Strategic Entrepreneurship: structuring a new field of research.
Strategic Entrepreneurship continues to receive increasing attention in business research. At first glance, the field appears heterogeneous, which exacerbates the opportunity for its proper orientation and advancement. This article strives to systematize SE research and, in doing so, identify key discussion lines within this field. Based on a bibliometric citation analysis of 145 core papers and 10,507 references, we identify core authors and journals as well as four key discussion lines: 1) business and entrepreneurship basics, 2) strategic entrepreneurship, 3) strategy/strategic management, and 4) corporate entrepreneurship. These four lines of discussion and the respective literature constitute a framework for the advancement of SE research.

Keywords: Bibliometrics; citation analysis; entrepreneurship; strategic entrepreneurship; strategic management

Article Type:
Entrepreneurship (Analysis)
Strategic planning (Business) (Analysis)
Management techniques (Analysis)
Management (Analysis)
Kraus, Sascha
Harms, Rainer
Filser, Matthias
Pub Date:
Name: International Journal of Strategic Management Publisher: International Academy of Business and Economics Audience: Academic Format: Magazine/Journal Subject: Business, international Copyright: COPYRIGHT 2012 International Academy of Business and Economics ISSN: 1555-2411
Date: August, 2012 Source Volume: 12 Source Issue: 2
Geographic Scope: United States Geographic Code: 1USA United States
Accession Number:
Full Text:

Strategic entrepreneurship (SE) "involves simultaneous opportunity-seeking and advantage-seeking behaviors and results in superior firm performance" (Hitt et al., 2011, p. 963). This recent definition highlights the origins of SE in both entrepreneurship and strategic management: Rooted in Entrepreneurship, SE is concerned with the discovery and creation of opportunities with the goal of creating value (Hitt et al., 2011). Rooted in Strategic Management, SE is also concerned with the creation of sustainable competitive advantages as pathways towards opportunity exploitation. This broad area of application has spawned great interest among the research community (Harms et al., 2012).

At the same time however, the research field of SE can be characterized as unstructured and fragmented. This may be due to its rapid growth, but may also be an effect of the interface character of this offshoot of the original disciplines of Strategic Management and Entrepreneurship. Here, a large number of theoretical foundations and conceptualizations can be found (Ireland et al., 2003; Hitt et al., 2002). So it's not surprising that SE is heterogeneous in and of itself, which makes it difficult to structure the research field and identify its main discussion lines, which could be beneficial for the perception of the development of SE as a discipline overall. At the end of the 1980s, Low and MacMillan (1988) wrote with regard to Entrepreneurship research: "As a body of literature develops, it is useful to stop occasionally, take inventory [of] the work that has been done, and identify new directions and challenges for the future" (p. 139). Considering the rapid growth of SE research, this kind of "inventory taking" may be relevant for SE research as well, and is the basis for this article that seeks to graph the current state of the art of SE research. Its foundation is a citation analysis of 143 key articles and 10,270 references. Descriptive facts and a network graph reveal the intellectual structure of SE.


The origins of strategic management as an academic field can be traced to the 1960s (Furrer et al., 2007). While Strategic Management deals with the development of sustainable competitive advantages resulting in the creation of value (Ramachandran et al., 2006), early research almost solely investigated strategic issues in large, established enterprises (Analoui and Karami, 2003). However, Strategic Management research has moved beyond this context. For example, as early as 1934, Schumpeter (1934) highlighted the temporary nature of competitive advantages. This requires firms to continuously seek new avenues towards competitive advantages, i.e. through entrepreneurial behavior that leads to the exploration and creation of new opportunities (Ireland et al., 2001).

The origins of entrepreneurship as an academic field can be traced back to the 18th century, when Cantillon (1755) used this term to differentiate self-employed entrepreneurs from employed workers, and in the process linked entrepreneurship and risk-taking. Entrepreneurship was emerging as an academic field of study when Karl Vesper founded an interest group within the Academy of Management's (AoM) Business Policy and Strategy Division in 1974. In 1987, entrepreneurship finally became a separate division of the AoM (Meyer et al., 2002). Entrepreneurship is now acknowledged as one of the major driving forces of the economy in modern societies (Brock and Evans, 1989; Carree and Thurik, 2000). It is also considered a key instrument for coping with the new competitive landscape and its rapid rate of change (Hitt and Reed, 2000). Entrepreneurial behavior can be found in various kinds of enterprises, regardless of their size, age, or profit orientation (Kraus et al., 2007). It describes the process of value creation through the identification and exploitation of opportunities, e.g. through developing new products, seeking new markets, or both (Lumpkin et al., 1998; Shane and Venkataraman, 2000; McCline et al., 2000). It focuses on innovation by identifying market opportunities and by building a unique set of resources through which the opportunities can be exploited, and is usually connected with growth (Ireland et al., 2001; Davidsson et al., 2002). Entrepreneurial enterprises identify and exploit opportunities that their competitors have not yet observed or have underexploited (Hitt et al., 2002). An entrepreneurial enterprise's resources are often intangible, and involve aspects such as unique knowledge or proprietary technology.

