Peter Klein

Department Chair - Entrepreneurship and Corporate Innovation
Director of Free Enterprise - Entrepreneurship and Corporate Innovation
W.W. Caruth Chair - Entrepreneurship and Corporate Innovation
Professor - Entrepreneurship and Corporate Innovation

Contact Information

Mailing Address:  One Bear Place #98011
Waco, TX  76706
Office Location:  Paul L. Foster Campus for Business and Innovation 201.37

Educational Background

  • PHD - Economics, University Of California Berkeley
  • BA - Economics, University Of North Carolina Chapel Hl

Work Experience

  • Department Chair of Entrepreneurship, Baylor University (August 1, 2019 - Present)
  • Director, Entrepreneurship Ph.D. Program, Baylor University (August 15, 2017 - July 31, 2019)
  • W.W. Caruth Chair, Baylor University (August 15, 2017 - Present)
  • Professor, Baylor University (August 15, 2015 - Present)
  • Senior Fellow, Baugh Center for Entrepreneurship and Free Enterprise, Baylor University (2015 - Present)
  • Research Affliliate, Angers Economics and Management Research Group (GRANEM), University of Angers, France (2014 - Present)
  • Carl Menger Research Fellow, Mises Institute (2012 - Present)
  • Adjunct Professor, Norwegian School of Economics (2009 - Present)
  • Assistant, Associate, and Full Professor, University of Missouri (2002 - 2015)
  • Senior Economist, Council of Economic Advisers (2000 - 2001)
  • Assistant Professor, University of Georgia (1995 - 2002)

Awards and Honors

  • Best Paper Award, Academy of Management (August 2023)
  • Visiting Chaired Professor, Hong Kong Polytechnic University, Department of Management and Marketing (July 2023)
  • O. P. Alford III Best Paper Prize, Mises Institute (March 2023)
  • ECI Research Excellence Award, Baylor University, Department of Entrepreneurship and Corporate Innovation (April 2022)
  • HSB Research Advancement Award, Hankamer School of Business (March 2022)
  • Robert and Robin Nitsche Outstanding Research Award, Baylor University, Hankamer School of Business (April 2019)
  • ECI Research Excellence Award, Baylor University, Department of Entrepreneurship and Corporate Innovation (February 2019)
  • Strategic Entrepreneurship Journal Best Paper Award, Strategic Management Society (September 2018)
  • Outstanding Faculty Award (Scholarship), 2017-18, Baylor University (May 2018)
  • Brent Clum Outstanding Research Award, Hankamer School of Business (2016)
  • Honorary Professor, Beijing Information Science and Technology University (2015)
  • Best Book Award, Foundation for Economic Education (2014)
  • Best Paper Award, Association of Private Enterprise Education (2010)
  • Best Paper Award, European Management Review (2010)
  • TIAA-CREF Outstanding Paper Award, Eastern Finance Association (2010)
  • Distinguished Paper Award, Academy of Management (2005)

Professional Memberships

  • Academy of Management
  • Society for Institutional and Organizational Economics
  • Strategic Management Society


Peter G. Klein is W. W. Caruth Endowed Chair, Professor of Entrepreneurship, and Chair of the Department of Entrepreneurship and Corporate Innovation at Baylor University’s Hankamer School of Business. He also serves as Director of the Baugh Center’s Free Enterprise Initiative. He is Adjunct Professor of Strategy and Management at the Norwegian School of Economics, Carl Menger Research Fellow at the Mises Institute, and Research Affiliate at GRANEM. Peter has also held faculty positions at the University of Missouri's Division of Applied Social Sciences, the Copenhagen Business School, the University of Georgia’s Terry College of Business, and Washington University’s Olin Business School. He holds an Honorary Professorship at the Beijing University of Information Science and Technology. He received a PhD in economics from the University of California, Berkeley and a BA from the University of North Carolina, Chapel Hill.

