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Peter G. Klein, Ph.D. - Baylor University . Waco, TX, US

Peter G. Klein, Ph.D.

Professor of Entrepreneurship | Baylor University


Peter G. Klein is an economist who studies managerial and organizational issues, with a special interest in entrepreneurship and innovation







Dr. Peter Klein on the Entrepreneurialism, Resiliency, and Coronavirus Peter G. Klein John O'Donnell & Peter Klein Austrian Capital Theory



Peter G. Klein is Professor of Entrepreneurship at the Hankamer School of Business, Baylor University, and Senior Research Fellow with Baylor's Baugh Center for Entrepreneurship and Free Enterprise. He is also Adjunct Professor of Strategy and Management at the Norwegian School of Economics and Carl Menger Research Fellow at the Mises Institute. Peter has also held faculty positions at the University of Missouri's Division of Applied Social Science and Truman School of Public Affairs, the Copenhagen Business School, the University of Georgia’s Terry College of Business, and Washington University’s Olin Business School, and he holds an Honorary Professorship at the Beijing University of Information Science and Technology. He was formerly a Senior Economist at the Council of Economic Advisers. He holds 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 Organization Science, Academy of Management Review, Rand Journal of Economics, Strategic Entrepreneurship Journal, Journal of Management, 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. His work has been funded by the National Science Foundation, the Kauffman Foundation, the Mises Institute, the Illinois-Missouri Biotechnology Alliance, and other organizations.

Areas of Expertise (9)




Vertical Coordination

Public Policy

Health Care

Strategy and Organization

Angel Investors

Entrepreneurship Theory

Accomplishments (5)

Brent Clum Outstanding Research Award (professional)

Awarded by the Hankamer School of Business

Best Book Award (professional)

Awarded by the Foundation for Economic Education

Best Paper Award (professional)

Awarded by the Association of Private Enterprise Education

Best Paper Award (professional)

Awarded by the European Management Review

TIAA-CREF Outstanding Paper Award (professional)

Awarded by the Eastern Finance Association

Education (2)

University of California, Berkeley: Ph.D., Economics 1995

University of North Carolina at Chapel Hill: A.B., Economics 1988

Media Appearances (8)

Middle managers embrace wokeness because it increases their influence and job security, new paper says

Forbes  online


A new paper by Nicolai Foss, Ph.D., a strategy professor at Copenhagen Business School, and Peter Klein, Ph.D., professor and chair of entrepreneurship and corporate innovation at Baylor, suggests that middle managers might be using “wokeness” to climb the ladder at work and keep their jobs during tough times.

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Rethinking Hierarchy

MIT Sloan Management Review & Report  online


This article is adapted from the book, “Why Managers Matter: The Perils of the Bossless Company,” by Nicolai J. Foss and Peter G. Klein, Ph.D., professor and chair of entrepreneurship at Baylor. In redesigning managerial authority and hierarchy for the 21st century, leaders must realize that they don’t need to know everything, but only just enough, and they need to consider what their employees want and think is fair in designing structures and systems.

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Can bossless management work?

Strategy + Business  online


In their book, “Why Managers Matter,” Nicolai Foss, Ph.D., a strategy professor at the Copenhagen Business School, and Peter Klein, Ph.D., The W.W. Caruth Chair and professor of entrepreneurship at Baylor’s Hankamer School of Business, examine the various iterations of manager-free organizations and conclude that “Bosses matter, not just as figureheads but as designers, organizers, encouragers, and enforcers.”

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'Strikes are contagious’: Wave of labor unrest signals crisis in tight job market

Yahoo! Finance  online


Peter Klein, Ph.D., professor in the Department of Entrepreneurship and W.W. Caruth Chair of Entrepreneurship and Corporate Innovation, explains the implications of strikes in the labor industry.

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The State of Modern Economics

The Austrian  online


Interview with Peter G. Klein, The W.W. Caruth Chair and Professor of Entrepreneurship at Baylor and Carl Menger Research Fellow of the Mises Institute, about the state of the economics profession.