A link between strategic management and entrepreneurship was established as early as 1979, when Schendel and Hofer (1979) linked both research fields by defining strategic management as "a process that deals with the entrepreneurial work of the organization, with organizational renewal and growth..." (p. 11), and furthermore stated that "the entrepreneurial choice is at the heart of the concept of strategy" (p. 6). Later, Stevenson and Jarillo (1990) noted that there is a need to establish links between the fields of entrepreneurship and strategic management. As Dess et al. (1999) put it, "understanding entrepreneurial processes has been a central theme in a good deal of both the entrepreneurship and strategic management literatures" (p. 85). One of the most obvious linkages between entrepreneurship and strategic management is in the topic of opportunities. Opportunities are both at the very heart of entrepreneurship and part of the SWOT analysis of strategic management. Enterprises create value by identifying opportunities in their external environment and by subsequently developing competitive advantages to exploit them (Harms et al., 2012; Hitt et al., 2001; Ireland et al., 2001). Finally, SE can be seen as a process in which opportunity exploration and exploitation are balanced (Ireland et al. 2003). This process perspective can be applied in efforts to understand building blocks and the relation between these building blocks (van de Ven 2007) within an SE process. In an integrative effort, Ireland et al. (2003) developed an SE process model. SE begins with an entrepreneurial mind set, an entrepreneurial culture, and entrepreneurial leadership (1). A company in which these factors are well developed will manage resources strategically, balancing exploration and exploitation (2). As a result, a continuous stream of innovation (3) enables the firm to create wealth (4).


A second link refers to the fact that both disciplines look at similar research objects. For example, Cooper (1979) places start-ups, the core research objects of entrepreneurship research, into the field of strategic management by investigating the relationships between the characteristics of entrepreneurs, venture strategies and performance. He argues that strategic management researchers should study established enterprises and growth-oriented start-ups, but not "mom and pop" small businesses. This later led to the distinction between "entrepreneurs" and "small business managers" by Carland et al. (1984). From this point on, more and more scholars studied the relationship between strategic management and business performance in SMEs (Schwenk and Shrader, 1993; Kraus et al., 2006).

Finally, many key topics in entrepreneurship research such as new venture creation, innovation, and opportunity-seeking have strong links to strategic management research. First, new venture creation is in most cases about the acquisition, mobilization and deployment of resources, and the integration of these resources with opportunities, and can thus be linked to Mintzberg's design school of strategic management which addresses the matching of resources with opportunities (Sandberg, 1992). Second, innovation can be understood as creating new combinations of production factors. This view builds on resources, which are the core unit of analysis of the Resource-Based View of Strategic Management (Wernerfelt, 1984; Barney, 1991). Third, innovation management can be understood as a process. Here, both the cognitive school and the entrepreneurial school of management by Mintzberg can be applied (for example in exploring how innovations appear and in explaining the strategic nature of innovations), along with the learning school, where creation of innovations is seen as an organizational phenomenon (for example by the way an innovation makes its way through the organization). These overlapping topics illustrate the intersection of the research fields.

We generate a literature overview to identify the key discussion lines in SE research, conducting a citation analysis that is followed by an analysis of the most cited references. We analyze the contents explored within SE research. We then address the following research question: What is the state of the art of research in SE? More specifically, the following questions are answered: What are the most influential publications, and what are the key topics found in these publications? By answering these questions, we aim to illustrate the intellectual foundations of SE research.


Bibliometrics is the quantitative evaluation of researchers and scientific institutions in terms of their publications (Diodato, 1994; Havemann, 2009). The aim is to highlight the structures as well as the development of scientific fields (Prevot et al. 2010). White and McCain (1989) call bibliometrics "the quantitative study of literatures as they are reflected in bibliographies" (p. 119). Bibliometrics has established itself as a recognized method of analysis.Citation analysis is a key method of bibliometrics (Moed, 2005). A citation analysis examines citations in terms of the connection between who/what is being cited and the publication/author referring to the citation. A scientific paper is considered to be influential if other authors have cited it frequently (Gundolf and Filser, forthcoming). The amount of citations is seen as a qualitative value ("impact"). The assumption is that an often-cited work conveys important scientific findings, and constitutes a substantial basis for further elaborations, even though it might even be cited for the purpose of criticism (Garfield, 1979). In either case, a publication that is frequently cited is assumed to represent a central contribution to the respective research discipline (Klingemann, 1988; Yue and Wilson, 2004).

