Yong Li

 

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RESEARCH AREAS

 

The overarching goal of my research is to shed light on how firms make strategic investment decisions in entrepreneurial contexts and how firms create and capture value from such decisions. My work is motivated by a pervasive business challenge: Decision making in entrepreneurial contexts is characterized by nontrivial uncertainty and information asymmetry. To meet this challenge, firms must formulate strategies to manage the relationship with their stakeholders and the environment. My research centers on analysis of these strategies and their performance implications.

 

The questions that intrigue me are located at the confluence of strategic entrepreneurship, innovation and internationalization. I explore these questions by using primarily real options theory, information economics and institutional theory and situating the empirical context largely in venture capital, crowdfunding, new venture innovation and international expansion. Accordingly, I have the following three interrelated research themes:

 

1.       How do firms make strategic entry and exit decisions in financing entrepreneurship?

2.      When does financing entrepreneurship promote innovation and vice versa?

3.      How do cross-border differences influence financing entrepreneurship and innovation?

 

My work seeks to make two broad contributions to strategic entrepreneurship. First, it helps develop a real options framework on entrepreneurship and venture capital investment, which centers on how to manage uncertainty to capture upside potential and contain downside risk in entrepreneurship. Second, it explores how informal institutions (as reflected in, e.g., cultural norms and human networks) and formal institutions (e.g., laws and regulations) interact to affect firm investment and performance, especially under conditions of uncertainty.

 

JOURNAL PUBLICATIONS

 

1.       Liu, Y., Y. Li, X. Hao, Y. Zhang. Accepted. Narcissism and entrepreneurial learning from Failure. Accepted. Journal of Business Venturing. [Download]

2.      Li, Y., E. Hernandez and S. Gwon. 2019. When do ethnic communities affect foreign location choice? Academy of Management Journal. [Download]

3.      Liu, Z., Z. Xu, Z. Zhou, & Y. Li. 2018. Buddhist entrepreneurs and new venture performance: The mediating role of entrepreneurial risk-taking. Small Business Economics. [Download]

4.      Courtney, C., S. Dutta & Y. Li, 2016. Resolving information asymmetry: Signaling and crowdfunding success. Entrepreneurship Theory and Practice. [Download]

5.      Li, Y., I. Vertinsky, & J. Li. 2014. National distances, international experience, and venture capital investment performance. Journal of Business Venturing. [Download]

6.      Zahra, S., Newey, L. R. & Li, Y. 2014. On the Frontiers: The Implications of Social Entrepreneurship for International Entrepreneurship. Entrepreneurship Theory and Practice. [Download]

7.      Li, Y. & T. Chi. 2013. "Venture capitalists decision to withdraw: The role of portfolio configuration from a real options lens". Strategic Management Journal. [Download][SSRN]

8.     Li, J., Y. Li, & Daniel Shapiro. 2012. Knowledge seeking and outward FDI of emerging market firms: The moderating effect of inward FDI. Global Strategy Journal. 2(4): 277-295. Lead article [Download]

9.      Li, Y. & S. Zahra. 2012. "Formal Institutions, Culture, and Venture Capital Activity: A Cross-Country Analysis". Journal of Business Venturing. 27(1): 95-111. [Download]

10.  Tong, T. & Y. Li. 2011. Real Options and Investment Mode Decision: Evidence from Corporate Venture Capital and Acquisition. Organization Science. 22(3): 659-674. [Download]

11.   Li, Y. & J. Mahoney. 2011. When Are Venture Capital Projects Initiated? Journal of Business Venturing. 26(2): 239-254. [Download]

12.  Li, J. & Y. Li. 2010. Flexibility versus Commitment: MNEs Ownership Strategy in China. Journal of International Business Studies. 41(9): 1550-1571. [Download]

13.  Iriyama, A., Y. Li, & R. Madhavan. 2010. Spiky Globalization of Venture Capital Investments: The Influence of Prior Human Networks. Strategic Entrepreneurship Journal. 4(2): 106-127. [Download

