دانلود رایگان مقاله بررسی استراتژی نوآوری شرکت جوان

abstract

We investigate how governance structure and power influence alliance exploration strategy. Adopting a real options perspective and the agency view, we suggest that innovation strategies differ based on the firm's governance authority. We find that the motivations of corporate venture capitalist firms, venture capitalists, and firm founders may have an impact on the formation of exploratory alliances among adolescent firms. Using a sample of 122 adolescent firms, we examine the influence that governance structure has on the firm's alliance portfolio and innovation potential. While the influence of corporate venture capitalist firms alone do affect alliance formation strategy, corporate venture-backed firms with founders having high influence (knowledge or ownership in the firm) are more likely to form innovation-focused alliances. In contrast, venture capitalistbacked firms tend to avoid innovation-focused alliances, preferring more exploitive ones, even when founders have high influence within the firm.

5. Discussion and conclusion

This study examines the conditions when adolescent firms are more inclined to form exploratory alliances, and highlights how the power and influence of founders vis-à-vis that of CVCs and VCs may affect a firm's alliances. This is one of the first studies to highlight the role of the equity ownership and technology background of IPO firm managers in enabling the exploratory alliance strategy of adolescent firms. Specifically, our results show that given equity ownership and technical expertise, IPO managers may enter into innovation-oriented exploratory alliances. While both VCs and CVCs may act as “sharks,” discouraging exploratory alliance formation in order to reduce inherent uncertainties (see Diestre & Rajagopalan, 2012; Katila et al., 2008; Park & Steensma, 2013), an important implication is that IPO firm managers' own resources and capabilities may provide legitimacy and positional power as they negotiate exploratory alliances. This study contributes to the literature by demonstrating that when they maintain high ownership and technical superiority, managers can serve as stewards for adolescent firms' innovation strategies including exploratory alliances, as these may limit expropriation by multiple agents (Arthurs et al., 2008).