Our citation analysis of the Strategic Entrepreneurship literature is based on articles that feature the terms "strategy" or "strategic" and "entrepreneurship" in their titles. The databases Emerald, EBSCO, ABI Inform/ProQuest, ScienceDirect and Google Scholar were used to identify the articles for our citation analysis. Furthermore, all articles that were published in the Strategic Entrepreneurship Journal before 2012 were included. A total of 145 publications meeting these criteria were identified for the analysis. The bibliometric analysis applied here to the field of Strategic Entrepreneurship is based on the design proposed by Prevot et al. (2010) and Gundolf and Filser (forthcoming). First, the references that are used in each source were collected. After counting all references from all sources, we counted the absolute frequency with which each reference appears. In a final step, clusters were compiled on the basis of the topical congruency of the most cited publications. To reduce the complexity of the citation network's visual depiction, only the top 20 most- cited publications were taken (for comparable approaches see e.g. Gundolf and Filser, forthcoming; Leonidou et al., 2010; Prevot et al., 2010; Roth and Gmur, 2004; Schaffer et al., 2006; Voeth et al., 2006).


4.1. Characteristics of the articles in the database

4.1.1. Number of publications published on SE

The number of publications on SE has increased over time (Figure 2). The noticeable jump in 2007 can be particularly attributed to the release of the special edition on SE by Kuratko and Audretsch in Entrepreneurship Theory and Practice. Similarly, the rising interest in this field of research is also illustrated by the establishment of the Strategic Entrepreneurship Journal (SEJ) that was created as a line enhancement of the Strategic Management Journal (SMJ).


4.1.2. Key authors in SE research

Table 1 shows the affiliations of the top nine most productive scholars in the area of SE. Other authors that have published less than four articles are not listed. The geographical distribution of the most productive SE researchers shows a dominance of Anglo-American countries. In addition, only a few of the teams of authors come from one single institution. The most active authors, i.e. those with the highest amount of publications in this field, have co-authors affiliated with other institutions. It's also noticeable that no single institution can be considered as the leader in the SE field.

4.2. Characteristics of the references

A total of 10,507 references were cited in the analyzed articles. The high number of cited references indicates to some extent the unexplored character and newness of SE compared to other related areas such as International Entrepreneurship or Entrepreneurial Marketing (e.g. Eggers et al., 2009; Kraus, 2011). The newness and unexplored character of SE might accentuate the necessity to include publications that have their origin in disciplines such as management, strategy, entrepreneurship, etc. to explore the interfaces as well as more specific issues within SE. The fields of management and entrepreneurship strongly influence SE. In the references within our database, the influence of management is clearly greater than that of entrepreneurship. The majority of journals are attributed to the field of management, while only a small percentage are entrepreneurship journals (Figure 3). The strong influence of management literature seems to indicate that SE is regarded as a subcategory of strategic management, which might simply be due to the greater amount of management publications compared to entrepreneurship research.


Table 2 lists the 20 most influential publications on SE that were published between 1934 and 2007. This compilation can be regarded as the core of SE research. Most of the publications are from the years 2000-2007 (7), before the 1990s (7), and during the 1990s (6). 14 of the 20 most influential publications are articles, while six are monographs. With the scientific journal publications that were among the most cited references, 12 out of 14 articles were published in journals that fall into the realm of management, while only two articles come from entrepreneurship. Hence, scientific journal publications provide an essential basis for elaborations. Of note is that among the most influential publications, the Academy of Management Review and the Strategic Management Journal are the most frequently used publication channels. So the fundamental basis for previous findings is noticeably provided by high-class journals. Moreover, it is surprising that one of the most cited references in our analysis was published in 2007.

Bibliometrics has the limitation that a reference requires a certain period to unfold its potential (Garfield, 1979) and to be recognized as an important source for progression. This analysis shows that the timeframe to be rewarded is just 4 years. However, this might be due to the fact that this article was published in the first issue of the Strategic Entrepreneurship Journal (SEJ). However, as the database contains all of the articles published in the SEJ, this article might build the basis and justification for further elaborations of other authors that aim to publish in the same journal (Monastersky, 2005).

