Path–Dependent Evolution versus Intentional Management of Investment Ties in Science–Based Entrepreneurial Firms
研究了科学创业企业投资关系形成中，为何有些企业呈现路径依赖而另一些可被有意管理，基于纵向案例发现早期投资关系受制度背景限制，早期投资者经验差异影响团队专业化，进而决定后续投资关系是否更易被有意管理。
This paper studies the role of entrepreneurs in investment tie formation in science–based entrepreneurial firms. Specifically, we address why investment tie formation is path dependent for some firms but more amenable to intentional management for others. Using longitudinal case studies, our evidence suggests that early investment tie formation is path dependent because scientific entrepreneurs typically approach only one or a few prospective investors from within their institutional context. Differences in experience between early investors affect the professionalization of entrepreneurial teams (or lack thereof), which influences the extent to which subsequent investment tie formation becomes more amenable to intentional management or remains path dependent.