Research Themes

I conduct research at the nexus of strategy, entrepreneurship, and international business, with a focus on venture capital, crowdfunding, new venture innovation and international investment. The overarching goal of my work is to understand how firms make investment decisions under uncertainty, and how they create and capture value from such decisions. 

My research explores two central themes: keeping options open and getting institutions right to enable value creation and capture under conditions of uncertainty. First, the agency and information economics view highlights that venture capital creates value by mitigating information asymmetry between investors and entrepreneurs. My work contributes to this literature by exploring another distinct mechanism for venture capital to create value: the ability to act flexibly under uncertainty, thereby capturing the upside while limiting the downside of entrepreneurial opportunities (e.g., Li, 2008; Li & Li, 2010; Li and Mahoney, 2011; Tong and Li, 2011; Li and Chi, 2013; Li et al., 2024; Zahra et al., 2024). Second, institutions are devised to reduce uncertainty in (economic) exchanges by providing a structure to the society. My work adds to this research stream by highlighting informal institutions embedded in human networks (e.g., Iriyama, Li and Madhavan, 2010) and by examining how informal institutions interact with formal institutions (i.e., laws and regulations) to shape venture capital and international investment decisions under uncertainty (e.g., Li and Zahra, 2012; Li, Vertinsky, and Li, 2014; Li, Hernandez, and Gwon, 2019; Li, et al., 2023).

Research Honors

SMS Paper Prize Finalist, 2023

IACMR Best Macro Paper, 2021

Finalist, GSJ Best Paper Prize, 2021

New State of the Art Research, Strategic Management Society, 2020

Lee Professor of Entrepreneurship, 2019-

Dean's Faculty Fellow, 2016-2018

Finalist, Carolyn Dexter Award, Academy of Management, 2010

Finalist, 3rd Israel Strategy Conference Best Paper Award, 2010

Research Grants

Social Sciences and Humanities Research Council of Canada, 2023-2026

Business and International Education grant, UNLV, 2022

Social Sciences and Humanities Research Council of Canada, 2019-2022

Rocky Mountain CIBER Grant, 2021

Summer research grant, SUNY Buffalo, 2007-2018

Scholars in Creativity, Innovation and Research Fund, University of Illinois, 2008-2009

Invited Talks

2025:

Wharton School, University of Pennsylvania

University of Michigan

University of Pittsburgh

Nanyang Technological University

Rice University 

Bocconi 

Imperial College

University of Oxford

 2026 (scheduled):

University of Hawaii

University of Colorado Boulder

Journal Publications

• •  Li, Y., T. Chi, S. Lan, Q. Wang. 2025. Venture capital exit after venture IPO. Strategic Entrepreneurship Journal, 19(1): 111-144.

  • *Kim, J., E. Grijalva, D. Newman, and Y. Li. Entrepreneur Weirdness as a Double-Edged Sword. 2024. Personnel Psychology. 77: 53-80.

  • Zahra, S. A., Y. Li, R. Agarwal, J. B. Barney, G. Dushnitsky, M. E. Graebner, P. G. Klein, & S. Sarasvathy, 2024. Developing theoretical insights in entrepreneurship research. Strategic Entrepreneurship Journal, 18(1): 3-20.

  • Li, Y., Li, J., Zhang, P., & Gwon, S. 2023. Stronger together. Strategic Management Journal, 44(4): 1053-1083.

o   IACMR Best Macro Paper, 2021.

• • Li, Y., E. Hernandez and *S. Gwon. 2019. When do ethnic communities affect foreign location choice? Academy of Management Journal. 62 (1), 172-195.

o   New State of the Art Research, Strategic Management Society, 2020.

• • *Liu, Y., Y. Li, X. Hao, and Y. Zhang. 2019. Narcissism and entrepreneurial learning from Failure. Journal of Business Venturing. 34 (3), 496-512.

  • Liu, Z., *Z. Xu, Z. Zhou, and Y. Li. 2019. Buddhist entrepreneurs and new venture performance. Small Business Economics. 52 (3), 713–727.

  • *Courtney, C., Dutta, S., and Li, Y. 2017. Resolving information asymmetry: Signaling and crowdfunding success. Entrepreneurship Theory and Practice 41(2): 265-290.

o   Highlighted as contributing significantly to the journal’s impact, 2019

• • Li, Y., Vertinsky, I., and Li, J. 2014. National distances, international experience, and VC investment performance. Journal of Business Venturing 29(4): 471-489.

o   Finalist, Carolyn Dexter Award, Academy of Management, 2010

o   Finalist, 3rd Israel Strategy Conference Best Paper Award, 2010

• • Zahra, S., L. R. Newey, and Y. Li. 2014. Implications of Social Entrepreneurship for International Entrepreneurship. Entrepreneurship Theory and Practice. 38(1): 137-158.

