| Entrepreneurship is an important driver for social and economic development,because entrepreneurship can facilitate the upgrading of industry structure and help increase jobs.New venture,as one of the active organizations in the economic system,plays a vital role in entrepreneurship and innovation.Thus,Chinese government has made entrepreneurship as a national strategy to promote the economic growth in China,thus the Chinese government try their best to boost the survival and development of new ventures,in order to increase entrepreneurship and innovation,accelerate the supply-side reform,and increase employment.The government and society provide a high level of support for entrepreneurship,such as establishing friendly entrepreneurial environment,releasing supporting polices,bringing in funds and venture capital.With the support of government,society and industry,there is a big growth spurt in new ventures in China.According to the statistical data from China's state administration for industry and commerce,a daily average of 12,000 new ventures were setted up in 2015,and a daily average of 15,000 new ventures were setted up in 2016.However,the survival rate of new ventures in China is low.About 49.7%of ventures exit the market within 5 years since they were setted up,and only 17.7%of ventures can survive longer than 10 years.Thus,promoting the continual survival and development of new venture,and improving their competitive advantages has been an urgent practical problem that need to be solve.Entrepreneurs,as the founders and managers of new ventures,play an important role in the survival and development of new venture,because they make development strategy for new venture,and guide the organizational behavior and climate.Exploring how entrepreneurs affect the survival and development of new ventures has been a hot topic in the field of entrepreneurship and strategy management.New ventures face many uncertainties,such as uncertainty of new industry,underexploited market,and powerful competitors.Under uncertain environment,not only the rational cognition of entrepreneurs affects the decision-making process,but also the irrational emotion infuses the process.Thus,based on both cognition and emotion perspective,this paper explores how entrepreneurs affect new venture performance.Zhong-yong thinking,as a kind of cognitive style rooted in Chinese traditional Confucian cultures,is pervasive in Chinese entrepreneurs.Entrepreneurial passion,as a kind of intensive emotions for entrepreneurial activities.is a critical factor for entrepreneurial success.Thus,specifically,we explore how Zhong-yong thinking and entrepreneurial passion of entrepreneurs affect new venture performance.Upper echelon theory provides us a helpful theoretical frame for this question.The theory points that the characteristics(e.g.cognition and emotion)of entrepreneurs can affect organizational strategy and behaviors,and then affect organizational performance.Moreover,the theory points that the strength of the effect of entrepreneurs on organization depends on the external environment and the characteristics of the entrepreneurs.In addition,cognition and emotion,as two information processing and decision-making systems,interactively affect human behaviors and organizational behaviors.Thus,based on upper echelon theory,and the perspective of the interaction of cognition and emotion,this paper explores the underlying influence mechanism of Zhong-yong thinking and entrepreneurial passion of entrepreneurs on new venture performance,and explores how they interact to affect new venture performance.Specifically,based on upper echelon theory,the perspective of the interaction of cognition and emotion,the theories of guanxi,opportunity,innovation,human capital,social capital and environment,this paper conducts three researches.(1)Entrepreneur's Zhong-yong thinking and new venture performance:the mediating role of guanxi and the moderating role of environmental turbulence;(2)Entrepreneurial passion and new venture performance:the mediating role of opportunity capture and the moderating role of human capital and social capital;(3)The interaction of entrepreneurial passion and Zhong-yong thinking on organizational innovation and new venture performance.By conducting these researches,we uncover the influencing mechanism of Zhong-yong thinking and entrepreneurial passion on new venture performance,and prove the interaction between Zhong-yong thinking and entrepreneurial passion plays an important role in the success of new venture.New ventures are our sample.Questionnaire and empirical methods were employed to conduct the survey,and we use multiple regression analysis to test our hypothesis.The results show that:(1)Entrepreneur,Zhong-yong thinking is positively related to new venture performance,and guanxi mediates the relationship between entrepreneur' Zhong-yong thinking and new venture performance.In addition,environmental turbulence moderates the relationship between entrepreneur's Zhong-yong thinking and guanxi.Specifically,the relationship between entrepreneur's Zhong-yong thinking and guanxi is stronger when technological turbulence is high or market turbulence is low.(2)Entrepreneur's entrepreneurial passion is positively related to new venture performance,and opportunity capture mediates the relationship between entrepreneurial passion and new venture performance.The relationship between entrepreneurial passion and opportunity capture is stronger when entrepreneurs has noprior industry experience or more social capital.(3)The interaction between entrepreneurial passion and Zhong-yong thinking positively affects organizational innovation and new venture performance.In addition,organizational innovation mediates the relationship between entrepreneurial passion and new venture performance.This study enriches the research on new venture performance by exploring how the cognition and emotion affect new venture performance.This study contributes to strategy management by exploring how entrepreneur affect organizational behaviors and performance.In addition,this research add new insight for situations in entrepreneurship research by conducting the research in China.Moreover,this research contributes to the emotional perspectives in organization management.The results can provide practical guidance for entrepreneurs and governments. |
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