J. Daniel Kim

• J. Daniel Kim and Matthew Lee (2026), Putting a Price on Mission: Social Responsibility Orientation and Startup Employment, Strategic Management Journal, Forthcoming (). Abstract

  Social responsibility-oriented (SRO) employers are widely understood to enjoy advantages in recruitment and hiring, yet most evidence comes from temporary or hypothetical employment contexts. We test for such advantages using microdata on a structured recruitment process in which startups hired full-time employees. We find that SRO employers attract greater initial interest, especially among female candidates, and are more likely to have their job offers accepted. Among candidates with multiple offers, we estimate that they are willing to forgo 13–18.5% of annual salary for SRO employment. However, employees hired by SRO employers exhibit neither greater retention nor higher job satisfaction. These findings validate the appeal of SRO employers in a full-time recruitment setting and document the boundary between substantial pre-hiring advantages and limited post-hiring effects.

• J. Daniel Kim, Joonkyu Choi, Nathan Goldschlag, John Haltiwanger (2026), Firm growth and stagnation in the United States: Key trends and new data opportunities, Strategic Management Journal, 47 (4), pp. 1039-1065.
• J. Daniel Kim, Joonkyu Choi, Nathan Goldschlag, John Haltiwanger (2025), Early Joiners and Startup Performance, The Review of Economics and Statistics, 107 (6), pp. 1485-1500. Abstract

  We show that early joiners—non-founder employees in the first year of a startup—play a critical role in shaping firm performance. We use administrative employer-employee matched data on US startups and utilize premature death as a natural experiment that exogenously separates talent from startups. We find that losing an early joiner has large negative effects on employment and revenues that persist for at least ten years. In contrast, losing a later joiner yields only a small and temporary decline in firm performance. Our results imply that organization capital, an important driver of startup success, is embodied in early joiners.

• J. Daniel Kim and Michael J. Pergler (2025), Startup hiring through firm-driven search: Evidence from Venture for America, Strategic Management Journal, 46 (8), pp. 1973-2018. https://doi.org/10.1002/smj.3710 Abstract

  Due to their limited reputation as potential employers, startups struggle to generate interest (e.g., applications) from jobseekers. To help mitigate these frictions, employers can proactively reach out to jobseekers. In this study, we examine the relationship between firm-driven search and startups’ hiring and retention of young workers. Using a unique empirical setting, we find that firm-driven search is associated with a higher likelihood of hiring. However, candidates sourced through firm-driven search exhibit greater turnover rates. In exploring the underlying mechanisms, we find suggestive evidence that candidates perceive firm-driven search as a favored substitute for their search efforts. For employers, startups with lower visibility and pronounced hiring needs are most likely to engage in firm-driven search, implying that they do so despite the lower retention prospects.

• J. Daniel Kim and Saerom Lee, Research: When Should Startups Scale? in Harvard Business Review (Online),. Abstract

  Silicon Valley often touts rapid scaling as the best strategy for achieving startup success. However, new research reveals that scaling early, particularly within the first 12 months, significantly raises the risk of startup failure, especially for two-sided platforms. The key takeaway for entrepreneurs: Be cautious with early scaling and prioritize a culture of experimentation. Taking a “slow-and-steady” approach to scaling may provide a more sustainable path to long-term success.

• J. Daniel Kim (2024), Startup Acquisitions as a Hiring Strategy: Turnover Differences Between Acquired and Regular Hires, Strategy Science, 9 (2), pp. 118-134. https://doi.org/10.1287/stsc.2022.0026 Abstract

  Prior studies suggest that acquisitions can increase employee turnover. However, acquired workers are technically new hires, who are generally prone to turnover. Therefore, it is important to benchmark acquired workers against other new hires in the organization. One view suggests that compared with regular hires who select their employer based on a mutual vetting process, acquired workers can experience a poor fit with their new employer (e.g., culture clash), resulting in elevated rates of turnover. Meanwhile, as acquisitions represent a bundle of assets, acquired workers can possess complementarities accumulated with the target firm that reinforce worker–employer fit and thus their retention prospects. Using population-level data from the United States, I find empirical support for both perspectives. Acquired workers from startups exhibit significantly higher turnover rates than regular hires. Moreover, in conditions under which acquired workers’ complementarities are more likely to be preserved—specifically, individuals with longer prior tenure, teams in which the founders remain intact, and target organizations that are structurally separated rather than integrated into the acquirer—I find reduced turnover differences for acquired workers relative to regular hires. Together, these results elucidate whether and when firms can harness human capital through startup acquisitions (“acqui-hiring”).

