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1.
This paper addresses the role that scientific status plays in initial public offerings of technology focused firms. The paper builds on the literature of the sociology of science as well as the work of Spence (1974) and Podolny (1993) and argues that the presence of a Nobel laureate affiliated with a firm making an IPO provides a signal of firm quality to potential investors. Moreover, and building on the work of Podolny and Scott Morton (1999) and Stuart et al. (1999) we hypothesize that the importance of status diminishes as other measures of firm quality become available. We test our hypothesis for two periods of initial public offerings in biotechnology. We document that there is a clear difference in “maturity” of the firms across the two windows on a number of metrics. Consistent with our hypothesis that Nobel laureates play an important role as a non-financial signal of firm quality, we find that first-window firms with a Nobel laureate affiliate realize greater IPO proceeds in the amount of $24 million. In the second window the amount of money raised is not significantly different between Nobel and non-Nobel firms. This finding is consistent with the signaling literature that argues that the importance of a signal is inversely related to the availability of cogent information on firm quality. Consistent with this view, we also find a change between the two windows in the importance of other non-financial metrics used to convey value. Our research is one of the first to examine the dynamic nature of signals. Because we are unable to distinguish the extent to which the reduction in uncertainty at the firm level is correlated with the reduction of uncertainty at the industry level, the question remains as to the extent to which the diminished importance of signals in our second period is due to a change in market uncertainty versus a change in firm uncertainty. 相似文献
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Technological innovations often involve collaboration among firms from diverse industries. Existing literature has largely viewed participant diversity as a conduit for non-redundant information or complementary resources, thereby affecting the ex-post outcomes of innovation projects. However, it is seldom examined how projects are initially evaluated during the resource competition stage. In this study, we develop a theory of diversity as a cognitive primer, asking how collaborators from diverse backgrounds may affect external reviewers’ ex-ante evaluation of potential merits of an innovation project. We argue that there are two logics at work in the process of evaluating innovations: the logic of technological advancement and the logic of market value. When an innovation project involves firms from diverse industries, it may be perceived as having a fuzzier market identity, hence making it less appealing to reviewers who hold with the strong market value logic. However, the penalty associated with participant diversity should be less pronounced among reviewers who hold the technological advancement logic. We also expect the relationship between participant diversity and reviewers’ ratings to be moderated by project novelty and fuzziness of technology category. We find support for our hypotheses with a sample of collaborative innovation projects funded by the Advanced Technology Program of the U.S. National Institute of Standards and Technology. 相似文献
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在真实领导力领域,当前研究主要由“以领导者为中心”或“以追随者为中心”的范式所主导,而涉及真实型领导、真实型追随的双元研究比较缺乏。故尝试从双元视角出发,考察领导者-追随者真实行为的匹配对结果的影响及其机制。具体而言,以真实行为的一致性/不一致性为预测变量,心理资本为结果变量,领导-成员交换（LMX）为中介变量,安全依恋为调节变量,结合多项式与响应面方法,对真实行为的匹配效应进行检验。采用问卷调查方式从中国大陆多家企事业单位收集了419份匹配数据。主要研究结果显示：（1）真实行为水平的一致性会显著影响追随者的心理资本：与“低—低”一致相比,“高—高”一致对心理资本的促进作用更大。真实行为水平的不一致性也会显著影响追随者的心理资本,且与不一致的方向显著相关：与“高—低”的匹配相比,“低-高”的匹配对心理资本的促进作用更大。（2）真实行为水平的一致性会显著影响LMX：与“低—低”一致相比,“高—高”一致对LMX的促进作用更大。真实行为水平的不一致性也会显著影响LMX,但不一致的方向带来的差异并不显著。（3）LMX部分中介了真实行为一致性/不一致性对追随者心理资本的影响。（4）安全依恋对真实行为匹配与心理资本之间关系的调节作用不显著。研究揭示了发展真实型领导、发展真实型追随同样重要,为更深入地了解真实领导力发展的有效性问题提供了帮助。 相似文献
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《Research Policy》2022,51(1):104396
We draw on information risk theory and paradox theory to examine the additive and combined effects of disclosing exploration and exploitation information on cost of equity capital. We build on theory that presupposes that the information disclosed by a firm about its innovation activities will reduce information risk of investors. However, we contend that disclosure of exploration and exploitation innovation activities could convey potentially paradoxical expectations about a firm's future value. Based on longitudinal data of the UK FTSE 350 firms from 2011–2016, we show that firms tend to disclose more information related to exploration than exploitation. However, the bulk of market benefits are driven by exploitation rather than exploration disclosures—except for R&D-active firms that are rewarded for exploration disclosure. We also find that the combined disclosure is negatively associated with cost of equity capital, with the sub-population of R&D-active firms particularly accruing synergies from combined disclosure of both exploration and exploitation. These findings suggest that the market differentiates between exploration and exploitation information in addressing information risk, more so than previously assumed. We discuss implications for information-type-dependency in information-risk theory, the outward projection of internal paradoxes, capital market valuations of disclosure by R&D-active firms, opportunity-seeking by large publicly listed corporations, and policy implications. 相似文献
