Firm-Specific Resources and Wealth Creation in High-Technology Ventures: Evidence from Newly Public Biotechnology Firms
研究了高科技新创企业的财富创造与企业特定资源的关系，发现企业特有的研发和科学能力与财富创造正相关，对89家生物技术公司的分析支持了这一假设。
We explore the relationship between wealth creation in high-technology ventures and firm-specific resources. We argue that Market Value Added is a particularly appropriate measure of entrepreneurial performance because of its focus on wealth creation, which is the essence of entrepreneurship. We present a model of wealth creation in new ventures based on the resource-based theory of firm behavior. The model suggests that firm-specific research and scientific capabilities are associated with wealth creation. The model is tested on a sample of 89 biotechnology firms. The results provide strong evidence for the hypothesized relationship between firm-specific capabilities and wealth creation in new ventures.