• J. Daniel Kim and Saerom Lee (Under Review), Target Startup’s Organizational Structure and Acquirer’s Integration-Separation Decision. Abstract

  To reap the benefits of startup acquisition, acquirers strategically choose whether to integrate or separate their targets. This study examines how this post-acquisition organization design choice between integration and separation depends on the target startup’s pre-acquisition organizational structure. Leveraging employee-employer-matched data to construct a novel measure of post-acquisition separation based on employee mobility patterns, we find that acquirers are more likely to separate more structurally complex target startups. Additional analyses are consistent with the view that, as the target firm’s structural complexity can increase the disruptive costs of integrating the two firms but reduce coordination costs when kept separate, post-acquisition separation becomes more suitable. Our results shed light on an important organizational antecedent that shapes the relative appeal of integration versus separation in startup acquisitions.

• Saerom Lee and J. Daniel Kim (2024), When Do Startups Scale? Large-scale Evidence from Job Postings, Strategic Management Journal, 45 (9), pp. 1633-1669. https://doi.org/10.1002/smj.3596 Abstract

  Scaling at the right time is a crucial challenge for startups. Conceptualizing “scaling” as the entrepreneurial process of acquiring and committing resources to implement the core business idea and expand the customer base, this study examines how scaling early may decrease imitation risk at the expense of increasing commitment risk. As startups typically hire managers and sales personnel when they begin to scale, we propose that this timing can be empirically measured by when startups first post these jobs. Leveraging a dataset of job postings, we find that early scalers are more likely to fail, but no evidence of a countervailing benefit in terms of successful exit. Additional analyses suggest that the commitment risk in scaling early outweighs the benefit of reducing imitation risk.

• J. Daniel Kim, The Challenge of Retaining Startup Talent After an Acquisition in Harvard Business Review (Online),. Abstract

  People are among the most prized assets of many startup companies, so when employees leave after an acquisition, it can be a substantial loss for the acquiring company. Why do so many startup employees leave, and how do startup acquisitions impact their careers? Using U.S. Census Bureau data from 1990 to 2011 that encompasses 230,000 acquired startup workers, the author researched these questions and discovered significantly higher turnover rates among acquired workers compared to regular hires. The author analyzes the causes for the disparity, examines prominent historical and recent examples of employee departure post-acquisition and what they did next, and suggests strategies to mitigate the loss of talent when companies are acquiring startups.

• J. Daniel Kim and Minjae Kim (2024), Founder Turnover and Organizational Change, Organization Science, 35 (1), pp. 259-280. https://doi.org/10.1287/orsc.2023.1668 Abstract

  Why might start-ups not change even when doing so may enhance firm performance? It seems reasonable to point to founder presence as a potential culprit given founders’ cognitive myopia and/or commitment to the status quo. However, founder presence may instead be a facilitator of change in response to environmental uncertainty because founders can uniquely coordinate resources needed for organizational change. We empirically address these two opposing views on the impact of founder presence (versus loss) on organizational change by using a comprehensive administrative data set of start-ups in the United States. Correlational analysis shows that start-ups generally become less likely to change following founder turnover. Given the potentially endogenous nature of founder turnover, we exploit premature deaths as a natural experiment that suddenly removes some founders from their start-ups while leaving others intact. We find that start-ups are less likely to change after losing a founder, especially if the founder loss happens during an economic recession. At the same time, the effect is attenuated when losing a founder with more experience in the same industry, suggesting that founder presence can also contribute to reinforcing the status quo under some conditions. Broadly, these results not only show that founders tend to facilitate change in their organizations but also identify when founders are merely subject to organizations’ bureaucratic forces that they themselves may have imprinted originally.

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Past Courses

• MGMT8010 - Entrepreneurship

  MGMT 801 is the foundation coures in the Entrepeurial Management program. The purpose of this course is to explore the many dimensions of new venture creation and growth. While most of the examples in class will be drawn from new venture formation, the principles also apply to entrepreneurship in corporate settings and to non-profit entrepreneurship. We will be concerned with content and process questions as well as with formulation and implementation issues that relate to conceptualizing, developing, and managing successful new ventures. The emphasis in this course is on applying and synthesizing concepts and techniques from functional areas of strategic management, finance, accounting, managerial economics, marketing, operations management, and organizational behavior in the context of new venture development. The class serves as both a stand alone class and as a preparatory course to those interested in writing and venture implementation (the subject of the semester-long course, MGMT 806). Format: Lectures and case discussions

