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Journal of Small Business Management Journal of Small Business Management Editor George T. Solomon, D.B.A. Editor-in-Chief, Journal for Small Business Management (JSBM) Associate Professor of Management, The George Washington University, USA Director, Center For Entrepreneurial Excellence (CFEE) Associate Editors Alain Fayolle, Ph.D., Emlyon Business School, France Alan Carsrud, Ph.D., Åbo Akademi University, Finland David Smallbone, Ph.D., Kingston University, UK Eddy Laveren, University of Antwerp, Belgium Hermann Frank, Ph.D., Vienna University of Economics and Business, Austria Hiroyuki Okamuro, Ph.D., Hitotsubashi University, Japan Howard Van Auken, Ph.D., Iowa State University, USA Joanne Larty, Ph.D., Lancaster University, UK Kate Lewis, Ph.D., Massey University, New Zealand Kelly Shaver, Ph.D., College of Charleston, USA Ki-Chan Kim, Ph.D., The Catholic Unversity of Korea, South Korea Lene Foss, Ph.D., University of Tromso, Norway Marco Cucculelli, Ph.D., Universita Politecnica delle Marche, Italy Mark Freel, Ph.D., University of Ottawa, Canada Mark Schenkel, Ph.D., Belmont University, USA Marko Grunhagen, Ph.D., Eastern Illinois University, USA Martie-Louise Verreynne, Ph.D., The University of Queensland, Australia Massimo G. Colombo, Politecnico di Milano, Italy Norris Krueger, Ph.D., Entrepreneurship Northwest, USA Ulla Hytti, Ph.D., University of Turku, Finland William E. Jackson III, Ph.D., University of Alabama, USA Business Manager Michael Battaglia Business Manager, Journal of Small Business Management (JSBM) Operations Manager, International Council for Small Business (ICSB) The George Washington University, Washington DC, USA Phone: 001-202-994-0704 Email: [email protected]; [email protected] International Research Board (IRB) Ayman El Tarabishy, Ph.D., George Washington University, USA Brian Gibson, Ph.D., University of New England, Australia Charles Matthews, Ph.D., University of Cincinnati, USA Donald F. Kuratko, Ph.D., Indiana University-Bloomington, USA Friederike Welter, Ph.D., Jonk€ oping€ International Business School, Sweden G. Dale Meyer, Ph.D., University of Colorado-Boulder, USA Geralyn McClure Franklin, Ph.D., Stephen F. Austin State University, USA Howard Lin, Ph.D., Ryerson University, Canada Hugo Kantis, Ph.D., Uniersidad Nacional de General Sarmiento, Argentina J. Hanns Pichler, Ph.D., Vienna University of Economics and Business Administration, Austria Jeffrey Cornwall, D.B.A., Belmont University, USA Jerome Katz, Ph.D., St. Louis University, USA Karen L. Orengo Serra, Ph.D., University of Puerto Rico, PR Niels Bosma, Ph.D., Utrecht University, Netherlands Patricia Greene, Ph.D., Babson College, USA Roy Thurik, Ph.D., Erasmus University Gallen, Netherlands Thierry Volery, Ph.D., University of St-Gallen, Switzerland Victoria Calvert, Mout Royal University, Canada Zulma Quinones, Ph.D., Inter American University of Puerto Rico-San German, PR In March 2006, the Journal of Small Business Management earned the distinction of having the highest percent increase in total citations from January 1995 to December 2005 in the field of Economics & Business, according to Thomson Scientific’s Journal Citation Report for the Social Sciences Edition Winner of the 1999 Anbar Abstracts Golden Page Award for Originality Named best publication in 1997 in the continuing publications category by the Association for University Business and Economic Research The Journal of Small Business Management strives to be the internationally preeminent entrepreneurship and small firm research periodical. JSBM publishes work from around the world that is applicable to scholarly research inquiry in entrepreneurship and small business. VC 2016 International Council for Small Business 1 Information for subscribers The Journal of Small Business Management is published in 4 issues per year. Institutional subscription prices for 2016 are: Print & Online: US$503 (The Americas), US$777 (Rest of World), £395 (UK), e503 (Europe). Prices are exclusive of tax. Asia-Pacific GST, Canadian GST/HST and European VAT will be applied at the appropriate rates. For more information on current tax rates, please go to www.wileyonlinelibrary.com/tax-vat. The price includes online access to the current and all online back files to January 1st 2011, where available. For other pricing options, including access information and terms and conditions, please visit www.wileyonlinelibrary.com/access. Delivery Terms and Legal Title Where the subscription price includes print issues and delivery is to the recipient’s address, delivery terms are Delivered at Place (DAP); the recipient is responsible for paying any import duty or taxes. Title to all issues transfers FOB our shipping point, freight prepaid. We will endeavour to fulfil claims for missing or