4.3. Citation network and topic cluster

The citation analysis produced a network of the top 20 publications that have the greatest influence on the SE field (see Figure 4).

The publications outside the clusters are the source articles for this analysis. The outgoing arrows mark citations, and those publications within a cluster illustrate the references that have been cited. The size of the circle each cited reference is enclosed within represents the number of citations received. The top 20 shows all references that have been cited at least 17 times. We identify the following four cluster topics on the basis of the top 20 most-cited publications:

--Cluster 1: Entrepreneurship Research (Kirzner, 1973; Knight, 1921; March, 1991; Nelson and Winter, 1982; Penrose, 1959; Schumpeter, 1934)

--Cluster 2: Strategic Management (Barney, 1991; Cohen and Levintal, 1990; Teece, 1986; Teece et al., 1997; Wernerfelt, 1984)

--Cluster 3: (Corporate) Entrepreneurship (Busenitz and Barney, 1997; Lumpkin and Dess, 1996; Sarasvathy, 2001; Shane, 2000; Shane, 2003; Shane and Venkataraman, 2000)

--Cluster 4: Strategic Entrepreneurship (Alvarez and Barney, 2007; Hitt et al., 2001; Ireland et al., 2003)


4.3.1. Cluster 1: Entrepreneurship Research

The papers that are referenced in Cluster 1 are core theoretical contributions to entrepreneurship research that provide a foundation for business and entrepreneurship issues. Knight (1921), Schumpeter (1934) and Kirzner (1973) are core authors of entrepreneurship research. While Knight refers to risk-taking as a major characteristic for entrepreneurs, Schumpeter regards the realization of innovative ideas as entrepreneurial behavior. Penrose (1959) and Nelson and Winter (1982) advanced this research with further and more detailed aspects and perspectives that deal with the causes of firm growth (Penrose, 1959) and a reflection on the evolution of economic change (Nelson and Winter, 1982). Finally, March (1991) advanced entrepreneurship theory by investigating the antecedents and consequences of organizational learning.

These core authors can be regarded as fundamental to entrepreneurship research. Hence, it is not surprising that other bibliographic analyses, for example on family firms (Kraus et al., 2011b), or entrepreneurial marketing (Eggers et al., 2009; Kraus et al., 2011a), also refer to this core body of literature, which deeply roots SE research in the entrepreneurship literature.

4.3.2. Cluster 2: Strategic Management

This cluster has a strong link to the Resource-Based View of the firm. According to Wernerfelt (1984) the development of competitive advantages results from the resources a firm possesses. Barney (1991) discusses four characteristics of resources that lead to sustained competitive advantages: value, rareness, imitability, and sustainability. The RBV states that sustainable competitive advantages cannot be purchased on the market, but need to be developed from within the firm. Here, Teece et al. (1997) state that dynamic capabilities, in other words a "firm's ability to integrate, build, and reconfigure internal and external competences" (p. 516) are essential for meeting future challenges and adapting to rapidly changing environments. To achieve this, learning capabilities need to be developed that enable employees to build strategic assets, integrate new strategic assets within the firm, and continuously redesign the existing ones. As to what can be regarded as a specific type of resource, Cohen and Levintal (1990) introduce the concept of absorptive capacity. They argue that a firm's ability to recognize possibilities, the access to external information, and assimilation and realization are critical factors for innovativeness. As the environment impacts learning ability, absorptive capacity leads to an effective allocation of resources.

The ideas of value generation and value capture (as exemplified by Teece (1986) who investigates the question of who profits from innovation) can be identified as general themes of this cluster. Core authors of the Strategic Management literature are referenced, deeply touting SE research in Strategic Management research. Of note is that the RBV receives extensive attention, while the Market Based View appears to be neglected.

4.3.3. Cluster 3: (Corporate) Entrepreneurship

While the papers in Cluster 1 refer to the theoretical basis of entrepreneurship research, the papers in Cluster 3 tend to deal with entrepreneurship in the corporate context. Many SE papers refer to the concept of entrepreneurial orientation (in the version of Lumpkin and Dess 1996), stating that entrepreneurial firms are innovative, proactive, risk-taking, aggressive, and striving for autonomy. Lumpkin and Dess (1996) suggest exploring the consequences of EO via mediation and moderation models.

