The Strategy and Governance of Small Technology-Based Private Firms

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This research is the comprehensive one about the factors affecting strategy and performance of small technology-based private firms by focusing on their governance structures, core capabilities, top management's visionary behaviors, and external environment. First, several hypotheses were constructed from the literature review and discussions, and tested by using the data from 1349 small technology-based private firms in Japan. The analyses showed : (1) family-oriented governance structures had no impact on strategies, but had a negative effect on performance ; (2) the higher competitive advantages a private firm had, the more prospective strategy it was likely to employ ; (3) the more visionary behaviors top management had, the more prospective strategy a private firm was likely to employ ; (4) the more prospective strategy a private firm took, the more likely it was to achieve high performance ; and (5) private firms with prospective strategy in a hostile environment tended to have h … More igh performance. Secondly, by extending the knowledge-based view of the firm, this research developed a longitudinal model of strategic change, and tested the model by using a two-period data from 301 small technology-based private firms in Japan. The analyses generally showed : (1) internal and external monitoring activities were likely to mediate relationships between configurational factors and innovations ; (2) innovations were likely to mediate relationships between external/internal monitoring activities and corporate performance ; and (3) internal and external monitoring activities were likely to mediate relationships between corporate performance and configurational factors. Finally, by mailing the same questionnaire to firms who were awarded by "Ben Franklin Technology Partners Program" by the Pennsylvania State Government, 118 firms returned the questionnaire. The comparative analyses showed : (1) there was no difference for strategy and family-oriented governance between U.S. and Japanese firms ; (2) family members had high voting shares in U.S. and Japanese succeeding firms ; (3) U.S. and Japanese high-performers focused on prospective strategy. While Japanese firms emphasized accumulation of technology and cost-efficiency, U.S. firms sought niche strategy ; (4) as for the differences in top management's behaviors between U.S. and Japanese high-performers, while Japanese firms emphasized visionary behaviors, U.S. firms emphasized analyses of the industry. Less