AN EXAMINATION OF THE

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1、ANEXAMINATIONOFTHEIMPACTOFINITIALFOUNDINGCONDITIONSANDDECISIONSUPONTHEPERFORMANCEOFNEWBANKSTART-UPSCHARLESE.BAMFORDTexasChristianUniversityM.J.NeeleySchoolofBusinessTHOMASJ.DEANUniversityofColorado±BoulderDepartmentofManagementPATRICIAP.McDOUGALLGeorgiaInstituteofTechnologyDuPreeCollegeofMa

2、nagementTwoschoolsofadviceareoftenprovidedto¯edglingentrepreneurialven-EXECUTIVEtures:oneadvocatesadeliberateandwellstructuredphasepriortothebegin-SUMMARYningofoperations,whiletheothersuggestsaquick-to-marketapproachthatreliesheavilyupontheentrepreneurialteam'sabilitytoadjustresourcesandstr

3、ategyasthenewventuredevelops.Furthermore,theeconomyisgenerallyseenasashort-termplayerinthesuccessofthe®rm.Thatis,economiccondi-tionsappeartohaveacyclicalnaturetothem,soinitialmarketconditionsmayonlyberelevanttothestart-upspeedofthenewventure.Unfortunately,althoughtherehasbeenresearchthathas

4、examinedtheimpactsomeoftheseareasmayhave,ithasgenerallybeenlimitedtoissuesofsurvivabilityand/orhasutilizedyoungventures(ratherthannewventures).Allofthisleavesopenthequestionofthelong-termimportanceoftheseinitialdecisionsandconditions.AddresscorrespondencetoCharlesE.Bamford,M.J.NeeleySchoolo

5、fBusiness,TexasChristianUni-versity,TCUBox298530,FortWorth,TX76129;(817)257-7280;Fax:(817)257-7227;E-mail:c.bamford@tcu.eduJournalofBusinessVenturing15,253±277Ó1999ElsevierScienceInc.Allrightsreserved.0883-9026/00/$±seefrontmatter655AvenueoftheAmericas,NewYork,NY10010PIIS0883-9026(98)00011-

6、1254C.E.BAMFORDETAL.Thisresearchspeci®callyexaminedasampleofnewbanksatthepointofinceptioninordertoaccomplishthefollowing:1)toinvestigatethesuggestionthatinitialfoundingconditionsanddecisionshavealonglastingimpactuponperformance;2)togainaninsightintothetemporalenduranceoftheseinitialdecision

7、sandconditionsbytestingtheextenttowhichtheexplanatorypowerpersistedwithtime;and3)toutilizemultiplemeasuresofperformanceinordertoallowforacomparisonofthisimportantissueasitaffectsvariousaspectsofanewventure'smeasurementofperformance.Theresultsofthisstudyp