ABSTRACT

Drawing from resource dependence theory and the faultlines perspective, this study examines how ownership heterogeneity affects firm performance in the understudied context of entrepreneurial firms founded by immigrants. We find that investment by venture capitalists (VCs) is associated with immigrant-founded entrepreneurial firms being less profitable during their infancy stage. Our results also reveal that the presence of a native-born co-owner has a negative effect on performance for these entrepreneurial firms. This study suggests that immigrant entrepreneurs be more cautious about the costs and benefits of seeking resources from VCs and partnering with native co-owners. Further, seeking capital from alternative sources and employing native talent and expertise in terms of business advisers or executive managers may be effective alternative approaches for immigrant entrepreneurs.

摘要

本研究从资源依赖理论和断层线的角度出发，考察了所有权异质性如何在移民创立的创业公司的研究不足的背景下影响公司绩效。我们发现，风险资本家 (VC) 的投资与移民创立的创业公司在其初期阶段利润较低有关。我们的结果还表明，本地出生的共同所有者的存在对这些创业公司的绩效有负面影响。这项研究表明，移民企业家对从 VC 寻求资源以及与本地共同所有者合作的成本和收益更加谨慎。更远，