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Yong Li |
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RESEARCH THEMESI conduct research at the intersection of strategy, entrepreneurship, and international business, studying venture capital, crowdfunding, new venture innovation and international investment. The overarching goal of my research is to offer insights into how firms make investment decisions under uncertain conditions, and how they create and capture value from such decisions. sd My work suggests that it is critical to keep options open and get the institutions right for value creation and value capture under uncertainty. First, the agency and information economics view highlights that venture capital creates value by resolving information asymmetry between investors and entrepreneurs. My work contributes to the literature by exploring another distinct mechanism for venture capital to create value, which is to act flexibly under uncertainty to capture the upside potential and limit the downside exposure of entrepreneurial opportunities (e.g., Li, 2008; Li & Li, 2010; Li and Mahoney, 2011; Tong and Li, 2011; Li and Chi, 2013; Li et al., 2024). Second, institutions are devised to reduce uncertainty in (economic) exchanges by providing a structure to the society. My work adds to this research stream by highlighting informal institutions embedded in human networks (e.g., Iriyama, Li and Madhavan, 2010) and exploring how informal institutions interact with formal institutions (i.e., laws and regulations) to affect venture capital and international investments under conditions of uncertainty (e.g., Li and Zahra, 2012; Li, Vertinsky, and Li, 2014; Li, Hernandez, and Gwon, 2019; Li, et al., 2023). sd RESEARCH HONORS
sd RESEARCH GRANTSSocial Sciences and Humanities Research Council of Canada, 2023-2026 SEMINAR TALKS (scheduled for 2025)Wharton School, University of Pennsylvania sd PUBLICATIONS Keeping options open in venture capital and international investments: Li, Y., T. Chi, S. Lan, Q. Wang. 2024. Venture capital exit after venture IPO. Strategic Entrepreneurship Journal. Zahra, S. A., Li, Y., Agarwal, R., Barney, J. B., Dushnitsky, G., Graebner, M. E., Klein, P. G., & Sarasvathy, S. 2024. Developing theoretical insights in entrepreneurship research. Strategic Entrepreneurship Journal, 18(1): 3-20. Li, Y., and T. Chi. 2013. Venture capitalists’ decision to withdraw. Strategic Management Journal 34: 1351-1366. Li, J., Y. Li and A. Rugman. 2012. Real options theory and international investment strategy. In A. Verbeke & H. Merchant (eds.). Edward Elgar Handbook of Research on International Strategic Management. 342-359. Li, Y. & J. Mahoney. 2011. When Are Venture Capital Projects Initiated? Journal of Business Venturing. 26(2): 239-254. | “JBV Field Editors Highlighted High Quality Paper” in Management and Entrepreneurship, 2016 Tong, T. & Y. Li. 2011. Real Options and Investment Mode Decision. Organization Science. 22(3): 659-674. Li, J. & Y. Li. 2010. Flexibility versus Commitment in MNEs' Ownership Strategy. Journal of International Business Studies. 41(9): 1550-1571. Li, Y. 2008. Duration Analysis of Venture Capital Staged Financing. Journal of Business Venturing. 23: 497-512. Li, Y., B. James, R. Madhavan, & J. Mahoney. 2007. Real Options: Taking Stock and Looking Ahead. Advances in Strategic Management, 24: 31-66. Getting institutions right in venture capital and international investments: Li, Y., Li, J., Zhang, P., & Gwon, S. 2023. Stronger together. Strategic Management Journal, 44(4): 1053-1083.
