Cited by 728Entrepreneurship Studies and InfluencesFirm Innovation and GrowthPrivate Equity and Venture Capital

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Measuring the performance of emerging businesses: A validation study

Chandler, Gaylen N., Hanks, Steven H.·1993·Journal of Business Venturing

DOI 10.1016/0883-9026(93)90021-v

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Chandler, 1991, Measuring new venture performance: A comparison of objective and subjective measures, Proceedings of the 6th Annual National Conference of the United States Association of Small Business and Entrepreneurship, 128
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“We followed previous studies and used the growth of the biotech ventures as an indicator for their performance (Chandler and Hanks, 1993; Tsai, MacMillan and Murray, 1991).”
Method
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“Therefore, we followed recommendations in the small business literature (Begley and Boyd 1987; Covin and Slevin 1989; Kunkel and Hofer 1993) to use selfreported performance measures, which are viewed as valid and reliable measures of small business performance (Brush and Vanderwerf 1992; Chandler and Hanks 1993).”
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“…be strongly correlated with their objective equivalents, and repeated validity tests—convergent, discriminant, and construct—have been used to demonstrate that selfreported measures are reliable alternatives to objective measurement of firm performance (Chandler and Hanks, 1993; Wall et al., 2004).”
Background
WHEN DOES COMMUNITY PARTICIPATION ENHANCE THE PERFORMANCE OF OPEN SOURCE SOFTWARE COMPANIES?
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“Although there is no generally accepted approach in measuring the performance of small firms, researchers commonly use indicators of financial performance and firm growth (Chandler and Hanks, 1993).”
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“sures of performance can accurately reflect objective measures (Chandler and Hanks 1993; Lumpkin and Dess 2001; Venkatraman and Ramanujam 1987) and since previous research highlights the difficulties associated with obtaining and interpreting objective performance measures for small firms (Fiorito and LaForge 1986; Mi…”
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“Second, the accelerator context allowed us to obtain data on new venture performance, which is otherwise inherently difficult with regard to early stage new ventures (Chandler and Hanks, 1993; Foo et al., 2006).”
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“When assessing firm performance, an emphasis on financial and economic outcomes (Birley and Westhead, 1990; Chandler and Hanks, 1993; Cooper, 1993) has the advantage of providing objective measures.”
Background
Employment Growth in New Independent Owner-Managed Firms in Great Britain
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“Although studies investigating new venture performance are commonly based on subjective measures, such studies may suffer from inherent limitations (Chandler & Hanks, 1993).”
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“Similarly, Chandler and Hanks (1993) conducted a validation study that empirically demonstrated the use of revenue and profit data as reliable measures when testing the impact of various organizational attributes on firm-level performance.”
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“The relative comparisons between an SME and its competition by owner–managers have been typically used due to lack of consistent financial reports and have been validated for emerging businesses by Chandler and Hanks (1994).”
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“Self-reported return measures, such as return on income (ROI) and return on assets (ROA), can have low reliability for a small business (Chandler & Hanks, 1993), and, because of the tax incentives to keep income low, income-based performance measures are not considered accurate for new and small…”
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“To do this, we adapted the scales by Gupta and Govindarajan (1984) and Chandler and Hanks (1993).”
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“Therefore, satisfaction based measures are used as a viable alternative (see the following for good examples: Chandler and Hanks 1993; Paige and Littrell 2002; Wang and Ang 2004; Bautista DelgadoGarcia, Isabel Rodriguez-Escudero, and Martin-Cruz 2012).”
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“Within entrepreneurship research, performance has been conceptualized and measured in different ways, whether it is across broad categories, or via subjective measures of entrepreneurs’ satisfaction with their performance, or by measuring firm performance in relation to that of competitors (Chandler and Hanks 1993).”
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“However, the objective performance measure or dimension requires the willingness to disclose information and can be problematic due to the accuracy of selfreport performance data ( Chandler & Hanks, 1993; Kor et al., 2007).”
Background
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“…the definition of small business performance exists, increase in employees, increase in sales, profitability and increase in market share are four ways in which business performance is typically measured (Chandler & Hanks 1993; Robinson 1999; Vesper 1996; Delmar et al. 2003; Watson et al. 2003).”
Background
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“Firm performance is a multidimensional construct, and specifically measuring new venture performance presents a significant challenge for scholars (Carton and Hofer 2006; Chandler and Hanks 1993).”
