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1.
A long stream of academic literature has established that public funding towards research and development matters for economic growth because it relates to increases in innovation, productivity and the like. The impact of public funding on the creation of new firms has received less attention in this literature despite theoretical constructs that support such association. In the present paper we study whether indeed there is a relationship between public research funds and local firm births in the context of the U.S. biotechnology industry. In doing so, we introduce a number of changes that strengthen the robustness of our findings when compared with existing literature. These changes include a direct measure of research expenditures and a considerably lengthier longitudinal dataset which allows us to capture a structural relationship and not a chance event. We empirically demonstrate that increases in the level of research funding from the National Institutes of Health towards biotechnology associate with increases in the number of biotechnology firm births at the Metropolitan Statistical Area level. Further, we reveal that public funds towards established firms associate with local firm births considerably more strongly when compared with funds towards universities and research institutes/hospitals. We conclude the paper with academic and policy implications of the present work that highlight the complexity of factors that underlie the creation of local firms in high technology industries. 相似文献
2.
Biotechnology firms operate in a high-risk and high-reward environment and are in a constant race to secure venture capital (VC) funds. Previous contributions to the literature show that the VC firms tend to invest locally in order to monitor their investments and to provide operating assistance to their target firms. Further, biotechnology is a knowledge-based industry that tends to exhibit spatial clusters, and the firms in such industries may collocate to benefit from gaining access to local markets for specialized inputs (e.g., skilled researchers) and from local knowledge spillovers and network externalities. If such gains exist, we expect that the collocated firms should exhibit positively correlated performance, including in their ability to attract venture capital funds. The purpose of this paper is to empirically measure the strength and spatial extent of the relationships among the amount of funds raised by proximate biotechnology firms. We model these relationships with a spatial autoregression (SAR) model, and we control for characteristics of the biotechnology firms and the VC firms that provide their funds as well as site-specific factors. Based on our fitted SAR model, we find that the amount of venture capital raised by a particular biotechnology firm is significantly influenced by the number of VC firms and the VC funding levels raised by biotechnology firms located within a 10-mile radius, but these relationships are not statistically significant beyond this range. 相似文献
3.
针对转型时期面临提质增效压力的中国制造企业,基于创业板2009-2019年的制造企业面板数据,探究创业投资对于制造企业自主创新资源配置的作用机制.研究发现:具有耐心资本与专家赋能属性的创业投资股权参与,缓解了制造企业的创新资源约束,促进了制造企业创新活动的财务资源与智力资源的配置力度;在作用路径上,创业投资通过加强股权制衡、参与董事会决策等中介路径,对激励制造企业创新资源配置发挥了积极主义投资者的角色作用;那些所处环境具有高度动态性、市场竞争激烈、接受政府财税扶持较多的制造企业,.创业投资的创新资源支持效应更显著.研究结论的决策参考和政策启示为:制造企业应主动进行对外融资营销、加强与专业创业投资机构之间的合作,以增强获取和配置创新资源力度;创业投资机构应切实秉持服务创新创业的使命,持续提升支持制造企业创新的专家赋能水准;政府职能主管部门应营造创业投资机构多样化、专业化和规范化运作的制度环境,引导创业投资更多地流入转型升级的制造企业. 相似文献
4.
Sebastian Hoenen Christos Kolympiris Wilfred Schoenmakers Nicholas Kalaitzandonakes 《Research Policy》2014
A long stream of research has documented the positive effects that patents bring about to emerging firms in high technology industries. The general consensus is that patents contribute to firm growth because they confer monopolistic market rights, offer protection from competitors, increase the negotiating position of patent holders and other benefits. What has received relatively less attention in the literature is whether patents act as a signal that attracts investors such as venture capital firms. The handful of studies that have addressed that question has not analyzed whether the signaling function of patents decreases after the initial attraction of venture capital, as information asymmetries between investors and target firms reduce. In this study we hypothesize that patent activity has a signaling value that diminishes once information asymmetries between investors and funded firms lessen. To study our proposition we draw upon a longitudinal dataset of more than 580 U.S.-based biotechnology firms to empirically demonstrate that biotechnology firms that have submitted patent applications substantially increase the level of funding they receive for their first round of financing. In line with a reduction of information asymmetries once the initial investment has materialized, patent applications and granted patents have no effect on the growth of venture capital funds raised during the second round of financing. We conclude the study with a discussion of avenues for new research, implications for policy makers that consider the usefulness of the current patent system and with insights that can be employed by managers of firms in knowledge intensive areas such as biotechnology. 相似文献
5.