Li, Y., E. Hernandez and *S. Gwon. 2019. When do ethnic communities affect foreign location choice? Academy of Management Journal. 62 (1), 172-195. | New State of the Art Research, Strategic Management Society, 2020. Zhao, E. and Y. Li. 2019. Institutions and Entrepreneurship. Quarterly Journal of Management 4 (2), 15-25. Li, Y., S. Zahra and S. Lan. 2017. Heterogeneity in New Venture Formation Rates across Nations. Entrepreneurial Finance: Managerial and Policy Implications. 1-35. Li, Y., Vertinsky, I., and Li, J. 2014. National distances, international experience, and VC investment performance. Journal of Business Venturing 29(4): 471-489. | Finalist, Carolyn Dexter Award, Academy of Management, 2010 | Finalist, 3rd Israel Strategy Conference Best Paper Award, 2010 Li, Y. and S. Zahra. 2012. Formal Institutions, Culture, and Venture Capital Activity. Journal of Business Venturing. 27(1): 95-111. Iriyama, A., Y. Li, and R. Madhavan. 2010. Spiky Globalization of Venture Capital Investments. Strategic Entrepreneurship Journal. 4(2): 106-127. Mitigating information asymmetry in entrepreneurial finance *Courtney, C., Dutta, S., and Li, Y. 2017. Resolving information asymmetry: Signaling and crowdfunding success. Entrepreneurship Theory and Practice 41(2): 265-290.
Li, Y. 2012. Venture capital staging. In D. Cumming (ed.). Oxford Handbook of Venture Capital. Oxford University Press: 354-372. Micro perspectives on Entrepreneurship: *Kim, J., E. Grijalva, D. Newman, and Y. Li. Entrepreneur Weirdness as a Double-Edged Sword. 2024. Personnel Psychology. 77: 53-80. *Liu, Y., Y. Li, X. Hao, and Y. Zhang. 2019. Narcissism and entrepreneurial learning from Failure. Journal of Business Venturing. 34 (3), 496-512. Other topics in Strategy, Entrepreneurship, and International Business: Li, Y., and E. Yao. 2019. All ties are not created equal: Institutional equity ties, IPO performance, and market growth of new ventures. In D. Cumming & S. Johan (ed.). Oxford Handbook of IPO. 460-484. Liu, Z., *Z. Xu, Z. Zhou, and Y. Li. 2019. Buddhist entrepreneurs and new venture performance. Small Business Economics. 52 (3), 713–727. Zahra, S., L. R. Newey, and Y. Li. 2014. Implications of Social Entrepreneurship for International Entrepreneurship. Entrepreneurship Theory and Practice. 38(1): 137-158. Li, J., Y. Li, and D. Shapiro. 2012. Knowledge seeking and outward FDI of emerging market firms. Global Strategy Journal. 2(4): 277-295. Lead article Li, Y. and R. Aguilera. 2008. Director Turnover in Acquired Firms: A Multi-Theoretical Approach. Corporate Governance: An International Review. 16(6): 492-503. Wu, J., E. Yao, Y. Li and H. Du. 2009. Theory and evidence of social influence on NBA officials decision making. International Journal of Information and Decision Sciences. 2(4):340-351. * PhD students CONFERENCE PROCEEDINGS AND MISC.
Rajshree Agarwal, Jay B. Barney, James Fiet, William B. Gartner, Yong Li, Saras Sarasvathy, Andrew H. Van de Ven and Shaker A. Zahra. 2019. Advancing Theory Development in Entrepreneurship. Academy of Management Proceedings. Gwon, S., Y. Li, J. Li and P. Zhang. 2019. Conational Agglomeration and Location Choice of MNEs. Academy of Management Proceedings. Li, Y. & J. Zhu. 2018. College Dropout Entrepreneurs and New Venture Milestones. Academy of Management Proceedings. Courtney, C., S. Dutta & Y. Li. 2016. Resolving Information Asymmetries: Influence of Media and Crowd Sentiment on Crowdfunding Success. Academy of Management Proceedings. Gary Dushnitsky, Yong Li, Gautam Ahuja, Ashish Arora, Sharon Belenzon and Dean A. Shepherd. 2016. The Pursuit of Innovation. Academy of Management Proceedings. Li, Y., E. Hernandez and S. Gwon. 2015. When do ethnic communities affect foreign location choice? Academy of Management Proceedings. Li, J., Y. Li and D. Shapiro. 2012. Knowledge Seeking and Outward FDI of Chinese MNEs: The Moderating Effect of Inward FDI. Academy of Management Proceedings. Li, Y., J. Li, & I. Vertinsky. 2010. National Institutional Differences and Performance of International Venture Capital Syndicates. Academy of Management Proceedings. Iriyama, A., Y. Li, & R. Madhavan. 2009. Spiky Globalization of Venture Capital Investments. Academy of Management Proceedings |
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