تاثیر تفسیر ذهنی، علت و تاثیرگذاری در فروش اولیه سرمایه گذاری  Influence of subjective interpretation, causation, and effectuation on initial venture sale

1. Introduction Few studies to date have examined the influence of differences in subjective strategic interpretations of environmental conditions on venture performance (Krueger, 2000; McMullen & Shepherd, 2006). Larger and older firms generally rely on established information-processing processes, whereas among entrepreneurs in the same industry, interpretations of the environment may differ according to their beliefs, knowledge, or previous experience, which then provide different frameworks for such interpretations (Dutton & Jackson, 1987). Top management team (TMT) studies have researched how such interpretations trigger and sustain belief structures, as well as facilitate sensemaking processes, involved in validating the relationship between environmental interpretation and reality (Sims & Gioia, 1986). This perspective may be particularly relevant to understanding the strategic decision-making approach that entrepreneurs use at venture founding to realize early sales. Strategic issue theory states that even when exposed to the same industry conditions, individuals often construct radically different beliefs regarding how potential trends and events will influence a company’s strategic situation (Daft & Weick, 1984). Specifically, this study integrates Daft and Weick’s theory regarding differences in subjective interpretations when making strategic decisions with Sarasvathy’s (2001a) framework of causation and effectuation strategic approach. In this integration, this study focuses on the moderating role of two major strategic interpretations: strategic environment as either leading to 1) gain/loss or 2) being controllable/uncontrollable (Dutton & Jackson, 1987). Causation strategy is part of planning, which promotes entrepreneurs to better understand the value of a possibility when they have relevant knowledge, whereas effectuation logic highlights that entrepreneurs and stakeholders create and exploit unanticipated opportunities (Sarasvathy, 2001a). Thus, subjective interpretations, in turn, will provide direction toward a set of boundaries for how influential causation and effectuation are in leading to initial sales. the past, researchers have heavily debated the use and influence of causation or effectuation for entrepreneurs establishing new ventures (Dew, Sarasvathy, Read, & Wiltbank, 2009b; Sarasvathy, 2001a). According to Sarasvathy (1998), causation and effectuation can be considered the two foundational approaches that entrepreneurs use to make decisions in establishing a venture. The present study examines in what way an entrepreneur’s subjective interpretation (control/ uncontrol or gain-loss) of strategically relevant cues in the venture environment influence the likelihood of applying causation or effectuation to influence initial venture sales. Seemingly, no prior study has focused on how differences in founders’ subjective strategic interpretations in- fluence the effects of distinct strategy approaches in decision making. Building on recent studies of causation and effectuation, scholars have just begun to “determine the circumstances under which each approach is more appropriate for a particular individual” (Chandler, DeTienne, McKelvie, & Mumford, 2011, p. 376).