Internal capabilities, external networks, and performance: A study on technology-based ventures

• 成果类型: Review
• 署名作者: Lee, C; Lee, K; Pennings, JM
• 署名单位: University of Pennsylvania; Seoul National University (SNU); Chungbuk National University
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.181
• 发表日期: 2001
• 页码: 615-640
• 关键词: Entrepreneurship; capabilities; Social capital; social networks; start-up companies; INNOVATION

摘要

This study examined the influence of internal capabilities and external networks on firm performance by using data from 137 Korean technological start-up companies. Internal capabilities were operationalized by entrepreneurial orientation, technological capabilities, and financial resources invested during the development period External networks were captured by partnership- and sponsorship-based linkages. Partnership-based linkages were measured by strategic alliances with other enterprises and venture capitalists, collaboration with universities or research institutes, and participation in venture associations. Sponsorship-based linkages consisted of financial and nonfinancial support from commercial banks and the Korean government. Sales growth indicated the start-up's performance. Regression results showed that the three indicators of internal capabilities are important predictors of a start-up's performance. Among external networks, only the linkages to venture capital companies predicted the start-up's performance. Several interaction terms between internal capabilities and partnership-based linkages have a statistically significant influence on performance. Sponsorship-based linkages do not have individual effects on performance but linkage with financial institutions has a multiplicative effect with technological capabilities and financial resources invested on a start-up's performance. implications and directions for future research were discussed. Copyright (C) 2001 John Wiley & Sons, Ltd.