Determinants of Venture Performance in Singapore
基于新加坡风险投资支持企业的调查，发现环境、资源能力、战略和风投参与显著影响企业绩效，且资源与战略的匹配部分影响绩效，对风投和创业者寻找合适伙伴有启示。
Based on a survey of Singapore venture capital (VC)-backed firms, we find that environment, resource-based capabilities, strategy, and VC firms’ involvement affect the venture performance significantly. The environment is a major constraint within which a firm's strategy is developed. While managers formulate and implement strategies, these strategies do not determine the eventual success directly. The strategy formulated should be complemented by a firm's resource-based capabilities. Firms that do not match their strategy and resources could lead to unfocused and unproductive efforts. Evidence shows that the “fit” between resource-based capabilities and strategy partially affects the venture performance. Our study provides implications for both venture capitalists and entrepreneurs in finding the right partner and in cooperating with each other.