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1.
Venture capital financing and the growth of high-tech start-ups: Disentangling treatment from selection effects 总被引：3，自引：0，他引：3
The financial and innovation literature generally claims that venture capital (VC) investments spur the growth of new technology-based firms (NTBFs). However, it has proved difficult so far to separate the “treatment” effect of the VC investment from the “selection” effect attributable to the ability of the VC investor to screen high growth NTBFs. The aim of this work is to test whether VC investments have a positive treatment effect on the growth of employment and sales of NTBFs. For this purpose we consider a 10-year longitudinal data set for 538 Italian NTBFs, most of which are privately held. The sample includes both VC-backed and non-VC-backed firms. We estimate Gibrat-law-type dynamic panel-data models augmented with time-varying variables that capture the VC status of firms. To control for the endogeneity of VC investments we use several GMM estimators. The econometric results strongly support the view that VC investments positively influence firm growth. The treatment effect of VC investments is of large economic magnitude, especially on growth of employment. Most of it is obtained immediately after the first round of VC finance. Conversely, the selection effect of VC appears to be negligible in the Italian context. 相似文献
2.
On the basis of a knowledge management perspective, this paper expands the literature on new ventures’ capabilities by considering how these firms fill knowledge gaps and develop the technological, marketing, management, and ICT capabilities they need to compete. In particular, this paper investigates the role of networks in these dynamics. Although new technology-based firms have great potential to introduce innovative products into the market, they might suffer from more critical knowledge gaps and capability weaknesses than established firms. The results of a quantitative investigation of an original data set of more than 400 Italian new ventures specializing in high-tech industries show that these firms acquire knowledge to support their capability growth mainly through the management of intense relations with multiple external sources of knowledge. In addition, capability development is supported by the variety of founders’ industry experience and the presence of young graduates among the founding team. 相似文献
3.
《Research Policy》2023,52(10):104869
This paper investigates how human capital affects trademark applications at the firm level. We adopt a difference-in-differences strategy to examine the impact of human capital on trademark applications, taking advantage of a unique natural experiment in China that expanded higher education enrollment substantially in 1999. We find firms in industries with higher human capital intensities filed for more trademarks after 2003 than they did in prior years. We then investigate the mechanism through which human capital enhancement causes more trademark applications. We find that firms in industries with higher human capital intensities tend to invest more in R&D and worker training programs. We next find that firms that spend more on R&D and training programs tend to develop more new products. We also find firms that have more new products file for more trademark applications. The main policy implication of our empirical results is that encouraging human capital enhancement can generate more innovative products and trademarks. 相似文献
4.
We investigate if and to what extent the receipt of a “selective” subsidy – a public subsidy awarded through a competitive procedure – helps new technology-based firms (NTBFs) to access R&D alliances. In particular, we theoretically enquire and empirically analyze which founding team-level characteristics allow NTBFs to: i) get a selective subsidy; and ii) access an R&D alliance with another firm or a public research organization/university, once the subsidy is awarded. We use a sample of 902 NTBFs that operate in Italy, where industrial policy has never had an explicit and exclusive mandate neither for targeting NTBFs nor for easing their access to R&D networks. By means of several identification strategies and estimation methods, our results point to the relevance of selective subsidies in facilitating NTBFs to enter R&D alliances, independently from the objective of the policy measure. Second, founders’ technical education figures as a key determinant to get the first selective subsidy. Finally, founders’ previous industry-specific work experience allows NTBFs to better exploit the selective subsidy, by positively moderating the impact of the subsidy on the likelihood to establish a corporate R&D alliance. 相似文献
5.
