The study examines the performance and the risks of new ventures founded by hybrid teams consisting of immigrants and natives. Earlier investigations have taken a dichotomous view of immigrants in the founding team without paying sufficient attention to their relative numbers. We argue that the numeric strength of immigrants in the founding team affects firms' average performance. Furthermore, as entrepreneurial endeavors are risky, we examine the native/immigration effect on the new venture performance variability. Using new venture data from the Kauffman Firm Survey, we find that the ratio of natives in the founding team is associated with lower mean performance and higher risk in the short and medium term. This means a higher relative number of immigrants in the founding team is associated with higher average performance and lower risk. We further find that the average team age is negatively associated with the short- and medium-term mean performance while positively affecting the short-term performance variability. A higher male–female ratio is positively associated with performance but not with variability.

中文翻译：

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新企业的可靠性和风险：创始团队的本土移民构成和绩效可变性

该研究考察了由移民和当地人组成的混合团队创立的新企业的绩效和风险。早期的调查对创始团队中的移民采取了二分法的观点，而没有充分关注他们的相对人数。我们认为创始团队中移民的人数优势会影响公司的平均绩效。此外，由于创业努力是有风险的，我们研究了本土/移民对新企业绩效可变性的影响。使用来自考夫曼公司调查的新风险数据，我们发现创始团队中本地人的比例与短期和中期较低的平均绩效和较高的风险相关。这意味着创始团队中较高的移民相对数量与较高的平均绩效和较低的风险相关。我们进一步发现，平均团队年龄与短期和中期平均绩效呈负相关，同时对短期绩效可变性产生积极影响。较高的男女比例与绩效呈正相关，但与变异性无关。