The basis of entrepreneurial firm behavior is the entrepreneurial behavior of key individuals. The SE literature refers to Busenitz and Barney (1997) who investigate the differences in the decision-making process between entrepreneurs and managers. While the decision making of entrepreneurs relies somewhat on biases and heuristics (such as overconfidence and representativeness), managers tend to apply a more rational and structured decision making style. The reliance of the SE literature on the literature on (corporate) decision making is further illustrated by the prominent role that Shane (2000) plays in the SE literature. Shane and Venkataraman (2000) define entrepreneurship as "[...] the study of sources of opportunities; the processes of discovery, evaluation, and exploitation of opportunities; and the set of individuals who discover, evaluate, and exploit them" (Shane and Venkataraman, 2000, p. 218). Shane (2000) argues that entrepreneurs who have access to and are familiar with certain information such as certain technologies will be more likely to identify opportunities than entrepreneurs new to an industry or field. This so-called individual-opportunity nexus is elaborated further and serves as a key foundation for SE research (Shane, 2003).

A final core paper of this cluster is by Sarasvathy (2001) who introduces the concepts of "effectuation" and "causation" as two distinct, yet interrelated decision-making styles of entrepreneurs. The literature on causation and effectuation picks up on decision making between novices and experts, or entrepreneurs and managers; this is a theme also seen in the paper by Busesitz and Barney (1997). An even stronger link to the SE literature lies in the fact that effectuation seems to fly in the face of established strategic management theory that emphasizes strategic planning, while effectuation highlights incremental approaches to decision making.

4.3.4. Cluster 4: Strategic Entrepreneurship

In this cluster, the SE literature refers not to other research streams, but begins to refer to itself. This self-referencing can be regarded as a first step in the direction of a separate research field with its own theories and actors. For example, Hitt et al. (2001) introduce SE by drawing an overview of the issues and topics addressed in the context of a special on SE in the Strategic Management Journal. They stress that "new ventures and established firms need to be simultaneously entrepreneurial and strategic" (Hitt et al., 2001, p. 448). Ireland et al. (2003) develop a model aiming to explain the dimensions of SE, positing that entrepreneurial ventures have a deficiency regarding the development of competitive advantages, while large, established firms have a deficiency regarding the identification of opportunities. Firms that employ SE can create wealth by addressing mutual deficiencies. Similarly, Ireland et al. (2003) summarize that SE contains an opportunity- and advantage- seeking dimension that can be used for wealth creation. This view is expanded on by Ireland et al. (2011) who explain that it is not only monetary wealth that can be sought as an outcome of SE, but societal, organizational and individual benefits as well.

Alvarez and Barney (2007) investigate the question whether entrepreneurial opportunities exist ex ante (and can be discovered) or do not exist ex ante (and can be created). The authors stress that "the actions that entrepreneurs actually take can be thought of as a manifestation of the assumptions they make about the nature of the context within which they are operating--is it a discovery context or a creation context" (Alvarez and Barney, 2007, p. 17).


All in all, the foundations of SE research are general management research, strategy research in particular from the 1990s (chiefly based upon the resource-based view), as well as the newer entrepreneurship research. Noticeable is how the still relatively new field of SE research frequently cites itself (Cluster 4), which indicates a strong cooperation and scholarly exchange within this community. Regarding the number and influence of their publications, Barney and Shane are considered to be the current leaders in the SE research field, with each having three indicatory publications.

The integration of entrepreneurial (opportunity-seeking) and strategic (advantage-seeking) perspectives appears to be a promising approach for management of present business operations. Both perspectives are essential for the continuous generation of value (McGrath and MacMillan, 2000; Ireland et al., 2001). There is no doubt that strategic management has to become more entrepreneurial. Therefore it appears necessary for it to move away from its traditionally administrative approach to a viewpoint that is more strategically entrepreneurial. This would foster a new conception of management built upon strategic agility, flexibility, creativity, and continual innovation. Furthermore, such a conception and/or mode of behavior and way of thinking support the transformation of administration-oriented employees into intrapreneurs (Kraus, 2009).

SE research is in an evolving stage. Progress is seen in the references to specific SE publications (Cluster 4). However, the nature and facets of SE are still somewhat under- defined, as evidenced by the ongoing discussion in the literature about the definition of SE. Schindehutte and Morris (2009) explicitly raise the question of the "nature" of SE. Here, Kraus and Kauranen (2009) suggest applying a configuration approach (e.g. Mugler, 2004; Wiklund and Shepheard, 2005; Harms et al., 2009) to SE theory, which highlights the reciprocal interplay of the levels of entrepreneur, strategy, structure/resources, and environment in the establishment of SE processes. Hitt et al. (2011) took the first step towards advancing the understanding of SE by developing an input- process-output model.