Managing competences in entrepreneurial technology firms: a comparative institutional analysis of Germany, Sweden and the UK 总被引：1，自引：0，他引：1
Steven Casper 《Research Policy》2004,33(1):89-106
Innovating firms in new industries face a number of technological and market risks, especially appropriability and competence destruction. However, the relative significance of these varies between different sub-sectors, and so do managerial ways of dealing with them. These in turn are influenced by institutional frameworks, particularly those governing skill formation systems and labour markets. Consequently, the relative success of firms in fields with different appropriability and competence destruction risks is likely to vary between countries with contrasting patterns of labour market organisation. In the biotechnology and computer software industries, there are major differences in the dominant risks faced by innovating firms such that we would expect their relative success to differ between Germany, Sweden and the UK. While the UK and, to a limited extent, Sweden, have developed institutions similar to those found in the US that help govern “radically innovative” firm competences, Germany has invested in institutional frameworks associated with “competency enhancing” human resource practices that give its firms an advantage in more generic technologies in which organisational complexity is higher. While the distribution of public companies across sub-sectors broadly follows these expectations, Sweden has developed considerable strength in middleware software. This results from changing property rights and personnel policies at Ericsson. 相似文献
6.
企业成长的知识结构模型及其启示 总被引：21，自引：1，他引：21
知识结构是剖析企业成长的内在机理和外部调节的全新视角，是对现有企业成长理论的创新和深化。在知识结构演化与企业成长之间关系的理论模型中，知识存量是企业成长的必要条件，企业内外部知识结构的互动就是企业成长的真正机理。文章还认为增加知识存量与优化知识结构、提高人力资本流动自由度以及选择好产业领域，是促进我国企业快速持续成长的基本要求。 相似文献
7.
“Scientific and technical human capital” (S&T human capital) has been defined as the sum of researchers’ professional network ties and their technical skills and resources [Int. J. Technol. Manage. 22 (7-8) (2001) 636]. Our study focuses on one particular means by which scientists acquire and deploy S&T human capital, research collaboration. We examine data from 451 scientists and engineers at academic research centers in the United States. The chief focus is on scientists’ collaboration choices and strategies. Since we are particularly interested in S&T human capital, we pay special attention to strategies that involve mentoring graduate students and junior faculty and to collaborating with women. We also examine collaboration “cosmopolitanism,” the extent to which scientists collaborate with those around them (one’s research group, one’s university) as opposed to those more distant in geography or institutional setting (other universities, researchers in industry, researchers in other nations). Our findings indicate that those who pursue a “mentor” collaboration strategy are likely to be tenured; to collaborate with women; and to have a favorable view about industry and research on industrial applications. Regarding the number of reported collaborators, those who have larger grants have more collaborators. With respect to the percentage of female collaborators, we found, not surprisingly, that female scientists have a somewhat higher percentage (36%) of female collaborators, than males have (24%). There are great differences, however, according to rank, with non-tenure track females having 84% of their collaborations with females. Regarding collaboration cosmopolitanism, we find that most researchers are not particularly cosmopolitan in their selection of collaborators—they tend to work with the people in their own work group. More cosmopolitan collaborators tend have large grants. A major policy implication is that there is great variance in the extent to which collaborations seem to enhance or generate S&T human capital. Not all collaborations are equal with respect to their “public goods” implications. 相似文献
8.
The second French Community Innovation Survey (CIS) indicates that 14% of R&D collaborating firms had to abandon or delay their innovation projects due to difficulties in their partnerships, an outcome which we term “cooperation failures”. Controlling for sample selection on the cooperation decision, our estimates show that firms collaborating with competitors and public research organizations (PROs), especially when they are foreign, are more likely to delay or stop an innovation project because of difficulties encountered in their R&D partnerships. More surprisingly, firms collaborating with their suppliers also face a higher risk of “cooperation failures”. At least for PROs, firms can reduce the risk of “cooperation failures” through previous experiences in partnerships. Larger firms and group subsidiaries are less likely to face “cooperation failures”, and so do firms in industries with a strong appropriability regime. 相似文献
9.