Peter's research focuses on the links between entrepreneurship, strategy, and organization, with application to innovation, diversification, vertical coordination, health care, and public policy. His work has appeared in Academy of Management Review, Organization Science, Strategic Management Journal, RAND Journal of Economics, Strategic Entrepreneurship Journal, Journal of Business Venturing, Entrepreneurship Theory and Practice, Industrial and Corporate Change, Managerial and Decision Economics, Journal of Industrial Economics, Sloan Management Review, and other outlets. Peter’s 2012 book Organizing Entrepreneurial Judgment (Cambridge University Press, with Nicolai Foss) received the 2014 Best Book Award from the Foundation for Economic Education. He has also received Best Paper awards from the Journal of Private Enterprise Education and the European Management Review.

He is Co-Editor of the Strategic Entrepreneurship Journal and Associate Editor of the Independent Review. He was previously Field Editor for the Journal of Business Venturing and Associate Editor for the Academy of Management Perspectives.


Basic or Discovery Scholarship

"Developing Theoretical Insights in Entrepreneurship Research," Strategic Entrepreneurship Journal, (October 2023) (coauthors: Shaker Zahra, Yong Li, Rajshree Agrawal, Jay Barney, Gary Dushnitsky, Melissa Graebner, Saras Sarasvathy).

"Government and Cronyism: A Reply to Chalmers’s Comment," Academy of Management Perspectives, (April 2023) (coauthors: Mic Michael Holmes, Nicolai J Foss, Siri Terjesen, Justin Pepe).

Applied or Integration/Application Scholarship

"Rethinking Hierarchy," MIT Sloan Management Review, Vol. 64, No. 3, (March 2023) (coauthors: Nicolai J Foss).

Why Managers Matter: The Perils of the Bossless Company: PublicAffairs/Hachette, February 2022 (coauthors: Nicolai J Foss).

"The Economy Doesn’t Need a Great Reset, and Neither Does Management Theory," Scandinavian Journal of Management, Vol. 36, No. 1, (February 2022) (coauthors: Nicolai J Foss, Samuele Murtinu).

Basic or Discovery Scholarship

"Policy for Innovative Entrepreneurship: Institutions, Interventions, and Societal Challenges,," Strategic Entrepreneurship Journal, Vol. 15, No. 2, (June 2021) (coauthors: Steve Bradley, Phillip H Kim, Jeffrey S McMullen, Karl Wennberg).

"Capitalism, Cronyism, and Management Scholarship: A Call for Clarity," Academy of Management Perspectives, Vol. 36, No. 1, (March 2021) (coauthors: Mic Michael Holmes, Nicolai J Foss, Siri Terjesen, Justin Pepe).

"Ownership Competence," Strategic Management Journal, Vol. 42, No. 2, (February 2021) (coauthors: Nicolai J Foss, Lasse B Lien, Todd R Zenger, Thomas Zellweger).

"Economizing and Strategizing: How Coalitions and Transaction Costs Shape Value Creation and Appropriation," Strategic Management Journal, Vol. 2, (February 2021), pp. 413-34 (coauthors: Christian Asmussen, Kirsten Foss, Nicolai J Foss).

"Evaluating an organizational innovation: evidence from the conglomerate merger wave," Industrial and Corporate Change, Vol. 30, No. 4, (January 2021) (coauthors: Robert Wuebker, Mo Chen, Kathrin Zoeller).

"Uncertainty and Entrepreneurial Judgment During a Health Crisis," Strategic Entrepreneurship Journal, Vol. 4, (December 2020), pp. 563-65.

"Corporate diversification and innovation: Managerial myopia or inefficient internal capital markets?," Managerial and Decision Economics, Vol. 41, No. 8, (December 2020), pp. 1403-16 (coauthors: Robert Wuebker).

"Why Intersectional Governance Matters," : Brookings Institution Press, October 2020 (coauthors: Anita M McGahan).

"Keeping it in the Family: A Socio-cognitive Approach to the Prioritization of Family Goals," Journal of Small Business and Enterprise Development, Vol. 27, No. 3, (May 2020), pp. 471-48 (coauthors: Desmond Ng, Harvey S James).