• MGMT9370 - Entrep Research Seminar

  The seminar seeks to expose students to theoretical and empirical perspectives on entrepreneurship research. We will focus on the main questions that define the field and attempt to critically examine how, using a range of methodologies, researchers have approached these questions. As we review the literature, we will seek to identify promising research areas, which may be of interest to you in the context of your dissertation research. In addition to addressing the content of the received literature, we will examine the process of crafting research papers and getting them published in top tier journals. Towards that end we will characterize the key elements of high impact papers and review the development process of such studies. Students are expected to come fully prepared to discuss and critique the readings that are assigned to each class meeting (see details below). Each student will serve as the discussion leader for one or more of the class sessions. Discussion leaders are expected to critically review several articles, identify new insights in the research that is being reviewed and evaluate its contribution to the literature, position the articles within the literature on the subject matter, raise discussion question, and act as the discussion moderator for the class session. Each discussion leader is asked to prepare a one or two page summary of the assigned papers which includes a statement of the main research question(s), the methodology, data set if any, summary of findings, a commentary with your thoughts on the reading, and proposed discussion questions. Prior to each class, the discussion leader will meet the instructor to help plan the class meeting. Towards the end of each class meeting, each student will be asked to articulate a research question that emerged from the session and describe the research design used to investigate the issue.

• MGMT9390 - Ent Innov Research

  This quarter-length course explores key topics at the intersection of entrepreneurship and innovation. While the course primarily draws from established theory and empirics from management and economics, it will also include discussions of emerging phenomena in this rapidly evolving field. We will begin by reviewing the basic properties of ideas that uniquely shape the sources and dynamics of entrepreneurship and innovation. Subsequently, we will explore innovation-related challenges and opportunities for startups. Special focus will be placed on research application in which students design and present their own research proposal broadly in the area of entrepreneurship and innovation. Students are highly encouraged to take this course in sequence with MGMT 937.

• WH2970 - Wh Industry Exploration

  WIEP features short-term courses that focus on various industries and feature visits to businesses, lectures, extracurricular activities, and networking opportunities with alumni. Students must apply online: https://undergrad-inside.wharton.upenn.edu/wiep/

• Best Entrepreneurship Paper Award, OMT Division, Academy of Management, 2026
• Teaching Excellence Award at Wharton, 2025
• Teaching Excellence Award at Wharton, 2024
• Best 40 Under 40 MBA Professors, Poets & Quants, 2023
• Teaching Excellence Award at Wharton, 2023
• Teaching Excellence Award at Wharton, 2022
• Teaching Excellence Award at Wharton, 2021
• Best Entrepreneurship Paper Award, OMT Division, Academy of Management, 2021
• Teaching Excellence Award at Wharton, 2020
• Best Paper Prize, Strategic Management Society Annual Conference, 2020
• Wiley Blackwell Best Dissertation Award (Finalist), Academy of Management STR Division, 2020
• MIT Sloan School Doctoral Thesis Prize, 2019
• Kauffman Dissertation Fellow, Ewing Marion Kauffman Foundation, 2017
• Recipient, Roberts, Hammond, and Krasner Fund Grant, 2016
• Best Entrepreneurship Paper Award, OMT Division, Academy of Management, 1970

• When Startups Lose a Very Early Employee, They May Never Recover, Wall Street Journal - 10/12/2023
• Perspectives on Start-Up Acquisitions, Wharton Scale School - 04/28/2022
• Mismatch: Why Workers Don’t Stay After an Acquisition, Knowledge@Wharton - 12/02/2019
• Why Older Entrepreneurs Have the Edge, Knowledge@Wharton - 11/12/2019
• Those People Starting Successful Tech Companies? Most Are Middle-Aged, The New York Times - 08/29/2019
• Every Company Is Now a Tech Company, Wall Street Journal - 12/04/2018
• Age and Entrepreneurship: Research Shows Average Age of Successful Founders Is Older Than You Think, Forbes - 10/16/2018
• Middle-aged entrepreneurs are more successful than young ones. Here's why, World Economic Forum - 06/29/2018
• Sorry, millennials. The average age of a successful entrepreneur is a lot older than you think, The Washington Post - 04/24/2018

Knowledge @ Wharton

• Piedmont Healthcare’s Marketing Strategy for Building Trust, Knowledge @ Wharton - 07/02/2026
• Navigating Competition and Collaboration in the AI Race, Knowledge @ Wharton - 07/01/2026
• Breaking Down the World Cup With Soccer Analytics Insights, Knowledge @ Wharton - 07/01/2026
• America at 250: Innovations That Transformed Business, Knowledge @ Wharton - 06/30/2026
• How Basic Persuasion Can Bypass AI Safeguards, Knowledge @ Wharton - 06/29/2026
• Alan Greenspan’s Legacy and the Evolution of Monetary Policy, Knowledge @ Wharton - 06/26/2026
• Private Credit Risks and the Threat of Market Contagion, Knowledge @ Wharton - 06/24/2026
• How Forced Labor Scrutiny Shapes Supply Chain Transparency, Knowledge @ Wharton - 06/23/2026
• The Science of Perfect Timing: Using Chronobiology, Knowledge @ Wharton - 06/23/2026
• Would You Trust AI for Ethical Advice?, Knowledge @ Wharton - 06/23/2026