New Paper published in the Strategic Entrepreneurship Journal
The article „Are formal planners more likely to achieve new venture viability?: A counterfactual model and analysis” has been accepted for publication in Strategic Entrepreneurship Journal (VHB Journal Ranking: A). The study, by Francis Greene (University of Edinburgh) and Christian Hopp (RWTH Aachen), develops and tests a counterfactual model of the relationship between formal written business plans and the achievement of new venture viability. Having isolated selection effects, the study tests whether or not these plans help founders achieve venture viability (performance effects). The results, using data on 1,088 founders, identify two key results: selection effects matter in the decision to plan; and it pays to plan: plans increase the chances for viability by around 15%.
The paper is available online at Wiley Online Library.