The bibliometric analysis showed that there are still only a few researchers/research groups who are thoroughly dedicated to this topic. Therefore, the research field of SE offers ample space for researchers, particularly those who are interested in immersing themselves in this topic, while promising many theoretical challenges and practical applications. The authors hope that the structured overview of the most influential publications and their thematic clustering presented in this paper will support the development of further research within the scientific community.


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Dr. Sascha Kraus is Asc. Professor for Entrepreneurship at the University of Liechtenstein and Extraordinary Professor for Entrepreneurship at Utrecht University, The Netherlands. Before his current positions, Prof. Kraus was Evald and Hilda Nissi Foundation International Fellow at the University of Vaasa, Finland and Substitute Professor at the Salzburg University of Applied Sciences, Austria.

Professor Rainer Harms is Asst. Professor at the Institute for Governance Studies, NIKOS, University Twente, The Netherlands. He has also served as a visiting Professor at UAB Barcelona, Spain, and WU Vienna, Austria. He works on the topic of Entrepreneurship and Innovation Management.

Dr. Matthias Filser is Research Assistant and Lecturer at the Groupe Sup de Co Montpellier Business School, France and Ph.D. student at Utrecht University, Netherlands.

Sascha Kraus, University of Liechtenstein, Liechtenstein

Rainer Harms, University of Twente, The Netherlands

Matthias Filser, Montpellier Business School, France
Table 1: The most-published authors in the field of strategic

Author            Institution                            Country

Ireland, R.D.     Texas A&M University, Robins School    USA
                  of Business, University of Richmond

Baron, R.A.       Oklahoma State University, Lally       USA
                  School of Management

Hitt, M.A.        Mays School of Business, Texas A&M     USA

Wright, M.        Ghent University, Nottingham           UK

Hmieleski, K.M.   Texas Christian University, M.J.       USA
                  Neeley School of Business

Ketchen, D.J.     Texas A&M University, Auburn           USA

Shepherd, D.A.    Indiana University                     USA

Alvarez, S.A.     Ohio State University                  USA

Audretsch, D.B.   Indiana University, Max Planck         USA/
                  Institute of Economics                 Germany

Author             Number of

Ireland, R.D.          9

Baron, R.A.            5

Hitt, M.A.             5

Wright, M.             5

Hmieleski, K.M.        4

Ketchen, D.J.          4

Shepherd, D.A.         4

Alvarez, S.A.          4

Audretsch, D.B.        4

Table 2: Top 20 most influential publications on the field of strategic

Author           Year   Title                             Citations

Ireland, Hitt,   2003   A model of strategic              36
Sirmon                  entrepreneurship: The
                        construct and its dimensions

Shane,           2000   The promise of entrepreneurship   36
Venkataraman            as a field of research

Barney           1991   Firm resources and sustained      35
                        competitive advantage

Schumpeter       1934   The theory of economic            32

Alvarez, Barney  2007   Discovery and creation:           31
                        Alternative theories of
                        entrepreneurial action

March            1991   Exploration and exploitation      26
                        in organizational learning

Hitt, Ireland,   2001   Strategic entrepreneurship:       26
Camp, Sexton            Entrepreneurial strategies for
                        wealth creation

Cohen, Levintal  1990   Absorptive capacity: A new        25
                        perspective on learning and

Knight           1921   Risk, uncertainty, and profit     24

Nelson, Winter   1982   An evolutionary theory of         22
                        economic change

Penrose          1959   The theory of the growth of       21
                        the firm

Kirzner          1973   Competition and                   20

Lumpkin, Dess    1996   Clarifying the entrepreneurial    20
                        orientation construct and
                        linking it to performance

Shane            2000   Prior knowledge and the           19
                        discovery of entrepreneurial

Busenitz,        1997   Differences between               18
Barney                  entrepreneurs and managers in
                        large organizations: Biases
                        and heuristics in strategic

Teece            1986   Profiting from technological      18
                        innovation: Implications for
                        integration, collaboration,
                        licensing and public policy

Wernerfelt       1984   A resource-based view of the      18

Teece, Pisano,   1997   Dynamic capabilities and          17
Shuen                   strategic management

Sarasvathy       2001   Causation and effectuation:       17
                        Toward a theoretical shift from
                        economic inevitability to
                        entrepreneurial contingency

Shane            2003   A general theory of               17
                        entrepreneurship: The
                        individual-opportunity nexus
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