasing this goal, real problems can ensue. Helping students to start thinking through the ethical challenges they will face, and how they will do so, is a critical role for anyone teaching entrepreneurship.
Ethical challenges will start for entrepreneurs very early on, no matter where they choose to launch a venture. Those developing their businesses “... where states are too weak to control their own bureaucrats, to protect property and contract rights, and to provide the institutions that underpin an effective rule of law” are likely to face even more ethical tests.1 As with any business undertaking, entrepreneurs will be faced with a variety of ethical questions. Will I need to bribe a government/regulatory official for the right permits or provide kickbacks for suppliers to work with me or provide favorable rates? As I grow my business, how do I make sense of different cultural norms and ethical standards of customers, employees, and other external stakeholders in ways that don’t wind up damaging my own? These are ongoing challenges that need to be considered from an ethical perspective for any business leader, including entrepreneurs. Ensuring alignment is created between goals and processes can help to create more predictable ethical decisions by entrepreneurs and colleagues/ staff; misalignment can lead to perverse incentives and slippage on ethical issues down the road. Building a new venture to do more than meet financial objectives involves creative thinking that goes to the heart of the matter: What is really most important to me about my new venture? How is that communicated to internal and external stakeholders? And how do I balance all of the pressures that face any new venture while keeping an eye on not drifting from the ethical identity I started with?
This chapter starts by providing discussion around the varied definitions of entrepreneurship and the challenges that entrepreneurs are likely to face, regardless of the type of entrepreneurial ventures they are planning. Some of these challenges will have direct links to ethical issues for entrepreneurs; these are discussed in the next section and organized by different stages/phases of entrepreneurship. The following two sections provide guidance to the reader, as teachers of entrepreneurship, in how to effectively incorporate the ethical issues raised thus far into their teaching. Finally, the similarities and differences in contextual factors for entrepreneurs in developing and developed economies are examined.
The Field of Entrepreneurship
Entrepreneurship is a varied and dynamic term, referring to business practices as well as “... attitudes and perceptions, ... activity, and ... aspirations ....”2 From a more ethical perspective, it has also been defined as “... endowing resources with new value rather than the more narrow vision of endowing resources with new wealth producing capabilities.”3 Entrepreneurship may be about disruptive change4 or more incremental developments,5 and may be started independently or via intrapreneurship related to a going concern.6 Entrepreneurship is also a component in a wide range of economies, including factor-driven, efficiency-driven, and innovation-driven,7 making it an incredibly important topic for research and teaching, despite the struggles that have emerged in developing clear definitions.8 These varied definitions require working carefully with students (at all levels of education) to understand the nuances of these different entrepreneurial factors so they can then carefully evaluate the challenges—ethical and otherwise—they will be facing in their own ventures.9 This chapter will use the word “entrepreneurship” with a very broad meaning of “developing a new venture,” leaving it to the reader/ teacher to work with these concepts in nuanced ways with their own students in their own unique circumstances.
Challenges in moving from the idea stage through the successful business stage of a new venture will involve individual and group work, as well as balancing internal and external forces. While change in existing organizations can be fraught, new entrepreneurs face the same challenges, though sometimes in instances with “... scarce resources, high uncertainty and risk, ill-defined roles and constant competitive pressures.”10 Staffing, networking, meeting legal and regulatory requirements, developing organizational structures, and adapting to market conditions are all difficult processes that must be addressed for any venture to succeed. Entrepreneurs must also deftly generate required financing, identify how their product or service fits into the existing markets’ gaps or trends (and monitor how this changes over time), create connections with suppliers and retailers, and reach out to their intended consumers in powerful but cost-effective ways.
Those challenges are constant, as the growth process will also need to adapt to keep up with or, ideally, move ahead of the curve.11 So while setting a multiyear strategic business plan is necessary, entrepreneurs must also be able to flexibly adjust those plans if they are to be successful. On the internal level, this will involve bringing on the right people at the right time and balancing capacity with demand. Externally, changes to the economy or from competitors can alter the venture’s positioning, requiring changes across multiple facets of the company to avoid falling behind.12 Successful entrepreneurship, from the day of inception to the day of exit, is one that is filled with careful decisions about where to stand pat as well as where to change, and how to go about doing so in the most effective way possible.
