This paper addresses how entrepreneurial teams and governance influence the choice of a\r\nrisky growth strategyââ?¬â?hypercompetitive strategyââ?¬â?adopted by privately-owned Chinese\r\nstartups. Two specific entrepreneurial teams are analyzed: the nested entrepreneurial team\r\nand the emergent entrepreneurial team. In the context of Chinese privately-owned startups,\r\nthe nested entrepreneurial team structure is more likely to support the choice of\r\nhypercompetitive growth strategy than the emergent structure. Two governance\r\nmechanisms are examined: ownership structure of the nested entrepreneurial team and\r\nboard structure. The lead entrepreneur of the nested team has an incentive to acquire a\r\ndominant ownership stake in the team, which strengthens the relationship between the\r\nnested team structure and the choice of hypercompetitive growth strategy. Meanwhile, an\r\nindependent board structure is likely to weaken this relationship.
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