Background
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“While the measurement of business performance has been a longstanding theme within entrepreneurship research, performance criteria have mainly focused on financial and economic assessments to provide an ‘objective’ view of firm success (Chandler and Hanks 1993, Cooper 1993).”
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A Literature Analysis on Business Performance for SMEs: Subjective or Objective Measures?Preprint
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“However, literature on new venture creation shows that the success of new ventures depends on the founder or founding team (Chandler and Hanks, 1993).”
Background
The influence of flexibility in buyer–seller relationships on the productivity of knowledge
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“Therefore, understanding entrepreneurial performance and its measurement are critical issues (Chandler and Hanks 1993; Murphy et al. 1996).”
Background
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“Brush and VanderWerf (1992) also suggest that growth in sales is among the most commonly used criteria and is considered superior to many other NVP measures (Chandler & Hanks, 1993).”
Background
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“…variable performance Traditionally, measurement of the dependent variable, performance, has emphasised financial growth indices (Chandler & Jansen, 1992; Murphy et al., 1996; Kathuria, 2000), represented by an increase in sales or return on net assets (Chandler & Hanks, 1993; Garg et al., 2003).”
Background
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Weinzimmer, L. G., Michel, E. J., & Franczak, J. (2011) · Cited by 70
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“However, some studies focusing on small- and medium-sized firms found support for the direct influence of EO on performance (Anderson & Eshima, 2013; Chandler & Hanks, 1993; Engelen et al., 2013; Keh et al., 2007).”
Result
ESTABLISHED BUSINESS OWNERS' SUCCESS: INFLUENCING FACTORS
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Simon, M., Houghton, S. M., & Savelli, S. (2003) · Journal of Business Venturing · doi:10.1016/s0883-9026(02)00083-6 · Cited by 66
“Objective financial information may be an inaccurate measure of the small business managers’ satisfaction with their companies (Chandler and Hanks, 1993; Cooper and Artz, 1995; McMahon and Stanger, 1995).”
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“This 6-item scale, which consists of sales growth, return on sales, cash flow, net profits, market share, and return on investment, has reported a moderate internal reliability value of .53 (Chandler & Hanks, 1993).”
BackgroundMethodInfluential
Does the Notion of ‘Doing Well by Doing Good’ Prevail Among Entrepreneurial Ventures in a Developing Nation?
Ahmad, N. H., & Ramayah, T. (2011) · Journal of Business Ethics · doi:10.1007/s10551-011-1012-9 · Cited by 63
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Entrepreneurial Motivation, Psychological Capital, and Business Success of Young Entrepreneurs in the DRC
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“BS was measured by perceived financial and non-financial success from 16 items [15,80,81] listed in Appendix A.”
Method
Impact of open innovation on organizational performance in different conflict management styles: based on resource dependence theory
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Entrepreneurial bricolage and entrepreneurial performance: The role of business model innovation and market orientation
Wu, S., Luo, Y., Zhang, H., & Cheng, P. (2024) · Heliyon · doi:10.1016/j.heliyon.2024.e26600 · Cited by 60
“et al. [56], consisting of 8 items; and the measurement of entrepreneurial performance (EP) refers to a scale developed by Chandler and Hanks [57], with modifications made to the specific items to fit the needs of this study, consisting of 8 items.”
Method
Entrepreneur political skill and new venture performance: Extending the social competence perspective
Tocher, N. M., Oswald, S. L., Shook, C. L., & Adams, G. L. (2011) · Entrepreneurship and Regional Development · doi:10.1080/08985626.2010.535856 · Cited by 60
“While we acknowledge that objective financial performance data are ideal, it is also important to note that subjective measures of firm performance have been shown to be highly correlated with actual objective data measures (Chandler and Hanks 1993 ; Dess and Robinson 1984 ).”
Result
Strategic Staffing and Small‐Firm Performance
Greer, C. R., Carr, J. C., & Hipp, L. (2015) · Human Resource Management · doi:10.1002/hrm.21693 · Cited by 59
CORPORATE BRAND BUILDING IN START-UPS
WITT, P., & Rode, V. (2005) · Journal of Enterprising Culture · doi:10.1142/s0218495805000173 · Cited by 59
Managerial performance and business success
Dafna, K. (2008) · Journal of Enterprising Communities People and Places in the Global Economy · doi:10.1108/17506200810913890 · Cited by 61
Exploring the impact of entrepreneurial orientation and market orientation on entrepreneurial performance in the context of environmental uncertainty
Cheng, P., Wu, S., & Xiao, J. (2025) · Scientific Reports · doi:10.1038/s41598-025-86344-w · Cited by 80
“The measurement of entrepreneurial performance drew on scales developed by Chandler et al. 93 , modified specific items in conjunction with studies by Jiang et al. 94 , forming an 8-item scale tailored to the needs of this study.”