14.  Li, Y. 2008. Duration Analysis of Venture Capital Staged Financing: A Real Options Perspective. Journal of Business Venturing. 23: 497-512. Lead article [Download]

15.  Li, Y. & R. Aguilera. 2008. Director Turnover in Acquired Firms: A Multi-Theoretical Approach. Corporate Governance: An International Review. 16(6): 492-503. [Download]

 

OTHER PUBLICATIONS

 

16.  Li, Y., & E. Yao. 2017. 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. [Download]

17.   Li, Y., S. Zahra & L. Sai. 2015. Heterogeneity in New Venture Formation Rates across Nations: The Schumpeterian and Institutional Economics Views. The World Scientific Reference on Entrepreneurship. Lead article. [Download]

18.  Li, J., Y. Li & 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. [Download]

19.  Li, Y. 2012. Venture capital staging: Domestic VC- versus foreign VC-led investments. In D. Cumming (ed.). Oxford Handbook of Venture Capital. Oxford University Press: 354-372. [Download]

20. Wu, J., E. Yao, Y. Li & 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.

21.  Li, Y., B. James, R. Madhavan, & J. Mahoney. 2007. Real Options: Taking Stock and Looking Ahead. Advances in Strategic Management, 24: 31-66. Lead article [Download]

 

CONFERENCE PROCEEDINGS

 

22. Li, Y. & J. Zhu. 2018. College Entrepreneurs and New Venture Milestones. Academy of Management Conference Proceedings.

23. Courtney, C., S. Dutta & Y. Li. 2016. Resolving Information Asymmetries: Influence of Media and Crowd Sentiment on Crowdfunding Success. Academy of Management Conference Proceedings.

24. Li, Y., E. Hernandez and S. Gwon. 2015. When do ethnic communities affect foreign location choice? Academy of Management Conference Proceedings.

25. Li, Y., J. Li, & I. Vertinsky. 2010. National Institutional Differences and Performance of International Venture Capital Syndicates. Academy of Management Conference Proceedings.

26. Iriyama, A., Y. Li, & R. Madhavan. 2009. Spiky Globalization of Venture Capital Investments. Academy of Management Conference Proceedings.

 

SEMINAR TALKS

o   BI Norwegian Business School*

o   Bocconi University*

o   City University of Hong Kong

o   Harvard University*

o   Hong Kong University of Science and Technology

o   Lehigh University

o   Peking University

o   Rice University*

o   Shanghai University of Finance and Economics

o   Simon Fraser University

o   Sichuan University

o   Sun Yat-Sen University

o   Syracuse University

o   Tsinghua University

o   University of Hong Kong

o   University of Illinois at Urbana Champaign

o   University of International Business and Economics

o   University of Kansas

o   University of North Carolina at Chapel Hill

o   University of Texas at Dallas*

o   University of Virginia*

o   York University

o   Zhejiang University

* presented by co-author

 

ACADEMIC HONORS AND AWARDS

 

Deans Faculty Fellow, SUNY Buffalo, 2017-2018

Academy of Management Best Paper Proceedings, 2009, 2010, 2015, 2016, 2018

Finalist, Carolyn Dexter Award, Academy of Management, 2010

Deans Fellowship in Research, SUNY Buffalo, 2010

Finalist, 3rd Israel Strategy Conference Best Paper Award, 2010

Nominated for SMS Best Paper, Strategic Management Society, 2007, 2009

 

EDITORIAL SERVICES

 

Associate Editor, Strategic Entrepreneurship Journal

Editorial boards, Academy of Management Review

Journal of Business Venturing

Journal of International Business Studies

 

Ad Hoc Reviewer

Entrepreneurship: Theory and Practice

Journal of Management Studies

Organization Science

Research Policy

Strategic Management Journal

Conference Manuscript Reviews

Academy of International Business Conference

Academy of Management Conference

Strategic Management Society Conference

Grant Reviews

External Examiner, Hong Kong SAR Research Grants Council, 2013, 2014, 2015, 2016

Grant Reviewer, Research Council of Canada for Social Sciences and Humanities, 2015

