Entrepreneurial human capital, complementary assets, and takeover probability

Journal of Technology Transfer

Volumn 37, Issue 5, 2012, Pages 589-608

  Lehmann, Erik E ^a,b,c,d   Braun, Thorsten V ^a   Krispin, Sebastian ^a  

^a UNIVERSITY OF AUGSBURG   (Germany)

^b GBM   (Germany)

^c CCSE   (Germany)

^d CCSE   (Italy)

Author keywords

High tech firms; Matching theory of ownership changes; Mergers acquisitions; Ownership structure; Property rights; Technology transfer

Indexed keywords

ECONOMIC AND SOCIAL EFFECTS; TECHNOLOGY TRANSFER;

COMPLEMENTARY ASSETS; ENTREPRENEURIAL FIRMS; HIGH-TECH FIRMS; MATCHING THEORY; OWNERSHIP CHANGES; OWNERSHIP STRUCTURE; POOR PERFORMANCE; PROPERTY RIGHT;

MERGERS AND ACQUISITIONS;

EID: 84866303054     PISSN: 08929912     EISSN: 15737047     Source Type: Journal    
DOI: 10.1007/s10961-011-9225-8     Document Type: Article

References (72)

1. Ang, J., & Kohers, N. (2001). The take-over market for privately held companies: The US experience. Cambridge Journal of Economics, 25(6), 723-748.
2. Arthurs, J. D., Busenitz, L. W., Hoskisson, R. E., & Johnson, R. A. (2009). Firm-specific human capital and governance in IPO firms: Addressing agency and resource dependence concerns. Entrepreneurship Theory and Practice, 33(4), 845-865.
3. Audretsch, D. B. (2001). Research issues relating to structure, competition, and performance of small technology-based firms. Small Business Economics, 16(1), 37-51.
4. Audretsch, D. B., & Lehmann, E. E. (2007). Mergers and acquisitions in IPO markets: Evidence from Germany. In G. N. Gregoriou & L. Renneboog (Eds.), International mergers and acquisitions activity since 1990: Recent research and quantitative analysis (pp. 169-179). Amsterdam: Elsevier.
5. Audretsch, D. B., & Lehmann, E. E. (2008). The Neuer Markt as an institution of creation and destruction. The International Entrepreneurship and Management Journal, 4(4), 419-429.
6. Audretsch, D. B., Lehmann, E. E., & Plummer, L. A. (2009). Agency and governance in strategic entrepreneurship. Entrepreneurship: Theory & Practice, 33(1), 149-166.
7. Audretsch, D. B., & Thurik, A. R. (2001). What's new about the new economy? Sources of growth in the managed and entrepreneurial economies. Industrial & Corporate Change, 10(1), 267-315.
8. Balkin, D. B., Markman, G. D., & Gomez-Mejia, L. R. (2000). Is CEO pay in high-technology firms related to innovation? The Academy of Management Journal, 43(6), 1118-1129.
9. Barnes, P. (1999). Predicting UK takeover targets: Some methodological issues and an empirical study. Review of Quantitative Finance and Accounting, 12(3), 283-302.
10. Barney, J. B. (1995). Looking inside for competitive advantage. The Academy of Management Executive, 9(4), 49-61.
11. Bjørnåli, E. S., & Gulbrandsen, M. (2010). Exploring board formation and evolution of board composition in academic spin-offs. Journal of Technology Transfer, 35(1), 92.
12. Bonardo, D., Paleari, S., & Vismara, S. (2010). The M& A dynamics of European science-based entrepreneurial firms. The Journal of Technology Transfer, 35(1), 141-180.
13. Bruton, G. D., Chahine, S., & Filatotchev, I. (2009). Founders, private equity investors, and underpricing in entrepreneurial IPOs. Entrepreneurship Theory and Practice, 33(4), 909-928.
14. Brynjolfsson, E. (1994). Information assets, technology, and organization. Management Science, 40(12), 1645-1662.
15. Colombo, M. G., Mustar, P., & Wright, M. (2010). Dynamics of science-based entrepreneurship. Journal of Technology Transfer, 35(1), 1-15.
16. Dai, N. (2005). The double exit puzzle: Venture capitalists and acquisitions following IPOs. Working Paper, University of Kansas.
17. Desyllas, P., & Hughes, A. (2008). Sourcing technological knowledge through corporate acquisition: Evidence from an international sample of high technology firms. The Journal of High Technology Management Research, 18(2), 157-172.
18. Desyllas, P., & Hughes, A. (2009). The revealed preferences of high technology acquirers: An analysis of the innovation characteristics of their targets. Cambridge Journal of Economics, 33(6), 1089-1111.
19. DeTienne, D. R., & Cardon, M. S. (2011). Impact of founder experience on exit intentions. Small Business Economics (in press).
20. Dushnitsky, G., & Lenox, M. J. (2005). When do firms undertake R& D by investing in new ventures? Strategic Management Journal, 26(10), 947-965.