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本研究聚焦于"后发企业研发国际化的战略动机是如何影响其海外研发机构进入模式的"这一核心问题,文章首先从技术特征和市场焦点两个维度解构了研发国际化的战略动机,识别了三种中国企业海外研发中心的功能定位:海外市场适应点、技术先驱点以及技术卓越中心。第二,本文从合法性双元视角出发,提出了相对合法性需求的概念,研究了不同研发国际化动机下,企业面临的内外合法性需求之争,以及形成主导的合法性需求;后发企业会根据内外合法性需求的相对水平对海外研发机构的进入模式和治理结构进行安排,以平衡和响应这两股抵触的力量。本研究提出了战略动机→内外合法性需求优先权→进入模式选择的整合分析框架,为企业研发国际化过程中海外子公司进入模式选择提供了理论解释。 相似文献
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Innovation-related activities within firms have traditionally been viewed as primary drivers of product and service differentiation and hopefully firm performance. Such views assume the effective transfer of newly developed products or services to a market willing to transact for the innovative products at a price that sustains the research, development and commercialisation processes behind the initial investments. In this paper, we ‘unpack’ this model linking primary R&D and related activities, the steps taken within the firm's market and transform its operational presence, and measures of firm performance. Using a sample of 449 Australian manufacturing companies from the Business Longitudinal Survey from the Australian Bureau of Statistics, the paper develops a mediated model by which we examine the impact of innovation on firm performance mediated through a firm's market engagement and transformation strategies. This paper finds that organisational performance is driven by innovation only when mediated through these transformation outcomes. The results contribute to the innovation literature in finding that innovation-related activities can only drive a firm's competitive advantage when they occur concomitantly with actual changes in the market position and offerings of firms. 相似文献
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This study explores the initial public offering (IPO) and financing of biotechnology start-ups in Japan. Using a unique data set, we find that biotechnology start-ups initially backed by venture capital (VC) firms and those originating from universities are more likely to go public within a shorter period. Moreover, we find that neither staged financing nor syndication by VC firms is associated with higher IPO value relative to investment. Furthermore, we provide evidence that the timing of IPOs does not depend on equity market conditions in the biotechnology industry, whereas IPO value tends to depend on equity market conditions. We discuss the factors that explain these findings, which contradict findings in previous studies of VC investments. 相似文献
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Business cycles modify firms’ incentives to innovate and the direction of innovation. By introducing a new measure of patent unconventionality this paper explores the impact of the business cycle on firms’ technological search strategies. We find that during upturns firms generate inventions characterized by a higher level of technological unconventionality. We also find that financially resilient and diversified firms produce more unconventional patents. While patent unconventionality is associated with technological impact and market value, firms extract more value by investing in unconventional inventions in downturns. 相似文献
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《Research Policy》2022,51(6):104529
When firms are heterogeneous, externalities within clusters can affect firms asymmetrically. These asymmetries at the firm level lead to a productivity effect at the cluster level that has been overlooked thus far. We develop a heterogeneous firm model where firms with different productivity levels decide how much to invest in market survival. With this model, we find a differentiation between high-productivity firms investing in market survival and low-productivity firms not investing in market survival. Cluster externalities alter the optimal market survival investment of firms, which in turn affects both cluster composition and cluster-level outcomes. By focusing on cluster productivity and assuming that cluster externalities take the form of knowledge spillovers, we find that the effect on the cluster depends on the particular type of knowledge spillovers. Using modelling outcomes and an extensive numerical simulation, we show that knowledge spillovers that reduce the cost of investment benefit investing, high-productivity firms and increase cluster productivity. By contrast, knowledge spillovers that imply that non-investing, low-productivity firms can free ride on the efforts of investing firms tend to reduce cluster productivity. We discuss ramifications for research on clusters and cluster policy, highlighting the importance of industry and knowledge spillover characteristics. 相似文献
