Entrepreneurial Entropy: A Resource Exhaustion Theory of Firm Failure From Entrepreneurial Orientation
研究提出创业导向通过消耗组织资源冗余增加企业失败风险的理论，基于804家美国高科技企业18年面板数据验证了该机制，并发现创业导向的突变尤其会加剧表现不佳企业的失败风险。
Entrepreneurial orientation (EO) can generate substantial gains and losses, exhausting firm resources and straining a firm’s ability to sustain its activities. We develop and test a resource exhaustion theory of firm failure, conceptualizing conditions under which EO increases the risk of firm failure by generating unsustainable amounts of entrepreneurial entropy. Using panel data on 804 large U.S. high-technology firms over 18 years, we find that EO increases the risk of firm failure, which is mediated by the lack of organizational resource slack. An abrupt change in EO increases the risk of firm failure, especially among underperforming firms.