21. Ernst, H., & Vitt, J. (2000). The influence of corporate acquisitions on the behaviour of key inventors. R& D Management, 30(2), 105-120.
22. Fabel, O. (2004). Spinoffs of entrepreneurial firms: An O-ring approach. Journal of Institutional and Theoretical Economics JITE, 160, 416-438.
23. Fama, E. F., & French, K. R. (2004). New lists: Fundamentals and survival rates. Journal of Financial Economics, 73(2), 229-269.
24. Fehr, E., Hart, O., & Zehnder, C. (2011). Contracts as reference points-Experimental evidence. American Economic Review, 101(2), 493-525.
25. Gans, J. S., & Stern, S. (2000). Incumbency and R& D incentives: Licensing the gale of creative destruction. Journal of Economics & Management Strategy, 9(4), 485-511.
26. Gao, N., & Jain, B. A. (2011). Founder management and the market for corporate control for IPO firms: The moderating effect of the power structure of the firm. Journal of Business Venturing (in press).
27. Gick, W. (2008). Little firms and big patents: A model of small-firm patent signaling. Journal of Economics & Management Strategy, 17(4), 913-935.
28. Gimeno, J., Folta, T. B., Cooper, A. C., & Woo, C. Y. (1997). Survival of the fittest? Entrepreneurial human capital and the persistence of underperforming firms. Administrative Science Quarterly, 42(4), 750-783.
29. Granstrand, O., & Sjölander, S. (1990). The acquisition of technology and small firms by large firms. Journal of Economic Behavior & Organization, 13(3), 367-386.
30. Griliches, Z. (1990). Patent statistics as economic indicators: A survey. Journal of Economic Literature, 28(4), 1661-1707.
31. Grimpe, C., & Hussinger, K. (2008). Pre-empting technology competition through firm acquisitions. Economics Letters, 100(2), 189-191.
32. Grimpe, C., & Hussinger, K. (2009). Market and technology access through firm acquisitions: Beyond one size fits all. In M. P. Feldman & G. D. Santangelo (Eds.), New perspectives in international business research. Bingley: Emerald.
33. Grossman, S. J., & Hart, O. D. (1986). The costs and benefits of ownership: A theory of vertical and lateral integration. The Journal of Political Economy, 94(4), 691-719.
34. Hall, B. H. (1990). The impact of corporate restructuring on industrial research and development. Brookings papers on economic activity. Microeconomics, pp. 85-135.
35. Harhoff, D., Hoisl, K., & Webb, C. (2008). European patent citations-How to count and how to interpret them. Unpublished Manuscript, University of Munich.
36. Hart, O. (2009). Hold-up, asset ownership, and reference points. The Quarterly Journal of Economics, 124(1), 267-300.
37. Hart, O., & Holmstrom, B. (2010). A theory of firm scope. The Quarterly Journal of Economics, 125(2), 483-513.
38. Hart, O., & Moore, J. (1990). Property rights and the nature of the firm. Journal of Political Economy, 98(6), 1119-1158.
39. Hart, O., & Moore, J. (2008). Contracts as reference points. The Quarterly Journal of Economics, 123(1), 1-48.
40. Henkel, J., Ronde, T., & Wagner, M. (2010). And the winner is-Acquired. Entrepreneurship as a contest with acquisition as the prize. Discussion paper. Presented at DRUID Sommer conference 2010.
41. Ireland, R. D., Hitt, M. A., & Sirmon, D. G. (2003). A model of strategic entrepreneurship: The construct and its dimensions. Journal of Management, 29(6), 963.
42. Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329.
43. Jovanovic, B. (1979). Job matching and the theory of turnover. The Journal of Political Economy, 87(5), 972-990.
44. Kapoor, R., & Lim, K. (2007). The impact of acquisitions on the productivity of inventors at semiconductor firms: A synthesis of knowledge-based and incentive-based perspectives. Academy of Management Journal, 50(5), 1133-1155.
45. Knockaert, M., Ucbasaran, D., Wright, M., & Clarysse, B. (2011). The relationship between knowledge transfer, top management team composition, and performance: The case of science-based entrepreneurial firms. Entrepreneurship Theory and Practice, 35 (in press).
46. Lehmann, E. E. (2006). Corporate governance in new enterprises or: Why do some CEOs hold large equity stakes while others are paid through stock options? Zeitschrift für Betriebswirtschaftslehre (Special Issue 5), 21-36.