The performance of international returnee ventures: the role of networking capability and the usefulness of international business knowledge
Bai, W., Lind, C. H., & Johanson, M. (2016) · Entrepreneurship and Regional Development · doi:10.1080/08985626.2016.1234003 · Cited by 61
“…performance measures: sales growth, return on sales (ROS) and return on assets (ROa). although these measures have been criticized, they are widely used to evaluate a new venture’s performance in terms of sales growth and profitability (Chandler and Hanks 1993; Zahra, Ireland, and Hitt 2000).”
Method
Strategic Responses to Competitive Pressure: The Case of Township and Village Enterprises in China
Luo, Y.-D., Tan, J., & Shenkar, O. (1998) · Asia Pacific Journal of Management · doi:10.1023/a:1015460708383 · Cited by 63
Enhancing the Wellbeing of Base of the Pyramid Entrepreneurs through Business Success: The Role of Private Organizations
Rahman, S. A., Amran, A., Ahmad, N. H., & Taghizadeh, S. K. (2015) · Social Indicators Research · doi:10.1007/s11205-015-0951-4 · Cited by 63
“The typical indicators of financial performance include sales growth, profitability and return on investment (Venkatraman and Ramanujam 1986; Chandler and Hanks 1993).”
Background
Causation and effectuation behaviour of Ethiopian entrepreneurs
Eyana, S. M., Masurel, E., & Paas, L. J. (2017) · Journal of Small Business and Enterprise Development · doi:10.1108/jsbed-02-2017-0079 · Cited by 54
Productive, Unproductive and Destructive Entrepreneurship: A Theoretical and Empirical ExplorationPreprint
Sauka, A. (2008) · SSRN Electronic Journal · doi:10.2139/ssrn.1147811 · Cited by 54
“Burns, 2001), a higher level of education is usually associated with better SME performance (e.g. Watson et al., 2003; Chandler and Hanks, 1993).”
Influential
Entrepreneurial Attitudes and Action in New Venture Development
Trevelyan, R. (2009) · The International Journal of Entrepreneurship and Innovation · doi:10.5367/000000009787414271 · Cited by 54
“Further, the entrepreneur’s subjective perception of firm performance has been found to reflect actual performance accurately (Chandler and Hanks, 1993).”
Performance Contrast and Its Determinants between Male and Female Headed Firms in Lao MSMEs
Inmyxai, S., & Takahashi, Y. (2010) · International Journal of Business and Management · doi:10.5539/ijbm.v5n4p37 · Cited by 53
“In this paper, sales are used as the dependent variable so we control the age of the firms (Chandler & Hanks, 1993).”
Method
Why are some graduate entrepreneurs more innovative than others? The effect of human capital, psychological factor and entrepreneurial rewards on entrepreneurial innovativeness
Li, J., Qu, J., & Huang, Q. (2017) · Entrepreneurship and Regional Development · doi:10.1080/08985626.2017.1406540 · Cited by 53
“In starting businesses, graduate entrepreneurs need to interact with the environment to acquire and utilize resources (Chandler and Hanks 1993).”
BackgroundResult
The Competencies of Managers and Their Business Success
Łaguna, M., Wiechetek, M., & Talik, W. (2012) · Central European Business Review · doi:10.18267/j.cebr.25 · Cited by 52
“Within the economic approach to entrepreneurship, assessment of success is based mainly on organizational performance indicators such as company survival, profi ts, employee and sales growth, market share or return on investment (Baron, 2007; Chandler and Hanks, 1993).”
Background
Giving up Linearity : Absorptive Capacity and Performance
Brettel, M., Greve, G., & Flatten, T. C. (2011) · RWTH Publications (RWTH Aachen) · Cited by 52
The Influence of the Venture Capitalist's Governance Activities on the Entrepreneurial Firm's Control Systems and Performance
Wijbenga, F. H., Postma, T. J. B. M., & Strätling, R. (2007) · Entrepreneurship Theory and Practice · doi:10.1111/j.1540-6520.2007.00172.x · Cited by 52
Life after incubation: The impact of entrepreneurial universities on the long-term performance of their spin-offs
Soetanto, D. P., & van GEENHUIZEN, M. (2018) · Technological Forecasting and Social Change · doi:10.1016/j.techfore.2018.10.021 · Cited by 52
Change Management, Digital Maturity, and Green Development: Are Successful Firms Leveraging on Sustainability?