"The Context of Entrepreneurial Judgment: Organizations, Markets, and Institutions," Journal of Management Studies, Vol. 56, No. 6, (September 2019), pp. 1197-1213 (coauthors: Nicolai Foss, Christian Bjørnskov).

"Learning by Seconding: Evidence from NSF Rotators," Organization Science, Vol. 30, No. 3, (May 2019), pp. 528-551 (coauthors: Christos Kolympiris, Sebastian Hoenen).

"Organizational Governance Adaptation: Who Is In, Who Is Out, and Who Gets What," Academy of Management Review, Vol. 44, No. 1, (January 2019), pp. 6-27 (coauthors: Joseph T Mahoney, Anita M McGahan, Christos Pitelis).

"Socio-cognitive traits and entrepreneurship: The moderating role of economic institutions," Journal of Business Venturing, (August 2018) (coauthors: Boris Nikolaev, Christopher Boudreaux).

"Uncovering the Hidden Transaction Costs of Market Power: A Property Rights Approach to Strategic Positioning," Managerial and Decision Economics, Vol. 39, No. 3, (April 2018), pp. 306-319 (coauthors: Kirsten Foss, Nicolai Foss).

Stakeholders and Corporate Social Responsibility: An Ownership Perspective: Emerald Insight, February 2018 (coauthors: Nicolai Foss).

"Business Law and the Austrian Theory of the Firm," , Cheltenham: Edward Elgar, December 2017, pp. 325-346 (coauthors: Peter J. Boettke, Todd J. Zywicki, Thomas A. Lambert).

"Uncertainty Types and Transitions in the Entrepreneurial Process," Organization Science, Vol. 28, No. 5, (October 2017), pp. 840-856 (coauthors: Mark D Packard).

"Entrepreneurial Discovery or Creation? In Search of the Middle Ground," Academy of Management Review, Vol. 42, No. 4, (October 2017), pp. 735-737 (coauthors: Nicolai J Foss).

"The Effects of Academic Incubators on University Innovation," Strategic Entrepreneurship Journal, Vol. 11, No. 2, (June 2017), pp. 145-170 (coauthors: Christos Kolympiris).

"Entrepreneurial Traits, Formal Institutions, and the Motivation to Engage in Entrepreneurial Action," (May 2017) (coauthors: Boris Nikolaev, Christopher Boudreaux).

"My Contributions to Entrepreneurship Theory," , London: Routledge, 2017.

"Business Angels, Social Networks, and Radical Innovation," , New York: Springer International Publishing, 2016, pp. 275–290 (coauthors: Dieter Bögenhold, Jean Bonnet, Marcus Dejardin, Domingo Garcia Pérez de Lema, Catherine Deffains-Crapsky).

"Managerial Authority in the Coasean Firm: An Entrepreneurial Perspective," , Cheltenham: Edward Elgar, 2016 (coauthors: Claude Ménard, Elodie Bertrand, Kirsten Foss, Nicolai J. Foss).

"Complexity, novelty, and ethical judgement by entrepreneurs," International Journal of Entrepreneurial Venturing, Vol. 8, No. 2, (2016), pp. 170-195 (coauthors: Harvey S. James, Jr., Desmond Ng).

"Reflections on the 2016 Nobel Memorial Prize for contract theory (Oliver Hart and Bengt Holmström)," Erasmus Journal for Philosophy and Economics, Vol. 9, No. 2, (2016), pp. 167-180 (coauthors: Nicolai J Foss).

"Relationship Banking and Conflicts of Interest: Evidence from German Initial Public Offerings," Journal of Corporate Finance, Vol. 39, (2016), pp. 210-221 (coauthors: Robert Wuebker, Kathrin Zoeller).

"The judgment-based approach to entrepreneurship: accomplishments, challenges, new directions," Journal of Institutional Economics, Vol. 11, No. 03, (September 2015), pp. 585–599 (coauthors: Nicolai J. Foss).