瞪羚企业的知识资本转化由人力资本、结构资本、关系资本以及市场资本4个维度构成.以江苏省153家瞪羚企业的问卷数据和面板数据为样本,从知识资本视角考察瞪羚企业成长过程,运用因子分析和差异对比评价瞪羚企业成长力以及探索瞪羚企业成长力影响因素.结果表明:与非瞪羚企业的科技型企业比较,瞪羚企业在结构资本建设方面较薄弱;人力资本对瞪羚企业成长具有显著的正向影响,而市场资本、结构资本和关系资本的影响不显著.依据研究发现提出,瞪羚企业应重视扩大知识资本增量,完善知识资本体系,发挥知识资本整体效应;在成长阶段注重运用异质思维打破原有优势,通过管理创新、组织创新、技术创新、产品创新以及市场创新等进入二次创业,从而实现持续性高成长. 相似文献
10.
《Research Policy》2023,52(2):104703
We introduce a new measure of human capital, defined as employees' former involvement in entrepreneurship. Such entrepreneurial human capital (EHC) complements traditional human capital measures accumulated through work experience and education. Using detailed longitudinal register data, we track the previous years of entrepreneurial experience for the population of employees in Swedish private sector firms. We provide evidence that higher EHC among employees is associated with significantly higher levels of firm productivity. The baseline result implies that a 10 % increase in employees being former entrepreneurs increases firm-level productivity by 3.9 %. Additionally, we provide evidence that heterogeneity in employees' previous entrepreneurial experience (e.g., the reason for entering and exiting entrepreneurship, type of venture, length of entrepreneurial experiences, and relatedness of technology) influences the impact of EHC on productivity. The results are shown to be robust to various estimation techniques, alternative definitions of EHC, and other performance measures. 相似文献
11.
Experienced entrepreneurial founders, organizational capital, and venture capital funding 总被引：1，自引：0，他引：1
David H. Hsu 《Research Policy》2007,36(5):722-741
This paper empirically investigates the sourcing and valuation of venture capital (VC) funding among entrepreneurs with varied levels of prior start-up founding experience, academic training, and social capital. Social ties with VCs have been identified as an important precursor to organizational resource attainment and performance, and so this study analyzes the correlates of heterogeneous social links with VCs. I also examine venture valuation, as it reflects enterprise quality and entrepreneurs’ cost of financial capital. Using data from a survey of 149 early stage technology-based start-up firms, I find several notable results. First, prior founding experience (especially financially successful experience) increases both the likelihood of VC funding via a direct tie and venture valuation. Second, founders’ ability to recruit executives via their own social network (as opposed to the VC's network) is positively associated with venture valuation. Finally, in the emerging (at the time) Internet industry, founding teams with a doctoral degree holder are more likely to be funded via a direct VC tie and receive higher valuations, suggesting a signaling effect. The paper therefore underscores some important dimensions of heterogeneity among VC-backed entrepreneurs. 相似文献
12.
This paper examines the existing literature on new technology-based firms in an attempt to understand how such companies contribute to the vitality of an economy and to see which variables are critical in enabling them to do so. From recent research efforts, we have drawn together a set of hypotheses and organized them around four central questions: (1) What do new firms contribute to the economy? (2) What factors contribute to the success of such enterprises? (3) In what cultural contexts do new businesses succeed? and (4) Which government policies are effective in stimulating and supporting new companies? We found that existing studies suggest (1) that new technology-based firms contribute significantly to an economy in terms of exports, employment, taxes paid, research and development, and innovations; (2) that the founders of these new businesses tend to have a strong entrepreneurial heritage, a development- rather research-oriented background, and a high need to achieve and are young and highly educated; (3) that sector differences may be a more important influence on company location than are regional policies; and (4) that no one government program has proven itself to be more than marginally successful in stimulating industrial innovation. 相似文献
13.
