The dynamic impact of innovative capability and inter-firm network on firm valuation: A longitudinal study of biotechnology start-ups
The dynamic impact of innovative capability and inter-firm network on firm valuation: A longitudinal study of biotechnology start-ups
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DOI：
10.1016/j.jbusvent.2009.02.001
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发表时间：
2010-11
影响因子：
8.7
通讯作者：
Yanfeng Zheng;Jing Liu;G. George
中科院分区：
文献类型：
--
作者：
Yanfeng Zheng;Jing Liu;G. George
先前的研究表明，高科技初创企业的创新能力和企业间网络影响其绩效，从而影响企业估值。很少有研究考虑它们的共同影响，更少的研究考虑这些影响对公司估值的时间变化。在这项研究中，我们认为，公司年龄是一个关键的组织变量，从初创公司的角度来看，它代表着组织惯例的发展，从投资者的角度来看，它代表着可获得信息的积累。因此，投资者对高科技初创企业创新能力和企业间网络的评价会随着企业年龄的增长而变化。使用170家生物技术初创企业的面板数据，我们的结果表明，网络地位的相对价值随着企业年龄的增长而下降，而创新能力的影响则随着企业年龄的增长而增加。有趣的是，创新能力和网络异质性对企业估值的互补作用日益增强。讨论了这些发现对创业实践以及企业能力和企业间网络理论的影响。
Prior research suggests that a high technology start-up's innovative capability and inter-firm network influence its performance and consequently, firm valuation. Few studies consider their joint influence and even fewer consider the temporal change of those effects on firm valuation. In this study, we propose that firm age, a key organizational variable, represents both the development of organizational routines from a start-up's perspective and the accumulation of accessible information from an investor's viewpoint. As such, an investor's evaluation of a high technology start-up's innovative capability and inter-firm network evolves with firm age. Using panel data of 170 biotechnology start-ups, our results suggest that the relative value of network status declines while the impact of innovative capability increases with firm age. Interestingly, there is a growing complementary effect of innovative capability and network heterogeneity on firm valuation. The implications of these findings for entrepreneurial practice and theories of firm capabilities and inter-firm network are discussed.