  • Li, Y., and T. Chi. 2013. Venture capitalists’ decision to withdraw. Strategic Management Journal 34: 1351-1366.

  • Li, J., Y. Li, and D. Shapiro. 2012. Knowledge seeking and outward FDI of emerging market firms. Global Strategy Journal. 2(4): 277-295. Lead article

  • Li, Y. and S. Zahra. 2012. Formal Institutions, Culture, and Venture Capital Activity. Journal of Business Venturing. 27(1): 95-111.

  • Tong, T. & Y. Li. 2011. Real Options and Investment Mode Decision. Organization Science. 22(3): 659-674.

  • Li, Y. & J. Mahoney. 2011. When Are Venture Capital Projects Initiated? Journal of Business Venturing. 26(2): 239-254.

o   “JBV Field Editors Highlighted High Quality Paper” in Management and Entrepreneurship, 2016

• • Li, J. & Y. Li. 2010. Flexibility versus Commitment in MNEs' Ownership Strategy. Journal of International Business Studies. 41(9): 1550-1571.

  • Iriyama, A., Y. Li, and R. Madhavan. 2010. Spiky Globalization of Venture Capital Investments. Strategic Entrepreneurship Journal. 4(2): 106-127.

  • Li, Y. 2008. Duration Analysis of Venture Capital Staged Financing. Journal of Business Venturing. 23: 497-512.  

  • Li, Y. and R. Aguilera. 2008. Director Turnover in Acquired Firms: A Multi-Theoretical Approach. Corporate Governance: An International Review. 16(6): 492-503.

  • Li, Y., B. James, R. Madhavan, & J. Mahoney. 2007. Real Options: Taking Stock and Looking Ahead. Advances in Strategic Management, 24: 31-66.

         * PhD students                            

Other Publications      

• • Li, Y., and E. Yao. 2019. All ties are not created equal: Institutional equity ties, IPO performance, and market growth of new ventures. In D. Cumming & S. Johan (ed.). Oxford Handbook of IPO. 460-484.

  • Zhao, E. and Y. Li. 2019. Institutions and Entrepreneurship. Quarterly Journal of Management 4 (2), 15-25.

  • Li, Y., S. Zahra and S. Lan. 2017. Heterogeneity in New Venture Formation Rates across Nations.  Entrepreneurial Finance: Managerial and Policy Implications. 1-35.

  • Li, J., Y. Li and A. Rugman. 2012. Real options theory and international investment strategy. In A. Verbeke & H. Merchant (eds.). Edward Elgar Handbook of Research on International Strategic Management. 342-359.

  • Li, Y. 2012. Venture capital staging. In D. Cumming (ed.). Oxford Handbook of Venture Capital. Oxford University Press: 354-372.

Conference Proceedings and Misc.                                

• • Rajshree Agarwal, Jay B. Barney, James Fiet, William B. Gartner, Yong Li, Saras Sarasvathy, Andrew H. Van de Ven and Shaker A. Zahra. 2019. Advancing Theory Development in Entrepreneurship. Academy of Management Proceedings.

  • Gwon, S., Y. Li, J. Li and P. Zhang. 2019. Conational Agglomeration and Location Choice of MNEs. Academy of Management Proceedings.

  • Li, Y. & J. Zhu. 2018. College Dropout Entrepreneurs and New Venture Milestones. Academy of Management Proceedings.

  • Courtney, C., S. Dutta & Y. Li. 2016. Resolving Information Asymmetries: Influence of Media and Crowd Sentiment on Crowdfunding Success. Academy of Management Proceedings.

  • Gary Dushnitsky, Yong Li, Gautam Ahuja, Ashish Arora, Sharon Belenzon and Dean A. Shepherd. 2016. The Pursuit of Innovation. Academy of Management Proceedings.

  • Li, Y., E. Hernandez and S. Gwon. 2015. When do ethnic communities affect foreign location choice? Academy of Management Proceedings.

  • Li, J., Y. Li and D. Shapiro. 2012. Knowledge Seeking and Outward FDI of Chinese MNEs: The Moderating Effect of Inward FDI. Academy of Management Proceedings.

  • Li, Y., J. Li, & I. Vertinsky. 2010. National Institutional Differences and Performance of International Venture Capital Syndicates. Academy of Management Proceedings.

  • Iriyama, A., Y. Li, & R. Madhavan. 2009. Spiky Globalization of Venture Capital Investments. Academy of Management Proceedings