{"id":"https://openalex.org/W7225638992","doi":"https://doi.org/10.1016/j.jbusvent.2026.106663","title":"The Penrosean spinout: A new spin on the theory of the entrepreneurial firm","display_name":"The Penrosean spinout: A new spin on the theory of the entrepreneurial firm","publication_year":2026,"publication_date":"2026-11-09","ids":{"openalex":"https://openalex.org/W7225638992","doi":"https://doi.org/10.1016/j.jbusvent.2026.106663"},"language":"en","primary_location":{"id":"doi:10.1016/j.jbusvent.2026.106663","doi":"https://doi.org/10.1016/j.jbusvent.2026.106663","is_oa":true,"landing_page_url":"https://doi.org/10.1016/j.jbusvent.2026.106663","pdf_url":null,"source":{"id":"https://openalex.org/S66201313","display_name":"Journal of Business Venturing","issn_l":"0883-9026","issn":["0883-9026","1873-2003"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by-nc","license_id":"https://openalex.org/licenses/cc-by-nc","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Business Venturing","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://doi.org/10.1016/j.jbusvent.2026.106663","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5042249546","display_name":"Roger G. Koppl","orcid":"https://orcid.org/0000-0002-4807-2770","observed_orcids":["https://orcid.org/0000-0002-4807-2770"]},"institutions":[{"id":"https://openalex.org/I70983195","display_name":"Syracuse University","ror":"https://ror.org/025r5qe02","country_code":"US","type":"education","lineage":["https://openalex.org/I70983195"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Roger Koppl","raw_affiliation_strings":["Department of Finance, 721 University Avenue, Syracuse University, Syracuse, NY, 13244, United States of America"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Finance, 721 University Avenue, Syracuse University, Syracuse, NY, 13244, United States of America","institution_ids":["https://openalex.org/I70983195"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5161340362","display_name":"Fabian Parada Diaz","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I142740786","display_name":"University of Louisville","ror":"https://ror.org/01ckdn478","country_code":"US","type":"education","lineage":["https://openalex.org/I142740786"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Fabian Parada Diaz","raw_affiliation_strings":["Department of Management and Entrepreneurship, University of Louisville, Louisville, KY, 40292, United States of America"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Management and Entrepreneurship, University of Louisville, Louisville, KY, 40292, United States of America","institution_ids":["https://openalex.org/I142740786"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5030919699","display_name":"Maria Minniti","orcid":"https://orcid.org/0000-0002-8176-2298","observed_orcids":["https://orcid.org/0000-0002-8176-2298"]},"institutions":[{"id":"https://openalex.org/I70983195","display_name":"Syracuse University","ror":"https://ror.org/025r5qe02","country_code":"US","type":"education","lineage":["https://openalex.org/I70983195"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Maria Minniti","raw_affiliation_strings":["Department of Entrepreneurship and Emerging Enterprises, Syracuse University, 721 University Avenue, Syracuse, NY, 13244., United States of America"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Entrepreneurship and Emerging Enterprises, Syracuse University, 721 University Avenue, Syracuse, NY, 13244., United States of America","institution_ids":["https://openalex.org/I70983195"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5042249546"],"corresponding_institution_ids":["https://openalex.org/I70983195"],"apc_list":{"value":4130,"currency":"USD","value_usd":4130},"apc_paid":{"value":4130,"currency":"USD","value_usd":4130},"fwci":0.0,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"42","issue":"1","first_page":"106663","last_page":"106663"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10058","display_name":"Entrepreneurship Studies and Influences","score":0.9541000127792358,"subfield":{"id":"https://openalex.org/subfields/1405","display_name":"Management of Technology and Innovation"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10058","display_name":"Entrepreneurship Studies and Influences","score":0.9541000127792358,"subfield":{"id":"https://openalex.org/subfields/1405","display_name":"Management of Technology and Innovation"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12851","display_name":"Firm Innovation and Growth","score":0.04100000113248825,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10003","display_name":"Innovation and Knowledge Management","score":0.0019000000320374966,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/managerial-capacity","display_name":"management capability","score":0.6970000267028809},{"id":"https://openalex.org/keywords/new-firm-formation","display_name":"new firm formation","score":0.7080000042915344},{"id":"https://openalex.org/keywords/entrepreneurial-entry","display_name":"entrepreneurial