damaged copies within six months of publication, within our reasonable discretion and subject to availability. Journal Customer Services: For ordering information, claims and any enquiry concerning your journal subscription please go to www.wileycustomerhelp.com/ask or contact your nearest office. Americas: Email: [email protected]; Tel: +1 781 388 8598 or +1 800 835 6770 (toll free in the USA & Canada). Europe, Middle East and Africa: Email: [email protected]; Tel: +44 (0) 1865 778315. Asia Pacific: Email: [email protected]; Tel: +65 6511 8000. Japan: For Japanese speaking support, Email: [email protected]; Tel: +65 6511 8010 or Tel (toll-free): 005 316 50 480. Visit our Online Customer Get-Help available in 7 languages at www.wileycustomerhelp.com/ask Publisher The Journal of Small Business Management is published by Wiley Periodicals, Inc., Commerce Place, 350 Main Street, Malden, MA 02148; Telephone: 781 388 8200; Fax: 781 388 8210. Production Editor Llany Carigara (email: [email protected]). Electronic Access This journal is available online at Wiley Online Library. Visit wileyonlinelibrary.com to search the articles and register for table of contents e-mail alerts. Access to this journal is available free online within institutions in the devel- oping world through the AGORA initiative with the FAO, the HINARI initiative with the WHO WHO, the OARE initiative with UNEP, and the ARDI initiative with WIPO. For information, visit www.aginternetwork.org, www.who.int/hinari/en/, www.oaresciences.org, www.wipo.org/int/ardi/edn. Wiley’s Corporate Citizenship initiative seeks to address the environmental, social, economic, and ethical challenges faced in our business and which are important to our diverse stakeholder groups. Since launching the initiative, we have focused on sharing our content with those in need, enhancing community philanthropy, reducing our carbon impact, creating global guidelines and best practices for paper use, establishing a vendor code of ethics, and engaging our colleagues and other stakeholders in our efforts. Follow our progress at www.wiley.com/go/citizenship Back issues Single issues from current and recent volumes are available at the current single issue price from cs-journals@ wiley.com. Earlier issues may be obtained from Periodicals Service Company, 351 Fairview Avenue Ste 300, Hudson, NY 12534, USA. Tel: +1 518 822 9300, Fax: +1 518 822 9305, Email: [email protected]. Postmaster: Send all address changes to the Journal of Small Business Management, John Wiley & Sons Inc., C/O The Sheridan Press, PO Box 465, Hanover, PA 17331. Microform The journal is available on microfilm. For microfilm service, address inquiries directly to University Microfilms Library Services, Ann Arbor, MI 48106, USA. Copyright and Photocopying VC 2016 International Council for Small Business. All rights reserved. No part of this publica- tion may be reproduced, stored or transmitted in any form or by any means without the prior permission in writing from the copyright holder. Authorization to copy items for internal and personal use is granted by the copyright holder for libra- ries and other users registered with their local Reproduction Rights Organisation (RRO), e.g., Copyright Clearance Center (CCC), 222 Rosewood Drive, Danvers, MA 01923, USA (www.copyright.com), provided the appropriate fee is paid directly to the RRO. This consent does not extend to other kinds of copying such as copying for general distribution, for advertising or promotional purposes, for creating new collective works or for resale. Special requests should be addressed to: [email protected]. Advertising: For advertising enquiries, please email Kristin McCarthy (email: [email protected]). Abstracting/Indexing The Journal is indexed by ABI/Inform Database (ProQuest), Academic ASAP, Business ASAP (Thom- son Gale), Business Periodicals Index/Abstracts (HW Wilson), CatchWord, CSA Environmental Sciences & Pollution Manage- ment Database (CSA/CIG), Current Abstracts (EBSCO), Current Contents Collections/ Business (Thomson ISI), Current ContentsVR /Social & Behavioral Sciences (Thomson ISI), EBSCO Online (EBSCO), Emerald Management Reviews (Emerald), InfoTrac, Journal Citation Reports/Social Science Edition (Thomson ISI), OMNIFILE Full Text Mega Edition (OMNIFILE), PAIS: Public Affairs Information Service (CSA/CIG), Proquest 5000 (ProQuest), Proquest Discovery (ProQuest), Proquest Platinum (ProQuest), Proquest Research Library (ProQuest), PsycINFO, Social Sciences Citation IndexVR (Thomson ISI), Social SciSearchVR (Thomson ISI), Student Resource Center College (w/ Academic ASAP), Student Resource Center Gold (w/ Academic ASAP), Student Resource Center Silver (w/ Academic ASAP), Wilson Business Abstracts (HW Wilson), Wilson OmniFile V (HW Wilson). 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