This paper contributes to the scarce empirical literature on the impact of foreign ownership on human capital intensity. New evidence is provided, based on a comprehensive, large-scale survey of technology-based firms located in Portugal. The key findings are that: (1) foreign ownership directly (and significantly) impacts a firm's general human capital (education); (2) foreign ownership indirectly (and significantly) impacts a firm's specific human capital (skills); (3) the total impact of foreign ownership on a firm's human capital intensity is higher for education- (general) than for skills- (specific) related human capital intensity. Giving the critical importance of both FDI and human capital development for an ‘intermediate’ economy like Portugal (lagging behind in terms of human capital stock, and seeming to have lost part of its attractiveness as an FDI location), the paper discusses related policy implications. It is believed that our results and conclusions may be useful for other countries facing similar challenges. 相似文献
14.
Characterizing the technology firm: An exploratory study 总被引：1，自引：0，他引：1
Amir Grinstein Author Vitae 《Research Policy》2006,35(1):121-143
Technology firms occupy a central position in modern economies. They drive economic growth, productivity gains and have created new industries and innovative products.Many will agree that technology firms are distinguished from others in their emphasis on technological activities. Since this observation is too general, researchers suggested a variety of specific criteria and definitions. A number of definitions of technology firms appear in the literature but many are arbitrary and simplistic and none gained wide acceptance. Similarly, the number of characteristics suggested is large, reflecting a variety of perspectives and interests. In this case too no agreement exists as to which are the important ones. Also, many seem to be interrelated capturing different aspects of the same underlying concepts.This paper is concerned with the issue of definition and classification of technology firms. We demonstrate the usefulness of a different approach to the definition and classification problem. We rely on executives’ evaluations of their firms’ technology profile and level. An analysis of these evaluations reveals the underlying dimensions the executives used in making their judgments. We regard the dimensions we uncover as capturing the essence of technology firms and use them to classify the firms we study. The specific characteristics the executives used to evaluate their firms were derived from a systematic scan of the literature. Thus, the list represents the set of characteristics early researchers viewed as describing and defining technology firms. The connection to early work enhances our findings’ validity and lends some credence to our belief that the three dimensions we uncover (R&D activities which are closely associated with a set of organizational elements and market conditions, product strategy, and corporate culture) can be used by others to define technology firms and classify firms according to their technology level. In our study we use these three dimensions to classify the firms studied. We show that the commonly used practice of classifying firms as high and low technology according to the industry to which they belong is flawed.Our goal in this study is not to offer a “new” or “better” definition and characterization of technology firms or to offer the “best” approach to the generation of the classification criteria. Rather, we demonstrate here the usefulness of a different approach to the problem. While our approach does suffer from limitations it has important advantages. We hope future studies will confirm not only the usefulness of our approach but also the general applicability of the specific criteria we identify in this study. 相似文献
15.
Catherine D.F. Corolleur 《Research Policy》2004,33(4):631-642
This paper examines how scientific and technological (S&T) human capital is transformed into financial capital through the creation of firms by scientists. The analysis is based on a database describing the positions held by 132 founders from 62 French biotech SMEs. It shows that star scientists engage in highly risky but also valuable firms. Less famous scientists must develop their human capital rather than valorising a stock. The paper concludes by pointing to three paradoxes concerning the commitment and compensation scheme of star scientists and the managerial position of less known scientists. 相似文献
16.
Hiring employees with advanced education, training, and experience has been a prevalent human resource practice in dynamic science-based industries, and a growing body of literature has demonstrated the importance of scientists in such fields. Little research has attempted to distinguish the functional from the symbolic roles of scientists, however. We develop an integrative theoretical framework to separate the productive and legitimating effects of scientists on strategic alliance formation of firms. Results from a longitudinal analysis of more than 300 U.S. biotechnology firms between 1988 and 1999 suggest a positive relationship between ratio of scientists and R&D alliance partners as well as a positive relationship with finance alliance partners. Scientists influence partner attraction more strongly for firms that are less-well-connected, and they become less prominent in fostering finance ties as the industry practice of partnership becomes more institutionalized. We conclude that scientists serve more than just a research function in knowledge-intensive industries. Implications for building interorganizational networks and managing human resources in such industries are discussed. 相似文献
17.