Entrepreneurs also fill an interesting political sphere currently, as many governments have called upon entrepreneurship to be a powerful catalyst for the overall economy.13 This has been especially true in developing/emerging economies, where there can be higher rates of unemployment or underemployment due to a lack of working opportunities.14 Building up a supportive entrepreneurial environment has been tricky for many governments, as they seek to speed up the growth of the economy, bring more people into the workforce, and also move more of the informal market into the regulated trade, thus boosting the tax base.15 Entrepreneurship, then, needs to be viewed both from the perspective of the individual entrepreneur as well as from the vantage point of creating a subset of the economy that thrives on “creative destruction” in a few cases, and continuous development in almost all cases.16
Typical Ethical Issues
At each decision point in the growth of an idea into an entrepreneurial venture, there are inherent ethical challenges that must be faced by entrepreneurs. While some are more obvious in theory, each also takes a great deal of thought to properly address; for example, a “bribe” in some cultures is a “gift” or “part of doing business” in another. As an entrepreneurial venture is inherently a new undertaking, there is also often the absence of signposting that can come from established organizational structures or cultures, which can make it easy for small decisions to actually start the move into an area that later might be considered unethical. Consider, for example, how an initial “legitimacy lie” to get a venture off the ground can have knock-on effects throughout the life of a business.17 Perhaps the greatest ethical dilemma facing entrepreneurs is that, unlike what is portrayed in TV shows and movies, ethical tipping points are rarely huge or dramatic, but more often are the culmination of multiple smaller decisions that may not even seem related at the time.
There are a host of different ethical challenges entrepreneurs might face, considering both the sheer number of them in addition to the fact that these will likely differ based on location and different societal/economic environments.18 While these are largely the same issues as all business leaders must handle, as noted earlier, the entrepreneurial venture may be faced with less certainty and, if it is a fledgling venture, even more threats from competition.19 It is useful here to organize some of the major points of potential ethical conundrums into a generalized framework of major entrepreneurial processes or pieces.
Idea Formulation and Sharing
Any new business needs to start with an idea; the relative novelty of that idea might vary, but entrepreneurship is inherently about tapping into something new. This might be identifying a new market, product, or service; it may also be revisions of existing models to enhance them or bridge them with other products and services.20 Regardless of what the new idea is, there will be an ethical challenge here for many entrepreneurs along the lines of opportunity identification and opportunity exploitation.
Oftentimes new ideas are created via conversations and engagements with other people and networks.21 This can make it very difficult to pin down just who came up with a certain idea or, as is often the case, which parts of the idea came from one person and which parts from another. Since ideally these ideas are what lead to the business, this can create ethical challenges of ownership of the driving idea and thus the business. Coming to some agreement on these matters is extremely difficult; agreeing early on in the venture is important, however, as this will be the basis of moving the business forward and will only become more problematic when it comes time for exit from the venture.
Other ethical issues in the creation and sharing of venture ideas can vary depending on the starting point for the venture.22 Leaders of intrapreneurial businesses will need to consider if or when to exit from the parent company and, if they do, how that exit impacts on the taking or sharing of clients, providers, retailers, or resources from their employer.23 Entrepreneurs will have to think carefully about whether their new venture will be fulfilling a genuine need for people or is actually taking advantage of that need for their own benefit. For those starting a new venture in their spare time such as hobby or hybrid entrepreneurs,24 there need to be considerations for how much of this idea is actually related to their existing work and people there. While it is certainly possible for an entrepreneur to come up with an idea completely independently, it is far more likely that they will have at least some of these entanglements to consider from both a legal sense as well as an ethical perspective.
Financing the Venture
Entrepreneurs in most countries, whether the economies are developed or developing, are likely to have at least a few options for generating financing for their venture.25 One source for funding is family and friends;26 the existing relationships and their likely commitment to helping an entrepreneur on a personal level make them ready sources. Ethically, of course, this raises many potential issues as the conflation of personal and business/financial relationships can cause a wide range of complications with varying degrees of impacts on the people involved. A monetary investment can change existing power dynamics, place strain on other (seemingly unrelated) aspects of the relationship, and, in the worst-case scenarios, can inflict serious financial misfortune on loved ones. Sourcing financing from friends and family can serve as a key ethical teaching point for students in terms of thinking through (1) how they might tap into this potentially valuable resource, and (2) how to do so in a way that meets their own, as well as their friends’ and family’s, ethical values.