 

GRANTS

 

Social Sciences and Humanities Research Council of Canada (with Ilan Vertinsky), 2019-2022

Summer research grant, SUNY Buffalo, 2007-2018

Small grant, SUNY Buffalo, 2010-2014

Scholars in Creativity, Innovation and Research Fund, University of Illinois (with Joe Mahoney), 2008-2009

UUP small grant, June 2009

Baldy Center for Law and Social Policy, SUNY Buffalo, June 2008

Kauffman Foundation Fellowship, PhD Seminar in Entrepreneurship, Case Western Reserve University, August 7-11, 2006

Graduate Scholars Fund, Academy for Entrepreneurial Leadership, 2005

Illinois CIBER PhD Dissertation Research Grants, 2004-05; 2005-06

Kauffman Foundation Scholarship, AOM Entrepreneurship Doctoral Consortium, 2005

University of Illinois Travel Grants, 2005

Illinois CIBER Professional Development Award, 2005

 

SEMINAR AND CONFERENCE PRESENTATIONS

 

1.       Gwon, S., J. Li, Y. Li, P. Zhang. 2019. Conational Agglomeration and Location Choice of MNEs. Academy of Management Conference, August, Boston.

2.      Li, Y., & H. Yang. 2018. Venture capital portfolio strategy: Real options and networks. Strategic Management Society Conference. October, Paris, France.

3.      Li, Y., & J. Zhu, 2018. How much does a college degree matter in new venture performance? Academy of Management Conference, August, Chicago.

4.      Liu, Y. & Y. Li. 2018. Narcissism and entrepreneurial learning from Failure. IACMR Annual Conference. June. Wuhan, China.

5.      Li, Y., & J. Zhu, 2017. How much does a college degree matter in new venture performance? July, University of Hong Kong, HK.

6.      Li, Y., S. Zahra, & Y. Liu, 2017. Entrepreneurial venture capitalists and entrepreneurial innovation. Strategic Management Society Conference. October, Houston, TX.

7.      Liu, Y., Y. Li, X. Hao, & Y. Zhang. 2017. Narcissism and Entrepreneurial Learning. Strategic Management Society Conference. October, Houston, TX.

8.     Li, Y., T. Chi & S. Lan, 2017. Why Do Venture Capital Investors Retain Equity Stakes in Companies After IPO? Academy of International Business Conference. June, Dubai.

9.      Courtney, C., S. Dutta & Y. Li, 2016. Signaling and crowdfunding success. Academy of Management Conference, August, Anaheim, CA.

10.  Courtney, C., S. Dutta & Y. Li, 2016. Signaling and crowdfunding success. Shanghai University of Finance and Economics, July, Shanghai.

11.   Courtney, C., S. Dutta & Y. Li, 2016. Signaling and crowdfunding success, University of Virginia.

12.  Y. Li, C. Pei, X. Ma, & G. Wang, 2016. Venture Capital Attributes and Enterprise Technological Innovation Capability. SMS Special Conference in Hong Kong. August, Hong Kong.

13.  Sai, L., X. Ma, & Y. Li. 2016. Venture capital and entrepreneurial innovation. IACMR. June. Hong Kong.

14.  Li, Y., S. Gwon, & E. Hernandez. 2015. Ethnic Communities, Institutions, and Corporate International Expansion. 6th Strategy Symposium on Emerging Markets, Rice University.

15.  Li, Y., S. Gwon, & E. Hernandez. 2015. Transnational communities and MNEs' location choice. Accepted for presentation at Academy of International Business Conference, August, India.

16.  Li, Y., S. Gwon, & E. Hernandez. 2015. Transnational communities and MNEs' location choice. Academy of Management Conference, August, Vancouver, Canada.

17.   Li, Y. 2015. Research in Strategy and Entrepreneurship. Nankai University.

18.  Li, Y., S. Gwon, & E. Hernandez. 2015. Ethnic Communities, Institutions, and Corporate International Expansion. Tsinghua University.

