Baumol's hypothesis, i.e. that the allocation of entrepreneurial talent in productive, unproductive and destructive activities is determined by the rules of the game, is supported by a growing body of empirical research and underpins new avenues of research in entrepreneurial studies. However, Baumol's paper offers precious few insights, beyond policy action, regarding how change to the rules of the game can be effected, because it views institutions as endogenous. This paper sets out to address this gap through an extension of Schumpeterian–Baumolian construct. The paper argues that changing institutions is a contestable process: its outcome determined by the complex nexus of interests and power endowments of actors. Changing the outcome of this contestation is dependent on the emergence of new entrepreneurial groupings and/or the evolution of the power endowments or interests of existing ones. Two historical illustrations are used to support the hypothesis and of this study.

This article presents a new perspective for analysing organizational death through the concept of reanimation. Mobilizing recent discussions of the monstrous in organization theory, we draw on the figure of the reanimated monster to analyse an apparent case of organizational dying in the UK financial services sector. Through this, we explore how organizations may neither live nor die, but instead constitute a continual process of reanimation in which organizational spaces and the materials, bodies and narratives surrounding them are recycled, reintegrated and reused to maintain the appearance of the immortal organization. However, reanimation is not merely the clean and efficient synthesis of old and new. There is an unsettling consequence to living and working within the reanimated organization and it is here that the article considers the value of the monstrous for challenging and rethinking established categories of continuity, change, death, life and loss in contemporary working life.

This paper examines the incidence of innovation and the configuration of innovation systems in rural areas, which are viewed as possessing weak knowledge-generating subsystems. Drawing on the results of a microlevel study in rural Cumbria, North West England, the paper shows that entrepreneurs were able to access nonlocal knowledge infrastructure. Thus, the emergent actor-constructed regional innovation system stretched well beyond the confines of Cumbria. This configuration can be explained, in large part, by considering entrepreneurial origin. New arrivals (especially immigrants) demonstrated the greatest propensity to innovate, using innovation systems which cut across the regional and national boundaries. Locally born and returnee entrepreneurs demonstrated a low incidence of innovation. The paper concludes that a distinction between regional innovation systems (as macrolevel analytical units with a normative dimension) and actor-constructed regional innovation systems (as microlevel descriptive units) offers scope for the advancement of research in this field of study.

Enterprise strategies, governance structure and performance: a comparative study of global integration, Regional Studies. This paper is positioned within a voluminous body of literature exploring the processes of global integration. The research presented here broadens the scope of scholarly inquiry through a process of constructive and critical engagement with the Global Commodity and Value Chain approaches. This is achieved by focusing on the enterprise as a purposive agent that is contextualized in chains and localities; and exploring the broad spectrum of strategies that can result to robust performance. This argument is supported with the findings of a survey of 755 firms in the United Kingdom, Greece, Poland, Estonia, and Bulgaria.

Drawing on recent critical debates concerning the ontology of leadership, this article outlines a radical rethinking of the concept – not as the study of heroic individuals, skilled practitioners, collaborators or discursive actors – but as the marker of a fundamental and productive lack; a space of absent presence through which individual and collective desires for leadership are given expression. Where current critical debates tend to oscillate between variants of the physical and the social in their analyses, this article considers the potential for a negative ontology of leadership; one in which absence, ideological practices and the operation of empty signifiers form the basis for empirical investigation and critical reflection.

Purpose: The purpose of this paper is to explore the empirical reality of environmental scanning practices in sustainable supply chain management contexts. In particular it tests and extends a conceptual framework proposed by Fabbe-Costes et al. (2011). Design and methodology: The empirical data for this research were obtained from 45 semi-structured interviews with key informants, combined with a discussion of the main results with a focus group of supply chain experts. These data are compared with the literature and brought to bear on the framework. Findings - The research finds both breadth and depth in the scope of sustainability scanning practices of the respondents and provides evidence of multi-level scanning, with all respondents describing scanning activity at the societal level. It further demonstrates the adoption of multiple and diverse scanning targets at all levels in the conceptual framework. The articulation and ranking of scanning targets for sustainable SCM at all levels informs the development of priorities for practice. The paper also makes some observations about the boundaries of the scanning process. Practical implications: The results provide managers with guidance about what to scan in sustainable supply chain contexts. The validated framework can serve as a practical tool to assist managers with the organization and prioritization of their environmental scanning activities. Originality/Value: The paper is among the first to address the role of environmental scanning in sustainable supply chain contexts. It highlights the need for a multi-level framework for such scanning activities and opens up a debate about their implementation.

The paper examines the determinants of stabilization and its impact on the aftermarket prices. We use a unique dataset to relax several assumptions in the stabilization literature. We find that underwriters support IPO prices shortly after listing, particularly in cold markets and when demand is weak. We also show that stabilized IPOs are more common amongst reputable underwriters. This finding suggests that stabilization may be used as a mechanism to protect the underwriter’s reputation. It also implies that reputable underwriters may possess private information and price IPOs closer to their true values (i.e., higher than those indicated by the weak premarket demand). Consistent with the latter view, we show that stabilized IPOs are offered at higher prices and suffer less underpricing than those indicated by the premarket demand, firm characteristics and market-wide conditions. The post-IPO performance results indicate that stabilized IPOs are unlikely to be mispriced as their prices do not exhibit any significant reversal after the initial stabilization period. We conclude that stabilization may be superior to underpricing as it protects investors from purchasing overpriced IPOs, benefits issuers by reducing the total money “left on the table” and enhances the overall profitability of underwriters.

This contribution focuses on two fundamental features of the African continent that will affect both sides of the Mediterranean in the 21st Century. On the one hand, the huge migration potential of Africa. On the other, the speed of economic change of a continent increasingly regarded as ‘the next China’. The challenge facing both the European Union and Africa is to ensure that African growth and demography will be sustainable. The paper argues that Europe will be the part of the world the most directly affected by developments in Africa, be they the worst random shocks or the most virtuous economic trends. It therefore calls for an ambitious renewed EU-Africa economic partnership, similar in scope to the Chinese cooperation model in Africa but without imitating it, to avoid a migratory haemorrhage and make African development sustainable to the benefit of both sides of the Mediterranean.

Purpose - The aim of this paper is to gain a better understanding of how small technology start-ups learn about a key customer in the context of B2B relationships, and to propose a model of interfirm learning with customers. Design/methodology/approach - Using a qualitative case-based approach, the authors immerse themselves in the development of three learning alliances between technology startups and industry leaders, two successes and one failure, to gain an in-depth understanding of the dynamics involved. Data were collected on both sides of the alliance dyad. Findings - The paper delineates four learning cycles: alliance inception, joint-learning, specialization and discovery. These learning cycles constitute sequences of increasing understanding, cooperation, and higher order learning between the partners; evolving from an exchange of existing knowledge to the joint development of new knowledge. Originality/value - This study contributes to an integration of the alliance and marketing literatures by offering empirical evidence of a different type of alliance, namely the reciprocal learning alliance. It also contributes to broadening our understanding of market orientation in inter-organizational settings. In the context of business-to-business relationships, the study has identified four critical dimensions of learning alliance success, and proposed how they could be measured: Learn about customers; Interact with customers; Customer-specific investments; and Co-develop breakthrough innovations. Finally, the study demonstrates the significant role played by 'committed champions'.