More formalized sources of financial backing are perhaps slightly less fraught, but can still open up useful ethical discussions. Some entrepreneurs may have ethical or religious issues with dealing with sources that demand interest on the capital, limiting choices or forcing them to reconcile these issues for themselves in a manner they feel is ethically sound. For example, some interpret the Jewish and Islamic religions as preventing followers from either charging interest (in particular relatively high interest rates, though what constitutes “high” rates is debatable) or putting themselves in debt, at least in some circumstances. For some ventures, offering up significant stakes in the company (e.g., to entice venture capitalists) can mean loss of control over a venture; in a worst-case scenario, this could lead to changes in the company’s direction that the founder finds ethically troubling, while the new funders deem them necessary for the survival of the business. So while generating sufficient finance for entrepreneurial ventures is often seen as purely a money issue, these issues are deeply intertwined with possible ethical connections and implications that students need to engage with if they are to minimize some of the pitfalls.
Vendors/Suppliers/Retailers
Making choices about who to work with is often posited in traditional terms of who can offer the best rates, where the better credit/debt options are for the business, or the ease of access for the company and their consumers. While these considerations are certainly important, the connections made (and not made) in the business will speak volumes to ethical choices as well. While business leaders will need to consider their own business practices in terms of ethicality, they also increasingly need to be aware of how ethical the practices are of their partners and other stakeholders. This extends to all types of business in all sectors: sourcing food from organic farms, choices to outsource or not, working conditions in suppliers’ factories, ways in which investors have made their money, and the business practices of retailers and vendors should all be taken into consideration by entrepreneurs. When teaching about these matters, it is not a matter of saying who they should and should not work with, but rather helping students see the importance in evaluating these factors according to their own sense of ethics and values.
Because these relationships and networks are so important, due diligence needs to be covered. While entrepreneurship courses will frequently help students to identify key financial and “business” factors to evaluate, and how to evaluate them, students need to also learn the importance of looking for partners who match on ethical guidelines as well. Networks can be powerful sources of information and resources that enable new ventures to grow;27 they can also draw entrepreneurs into situations that will challenge their ethical beliefs. It cannot be underestimated how much easier this process will be for some entrepreneurs than others, depending on their environment: those in well-regulated environments or with multiple potential partners of good quality can afford to utilize much more rigorous selection processes. Those with a shallow pool of potential vendors, suppliers, or retailers may have to be more flexible in their ethical evaluation if they want their business to succeed. This can put real pressure on entrepreneurs as they may wind up having to weigh their ethical beliefs and approaches with pressures to keep their business open. Again, an entrepreneurial course cannot solve these types of challenges for future entrepreneurs, but the course can highlight these pressures in advance and help students to think through how they might tackle them.
Success Criteria
While this is posited last in this list, it should also be first in terms of the entrepreneur’s focus and drive to launch the business. Before ever launching a new business, entrepreneurs should be clear on what it is they are hoping to accomplish; this will obviously include measures of financial gains, but it also needs to be a bigger picture than that. For those financial gains, what are the practices or decisions they are not willing to undertake and why are those no-go areas for them? Is success strictly the most amount of money earned or is it also tied to the most they can earn in a way that they are ethically comfortable with? Once the business is in full swing, those considerations can be more difficult to undertake critically; it is also the case that oftentimes decisions made much earlier in the venture will now limit entrepreneurs’ abilities to avoid ethical challenges down the road that they never saw coming.
This means time needs to be spent, both in the business plan and in considering the very premise of a proposed venture, thinking through what the entrepreneur really hopes to achieve both individually and in wider thinking. This means challenging students to engage with business responsibility and connection to wider society and to assess how their venture fits into that dynamic. Again, this is going beyond success meaning just “more money made” and moves the discussion into challenging territory for students where they now need to consider whether their venture is a great money-maker only, or if it will actually have real benefit to anyone beyond the founder. These are very difficult conversations that students need to have even before the venture starts, as once they start striving for “success” that will dictate much of their decision processes, including their ethical considerations of those issues.
Ethics Teaching Strategy
As was discussed earlier, one of the real challenges for entrepreneurs in terms of ethics is that signposts for when they are making dubious decisions (or decisions that, later on, will prove to have important ethical consequences) are going to be either less obvious or easier to ignore as pressures of getting the business off the ground can supersede more reasoned and ethical considerations.28 Crucially, many of the ethical issues that arise will be relatively small moments or, even more dauntingly, will only emerge in the interaction of disparate pieces both internal and external to the venture.
