Assessing the Relationship between Human Capital and Firm Performance: Evidence from Technology–Based New Ventures
基于198家高科技新创企业的纵向数据，研究发现团队经验与战略的匹配度是长期绩效的关键，其中技术经验对差异化战略的成功最重要。
We assess the role of human capital in the growth and development of new technology–based ventures, based on longitudinal data from 198 high–tech ventures. Our empirical results imply that there is a strong relationship between team experience and strategy. Although there is a weak direct link between team experience and venture performance, the findings strongly suggest that the fit between strategy and team experience is a key determinant of the long–term performance of high–tech entrepreneurial ventures. For small, technology–based new ventures, the team's technological experience appears to be the most important determinant of the success of a differentiation strategy.