《Information processing & management》2023,60(4):103406
This study focuses on entrepreneurs’ Internet-era imprint and its effect on the level of digital entrepreneurship and entrepreneurial firms’ venture capital. From the perspective of imprinting theory and signaling theory, we find that entrepreneurs with Internet-era imprint are more willing to use digital technologies in their entrepreneurial process, which raises the level of digital entrepreneurship within a firm. Imprint-driven digital entrepreneurship acts as a quality signal to increase the success rate of access to venture capital from financial institutions. In addition, venture capital providers do not value the entrepreneurs’ personal socioeconomic status for easier access to external resources, but rather their Internet-era imprint, which is more relevant to the success of digital entrepreneurship. Our hypotheses are supported using data from the Chinese private entrepreneurial firms in 2016. Overall, our efforts to extend imprinting theory to digital entrepreneurship literature suggest that the Internet-era imprint persists in the digital entrepreneurial process. Moreover, this study enriches the signaling mechanisms in entrepreneurial venture capital research by conceptualizing digital entrepreneurship as a signal. 相似文献
6.
Jorge Niosi 《Research Policy》2003,32(5):737-750
The goal of this paper is to understand the factors explaining differential growth in biotechnology firms. It aims also to add some caution to the generalized opinion according to which alliances are the key factor behind new firm performance. The theoretical framework is based on competence, and evolutionary theories of the firm. These approaches underline the fact that within similar industries and technologies firms display clear and persistent variety in performance. Some 60 dedicated biotechnology firms (DBFs) were interviewed across Canada; half of them experienced rapid growth. A few variables, including alliances, explained much of the fast growth. 相似文献
7.
Chang-Yang Lee 《Research Policy》2018,47(6):1173-1184
This paper investigates the effect of being located in a cluster on firm growth. In particular, it focuses on the differential growth effect of being located in a cluster, or a growth divide among clustered firms, based on the idea that, contrary to the conventional wisdom, advantages of geographical clustering are not randomly or equally available to clustered firms. Due to the intense competition among clustered firms for resources such as creative talent, firms who are more attractive to the resources are more likely to entice better resources and hence achieve higher growth. Our empirical analysis of firms in nine industries across six countries shows that being located in a cluster per se does not have a positive effect on firm growth and that domestic technological leaders with a sufficient technological distance to the global technological frontier show differentially higher growth due both to the attractiveness to promising resources and to the opportunity for incoming knowledge spillovers from global technological leaders. 相似文献
8.
《Research Policy》2019,48(7):1681-1693
Only recently have enough women joined senior leadership positions in high tech firms for research on senior management gender diversity in high tech industries to be possible. We propose that senior management gender diversity fosters strategic change in high tech firms, especially under conditions where alliance formation intensity and top management team (TMT) educational background diversity are high, because the breadth of opportunity and knowledge associated with these conditions facilitates implementation of new ideas. Results show that both inter-organizational strategic alliance formation intensity and TMT educational background diversity positively moderate the relationship between senior management gender diversity and strategic change. We also find support for a moderated mediation model whereby a gender-diverse senior management positively impacts strategic change, which ultimately improves firm performance when the firm exhibits high alliance formation intensity and has a TMT that is diverse across educational background. 相似文献
9.
准确评估风险投资的进入时间、技术偏好对创业企业创新绩效的影响,对我国风险投资发展、指导未来我国产业结构转型升级具有重要意义。本文与进入创业企业的时间联系,考虑其技术偏好,构筑了“风险投资进入时间--技术偏好--创业企业创新绩效影响”逻辑链条;并以2009-2012年创业板制造业企业为例,采用PSM方法,分析了不同时间进入的风险投资的技术偏好及其对创业企业创新绩效的影响得到：上市前1年内进入的风险投资的技术偏好不显著,对创业企业创新绩效的动态促进作用不显著,无论是突破式创新还是渐进式创新;上市前1年以上进入的风险投资的技术偏好显著,对创业企业创新绩效存在显著的动态促进作用,但随着时间推移,对创业企业创新绩效的影响程度越来越小,且对渐进式创新影响的持续性和程度大于突破式创新。 相似文献
10.