19.  Li, Y. 2014. Real Options and Research in Strategy and Entrepreneurship. City University of Hong Kong.

20. Li, Y. & S. Hong. 2013. Slack Resources and MNE Subsidiary Performance. Strategic Management Society Conference. September, Atlanta, GA.

21.  Li, Y., and Chi, T. 2013. Venture capitalists decision to withdraw: The role of portfolio configuration from a real options lens. HSBC School of Business, Peking University.

22. Li, J., Y. Li, & D. Shapiro. 2012. Knowledge Seeking and Outward FDI of Chinese MNEs: The Moderating Effect of Inward FDI. IACMR, August, Hong Kong.

23. Li, Y. 2012. Venture capitalists decision to withdraw: The role of portfolio configuration from a real options lens. HSBC School of Business. May. Shanghai University of Finance and Economics.

24. Li, Y., J. Mahoney, & H. Wang. 2012. Real Options Theory, Firm-Specific Capital Investments, and Implications for Innovation. New Frontiers in the Economics and Management of Innovation Conference. March. Milan, Italy. Bocconi University.

25. Li, J., Y. Li, & D. Shapiro. 2012. Knowledge Seeking and Outward FDI of Chinese MNEs: The Moderating Effect of Inward FDI. Academy of Management Conference, August, Boston, MA.

26. Li, Y., J. Li, & I. Vertinsky. 2011. Institutional differences, international experience, and venture capital investment performance. Academy of Management Conference, August, San Antonio, TX.

27.  Li, J., Y. Li, & D. Shapiro. 2011. Knowledge Seeking and Outward FDI of Chinese MNEs: The Moderating Effect of Inward FDI. Accepted for presentation at the Strategic Management Society Conference. November, Miami, FL.

28. Iriyama, A. & Y. Li. 2011. Ownership Changes in International Joint Ventures: A Real Options Perspective. Academy of Management Conference, August, San Antonio, TX.

29. Yao, E., Y. Li, & J. Wu. 2011. Social Facilitation and Referee Foul Call Differential in NBA games. Academy of Management Conference, August, San Antonio, TX.

30. Li, Y. & S. Zahra. 2011. Heterogeneity in New Venture Formation Rates across Nations: The Schumpeterian and Institutional Economics Views. Accepted for presentation at the Academy of International Business Conference, June, Nagoya, Japan.

31.  Li, Y., J. Li, & I. Vertinsky. 2010. National Institutional Differences and Performance of International Venture Capital Syndicates. Accepted for presentation at the Academy of International Business Conference, June, Rio de Janeiro, Brazil.

32. Li, Y. 2010. Real Options and Agency Theory. Academy of Management Conference Symposium, August, Montreal, Canada.

33. Li, Y. & S. Zahra. 2010. Heterogeneity in New Venture Formation Rates across Nations: The Schumpeterian and Institutional Economics Views. Strategic Management Society Conference. October, Rome, Italy.

34. Li, Y., J. Li, & I. Vertinsky. 2010. National Institutional Differences and Performance of International Venture Capital Syndicates. Academy of Management Conference, August, Montreal, Canada.

35.  Iriyama, A., Y. Li & R. Madhavan. 2010. Flexibility and control: A real options study of acquisition premium. Academy of Management Conference, August, Montreal, Canada.

36. Li, J. & Y. Li. 2009. Flexibility versus Commitment: MNEs Ownership Strategy in China. Academy of International Business Conference, June 2009, San Diego, CA.

37.  Yao, E., Y. Li, & J. Wu. 2009. Institutional Equity Ties, IPO Performance and Market Growth of Chinese New Venture Firms. Strategic Management Society Conference. October, Washington DC.

38. Li, Y. & T. Tong. 2009. Real Options, Experiences, and Foreign Entry: U.S. Venture Capital Firms' Investment in China. Strategic Management Society Conference. October 2009, Washington DC.

