Mitigating the limited scalability of bootstrapping through strategic alliances to enhance new venture growth
研究发现自举融资与新创企业成长呈倒U型关系，而联盟多样性既能增强自举融资的正面效应，又能缓解其负面效应。
Although the benefits of bootstrapping are widely known, decreasing returns to venture growth from this strategy are less understood; falls in returns. Decreasing returns may result from limited scalability and increased costs resulting from reduced legitimacy among stakeholders. Using a sample of high-technology firms, this article tests the non-linear relationship between bootstrapping and venture growth and the moderating effects of alliances on this non-linear relationship. We find that bootstrapping has an inverted-U relationship with venture growth; however, alliance diversity enhances the positive effects of bootstrapping while mitigating its negative effects on venture growth.