11.
近些年来,创业网络在创业领域的应用受到极大关注。社会网络理论作为创业网络研究的主要支持理论,将复杂的社会学和人类学引入到经济管理领域,为创业研究注入新的活力。创业网络对绩效的影响是创业网络研究关注的热点,但对于创业网络作用机理研究明显不足。在对长春、北京及福州三地进行实地调研的基础上,深入分析创业网络与新企业绩效的内在关系,并从过程视角研究新企业组织学习对创业网络和企业绩效关系中的作用。研究表明,创业网络能够促进知识的共享和转移,实现组织经验的积累,从而促进组织学习,进而影响企业绩效。组织学习在创业网络对新企业绩效影响中起到中介作用。 相似文献
12.
风险投资对企业技术创新作用的研究结果呈现出多样化特征。本文选取2009-2018年间在中国创业板上市的708家企业为样本,从创新投入和创新产出视角,构建创新生产模型研究风险投资对中国企业技术创新的作用。研究发现：风险投资背景对企业创新投入和创新产出没有显著的促进作用;风险投资机构的数量对企业创新投入和创新产出有显著影响;风险投资机构的持股比例对企业创新投入和创新产出有负向作用;风险投资金额对企业创新投入有显著的促进作用,对企业创新产出则没有影响。进一步的检验揭示了研发投入对于风险投资机构数量和创新产出之间的中介效应,企业创新产出主要源于风险投资机构数量累积效应下的企业研发投入实现。研究结果表明,风险投资对中国企业的技术创新同时具有促进效应和抑制效应。 相似文献
13.
We find that the public funding of academic research and venture capital have a complementary relationship in fostering innovation and the creation of new firms. Using panel data on metropolitan areas in the United States, from 1993 to 2002, our analyses reveal that the positive relationships between government research grants to universities and research institutes and the rates of patenting and firm formation in a region become more pronounced as the supply of venture capital in that region increases. Our results remain robust to estimation with an instrumental variable to address potential endogeneity in the provision of venture capital. Consistent with perspectives that emphasize the importance of an innovation ecosystem, our findings point to a strong interaction between private financial intermediation and public research funding in promoting entrepreneurship and innovation. 相似文献
14.
基于不完全契约的风险企业控制权配置 影响因素研究 总被引：1，自引：0，他引：1
摘要：文章在扩展风险投资家与风险企业家风险偏好的基础上,通过引入分段股权融资、控制权收益以及风险投资家监督成本、风险规避成本与战略性收益等变量,基于不完全契约的视角将Tirole（2001）企业融资模型扩展为两期动态过程。基于分段融资的信息发现过程建立两阶段风险企业控制权配置模型,分析初始阶段与中期信号显示阶段风险企业家自有财富、运营企业的非货币收益、人力资本专有性与专用性以及风险投资的专用性、风险规避度与战略性收益等因素对高新技术风险企业控制权配置的影响,得到了一系列结论,为有关高新技术风险企业治理已有的研究提供了有益的补充。 相似文献
15.
在中国经济进入新常态的环境下，创业投资行业的发展面临巨大变革，有必要借鉴国际创业投资领域先进的研究成果，把握研究热点与研究趋势，帮助学者明确创业投资研究方向，为国内创业投资企业提供指引和借鉴。针对WOS核心数据库中1985-2018年的25种国际顶级期刊中903篇文献，运用CiteSpaceV软件，从“国家、机构、文献共被引聚类、突现词、关键词”等维度进行了可视化计量分析。找出了国际创业投资研究的高产国家、机构及作者，揭示了国际创业投资研究热点和演进过程，探究了国际创业投资研究发展的新趋势。研究发现：论文高产国家主要集中于美国、英国和加拿大；高产机构为Harvard Univ、Indiana Univ、Nottingham Univ等；高产作者为Douglas Cumming、Mike Wright、Sophie Manigart等。研究热点主要包括“创业投资策略、投资绩效、投资影响因素、对创业企业影响、投资网络”等；热点从20世纪末对创业投资公司、创业投资家、被投企业等理论研究为主，转向21世纪初对创业投资战略、投资网络、投资决策等实践研究为主，到最近几年创业投资对创新的影响、创业企业绩效、创业投资影响因素等实证研究为主；研究经历了1996年前的萌芽期、1997-2003年的成长期、2004-2013年的爆发期以及2014至今的稳定增长期四个阶段。 相似文献
16.