Irimiás, A. R., & Mitev, A. Z. (2020) · Sustainability · doi:10.3390/su12104019 · Cited by 61
“In this specific survey, respondents (owners or top-managers) are key decision-makers in their firms; thus, it can be reasonably assumed that they are aware of the current operational condition of their companies [35].”
Background
Learning, firm age and performance: An investigation of returnee entrepreneurs in Chinese high-tech industries
Liu, X., Wright, M., & Filatotchev, I. V. (2013) · International Small Business Journal Researching Entrepreneurship · doi:10.1177/0266242613508147 · Cited by 53
“The study adopted a perceptual satisfaction with performance measure that has been shown to have high internal reliability (Chandler and Hanks, 1993).”
Influential
Inward–outward connections and their impact on firm growth
Hernández, V., & Nieto, M. J. (2015) · International Business Review · doi:10.1016/j.ibusrev.2015.05.009 · Cited by 51
“Chandler and Hanks (1993) posit that it is one of the ward–outward connections and their impact on firm growth. rev.2015.05.009 V. Hernández, M.J. Nieto / International Business Review xxx (2015) xxx–xxx 5 most relevant performance dimensions.”
BackgroundInfluential
‘Deconstructing’ entrepreneurial self-efficacy: a gendered perspective on the impact of ESE and community entrepreneurial culture on the financial strategies and performance of new firms
Coleman, S., & Kariv, D. (2013) · Venture Capital · doi:10.1080/13691066.2013.863063 · Cited by 50
“These include firm revenues and profits as well as the number or growth in employees, customers, and sales (Chandler and Hanks 1993; Robb and Watson 2012; Zahra and Hayton 2008).”
Background
Effects of Relational Capabilities and Power Asymmetry on Innovativeness and Flexibility of Sub-Sahara Africa Small Exporting Firms
Matanda, M. J., Ndubisi, N. O., & Jie, F. (2014) · Journal of Small Business Management · doi:10.1111/jsbm.12134 · Cited by 49
“Most prior research on small firms uses subjective performance measures (Chandler and Hanks 1993; Conant, Mokwa, and Varadarajan 1990).”
Background
The Relationship between Stress and Business Performance among Men and Women Entrepreneurs
Kariv, D. (2008) · Journal of Small Business & Entrepreneurship · doi:10.1080/08276331.2008.10593435 · Cited by 54
“Nonetheless, some researchers have brought substantial evidence supporting the validity of the selfreported measures, including financial indicators, due to the fact that they are anchored in objective criteria, and are thus reliable and valid (Brush and Wanderwerf, 1992; Chandler and Hanks, 1993).”

Authors: Chandler, G. N., & Hanks, S. H.
Affiliations: Pennsylvania State University (US)
Utah State University (US)
Corresponding author: Chandler, Gaylen N.
Venue: Journal of Business Venturing
Publisher: Elsevier BV
Published: 1993-09
Volume: 8
Issue: 5
Pages: 391-408
ISSN: 0883-9026 (ISSN-L)
DOI: 10.1016/0883-9026(93)90021-v
OpenAlex: W2004016061
Cited by: 728
References: 45
Citations by year: 2026: 11 · 2025: 18 · 2024: 16 · 2023: 24 · 2022: 33 · 2021: 36 · 2020: 20 · 2019: 34 · 2018: 47 · 2017: 39 · 2016: 25 · 2015: 33 · 2014: 34 · 2013: 41 · 2012: 34
FWCI: 11.38
Type: journal article
Language: en
Open access: closed
Licence: www.elsevier.com/tdm/userlicense/1.0/ (tdm)
Locations: Journal of Business Venturing (publishedVersion)
RePEc: Research Papers in Economics (submittedVersion)
Topics: Social Sciences › Business, Management and Accounting › Management of Technology and Innovation › Entrepreneurship Studies and Influences
Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Firm Innovation and Growth
Social Sciences › Economics, Econometrics and Finance › Finance › Private Equity and Venture Capital
Keywords: new venture performance, performance measurement, self-reported performance, subjective performance measures, business growth, business volume, content validity, inter-rater reliability, generalizability, manufacturing companies, startups, startup success factors, scale validation, disclosure rates, internal consistency

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