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《Research Policy》2023,52(1):104645
This paper explores the relationship between innovation and wages using Brazil’s employer–employee census (RAIS) and a novel measure of innovation derived from the share of technical and scientific occupations of workers. The results show a robust and positive wage premium associated with innovative firms. The decomposition of this innovation-related wage premium suggests that it is larger for workers in manufacturing, although also positive and significant for those in agriculture and services; and larger for large firms. More importantly, the paper explores the causality between innovation and wages. First, we find some empirical support for “self-selection” — firms that innovate already pay higher wages before becoming innovators. Second, we find strong evidence of wage increases associated with starting innovation activity, which are persistent for three years after firms start innovating. Innovation pays off also for workers. 相似文献
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Darshak PatelMichael R. Ward 《Research Policy》2011,40(6):886-894
We propose an empirical strategy to estimate competition in innovation markets. Our method relates firms’ market return on equity to information about patent citation patterns. Two innovations are implemented in the methodology. First is the application of daily abnormal stock returns rather than annual measures of Tobin's q. Second is the creation of citation patterns related to the area of science a firm patents in as represented by the detailed patent classification system. We find that markets positively reward firms when patents are granted. We further find that firm's market value increases when its patent portfolio is cited. We find evidence of competition in innovation markets. The market reacts at the time that the citation occurs and does not anticipate future citations at the time of patenting. Holding this effect constant, we find that citations from patents in the same area of science tend to reduce market value. We interpret these findings as consistent with more citations indicating more valuable intellectual property but citations from competing technologies decreasing it. 相似文献
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本文的主要目的在于揭示学习导向作为组织价值观,其对企业绩效影响的行为路径。本研究的原创意义在于重新梳理了导向的构念,将学习导向界定为状态变量,将市场导向、创业导向和技术导向界定为行为变量,扩展了学习导向已有的态度—结果研究范式,按照价值观—组织行为—结果的研究范式揭示了市场导向、创业导向、技术导向行为在学习导向与企业绩效之间的路径作用。利用中国467个企业的问卷调查数据进行实证分析,研究结果发现,市场导向和创业导向对学习导向与企业绩效之间关系具有中介作用,同时,市场导向和技术导向对创业导向具有正影响,但技术导向对学习导向与企业绩效之间关系的中介作用没有得到证实。 相似文献
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开展双元服务创新既能保持制造企业在成熟产品市场的竞争力,又能开发新服务以占领新兴市场,从而保证更大竞争优势的获取。但,利用与探索将争夺本就稀缺的服务创新资源,很难同时追求。基于关系网络视角,本文提出,与知识服务机构建立联结是制造企业接近并获取服务创新资源,进而破解资源困境、促进双元服务创新的重要路径。为此,以宁波和重庆两地共296个制造企业为样本,考察知识服务机构联结对制造企业双元服务创新的影响,并对技术能力与战略柔性的调节效应进行检验。结果表明：知识服务机构联结正向促进制造企业双元服务创新;技术能力对知识服务机构联结与双元服务创新间关系的调节效应呈倒U 型;资源柔性、协调柔性正向调节知识服务机构联结与双元服务创新的关系。本研究结论对于制造企业服务创新和组织双元创新文献有着重要理论贡献,对制造企业合理配置静态、动态能力以发挥知识服务机构联结对双元服务创新的促进性影响提供了管理启示。 相似文献
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Bronwyn H. Hall 《Research Policy》2010,39(7):994-1009
We investigate the value creation or destruction associated with the introduction of software patents in the United States in two ways. The first looks at the cumulative abnormal returns to Information and Communication Technology (ICT) firms around the time of important court decisions that impacted software patents, and the second analyzes the relationship between firms’ stock market value, the sector in which they operate, and their holdings of software patents. We conclude that the market evaluated software patents as a negative development ex ante. Ex post, a greater number of firms in all ICT sectors invested in these patents, and these firms had slightly higher market values than those with no software patents. However, while we obtain clear evidence that the technological importance or quality of patented innovation mattered for the market value of hardware firms both before and after the legal changes, it is less clear that the marginal patent right per se was associated with increases in market value, and there are no significant valuation effects associated with patents for pure software firms after the change. 相似文献
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We explore how a firm’s knowledge structure characteristics and market identity—as reflected in its position in the industry value chain and market status—influence knowledge-based alliance (KBA) formation. We propose that a firm’s propensity to form KBAs is affected by the congruence (or misalignment) between its knowledge structure characteristics (i.e., knowledge depth and scope) and the role it plays in the industry, as demanded by its position in the value chain. We further argue that while a firm’s market status can amplify the positive effect of the congruence, thereby enhancing a firm’s proclivity to form KBAs, being prominent can also hurt a firm when it faces a misalignment between its knowledge structure characteristics and externally induced expectations related to its value chain position. We validate our arguments using panel data on 1051 firm-year observations for 197 firms patenting in the global fuel cell industry for the period 1999–2009. By developing a richer understanding of the relationship between a firm’s knowledge-based resources and KBA formation, we answer the call for a better understanding of how and when firms can leverage their internal knowledge configurations to improve their proclivity to form alliances. 相似文献