entry","score":0.7900000214576721},{"id":"https://openalex.org/keywords/low-tech-sectors","display_name":"low-tech sectors","score":0.6679999828338623},{"id":"https://openalex.org/keywords/industry-fragmentation","display_name":"industry fragmentation","score":0.8090000152587891},{"id":"https://openalex.org/keywords/non-compete-clauses","display_name":"non-compete clauses","score":0.9269999861717224},{"id":"https://openalex.org/keywords/professional-licensure","display_name":"professional licensing","score":1.0},{"id":"https://openalex.org/keywords/low-wage-workers","display_name":"low-wage workers","score":0.7400000095367432}],"concepts":[{"id":"https://openalex.org/C2992649737","wikidata":"https://www.wikidata.org/wiki/Q283308","display_name":"Spin offs","level":2,"score":0.5705999732017517},{"id":"https://openalex.org/C40700","wikidata":"https://www.wikidata.org/wiki/Q1411783","display_name":"Industrial organization","level":1,"score":0.5608000159263611},{"id":"https://openalex.org/C2778348673","wikidata":"https://www.wikidata.org/wiki/Q739302","display_name":"Production (economics)","level":2,"score":0.5145000219345093},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5123999714851379},{"id":"https://openalex.org/C25328781","wikidata":"https://www.wikidata.org/wiki/Q5452109","display_name":"Firm offer","level":2,"score":0.4959999918937683},{"id":"https://openalex.org/C191015642","wikidata":"https://www.wikidata.org/wiki/Q1132459","display_name":"Fragmentation (computing)","level":2,"score":0.4494999945163727},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.4456999897956848},{"id":"https://openalex.org/C78173224","wikidata":"https://www.wikidata.org/wiki/Q1853178","display_name":"Theory of the firm","level":2,"score":0.43880000710487366},{"id":"https://openalex.org/C89611455","wikidata":"https://www.wikidata.org/wiki/Q6804646","display_name":"Mechanism (biology)","level":2,"score":0.36550000309944153},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.3515999913215637},{"id":"https://openalex.org/C137996800","wikidata":"https://www.wikidata.org/wiki/Q762702","display_name":"Technological change","level":2,"score":0.3508000075817108},{"id":"https://openalex.org/C2777042071","wikidata":"https://www.wikidata.org/wiki/Q6509304","display_name":"Leakage (economics)","level":2,"score":0.33480000495910645},{"id":"https://openalex.org/C18762648","wikidata":"https://www.wikidata.org/wiki/Q42213","display_name":"Work (physics)","level":2,"score":0.3287999927997589},{"id":"https://openalex.org/C166052673","wikidata":"https://www.wikidata.org/wiki/Q83021","display_name":"Empirical evidence","level":2,"score":0.3257000148296356},{"id":"https://openalex.org/C84309077","wikidata":"https://www.wikidata.org/wiki/Q3908516","display_name":"Entrepreneurship","level":2,"score":0.3005000054836273},{"id":"https://openalex.org/C2992002026","wikidata":"https://www.wikidata.org/wiki/Q1111474","display_name":"General theory","level":2,"score":0.2980000078678131},{"id":"https://openalex.org/C2991968081","wikidata":"https://www.wikidata.org/wiki/Q189833","display_name":"Growth theory","level":2,"score":0.2847999930381775},{"id":"https://openalex.org/C16927522","wikidata":"https://www.wikidata.org/wiki/Q210947","display_name":"Factors of production","level":3,"score":0.2791000008583069},{"id":"https://openalex.org/C145236788","wikidata":"https://www.wikidata.org/wiki/Q28161","display_name":"Labour economics","level":1,"score":0.2782000005245209},{"id":"https://openalex.org/C2777098202","wikidata":"https://www.wikidata.org/wiki/Q7692324","display_name":"Technical change","level":3,"score":0.2644999921321869},{"id":"https://openalex.org/C98045186","wikidata":"https://www.wikidata.org/wiki/Q205663","display_name":"Process (computing)","level":2,"score":0.25920000672340393}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1016/j.jbusvent.2026.106663","doi":"https://doi.org/10.1016/j.jbusvent.2026.106663","is_oa":true,"landing_page_url":"https://doi.org/10.1016/j.jbusvent.2026.106663","pdf_url":null,"source":{"id":"https://openalex.org/S66201313","display_name":"Journal of Business Venturing","issn_l":"0883-9026","issn":["0883-9026","1873-2003"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by-nc","license_id":"https://openalex.org/licenses/cc-by-nc","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Business Venturing","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.1016/j.jbusvent.2026.106663","doi":"https://doi.org/10.1016/j.jbusvent.2026.106663","is_oa":true,"landing_page_url":"https://doi.org/10.1016/j.jbusvent.2026.106663","pdf_url":null,"source":{"id":"https://openalex.org/S66201313","display_name":"Journal of Business Venturing","issn_l":"0883-9026","issn":["0883-9026","1873-2003"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by-nc","license_id":"https://openalex.org/licenses/cc-by-nc","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Business