The study of how affect relates to entrepreneurship has become a relevant topic of research in recent years. Unfortunately, such rapid developments have led to theoretical inconsistencies and empirical gaps that could result in an incomplete understanding of entrepreneurship's affective dimensions. To address these issues and motivate future work, the authors conducted a systematic review of 65 articles on the role of affect in entrepreneurship. The results show that research has focused on the valence facet of affect, has paid little attention to affect's role beyond the individual level of analysis, and has devoted more attention to the consequences of affect than to its antecedents. The results also show that unbalanced attention has been paid to affect's role in different stages of the entrepreneurial process. Building on these analyses, the authors propose a research agenda that not only encourages investigations of previously overlooked topics and facets of affect, but also stresses the potential of examining competing cognitive and non‐cognitive arguments relating to affect's role. The authors also encourage future investigations of affect's role across levels of analysis and stages of the entrepreneurial process.

Manuscript Type: EmpiricalResearch Question/Issue: This study examines the influence of firms' ownership structure on corporate reputation. Research Findings/Insights: Using archival data from a panel of firms in Spain for 2000-2007, we found that ownership concentration in the hands of the largest shareholder erodes corporate reputation, whereas contestability of the main shareholder's power enhances it. Insider ownership shows a non-linear relationship with corporate reputation, with lower corporate reputation at low and very high levels of insider ownership. Finally, if the largest shareholder is either a pressure-resistant or a pressure-sensitive institutional investor, as opposed to other types of largest shareholder, corporate reputation is lower. This last finding markedly differentiates our sample of firms in Spain, a civil law country, from firms in common law countries such as the US and the UK, where studies have found a positive relationship between institutional investors and corporate reputation.c org_818 540..556 Theoretical/Academic Implications: Drawing on signaling and agency theories, our paper is, to the best of our knowledge, the first to analyze the influence of ownership structure on corporate reputation in civil law countries. Practitioners/Policy Implications: This study suggests that managers and directors should recognize how each characteristic of ownership structure influences the expectations of stakeholders. Low levels of ownership concentration in the hands of the largest shareholders, low differences in ownership concentration between first and second largest shareholders, and moderate levels of insider ownership are positive signals that should be communicated to foster corporate reputation. High levels of ownership concentration in the hands of the largest shareholders or high differences in ownership concentration between first and second largest shareholders impair corporate reputation and should be compensated by introducing corporate governance mechanisms that favor corporate reputation, such as increasing the number of independent directors or avoiding CEO duality.

Purpose-The paper examines the potential influence of friendship on Entrepreneurial Teams (ETs) and on venture formation and development. The theoretical framework is built on the literature around friendship ties, the interaction of friendship ties and professional ties, and ETs. Design/methodology/approach-Taking an interpretative methodological approach, we carried out qualitative interviews with 10 business founders in Paris, France. Findings-We identified four different profiles or types of ETs according to how friendship ties interact with professional ties among team members, which we designate as 'fusion' and 'separation', and describe the orientation of this interaction, which we label as 'affective' or 'strategic'. These profiles affect the emergence of the idea and the choice of members in the formation of teams. They also shape the functioning of teams in terms of decision-making processes, recruitment and investment. Research limitations/implications-The findings underline the difficulties of studying friendship in ETs empirically and recommend longitudinal approaches for further research. Practical implications-Findings offer insights in to why and how ETs based on friendship ties approach the pre-launch, launch and development phases of businesses as well as in to the interactions between professional and friendship ties, which is helpful to both practitioners and academics. We also discuss the consequences and implications of the different team types in terms of their risks and strategies for mitigating these risks. Originality/value-This is one of the first empirical studies to examine how friendship and professional ties may combine and evolve in ETs, and their influence on the entrepreneurial process as it relates to venture formation and development.

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