"Organizations and Markets," , New York, NY: Oxford University Press, 2015, pp. 272–295 (coauthors: Peter J. Boettke, Christopher J. Coyne, Nicolai J. Foss, Stefan Linder).

"China’s Dairy United: A New Model for Milk Production," American Journal of Agricultural Economics, Vol. 97, No. 2, (2015), pp. 618-627 (coauthors: Jingjing Wang, Mei Chen).

"Hayek and Organizational Studies," , New York, NY: Oxford University Press, 2014, pp. 467–486 (coauthors: Paul Adler, Paul du Gay, Glenn Morgan, Mike Reed, Nicolai J. Foss).

"Information, Incentives, and Organization: The Microeconomics of Central Banking," , New York, NY: Springer, 2014, pp. 149–161 (coauthors: David Howden, Joseph T. Salerno).

Teaching and Learning Scholarship

"‘They Have the Internet on Computers Now?’ Entrepreneurship and Economics in The Simpsons," , Stanford, CA: Stanford University Press, 2014, pp. 61-69 (coauthors: Joshua C. Hall, Per L. Bylund, Christopher H Holbrook).

Basic or Discovery Scholarship

"Private Equity and Asset Characteristics: The Case of Agricultural Production," Managerial and Decision Economics, Vol. 35, No. 2, (2014), pp. 145–160 (coauthors: Mario P. Mondelli).

"The Effects of Alternative Investments on Entrepreneurship, Innovation, and Growth," Managerial and Decision Economics, Vol. 35, No. 2, (2014), pp. 67–72 (coauthors: Donald S. Siegel, Nick Wilson, Mike Wright).

"The place of Austrian economics in contemporary entrepreneurship research," Review of Austrian Economics, The, Vol. 27, No. 3, (2014), pp. 259-279 (coauthors: Per L. Bylund).

Applied or Integration/Application Scholarship

"Why Managers Still Matter," MIT Sloan Management Review, Vol. 56, No. 1, (2014), pp. 73 (coauthors: Nicolai J Foss).

Basic or Discovery Scholarship

"Organizational Governance," , Stanford, CA: Stanford University Press, 2013, pp. 513–555 (coauthors: Raffael Wittek, Tom Snijders, Victor Nee, Nicolai J. Foss).

"Entrepreneurship, Entrepreneurial Governance, and Economic Organization," , Cheltenham: Edward Elgar, 2013, pp. 419-439 (coauthors: Anna Grandori).

"Strategic Entrepreneurship," , New York, NY: Sage, 2013, pp. 778–782 (coauthors: Eric Kessler, Jay B. Barney, Nicolai J. Foss).

"Transaction Cost Theory," , New York, NY: Sage, 2013, pp. 888-892 (coauthors: Eric Kessler, Mario P. Mondelli).

"The role of asset specificity in financing choice in the agrifood sector," Revista de Economia e Administração, Vol. 12, No. 2, (2013).

"Can the Survivor Principle Survive Diversification?," Organization Science, Vol. 24, No. 5, (2013), pp. 1478-1494 (coauthors: Lasse B. Lien).

"Capabilities and Strategic Entrepreneurship in Public Organizations," Strategic Entrepreneurship Journal, Vol. 7, No. 1, (2013), pp. 70–91 (coauthors: Joseph T. Mahoney, Anita M. McGahan, Christos N. Pitelis).

"Private Equity and Entrepreneurial Governance: Time for a Balanced View," Academy of Management Perspectives, Vol. 27, No. 1, (2013), pp. 39-51 (coauthors: John L. Chapman, Mario P. Mondelli).

Applied or Integration/Application Scholarship

"Entrepreneurship and Creative Destruction," , New York, NY: Crown Business, 2012, pp. 116-126 (coauthors: Brendan Miniter).

Basic or Discovery Scholarship

"Entrepreneurship and the Theory of the Firm," , Cheltenham: Edward Elgar, 2012, pp. 49-63 (coauthors: Daniel Hjorth, Nicolai J. Foss, Per L. Bylund).