47. Lehto, E., & Lehtoranta, O. (2006). How do innovations affect mergers and acquisitions-Evidence from Finland. Journal of Industry. Competition and Trade, 6(1), 5-25.
48. Lichtenberg, F. R., & Siegel, D. (1987). Productivity and changes in ownership of manufacturing plants. Brookings Papers on Economic Activity, 1987(3), 643-683.
49. Lichtenberg, F. R., & Siegel, D. (1990). The effects of leveraged buyouts on productivity and related aspects of firm behavior. Journal of Financial Economics, 27(1), 165-194.
50. Link, A. N., & Bozeman, B. (1991). Innovative behavior in small-sized firms. Small Business Economics, 3(3), 179-184.
51. Manne, H. G. (1965). Mergers and the market for corporate control. The Journal of Political Economy, 73(2), 110-120.
52. Markman, G. D., Balkin, D. B., & Schjoedt, L. (2001). Governing the innovation process in entrepreneurial firms. The Journal of High Technology Management Research, 12(2), 273-293.
53. Markman, G. D., Espina, M. I., & Phan, P. H. (2004). Patents as surrogates for inimitable and non-substitutable resources. Journal of Management, 30(4), 529-544.
54. Meuleman, M., Amess, K., Wright, M., & Scholes, L. (2009). Agency, strategic entrepreneurship, and the performance of private equity-backed buyouts. Entrepreneurship Theory and Practice, 33(1), 213-239.
55. Norbäck, P.-J., & Persson, L. (2009). The organization of the innovation industry: entrepreneurs, venture capitalists, and oligopolists. Journal of the European Economic Association, 7(6), 1261-1290.
56. Palepu, K. G. (1986). Predicting takeover targets: A methodological and empirical analysis. Journal of Accounting and Economics, 8(1), 3-35.
57. Paruchuri, S., Nerkar, A., & Hambrick, D. C. (2006). Acquisition integration and productivity losses in the technical core: Disruption of inventors in acquired companies. Organization Science, 17(5), 545-562.
58. Powell, R. G. (2004). Takeover prediction models and portfolio strategies: A multinomial approach. Multinational Finance Journal, 8(1/2), 35-72.
59. Puranam, P., & Srikanth, K. (2007). What they know vs. what they do: How acquirers leverage technology acquisitions. Strategic Management Journal, 28(8), 805-825.
60. Rajan, R. G., & Zingales, L. (2000). The governance of the new enterprise. In X. Vives (Ed.), Corporate governance: Theoretical and empirical perspectives (pp. 201-227). Cambridge: Cambridge University Press.
61. Rajan, R. G., & Zingales, L. (2001). The firm as a dedicated hierarchy: A theory of the origins and growth of firms. Quarterly Journal of Economics, 116(3), 805-851.
62. Ranft, A. L., & Lord, M. D. (2002). Acquiring new technologies and capabilities: A grounded model of acquisition implementation. Organization Science, 13(4), 420-441.
63. Shen, J.-C., & Reuer, J. J. (2005). Adverse selection in acquisitions of small manufacturing firms: A comparison of private and public targets. Small Business Economics, 24(4), 393-407.
64. Soubeyran, A., & Stahn, H. (2007). Do investments in specialized knowledge lead to composite good industries? Small Business Economics, 29(1), 119-135.
65. Steffens, P., Davidsson, P., & Fitzsimmons, J. (2009). Performance configurations over time: Implications for growth- and profit-oriented strategies. Entrepreneurship Theory and Practice, 33(1), 125-148.
66. Tassey, G. (2010). Rationales and mechanisms for revitalizing US manufacturing R& D strategies. The Journal of Technology Transfer, 35(3), 283-333.
67. Teng, B.-S. (2007). Corporate entrepreneurship activities through strategic alliances: A resource-based approach toward competitive advantage. Journal of Management Studies, 44(1), 119-142.
68. Wang, L., & Zajac, E. J. (2007). Alliance or acquisition? A dyadic perspective on interfirm resource combinations. Strategic Management Journal, 28(13), 1291-1317.
69. Wernerfelt, B. (1984). A resource-based view of the firm. Strategic Management Journal, 5(2), 171-180.
70. Wright, M., Birley, S., & Mosey, S. (2004a). Entrepreneurship and university technology transfer. The Journal of Technology Transfer, 29(3), 235-246.
71. Wright, M., Vohora, A., & Lockett, A. (2004b). The formation of high-tech university spinouts: The role of joint ventures and venture capital investors. The Journal of Technology Transfer, 29(3), 287-310.
72. Zingales, L. (1995). Insider ownership and the decision to go public. Review of Economic Studies, 62(212), 425-449.