Patents, venture capital, and software start-ups 总被引：1，自引：0，他引：1
This paper analyzes the relation between the patenting behavior of startup firms and the progress of those firms through the venture capital cycle. Linking data relating to venture capital financing of software startup firms with data concerning the patents obtained by those firms, we find significant and robust positive correlations between patenting and several variables measuring the firm's performance (including number of rounds, total investment, exit status, receipt of late stage financing, and longevity). The data also show that (1) only about one in four venture-backed software firms acquired even one patent during the period of the study; (2) patenting practices very considerably among the sub-sectors of the software industry; and (3) the relationship between patent metrics and firm performance depends less on the size of the patent portfolio than on the firm's receipt of at least one patent. 相似文献
17.
基于制度理论和利益相关者理论,利用我国典型重污染行业中159家上市公司数据,分析重污染企业环境绩效对财务绩效的影响,探讨企业客观特征--规模和所有制形式对环境绩效和财务绩效关系的调节效应,以及企业客观特征、主观战略--环境信息披露的联合调节效应。结果发现：重污染企业往往选择牺牲环境绩效来提高财务绩效;企业规模越大,环境绩效对财务绩效的负向影响越小,而企业所有制形式对两者关系的调节效应不显著;另外,企业客观特征对环境绩效和财务绩效之间的调节作用还依赖于积极的环境信息披露。 相似文献
18.
Alliances with established organizations provide young firms with resources necessary for survival. We build on recent organizational research examining the effect of upper echelons on attracting powerful intermediaries to understand how young biotechnology firms establish alliances with established organizations. Drawing upon the concept of homophily, we test hypotheses regarding the extent to which young firms and partners match along specific homophily dimensions. Our findings from an event-history analysis of 3,200 career histories of managers who took biotechnology firms public between 1979 and 1996 show that alliance formation is related to status homophily and role-based homophily between young and established organizations. 相似文献
19.
Michael J. Lynskey 《Research Policy》2006,35(9):1389-1422
Japan is developing a national strategy for biotechnology, which it sees as a transformative technology of strategic importance. Significant institutional transformation has occurred, including changes to the legal structure of universities, partly in an effort to enhance technology transfer. These and other institutional changes are proving conducive to entrepreneurship, and have developed alongside an increase in the number of biotechnology venture firms. This paper presents an overview of these institutional transformations, in the light of recent deregulation and legislative changes. It posits that the emergence of bioventure firms, the increase in their number and, arguably, their changing nature are manifestations of the coevolution of organizations with changes to the institutional framework. Finally, it gives examples of several bioventures, based on interviews conducted with the founders and chief scientists in Japan, and reveals some of the salient characteristics of these firms. 相似文献
20.
数字平台创业如何突破机会资源的双重约束? 《科学学研究》2022,40(5):896-905
基于数字平台赋能的创业受到业界关注，但创业者如何借助数字平台突破创业机会资源双重约束尚未得到揭示。本文从平台赋能与价值共创的整合视角，结合机会资源一体化开发理论，选取基于小米数字平台的4家创业企业为主分析单元做嵌入式多案例研究。研究发现：在需求识别阶段，创业者借助数字平台的知识赋能与数据赋能，促进与创业服务商的价值共创，实现机会资源一体化识别，突破机会资源识别约束；在产品开发阶段，借助数字平台技术赋能与供应链赋能，促进与技术开发商与供应商的价值共创，实现机会资源一体化利用，突破机会资源利用约束；在市场推广阶段，借助数字平台品牌赋能与渠道赋能，促进与用户及渠道商的价值共创，实现机会资源一体化拓展，突破机会资源拓展约束。本文揭示了数字平台创业突破机会资源双重约束提升创业绩效的过程“黑箱”，丰富数字情境下的创业理论。 相似文献