With this in mind, it makes sense to work with students on two preparatory concepts: plotting out the key points/areas where ethical considerations will likely be most prevalent (including their linkages, as discussed further) and building ethical and values-based considerations into their strategic and business plans. The former allows students to not only think through the practical steps of a future entrepreneurial venture, it also allows them to do so without the pressures of immediacy that will cloud these matters when they happen in real time (see the end of this chapter for a suggested exercise). The latter step is an important process that should develop key touchstones for entrepreneurs throughout their venture’s life cycle, just as a good business plan should lay out key markers for financial, staffing, or market-related growth.
Ethical Considerations and the Challenge of Linkages
In dynamic and complex environments such as entrepreneurship, there is much that can be gained from the concepts of systems thinking.29 The root of this perspective is to help users see where things might connect, what are symptoms as opposed to causes, and to then generate insight into the interconnected nature of individual decisions. While such a process is too space-intensive for this chapter, this distilment of the concept is very powerful in relation to the teaching of entrepreneurship (dynamic and complex) and the ethical components that are often interconnected in both obvious and surprising ways. While it can be “easier” to incorporate ethics into other content areas by simply presenting ethical dilemmas for students to work through (and, to be clear, these can be valuable exercises), what is more realistic and powerful is to build up their understanding of how small choices are connected together along ethical lines.
This is a more in-depth process, and one that requires time spent on addressing at least some of the “it depends” variables. This means that, if the point of decision is whether to approach family for financial capital to launch the venture, time should be spent on what critical factors need to be considered before arriving at a decision. In this particular case, that may mean considering how much the person can afford to lose, thinking through how owing that particular person might change the relationship, why this family member is a better option than formal routes (loans, savings, venture capitalists, etc.), and other difficult and underlying variables. In other words, the challenge is unpacking these decisions ethically and helping students to see how each decision is linked to many factors that can extend rapidly. The more students can see the underlying factors, as well as how each of these factors might then link into the present or future for them individually or the company as a whole, the more astute their ethical considerations will be in the life of the venture.
Values-Based Principles
Starting a new business, as has been discussed, can happen for a variety of reasons and in a multitude of circumstances. We know that in some situations, entrepreneurs are pushed into such ventures for very rational motives in regards to money: survival or “necessity-driven” entrepreneurs may be locked out of work in traditional businesses and the only way to provide for themselves (and their families) is to pursue the creation of new ventures.30 The ideal scenario (and classrooms can be a wonderful “safe space” to explore such things) would be that entrepreneurs have a clear set of personal values for themselves and are striving to create a company that matches those ideals. Such a focus on values is both a powerful business tool31 as well as a powerful force in the ethical considerations that come with starting and running a business.
Working with students to develop their entrepreneurial plan across both the traditional business aspects as well as the ethical implications is more likely to lead to businesses with well-aligned policies, procedures, people, and a strong organizational culture.32 Through these processes alone, there are likely to be powerful impacts both on the ethical environment for everyone involved in the company as well as the minimization of potential points where someone in the company could make decisions that are completely at odds with the organization’s prevailing ethical stance. This means that values are not just “nice to haves” that go on the website, but used properly, they can provide powerful business tools that simultaneously provide strong supports for ethical behaviors. In this way, a strong set of values, both personal and organizational, can help to bind together the myriad pieces of a business’s functioning, making it strong financially and ethically.
Advice for Teachers
Because entrepreneurship is inherently such a complex and dynamic field33 and encompasses a host of different definitions for entrepreneurship,34 it would be impossible to teach students all that they need to know in terms of ethical rules or steps. The focus for teachers of entrepreneurship is on helping students to develop a set of personal guidelines for themselves before they even begin an entrepreneurial venture. Virtually all of an entrepreneur’s choices are interrelated with ethical considerations, directly or indirectly, making it crucial that the personal values they have established for themselves and their venture are kept in mind at all times. It must also be clear to students that choices they make early on in the process will have profound impacts from then on in terms of where the business can and cannot develop. For this reason, it would make sense for teachers to build in a values/ethics component of a business plan, to go along with a more traditional business plan that focuses on finances, staffing, and competitor analysis. By meshing the ethics/values in with the rest of the business plan, ethics becomes less of an “add-on,” and more an integral part of their actual business planning and thinking.
