Defining the Relationship among Founding Resources, Strategies, and Performance in Technology-Intensive New Ventures: Evidence from the Semiconductor Silicon Industry
分析了全球半导体硅产业50年间所有新创企业的历史数据，发现创始资源（管理能力或技术能力）影响初始战略选择（需求拉动或技术推动），而技术推动战略的企业绩效更好，且创始战略在管理能力与销售峰值之间起中介作用。
The degree to which a firm's performance is dependent on its resources and strategies is widely debated in the literature. We examine this issue by analyzing historical data on the entire population of new independent firms started worldwide in the semiconductor silicon industry for the first 50 years of its existence. We measure resources (managerial capabilities and technological competencies) and strategies (emphasis on demand pull or technology push) at the time of founding and test their relationship with each other as well as with multiple measures of performance (lifespan and best year's sales). We find that firms founded on managerial capabilities emphasize demand-pull strategies at founding, whereas firms founded upon technological competencies emphasize technology-push strategies at founding. We also find that firms emphasizing technology-push strategies perform better than firms emphasizing demand-pull strategies. Lastly, we find that though managerial capabilities are related to a firm's best year's sales, this relationship is mediated by the firm's founding strategy.