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Manuel Hess
Title
Prof. Dr.
Last Name
Hess
First name
Manuel
Email
manuel.hess@unisg.ch
Phone
+41 71 224 73 07
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1 - 10 of 28
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PublicationHow corporates rely on search through CVC strategies to improve performanceAlthough Corporate Venture Capital (CVC) is widely believed to drive corporate innovation, its relevance is often questioned. This study uses problemistic search to investigate whether CVC activities consistent with a firm's core business are likely to have a positive impact on the positive relationship between business strategy and firm performance. We pay particular attention to prior negative past performance. Results confirm that CVC investments aligned with a company’s core business have a positive effect, even when past performance was negative. In difficult times, the marginal effect is weaker but still positive. As soon as the business recovers, CVC activities are expected to contribute to greater corporate competitiveness as CVC activities related to the core business are compatible with a recovered business strategy.Type: journal article
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PublicationWorking Paper: Bias in Early Stage Venture Investment Decisions
;Shepherd, Dean ;Tobler, PhilippeType: journal article -
PublicationType: journal article
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PublicationAn Attractiveness Bias? How Women Entrepreneurs' Physical Appearance Affects Men Investors( 2024)
;Dean Shepherd ;Philippe Tobler ;Joakim WincentAaron D. HillWomen founders frequently appear to encounter varied and often negatively biased decisions from investors. Our study builds on the theoretical and practical interest in understanding whether and how biases against women entrepreneurs are attributed to men investors’ cognitive and physiological (i.e., hormonal) responses to the women’s physical appearance. Using a cross-sectional research design, we recruited 106 experienced investors and randomly assigned them to one of two versions of a prerecorded pitch to test the effect of a woman entrepreneur’s physical attractiveness. The versions were identical in content and form but were delivered by different actresses, one of whom was considered highly attractive. We asked participants to observe the pitch and answer questions on related topics, including how likely they believed the business described would successfully progress through the screening stage of the investment process. In contrast to our hypothesis, we find that a woman entrepreneur’s attractiveness positively influences men investors’ assessments of her competence. These competence assessments lead to evaluations that the entrepreneur’s proposal would progress through the investment screening stage. We also theorize and find that men investors have a marked increase in cortisol levels when presented with an attractive woman entrepreneur. This increased cortisol leads to evaluations that the entrepreneur’s proposal would progress through the screening stage. Identifying the role physiological mechanisms play in investment evaluations underscores the importance of adopting proactive measures to ensure equitable and fair investment practices alongside fostering introspection within the investment community.Type: journal articleJournal: Journal of Management -
PublicationTowards a practical approach to value-based pricing: Development and evaluation of the "ROI calculator tool for SaaS Startups" to improve value quantification & value communication( 2024)The software-as-a-service (SaaS) market has experienced significant growth in recent years, with business-to-business (B2B) SaaS companies being particularly attractive to venture capitalists. Profit expectations for startups are high, so optimizing pricing based on customer value is crucial. Many startups may encounter challenges in "wanting" to implement value-based pricing-i.e., they face barriers in the decision-making process such as lacking awareness, understanding, or openness to consider value-based pricing-or in "knowing" how to implement it-i.e., they would like to implement value-based pricing but face barriers related to required capabilities to execute it. This study addresses the second hurdle by developing and evaluating a practice tool to improve value quantification and value communication for B2B SaaS startups.Type: journal article
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PublicationType: journal articleJournal: Journal of Business ResearchVolume: 152
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PublicationCorporate Venturing Navigator: Conceptual development( 2022-06)Stöckel, AlexanderCorporate venturing (CV) has become a very important business tool for both corporations and start-ups and has received considerable research attention. However, existing studies are ambiguous and incomplete in terms of the optimal set-up, operation and termination of a CV program and the capture of value that is generated for the parent company. Based on the available research, we developed the Corporate Venturing Navigator (CVN) holding two artefacts: 1) the CVN Framework and 2) the CVN Cockpit. The results provide initial guidance on how to improve CV activities and realize their full potential with first application in practice. We highlight the contributions of the CVN in terms of theory and measurement.Type: journal article
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PublicationType: journal article
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PublicationAmazon’s Market Power Decoded by the Amazon Market Dominance Index( 2020-06)Amazon is one of the largest online retailers worldwide. Amazon had an annual turnover of over $280 billion in 2019 but is very reluctant to publish figures and data on the distribution of sales across individual product categories. However, from the retailer’s point of view, these data would be particularly critical to determine the relevance of the sales channel and to understand the competition within specific product categories better. The objective of this study is to build a measure that illustrates Amazon’s market share and dominance in individual product categories to enhance market understanding and to enable retailers to make more informed decisions. By combining various high-quality data sources, we were able to create the Amazon Market Dominance Index (AMDI), which reflects Amazon’s market dominance compared to the entire German retail sector. The AMDI is calculated on a category-specific basis for Amazon’s ten main product categories. The semi-annual calculation of all AMDI values allows for growth-rate comparisons and the identification of seasonal effects. With the AMDI, we increase market transparency and provide data on Amazon’s market position that was previously unavailable. We help retailers with relevant and evidence-based insights that enable the identification of opportunities and risks in individual product categories.Type: journal article
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PublicationVenture Capital and the Effects of Gender Diversity in New Venture Board Interlocks(Academy of Management Proceedings 2019 2019:1, 2019)The venture capital (VC) setting has long been questioned for its discrimination and tendency to promote men before women. Do those who go against the dominant behavior and take women on new venture boards face costs that could be avoided otherwise? To investigate this issue, we draw on social categorization theory and use a population of VC-financed new ventures. Our study confirms that adding women to new venture boards decreases new venture performance due to discrimination associated with women’s board engagement in board interlock networks. Moreover, while the ability to bridge structural holes in interlock networks has benefits, such as power and control over in-group resources, we argue and show that becoming too central in an interlock network has negative effects on performance due to redundancies and cognitive lock-ins. In extending our theory development to the interaction effect of these two negative effects, we propose there is hope for women who are active in the VC scene. We show that increasing gender diversity within focal boards helps overcome the downsides of high interlock network centrality. We discuss implications for board gender diversity, social categorization theory, and board interlock networks.Type: journal article
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