As will be mentioned in multiple chapters of this book, the teaching of ethics in entrepreneurship, while it should be raising common issues, should avoid trying to teach prescriptive responses in those situations. For example, saying “don’t give/take bribes” is not actually useful as just what is and is not a “bribe” versus a “gift” versus a “token” versus a “sign of respect” will vary far too much for this to be useful to every student. Instead, teaching ethics in entrepreneurship should be about raising likely inflection points that can be more challenging ethically than they might appear at first thought. It is helping students to challenge this “first thought,” and how it can lead to knock on effects in their entrepreneurial ventures and leadership, where the focus for this course should lie. This means that time should be spent encouraging students to not only think through what possible ethical challenges might occur and their likely decisions in those situations, but, crucially, why they would handle things in that particular way.
Developing Versus Developed Country Perspectives
Entrepreneurship inherently consists of the types of dynamic, high stakes, “grey area” propositions that will make ethical challenges constant as well as extremely nuanced.35 In developed economies, while all of this remains true, there are often a few more insulating factors at play than in economies where the environment provides fewer legal protections and infrastructural stability,36 though this does not mean that challenges are nonexistent.37 For example, infrastructural support for entrepreneurship can limit occurrences of some ethical dilemmas or, in other cases, simply limit the impact of those situations. A country with a robust set of legal frameworks for new business development will likely reduce potential corruption challenges in terms of acquiring permits, understanding and meeting legal requirements, and the risks/costs of enforcing legal contracts,38 though this is not always the case.39 There are also informal factors that exert different societal and cultural pressures on entrepreneurs and other business leaders with regard to what ethical choices are supported.40 Developing economies, while often pushing for boosts to entrepreneurial practices to bolster the economy, frequently do not have these types of supports in place, putting entrepreneurs more frequently into the position of having to make tough choices that even they themselves would consider as dubious in regards to their own ethics and values.41
Entrepreneurs in all economies will be driven by a variety of motives42 including factor, efficiency, and innovation drivers.43 While the driver for entrepreneurship will not necessarily change the ethical challenges they will face, it can often change the way in which those challenges are perceived and their relative importance. The entrepreneur in a developed economy who sees a new venture as an opportunity for new success can embark on this journey with a tiny bit of comfort knowing what the “rules of the game” are and that, should the venture not pan out, the legal and financial structures in place will often prevent the loss from being permanently damaging to them. In a developing country, entrepreneurs who feel “pushed” into entrepreneurship can feel like their venture is their last resort to make enough money for them and, often, their families. Failure in these circumstances is more than a personal setback to their ego; it can mean that their family goes hungry. In such circumstances, it is easy to see that, while entrepreneurs in both developed and developing economies will face ethical conundrums, the supports around, and stakes for, these decisions can at times be quite different.
It is, of course, essential that any course on entrepreneurship does not paint such issues as binary: there will be different types of entrepreneurs in both developed and developing economies; some people will need their venture to succeed for financial and personal reasons more than others will, regardless of the type of economy in which they are living; and, as the world becomes more networked, it is likely that many ventures will eventually be connected in at least some way between developed and developing economies. Thus, it is essential that the discussions around differences between developed and developing economies, particularly as they relate to entrepreneurship, focus on the drivers of these differences, rather than painting individual countries as “developed” or “developing” with broad strokes. If students can begin to parse out the underlying issues in these types of countries that can impact on the type of ethical challenges they will face, they are far more likely to evaluate these issues in advance, and analyze them more insightfully, when they leave the classroom and undertake their first/next venture.
Summary and Conclusion
Because entrepreneurs are often working in dynamic circumstances (since these are the places new opportunities are most readily identified), they will come under particular stresses in terms of ensuring that they are able to maintain their personal and organizational ethics. As the entrepreneurial process can vacillate from relative isolation to close-knit networks, it is essential that they are able to develop a clear sense of what matters to them in terms of ethics. This needs to be done early on in the entrepreneurial process if it is to prove robust in navigating the turmoil of the creation and development of a new venture. Thinking through their stance on these issues in advance, and building them into an important living document for the future, can prepare them to be as ethical as possible in their career.
It must be noted again that entrepreneurship in developing economies can add in new layers to entrepreneurship generally, and ethical decisions specifically. Often, a lack of infrastructural support or guidance can put entrepreneurs into the position of making unethical choices or else seeing their business never launch or cease to become sustainable. Given that there is often a greater percentage of necessity-driven entrepreneurial activity due to economic concerns in developing economies than in developed ones,44 this can add even more enticements into decisions that students themselves would, in a vacuum, think to be unethical. The more we can prepare students to meet these challenges, and develop signposts for themselves for what they believe is ethical, the better equipped they will be to navigate the challenges of entrepreneurship successfully, both financially and ethically.