Important innovations are increasingly produced based on research engagement and fertilization across industries. However, we know little about the challenges associated with managing innovation networks in specific contexts that involves researchers in cross-industry collaboration. Against this backdrop, we draw on theory on design and orchestration of innovation networks to analyze a large-scale government sponsored program, “ProcessIT Innovations” that was designed to increase competitiveness and accelerate economic growth in Northern Sweden. The program was initiated and led by firms from the traditionally strong local process industry and engaged local researchers and firms from the emerging IT industry. Based on our analyses, we offer two contributions. First, we provide a detailed analysis of the challenges related to configuration of the network, orchestration of partnerships between participants, and facilitation of innovation in dedicated development projects. Second, we propose a model of managing research and innovation networks through fertilization across industries and between firms and research institutions. 相似文献
18.
《Research Policy》2019,48(9):103791
Human capital, the set of skills, knowledge, capabilities and attributes embodied in people, is crucial to firms’ capacity to absorb and organize knowledge and to innovate. Research on human capital has traditionally focused on education and training. A concern with the motivationally-relevant elements of human capital such as employees’ job satisfaction, organizational commitment, and willingness to change in the workplace (all of which have been shown to drive innovation), has often been overlooked in economic research and by public policy interventions to date. The paper addresses this gap in two ways: First, by studying firms’ human resource systems that can enhance these elements of human capital, and second, using the results of this research as a springboard for a public policy program targeted at elements of human capital that have been ignored by traditional education and training interventions. Using a sample of 1070 employee-managers in Ireland, we apply a series of probit regressions to understand how different human resources systems influence the probability of employee-managers reporting the motivationally-relevant elements of human capital. The research: (1) Finds that respondents in organizations with certain human resource systems are more likely to report motivationally-relevant elements of human capital. Specifically, employee-managers in organizations with proactive work practices and that consult with their employee-managers increase the predicted probability of reporting that they are satisfied with their job, willing to change, and are committed to the organization; (2) Highlights the need to consider the role of policy interventions to support the motivationally-relevant elements of human capital; (3) Proposes a new policy program offer to support the motivationally-relevant elements of human capital in order to increase firms’ innovation activity. 相似文献
19.
中国制造业资本体现式技术进步及行业差异性研究 《科学学研究》2017,35(2):217-229
假定技术进步为中性的研究方法,忽略了融合在资本中的体现式技术进步,导致其无法对中国经济高速增长与全要素生产率不断降低同时并存的现象进行解释。本文打破传统测算方法,建立新的资本体现式技术进步测算模型,以制造业及其细分行业为研究对象,尝试对上述悖反现象进行新的诠释。研究结果表明：中国制造业技术进步明显偏向资本;资本体现式技术进步对制造业产出增长的贡献率为12.15%,占整个资本贡献率的16.95%,传统研究由于没有将这部分内容测算在内,因而低估了技术进步的作用。在三类行业中,技术密集型行业中的资本体现式技术进步贡献最高,劳动密集型行业中资本体现式技术进步的水平最低,资本密集型行业则大多处于中间阶段。在资本体现式技术进步中,以外资引进为主的设备资本起到了关键性作用,但目前已进入规模报酬递减阶段,人力资本是中国制造业转型升级中最缺乏的核心要素。 相似文献
20.
利用面板数据模型和普通最小二乘回归方程组以北京为例对高技术产业进行比较实证研究.研究结果表明,研发投入强度对于行业技术进步有决定性作用,同时研发投入能够强化行业间产品创新的技术溢出;行业的人力资本的投入有利于提升对市场技术知识存量溢出的吸收能力;基于行业间的新产品模仿创新的技术溢出效应对于行业全要素生产率和技术效率有显著作用;从行业间关系看,偏基础性行业的技术溢出效应较大. 相似文献