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How we chose the 2020 CNBC Disruptor 50 list of revolutionary start-ups

CNBC  online


Peter G. Klein, Ph.D., The W.W. Caruth Chair and professor of entrepreneurship, served as a member of the 2020 CNBC Disruptor 50 Advisory Council that identified the fast-growing, innovative start-ups on the path to becoming the next generation of great public companies.

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Print This Incubation's Unintended Consequences

Inside Higher Ed  online


"That doesn’t mean incubators over all saddle universities with a negative net impact, say the research’s authors, Baylor University Entrepreneurship Professor Peter G. Klein and University of Bath Innovation and Entrepreneurship Associate Professor Christos Kolympiris. Instead, they say, their findings show that universities may be changing their mind-sets and incurring hidden costs when they start business incubators..."

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From Adversity to Opportunity: Bahrain’s Entrepreneurship as Economic Resilience

Wamda  online


"Startup Bahrain, an initiative founded by Ahmed AlSawafiri, is a step in the right direction to create the right environment for organically inspired entrepreneurship. It comes at a time when the Bahrain Economic Development Board is championing startups and the venture capital ecosystem as catalysts of the next phase of economic development in the Kingdom. In a recent talk hosted at the Bahrain Polytechnic University, Professor Peter Klein, Professor of Entrepreneurship at Baylor University, explains that 'entrepreneurship is a personality type: creativity, boldness, and imagination...'"

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Articles (5)

Private Equity and Asset Characteristics: The Case of Agricultural Production

Managerial and Decision Economics

2014 Unlike most other mature industries, family firms, partnerships, and cooperatives dominate the agricultural production sector, with few corporations and limited access to capital derived from a source other than retained earnings and existing owners. However, the use of external equity capital in agriculture has increased dramatically since 1990. This funding source allows farms to exploit entrepreneurial opportunities not easily financed by debt. Following O. Williamson, we view debt and equity as alternative governance structures and argue that transaction ...

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Analyzing Government Decision Making in the South African Biofuels Industry: a Game Theoretic Approach


2014 The production of biofuels in many countries is largely driven by the government strategy and incentives that are in place. In South Africa the first round of the development of such a draft strategy took place in 2005, with the official stance on biofuels finalized in December 2007. During the policy-development process, various governmental departments had strategic goals and targets that they were all required to achieve. The achievement of these strategic targets and goals is risky and the various departments that have some form of involvement in the biofuels industry ...

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Capabilities and Strategic Entrepreneurship in Public Organizations

Strategic Entrepreneurship Journal

2013 Public organizations are relatively understudied in the strategic entrepreneurship literature. In this article, we submit that public organizations are usefully analyzed as entities that create and capture value in both the private and public sectors and that a capabilities lens sheds important new insights on their behavior. As they try to create and capture value, public organizations can act entrepreneurially by creating or leveraging bundles of capabilities, which may then shape subsequent entrepreneurial action. Such processes can involve complex interactions among public and ...

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Private Equity and Entrepreneurial Governance: Time for a Balanced View

The Academy of Management Perspectives

2013 Private equity is best understood not as a financing method but as a governance structure, one that emphasizes strong performance incentives, rules over discretion, and a strong alignment between ownership and management. Briefly, private equity governance makes owners into active managers and makes managers behave like owners. As such, private equity is often regarded as a more “entrepreneurial” form of governance than that associated with the publicly traded corporation. We argue for a balanced view in which private equity is best regarded as a governance ...

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Who is in Charge? A Property Rights Perspective on Stakeholder Governance

Strategic Organization

2012 The fields of strategy and organization are dominated by the stylized idea that the purpose of the firm is to maximize returns on investment for equity shareholders. This idea is based on simplifying assumptions about externalities, contractual ties, investments, and the nature of competition. As a result, the dominant conceptualization of the firm’s purpose as shareholder value maximization may lead to serious misunderstandings regarding the firm’s contractual obligations. Furthermore, the idea of shareholder value maximization may lead to problematic and inaccurate ...

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