Suggested Exercises
Exercise 1
Have students write up a “traditional” business plan that would include analysis of financing opportunities, the competitive landscape, and other concerns. As a central element to this document, have students include a section specifically on their values, both as individuals and what they want for the company they are developing. This section should include not only what the values are that are driving the entrepreneur, but also the values that they think will be central to the business itself. These can be powerful signposts for students—in the same way that having financial projections or target markets are useful touchpoints—to check back with as both they and their venture develop over time.
This can then be mirrored throughout the rest of the document’s sections, with the addition of a small “Ethical Reflections” piece where they reflect on what the likely ethical challenges will be at each stage of the business plan/development and how they think they will deal with these challenges. This incorporates ethical considerations throughout their venture’s key aspects and the full timeline of its development, allowing students the opportunity to think through these issues long before they become immersed in tackling them in practice, where space for reflection is often hard to come by.
Exercise 2
Have students develop a list of key criteria and questions that they would use to evaluate any potential stakeholders in their venture. This should be broken into categories to target the analysis at more specific factors. For example, the questions/criteria for evaluating potential partners in a new venture will be different, at least in some ways, from those that would be used to evaluate new employees or potential funders. While there should be a number of factors in this analysis, one section should be devoted to “ethics and values.” This can help students to think through their own priorities for values and ethics while also helping them develop a plan for the types of people they want to attract to a new venture and how ethical considerations may need to be weighed against other important factors (like access to networks or rare technical skills). This exercise can be done in isolation, or as a way of extending the “Ethical Reflections” component of Exercise 1.
Exercise 3
Have students conduct interviews with entrepreneurs, preferably in fields that they are considering entering. While these interviews should cover a number of entrepreneurship topics, they must also ask questions in regards to the ethical challenges faced by these entrepreneurs. These can be questions about how they planned for these issues in advance, how they dealt with them, and what they would advise other entrepreneurs to consider when they launch their own venture. Interviews with practitioners in this way can ensure that the ethical concepts discussed are not purely hypothetical. Practitioners can also highlight how ethics is intertwined in a lot of what they do, further driving home the point of how many factors are interrelated with ethical considerations, at all stages of entrepreneurship.
__________________
3 Miller and Collier (2010, 80).
5 Schindehutte and Morris (2009).
6 Parker (2011); Dess et al. (2003).
8 Keupp and Gassmann (2009); Scott (2012); Kobia and Sikalieh (2010).
9 Seikkula-Leino et al. (2010).
12 Bosma and Levie (2010); Parker (2011); Brettel, Engelen, and Heinemann (2008).
13 Bosma and Levie (2010); Naude (2010).
14 Bosma and Levie (2010); Azmat and Samaratunge (2009).
15 Naude (2010); Azmat and Samaratunge (2009).
17 Rutherford, Buller, and Stebbins (2009).
18 Harris, Sapienza, and Bowie (2009).
21 Guillen (2000); Khan and Ghani (2004); Koka and Prescott (2008).
24 Verheul et al. (2010); Folta, Delmar, and Wennberg (2010).
25 Cassar (2004); Leach and Melicher (2012); Milana (2010); Schwienbacher (2007).
27 Guillen (2000); Khan and Ghani (2004); Koka and Prescott (2008).
29 See, for example, Schindehutte and Morris (2009); Lichtenstein (2011); Anderson, Dodd, and Jack (2012).
30 Bosma and Levie (2010); Verheul et al. (2010).
31 Hammann, Habisch, and Pechlane (2009).
32 Hammann, Habisch, and Pechlane (2009); Kofman (2006).
33 Schindehutte and Morris (2009); Lichtenstein (2011); Anderson, Dodd, and Jack (2012).
34 Keupp and Gassmann (2009); Scott (2012); Kobia and Sikalieh (2010).
35 Schindehutte and Morris (2009); Lichtenstein (2011); Anderson, Dodd, and Jack (2012).
37 Avnimelech, Zelekha, and Sharabi (2014).
38 Tonoyan et al. (2010); Anokhin and Schulze (2009).
41 Tonoyan et al. (2010); Anokhin and Schulze (2009).
43 Bosma and Levie (2010); Singer, Amorós, and Arreola (2015).
44 Singer, Amorós, and Arreola (2015).
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