Organizing entrepreneurial judgment: A new approach to the firm: Cambridge University Press, 2012 (coauthors: Nicolai J Foss).

"Who is in charge? A property rights perspective on stakeholder governance," Strategic Organization, Vol. 10, No. 3, (2012), pp. 304-315 (coauthors: Joseph T. Mahoney, Anita M. McGahan, Christos N. Pitelis).

"Analyzing government decision making in the South African biofuels industry: a game theoretic approach," Biofuels, Vol. 2, No. 3, (2011), pp. 345-354 (coauthors: T Funke).

"Biofuel production in South Africa," Biofuels, Vol. 2, No. 2, (2011), pp. 209-220 (coauthors: T Funke, F Meyer).

"The adoption, diffusion, and evolution of organizational form: insights from the agrifood sector," Managerial and Decision Economics, Vol. 32, No. 4, (2011), pp. 243–259 (coauthors: Harvey S. James, Michael E. Sykuta).

"Alertness, Action, and the Antecedents of Entrepreneurship," Journal of Private Enterprise, Vol. 25, No. 2, (Spring 2010), pp. 145-164 (coauthors: Nicolai J. Foss).

"Entrepreneurial Alertness and Opportunity Discovery: Origins, Attributes, Critique," , Cheltenham: Edward Elgar, 2010, pp. 91–120 (coauthors: Hans Landström, Franz Lohrke, Nicolai J. Foss).

"Value Creation in Middle-Market Buyouts: A Transaction-Level Analysis," , New York, NY: Wiley, 2010, pp. 229-255 (coauthors: Douglas J. Cumming, John L. Chapman).

The Elgar Companion to Transaction Cost Economics: Edward Elgar Publishing, 2010 (coauthors: Michael E Sykuta).

"Organizational structure and the diversification discount: Evidence from commercial banking," Journal of Industrial Economics, Vol. 58, No. 1, (2010), pp. 127–155 (coauthors: Marc R. Saidenberg).

"Regional determinants of technology entrepreneurship," International Journal of Entrepreneurial Venturing, Vol. 1, No. 3, (2010), pp. 291–308 (coauthors: Jianhong Xue).

"Toward a theory of public entrepreneurship," European Management Review, Vol. 7, No. 1, (2010), pp. 1–15 (coauthors: Joseph T. Mahoney, Anita M. McGahan, Christos N. Pitelis).

"Advocacy and the Search for Truth in Management Scholarship: Can the Twain Ever Meet?," Journal of Management Inquiry (coauthors: Thomas Wright, Kyle Emich, Jone Pearce, Stratos Ramoglou, Neal Ashkanasy, Jean Bartunek, Sven Kunisch, David Denyer, Nicolai Foss, Sophia Town, John Hollwitz, Chet Barney, Peter Harms, Timothy Munyon, Gerard Seijts, Eric Tsang).

Presentations and Proceedings

Basic or Discovery Scholarship

"Ownership Competence and The Performance of Entrepreneurial IPO firms," presented at the Southern Management Association Annual Conference, San Antonio, November 2024 (coauthors: Justin Yan, Xiaqing He).

"Ownership Competence and The Performance of Entrepreneurial IPO firms," presented at the Strategic Management Society Annual Conference, istanbul, October 2024 (coauthors: Justin Yan, Xiaqing He).

"Ownership Competence And The Growth And Survival Of Entrepreneurial Firms," Proceedings of the Babson College Entrepreneurship Research Conference, Knoxville, June 2023 (coauthors: Justin Yan).

"What Students Can Learn about Profits from the Poor - Teaching about Markets and Free Enterprise," presented at the Academy of Management Annual Meeting 2020, Vancouver, ON, December 2019 (coauthors: Steve Bradley, Siri Terejsen, John Parnell, J. Chris Leach, Stefan K. Sløk-Madsen, Stephen Gohmann, Mike Troilo, Eric Zhou).
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