Internal capabilities, external networks, and performance: a study on technology‐based ventures
研究了137家韩国技术初创企业的内部能力（创业导向、技术能力、财务资源）和外部网络（战略联盟、风险投资、政府支持）对销售增长的影响，发现内部能力是关键，外部网络中仅风险投资关系显著影响绩效。
Abstract This study examined the influence of internal capabilities and external networks on firm performance by using data from 137 Korean technological start‐up companies. Internal capabilities were operationalized by entrepreneurial orientation, technological capabilities, and financial resources invested during the development period. External networks were captured by partnership‐ and sponsorship‐based linkages. Partnership‐based linkages were measured by strategic alliances with other enterprises and venture capitalists, collaboration with universities or research institutes, and participation in venture associations. Sponsorship‐based linkages consisted of financial and nonfinancial support from commercial banks and the Korean government. Sales growth indicated the start‐up's performance. Regression results showed that the three indicators of internal capabilities are important predictors of a start‐up's performance. Among external networks, only the linkages to venture capital companies predicted the start‐up's performance. Several interaction terms between internal capabilities and partnership‐based linkages have a statistically significant influence on performance. Sponsorship‐based linkages do not have individual effects on performance but linkage with financial institutions has a multiplicative effect with technological capabilities and financial resources invested on a start‐up's performance. Implications and directions for future research were discussed. Copyright © 2001 John Wiley & Sons, Ltd.