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| New Firm Creation: Review, Progress and Prospects |
| Feng Xiao,Li Fuwei,Li Huihui |
| （Business School, Nankai University, Tianjin 300071, China） |
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Abstract New firm creation has always been the core issue of entrepreneurship research, and the relevant research results continuously contribute important academic inspiration and theoretical support to entrepreneurship research, strategic management, organizational behavior, and other research fields. The early studies on the new firm creation were based on the front end of firm's life cycle, and constantly extended to the persons, and things related to the establishment of enterprises, thus extensively exploring the formation mechanism and development path of new firm creation. Most researchers agree and encourage the complexity and dynamics of the process of new firm creation. However, most of the early literature reviews focused on the introduction of basic concepts and model summary of new firm creation, which were unable to explain the recent development and evolution of new firm creation research. In recent years, some researchers review on the progress of entrepreneurship research and add more cutting-edge academic insights to the research on new firm creation. However, these studies focus more on describing the overall development of the field of entrepreneurship, and lack the systematic review of the research on new firm creation. In addition, scholars' understanding of the scope and depth of the process of new firm creation is not completely consistent, leading to the disunity of existing research topics on new firm creation, and the understanding of some core concepts is also controversial. Under such a background, some important issues need to be solved. For example, what logics or clues the research on new firm creation have been evolving over the decades? What research topics are discussed under the guidance of these clues? What theoretical progress has been made on these research topics in recent years? What other theoretical gaps may exist in the future research on new firm creation in the context of dramatic changes? And what aspects can be addressed and developed for these theoretical gaps?#br#Focusing on the above issues, this paper firstly summarizes and extracts two leading logics from the research evolution process as the foundation for the follow-up analysis, namely the "factor-behavior logic" and the "behavior rules/patterns of new firm creation". Secondly, under the guidance of the two leading logics, the latest studies of new firm creation are systematically reviewed, and nine core themes are extracted through the literature coding method. Specifically, entrepreneurs, entrepreneurial teams, entrepreneurial cognition, entrepreneurial networks, new firm creation strategies, new firm creation activities and progress, new firm legitimacy, founder exit and external enablement are included. Then, this paper expounds the theoretical evolution of eachtheme under the two main research logics. Finally, the paper puts forward the potential development direction of new firm creation research in the future under the guidance of the two research logics.#br#Three main research contributions are made. Firstly, two research logics are extracted from the evolution of new firm creation research, which provide clues and starting points for integrating the scattered academic viewpoints in the research of new firm creation, framing the research boundary of new firm creation, and developing the new theory more widely. Secondly, the nine researchthemes identified based on the coding complete some areas neglected by the existing literature, such as external enablement, so that the academic focus and key issues in the field of new firm creation can be comprehensively and systematically presented. Thirdly, by comparing and summarizing the previous theoretical accumulation and the latest research progress of each research theme, this paper identifies the emerging changes of each core research topic, and they could help researchers to find out the shifting path, direction, and law of the field in recent years. More importantly, it provides an academic basis for better integrating the research on new firm creation with other cross-research perspectives and analyzing the emerging complex entrepreneurial phenomenon. In the future research work, it may form a meaningful supplement and extension to the research logic of "factor behavior performance" by considering the intersection and integration of various research topics and the possible nonlinear impact of the dynamic evolution of various factors on the formation of new enterprises. Future research can also continue to advance in the direction of enterprise creation timing, priority and rhythm.#br#
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Received: 26 October 2021
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