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Academic research has identified a broad array of resources that exist in communities that have an established technology-based entrepreneurial venture population. These studies have focused upon well-known areas such as the Silicon Valley, the 128 loop in Boston and Austin, Texas. Yet even in these relatively homogeneous environments the studies have been highly inconsistent in their findings as to what bundle of resources might be critical in attracting new ventures. Many other communities have either been unsuccessful or only marginally successful in their efforts to recreate the magic of Silicon Valley. We utilize a Resource-Based model to suggest that communities develop unique bundles over time and that the development of these bundles in a particular geographic area is neither linear nor easily replicable.

The founder/chief executive officer (CEO) exit is a significant event for all business organizations. However, a social capital perspective suggests that the exit of the founder/CEO may be more disruptive for new start-ups due to the critical role the founder/CEO plays in the new organization and the heightened potential chance for failure of a new venture. A social capital perspective suggests that the ability of the entrepreneurial firm to perform better is affiliated with the social capital within the organization. This study supports a social capital perspective of CEO exit and social capital's impact on performance. It helps establish a foundation of study of CEO exit and new ventures from this perspective.

This study analyzes a sample of initial public offerings (IPOs) to examine the sources of firm-specific risk associated with investment by venture capitalists. The results indicate that IPO backing by venture capitalists is associated with risk factors related to operating profit margins and ongoing sales generation, but not operational financing. The results also indicate that venture-backed IPOs are associated with greater reductions in firm-specific risk over the course of a year that includes the date of the IPO. In sum, the findings suggest venture capitalists are willing to accept higher levels of risk in those instances where they might have an advantage in terms of managerial skill or are able to reduce firm-specific risk subsequent to investment in order to maximize returns when they cash out. The study also makes use of proxies that are representative of the ex-ante nature of firm-specific risk at the time of a new issue.

Despite growing recognition of some strategic advantages held by small firms, little comparative research has been performed on the advantages and disadvantages accruing to firm size. In order to delineate the differential responses of small and large businesses to their environmental context, we perform a comparative analysis of the impact of industry structural characteristics on the formation of large and small businesses in a large sample of U.S. manufacturing industries from 1977 to 1987. The results suggest that small businesses possess certain resources that allow them to overcome some barriers which create greater difficulties for their larger counterparts, as well as allow small businesses to exploit certain industry opportunities more readily than larger ones.

Emerging economies face daunting economic development challenges. Economists and management consultants have generally suggested global solutions which typically focus solely on foreign direct investment. Yet a resource-based theory approach offers an alternative view that economic development in which a foundation of resources within an region gestates entrepreneurial activity. While theoretically appealing, it is unclear in application how such resources can be developed or which types of resources are most important to develop. This paper extends the application of resource-based theory to entrepreneurial economic development in subsistence economies. A qualitative study of contrasting entrepreneurial activity in Chiapas (Mexico) and Atenas (Costa Rica) and the primacy of intangible resources - and especially entrepreneurial orientation resources - in the gestation of entrepreneurial activity.

How companies respond to impending regulations is a significant aspect of corporate strategy. Regulations, especially environmental regulations, are expanding quickly and are increasingly important to firm success. The threat of impending environmental regulation forces companies to choose levels of strategic responses on a continuum from passive to active. Using practitioner oriented research and existing theoretical models of corporate response, this study finds that the types of strategic response are negatively related with size, positively related with state uncertainty and negatively related with effect/response uncertainty. Based on existing literature and the results of this study, this paper suggests that simplifying the uncertainty construct could lead to more definitive findings in future research. The study results also suggest that a curvilinear relationship may exist between managerial perception of influence and level of strategic response. Most importantly, the findings could have a significant impact on firm decision making regarding environmental investments. For example, it is hoped that firms will be able to use the findings of this study to further understand and anticipate their competitors' decisions. Practitioners may also benefit from the conclusions on uncertainty in that they may be able to more cleanly parse the types of uncertainty immersed in impending environmental regulations. Finally, firms may be better able to understand decisions by their own managers and their competitors, managers in terms of their perceived influence over the regulatory process.

Intensive antiplatelet therapy with three agents might be more effective than guideline treatment for preventing recurrent events in patients with acute cerebral ischaemia. We aimed to compare the safety and efficacy of intensive antiplatelet therapy (combined aspirin, clopidogrel, and dipyridamole) with that of guideline-based antiplatelet therapy. We did an international, prospective, randomised, open-label, blinded-endpoint trial in adult participants with ischaemic stroke or transient ischaemic attack (TIA) within 48 h of onset. Participants were assigned in a 1:1 ratio using computer randomisation to receive loading doses and then 30 days of intensive antiplatelet therapy (combined aspirin 75 mg, clopidogrel 75 mg, and dipyridamole 200 mg twice daily) or guideline-based therapy (comprising either clopidogrel alone or combined aspirin and dipyridamole). Randomisation was stratified by country and index event, and minimised with prognostic baseline factors, medication use, time to randomisation, stroke-related factors, and thrombolysis. The ordinal primary outcome was the combined incidence and severity of any recurrent stroke (ischaemic or haemorrhagic; assessed using the modified Rankin Scale) or TIA within 90 days, as assessed by central telephone follow-up with masking to treatment assignment, and analysed by intention to treat. This trial is registered with the ISRCTN registry, number ISRCTN47823388. 3096 participants (1556 in the intensive antiplatelet therapy group, 1540 in the guideline antiplatelet therapy group) were recruited from 106 hospitals in four countries between April 7, 2009, and March 18, 2016. The trial was stopped early on the recommendation of the data monitoring committee. The incidence and severity of recurrent stroke or TIA did not differ between intensive and guideline therapy (93 [6%] participants vs 105 [7%]; adjusted common odds ratio [cOR] 0·90, 95% CI 0·67–1·20, p=0·47). By contrast, intensive antiplatelet therapy was associated with more, and more severe, bleeding (adjusted cOR 2·54, 95% CI 2·05–3·16, p<0·0001). Among patients with recent cerebral ischaemia, intensive antiplatelet therapy did not reduce the incidence and severity of recurrent stroke or TIA, but did significantly increase the risk of major bleeding. Triple antiplatelet therapy should not be used in routine clinical practice. National Institutes of Health Research Health Technology Assessment Programme, British Heart Foundation.