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Viet T. Dao 《The Journal of High Technology Management Research》2019,30(1):70-81
The shakeout period after the emergence of a dominant design is very important to technology followers and niche market producers, who need adjust to significant changes in the competitive landscape. We posit that such innovating firms use strategic signals that address technical-, market-, and standards-uncertainty associated with their innovations to communicate with market participants to reduce participants' perceived uncertainties associated with the innovative products. Studying technology followers and niche market producers in the personal computer industry during its 1982–1989 shakeout period, we found that technology followers and niche market producers differ in their use of technical-, market-, and standards-related signals. Additionally, using event study methodology, we find that technology followers' strategic signals have significant positive impacts on both their own and other followers' stock prices. Meanwhile, niche market producers' strategic signals have significant positive impacts on their own stock prices, but not significant impacts on other niche market producers and technology followers' stock prices. 相似文献
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John P. Helveston Yanmin Wang Valerie J. Karplus Erica R.H. Fuchs 《Research Policy》2019,48(1):206-222
A vast literature on technology transitions within industries suggests that early phases of new technologies are marked by periods of intense experimentation, but we know little about the conditions under which these periods emerge. We apply inductive, grounded theory-building techniques to examine what prompts firms to experiment across one emerging technology platform—plug-in electric vehicles (PEVs)—in China. Triangulating annual vehicle make and model sales data from 2003 to 2016 (plus monthly data from 2010 to 2016); 112 English and Mandarin archival documents from industry, academic, and news outlets; and 51 semi-structured interviews with industry, government, and academic stakeholders, we develop four in-depth case studies. We find that in contrast to the innovation trajectories of multinational and Chinese arms of joint venture (JV) firms, independent domestic Chinese firms (those with no history of international JV partnerships) are undertaking significant experimentation across multiple levels—infrastructure, core system, subsystem, and component—of the emerging PEV technology platform. We propose the concept of “institutional complementarities” to describe how interactions among institutions—here the national JV regulation and local market support and subsidies—may have turned regional markets into protected laboratories, extending the incubation periods for independent domestic firm experimentation. While this diverse experimentation may be an important antecedent of technology transition, consolidation induced by national policy standardization or competitive pressure may be required for PEV innovations to scale beyond their early, protected regional markets. 相似文献
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《Research Policy》2022,51(10):104601
We study differences in the returns to R&D investment between German manufacturing firms that sell in international markets and firms that only sell in the domestic market. Using firm-level data for five high-tech manufacturing sectors, we estimate a dynamic structural model of a firm's discrete decision to invest in R&D and use it to measure the difference in expected long-run benefit from R&D investment for exporting and domestic firms. The results show that R&D investment leads to higher rates of product and process innovation among exporting firms and these innovations have a larger economic return in export market sales than domestic market sales. As a result of this higher payoff to R&D investment, exporting firms invest in R&D more frequently than domestic firms, and this endogenously generates higher rates of productivity growth. We use the model to simulate the introduction of export and import tariffs on German exporters, and find that a 20 % export tariff reduces the long-run payoff to R&D by 24.2 to 46.9 % for the median firm across the five industries. Overall, export market sales contribute significantly to the firm's return on R&D investment which, in turn, raises future firm value, providing a source of dynamic gains from trade. 相似文献