39. Iriyama, A., Y. Li, & R. Madhavan. 2009. Spiky Globalization of Venture Capital Investments: The Influence of Prior Human Networks. Strategic Entrepreneurship Journal Special Issue Conference at York University, April, Toronto, Canada.

40. Li, Y. & J. T. Mahoney. 2009. When Are Venture Capital Projects Initiated? Strategic Management Society Conference. October 2009, Washington DC.

41.  Li, Y. & S. Michael. 2009. Cultural distance, global integration and performance of corporate Venture capital Investments Academy of Management Conference, August 2009, Chicago, IL.

42. Li, Y., J. Li & Ilan Vertinsky. 2009. National Institutional Differences and Performance of International Venture Capital Syndicates. 3rd Israel Strategy Conference. November 2009, Israel.

43. Iriyama, A., Y. Li, & R. Madhavan. 2009. Spiky Globalization of Venture Capital Investments: The Influence of Prior Human Networks. Academy of Management Conference, August 2009, Chicago, IL.

44. Li, Y. & J. T. Mahoney. 2008. A Real Options View of Initiating Venture Capital Projects. 5th Annual Atlanta Competitive Advantage Conference (ACAC). Goizueta Business School, Emory University. June. Atlanta, GA.

45. Li, Y. & T. Tong. 2008. Real Options, Experiences, And Foreign Entry: U.S. Venture Capital Firms' Investment In China. Academy of Management Conference, August, Anaheim, CA.

46. Yao, E., Y. Li, & J. Wu. 2008. Institutional Equity Ties, IPO Performance and Market Growth of Chinese New Venture Firms. IACMR Conference. June. Guangzhou, China.

47.  Li, Y. & S. Michael. 2007. Cross-Border Corporate Venture Capital Investments: Liability of Foreignness? Chicago Entrepreneurship Conference. University of Illinois at Urbana Champaign, October, Chicago, IL.

48. Tong, T. & Y. Li. 2007. Real Options and the Choice between Corporate Venture Capital and Acquisition. Academy of Management Conference, August, Philadelphia, PA.

49. Li, Y. & T. Tong. 2007. Real Options and the Choice between Corporate Venture Capital and Acquisition. Strategic Management Society, October, San Diego, CA.

50. Li, Y. & J. T. Mahoney. 2006. A Real Options View of Corporate Venture Capital Investment Decisions: An Empirical Examination. Academy of Management Conference, August, Atlanta, GA.

51.  Li, Y. & D. Zou. 2005. Corporate Venture Capital and Firm Market Value. Strategic Management Society Conference, October, Orlando, FL.

52. Li, Y. & D. Zou. 2005. Corporate Venture Capital and Firm Growth Value. Academy of Management Conference, August, Honolulu, HI.

53.  Li, Y. & D. Zou. 2006. Do Venture Capital Investments Add Value To Established Firms? An Empirical Analysis. Accepted for presentation at the Academy of International Business Conference, July, Beijing, China.

54. Selected to attend the Intensive PhD Seminar in Entrepreneurship, Case Western Reserve University. August 7-11, 2006, Cleveland, OH.

55.  Li, Y. & J. T. Mahoney. 2006. A Real Options View of Corporate Venture Capital Investment Decisions: An Empirical Examination. Real Options Conference, April 2006, University of North Carolina at Chapel Hill.

56. Li, Y. 2005. Cross-Border Corporate Venture Capital Investments: Liability of Foreignness? Academy of International Business Conference, July 2005, Quebec City, Canada.

57.  Participant. 2004. Business Policy and Strategy Division Doctoral Consortium. Academy of Management Conference, August, New Orleans, LA.

58. Li, Y. 2004. Corporate Venture Capital Investments: A Real Options View. Consortium on Competitiveness and Cooperation (CCC) Colloquium, April, Emory University, Atlanta, GA.

59. Aguilera, R. & Y. Li. 2003. Director Turnover in Acquired Firms: A Multi-Theoretical Approach. American Sociological Association Conference, August, Chicago, IL