Browsing by Author "Echols, Ann Elizabeth"

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    Extending the Resource-Based View to Explain Venture Capital Firm Networks' Contributions to IPO Performance: A Study of Human-Based Factors
    Echols, Ann Elizabeth (Virginia Tech, 2000-07-26)
    This study has theoretical, substantive, and methodological objectives following Brinberg and McGrath (1985). First, the resource-based view of the firm provides a context to support relationships determined from theory in Sociology, Finance and Entrepreneurshp. Using these interdisciplinary theories, the expected contributions of National Venture Capital Association (NVCA) member venture capital firm networks' human-based factors to the performance of initial public offerings are examined. Second, the substantive domain-venture capital-lacks articulation and quantification regarding the impact of venture capital firms on the start-up firms they support, which in this study is identified as IPO performance. Third, methodologically, the operationalization of organizational-related capital is proposed. The independent variables (human-based factors) include reputational capital, cumulative experience, social capital, and organizational-related capital. Organizational-related capital is a construct representing a firm's strategy that incorporates preferences specific to the venture capital industry, namely financing stage preference, industry relatedness, and geographic proximity. Venture capital firm networks are assessed at the syndicate and constellation levels (within and between industries) and bounded by membership in the National Venture Capital Association. Abnormal IPO stock price performance (the dependent variable) is assessed as the new issue's stock price benchmarked to the NASDAQ index and compounded over 21-day periods for up to 126 consecutive days after offering. Control variables were gleaned from economic-based theories found in the finance literature. Positive relationships were hypothesized between the independent variables and the dependent variable. Data constraints limited the number of observations examined, and the selection of IPOs investigated displayed little variance. Thus, explaining additional abnormal performance variance in IPOs backed by NVCA-member venture capital firms above and beyond that controlled for by economic-based theory was not fruitful. Although this study's findings were not statistically significant, many insights were generated that may positively influence future research in this area. The quest to better understand venture capital firms' contributions to entrepreneurial firms and the impact they have on publicly traded stocks remains meaningful.
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    Self-employed youth and youth employed in governmental positions: an analysis of high school and beyond data
    Echols, Ann Elizabeth (Virginia Tech, 1994-09-15)
    This ex post facto descriptive study used personal and environmental variables to differentiate 1,318 youth who attained either self-employment or positions working for a governmental entity within four years after high school. Differentiation was assessed based on the "push" and "pull" theories of employment. The sample was taken from the High School and Beyond 1980, 1982, 1984 and 1986 Sophomore Cohort database. The sample was analyzed as a whole, by females only, and by males only. Statistical techniques used in this study included factor analysis, logistic regression, Cramer's phi, and canonical correlations. Attainment of either self-employment or employment in a government position for the sample as a whole,for females, and for males could not be explained by the study. Neither could environmental variables indicate type of employment (signifying that these youth were not "pushed,") nor did substantial evidence exist favoring the impact of personal variables on employment choice (indicating that these youth were not "pulled.") Further research is needed to understand the self-employed/small business owner profile for developing potential entrepreneurs and an appropriate high school level, entrepreneurship curriculum.