Wirtschaftswissenschaftliche Fakultät

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Corporate Governance in Entrepreneurial Firms


Entrepreneurial firms, young and small firms operating in high technology intensive industries, are associated with high growth but also high failure rates. While few of them are successful in overcoming the barriers in their early stages, most of them fail in early years. Entrepreneurial firms are associated with high risks and thus suffer from difficulties in attracting the necessary resources like financial and human capital. Research on corporate governance in entrepreneurial firms focuses on all stages of their life cycle, from birth via spin-offs or start-ups over the first period of growth until the final stages of their live cycles, being taken over by an incumbent firm (M&A), establishing themselves as independent corporations, or their failure by insolvency or bankruptcy. Thus, corporate governance problems differ and vary along the life cycle of entrepreneurial firms (see Audretsch/Lehmann, Corporate Governance in Entrepreneurial firms, mimeo 2011).