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Article: The dynamic impact of innovative capability and inter-firm network on firm valuation: A longitudinal study of biotechnology start-ups

TitleThe dynamic impact of innovative capability and inter-firm network on firm valuation: A longitudinal study of biotechnology start-ups
Authors
KeywordsAbsorptive capacity
Alliances
Capabilities
R&D
Valuation
Issue Date2010
PublisherElsevier Inc. The Journal's web site is located at http://www.elsevier.com/locate/jbusvent
Citation
Journal Of Business Venturing, 2010, v. 25 n. 6, p. 593-609 How to Cite?
AbstractPrior 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. © 2009 Elsevier Inc.
Persistent Identifierhttp://hdl.handle.net/10722/132667
ISSN
2015 Impact Factor: 4.204
2015 SCImago Journal Rankings: 4.923
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorZheng, Yen_HK
dc.contributor.authorLiu, Jen_HK
dc.contributor.authorGeorge, Gen_HK
dc.date.accessioned2011-03-28T09:27:48Z-
dc.date.available2011-03-28T09:27:48Z-
dc.date.issued2010en_HK
dc.identifier.citationJournal Of Business Venturing, 2010, v. 25 n. 6, p. 593-609en_HK
dc.identifier.issn0883-9026en_HK
dc.identifier.urihttp://hdl.handle.net/10722/132667-
dc.description.abstractPrior 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. © 2009 Elsevier Inc.en_HK
dc.languageengen_US
dc.publisherElsevier Inc. The Journal's web site is located at http://www.elsevier.com/locate/jbusventen_HK
dc.relation.ispartofJournal of Business Venturingen_HK
dc.subjectAbsorptive capacityen_HK
dc.subjectAlliancesen_HK
dc.subjectCapabilitiesen_HK
dc.subjectR&Den_HK
dc.subjectValuationen_HK
dc.titleThe dynamic impact of innovative capability and inter-firm network on firm valuation: A longitudinal study of biotechnology start-upsen_HK
dc.typeArticleen_HK
dc.identifier.emailZheng, Y: yzheng@business.hku.hken_HK
dc.identifier.authorityZheng, Y=rp01450en_HK
dc.description.naturelink_to_subscribed_fulltexten_US
dc.identifier.doi10.1016/j.jbusvent.2009.02.001en_HK
dc.identifier.scopuseid_2-s2.0-77956908668en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-77956908668&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume25en_HK
dc.identifier.issue6en_HK
dc.identifier.spage593en_HK
dc.identifier.epage609en_HK
dc.identifier.eissn1873-2003-
dc.identifier.isiWOS:000283900200005-
dc.publisher.placeUnited Statesen_HK
dc.identifier.scopusauthoridZheng, Y=12645807000en_HK
dc.identifier.scopusauthoridLiu, J=35206242500en_HK
dc.identifier.scopusauthoridGeorge, G=7102983358en_HK
dc.identifier.citeulike5124903-

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