The Study Of Influence Of Effectuation On New Venture Performance In Uncertainty Environment

Due to the situation of starting a new business is different from situation of largeenterprise, scholars discovery that the achievements of the researches about traditionallarge enterprise are unable completely applied in entrepreneurship research. Inentrepreneurs decision-making logic research, Sarasvathy (2001) discovery thattraditional theory of causation cannot be used those situation where exists highuncertainty and unpredictable situation like new enterprises, new market or industry.Then he put forward a more suitable decision model in uncertain businessenvironment, which is Effectuation.After ten years of development, there come a lot of researches about thedefinition, dimensions and measurement of effectuation. Although scholars haverealized effectuation can predict new venture performance, there are still fewresearches that empirically test the influence of Effectuation on new ventureperformance. This paper applies Chandler’s effectuation scales including affordableloss, flexibility and pre-commitments. Then this paper theoretically and empiricallyanalyses the influence of effectuation on new venture performance. Sincedecision-making logic needs to have effect on entrepreneurial decision behavior andthen influence on new venture performance, the paper study the mediating effect ofentrepreneurial resource integration (entrepreneurial resources cohesion andentrepreneurial resources coupling) in relationship between effectuation and newventure performance. Besides, effectuation is the decision-making logic which can beused in the high uncertainty environment, so the degree of environmental uncertaintymay moderate the influence of effectuation on new venture performance. This paperstudies the moderating effect of environmental uncertainty on the main effect.Referring to the theory of effectuation, resource-based view, and resourcedependence theory, this paper carries on the theoretical derivation about the threeproblems (the influence of effectuation on new venture performance, the mediatingeffect of entrepreneurial resource integration and the moderating effect ofenvironmental uncertainty).Then several hypotheses are proposed through empirical analysis of359startups questionnaire data, this paper get the conclusion as following:(1)Dimension of effectuation including affordable loss, flexibility andpre-commitments has significantly positive effect on new venture performance,(2)Entrepreneurial resources cohesion and entrepreneurial resources coupling mediatethe direct effect of affordable loss, flexibility and pre-commitments on new ventureperformance,(3)Environmental uncertainty positively moderates the effect offlexibility and pre-commitments on new venture performance. At last this paperdiscusses and analyzes the empirical results, and then gives some advice on futureresearch prospects.