Venturing","raw_type":"journal-article"},"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth","score":1.0}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":51,"referenced_works":["https://openalex.org/W1818509217","https://openalex.org/W1967077673","https://openalex.org/W1975688239","https://openalex.org/W1989783066","https://openalex.org/W2015930340","https://openalex.org/W2020710935","https://openalex.org/W2024124080","https://openalex.org/W2038118505","https://openalex.org/W2041347540","https://openalex.org/W2056621186","https://openalex.org/W2075225236","https://openalex.org/W2097457252","https://openalex.org/W2107431528","https://openalex.org/W2118493679","https://openalex.org/W2118869186","https://openalex.org/W2125063744","https://openalex.org/W2150712448","https://openalex.org/W2155694972","https://openalex.org/W2157139056","https://openalex.org/W2157269323","https://openalex.org/W2157416820","https://openalex.org/W2159942004","https://openalex.org/W2173099587","https://openalex.org/W2295424698","https://openalex.org/W2530190159","https://openalex.org/W2560153966","https://openalex.org/W2564215150","https://openalex.org/W2570256981","https://openalex.org/W2592236288","https://openalex.org/W2690649582","https://openalex.org/W2753081219","https://openalex.org/W2806135481","https://openalex.org/W2890224206","https://openalex.org/W2940967353","https://openalex.org/W2997628808","https://openalex.org/W3025330035","https://openalex.org/W3122228308","https://openalex.org/W3125384854","https://openalex.org/W3126081680","https://openalex.org/W3130742810","https://openalex.org/W3146299149","https://openalex.org/W3175027824","https://openalex.org/W3208110443","https://openalex.org/W4224247881","https://openalex.org/W4292875593","https://openalex.org/W4293229472","https://openalex.org/W4313648979","https://openalex.org/W4391691732","https://openalex.org/W4392017936","https://openalex.org/W4399438882","https://openalex.org/W7163928737"],"related_works":["https://openalex.org/W7119465057","https://openalex.org/W7112955052","https://openalex.org/W1508619143","https://openalex.org/W4399438882","https://openalex.org/W1509744022","https://openalex.org/W3185055478","https://openalex.org/W3011998597","https://openalex.org/W4399552285","https://openalex.org/W1569708921","https://openalex.org/W2619186862"],"abstract_inverted_index":{"We":[0],"integrate":[1],"Penrose's":[2],"(1959)":[3],"theory":[4,218],"of":[5,18,28,35,42,71,140,145,156,182,186,197,229,232],"firm":[6,37,43,88,92,147],"growth":[7,89],"with":[8],"the":[9,21,26,60,68,109,111,114,123,143,153,183,230],"spinout":[10,217],"literature":[11],"to":[12,74,121,162,224],"identify":[13],"a":[14,32,40,95,98,179,194,225],"previously":[15],"overlooked":[16],"type":[17],"new":[19,91,146],"venture:":[20],"Penrosean":[22,100],"spinout.":[23,96],"Penrose":[24],"identified":[25],"accumulation":[27],"managerial":[29,46,83,187],"capacity":[30,47,84,188],"as":[31,59,178],"natural":[33],"byproduct":[34],"routine":[36,184],"operations":[38],"and":[39,66,103,125,201],"catalyst":[41],"growth.":[44],"However,":[45],"may":[48,85],"also":[49],"accumulate":[50],"in":[51,55,152,160,175],"non-managerial":[52],"employees,":[53],"particularly":[54],"low-tech":[56,176],"sectors":[57,177],"such":[58],"trades,":[61],"where":[62],"workers":[63,208],"readily":[64],"observe":[65],"absorb":[67],"full":[69],"range":[70],"activities":[72],"required":[73],"run":[75],"an":[76,137],"enterprise.":[77],"When":[78],"it":[79,135,170,192],"does":[80],"accumulate,":[81],"excess":[82],"catalyze":[86],"not":[87,106,158],"but":[90],"formation":[93,148],"\u2014":[94],"In":[97],"pure":[99],"spinout,":[101],"employer":[102],"employee":[104],"need":[105],"disagree":[107,118],"about":[108,119],"product,":[110],"market,":[112],"or":[113,165],"production":[115],"process;":[116],"they":[117],"whether":[120],"expand":[122],"business,":[124,157],"on":[126],"what":[127],"terms.":[128],"Our":[129],"framework":[130],"makes":[131],"three":[132],"contributions.":[133],"First,":[134],"identifies":[136],"endogenous":[138],"mechanism":[139],"entrepreneurial":[141,233],"entry:":[142],"seeds":[144],"are":[149,204],"sown":[150],"continuously":[151],"normal":[154],"course":[155],"only":[159],"response":[161],"technological":[163],"disruption":[164],"novel":[166,195],"market":[167],"insight.":[168],"Second,":[169],"explains":[171],"persistent":[172],"industry":[173],"fragmentation":[174],"structural":[180],"consequence":[181],"leakage":[185],"through":[189],"spinouts.":[190],"Third,":[191],"offers":[193],"account":[196],"why":[198],"noncompete":[199],"agreements":[200],"occupational":[202],"licensing":[203],"prevalent":[205],"among":[206],"low-wage":[207],"who":[209],"possess":[210],"little":[211],"proprietary":[212],"technical":[213],"knowledge.":[214],"By":[215],"extending":[216],"beyond":[219],"high-tech":[220],"contexts,":[221],"we":[222],"contribute":[223],"more":[226],"comprehensive":[227],"understanding":[228],"emergence":[231],"firms.":[234]},"counts_by_year":[],"updated_date":"2026-11-11T12:16:26.678958","created_date":"2026-11-10T00:00:00"}
