Explaining post-IPO venture performance through a knowledge-based view typology

Strategic Management Journal

Volumn 35, Issue 3, 2014, Pages 376-397

  Arend, Richard J ^a   Patel, Pankaj C ^b   Park, Haemin Dennis ^c  

^a UNIVERSITY OF MISSOURI KANSAS CITY   (United States)

^b BALL STATE UNIVERSITY   (United States)

^c DREXEL UNIVERSITY   (United States)

Author keywords

knowledge based view; patents; post IPO performance; R D

Indexed keywords

FIRM PERFORMANCE; INTERACTION EFFECT; KNOWLEDGE DEVELOPMENT; KNOWLEDGE-BASED VIEWS; NEGATIVE INTERACTION; PATENTS; POSITIVE INTERACTION; POST-IPO PERFORMANCE;

MANAGEMENT; PLANNING;

INDUSTRY;

EID: 84893714649     PISSN: 01432095     EISSN: 10970266     Source Type: Journal    
DOI: 10.1002/smj.2095     Document Type: Article

References (91)

1. Adler PS, Kwon SW,. 2002. Social capital: prospects for a new concept. Academy of Management Review 27 (1): 17-40.
2. Agarwal R, Anand J, Bercovitz J, Croson R,. 2012. Spillovers across organizational architectures: the role of prior resource allocation and communication in post-acquisition coordination outcomes. Strategic Management Journal 33 (6): 710-733.
3. Ahuja G, Lampert CM,. 2001. Entrepreneurship in the large corporation: a longitudinal study of how established firms create breakthrough inventions. Strategic Management Journal 22 (6-7): 521-543.
4. Arellano M, Bond S,. 1991. Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies 58 (2): 277-297.
5. Arikan AT,. 2009. Interfirm knowledge exchanges and the knowledge creation capability of clusters. Academy of Management Review 34 (4): 658-676.
6. Ariño A, Ragozzino R, Reuer JJ,. 2008. Alliance dynamics for entrepreneurial firms. Journal of Management Studies 45 (1): 147-168.
7. Arthurs JD, Hoskisson RE, Busenitz LW, Johnson RA,. 2008. Managerial agents watching other agents: multiple agency conflicts regarding underpricing in IPO firms. Academy of Management Journal 51 (2): 277-294.
8. Bach SB, Judge WQ, Dean TJ,. 2008. A knowledge-based view of IPO success: superior knowledge, isolating mechanisms, and the creation of market value. Journal of Management Issues 20 (4): 507-525.
9. Barney JB,. 1986. Strategic factor markets: expectations, luck, and business strategy. Management Science 32 (10): 1231-1241.
10. Barney JB,. 1991. Firm resources and sustained competitive advantage. Journal of Management 17 (1): 99-120.
11. Bingham CB, Davis JP,. 2012. Learning sequences: their existence, effect, and evolution. Academy of Management Journal 55 (3): 611-641.
12. Blackler F,. 1995. Knowledge, knowledge work and organizations: an overview and interpretation. Organization Studies 16 (6): 1020-1046.
13. Bogner WC, Bansal P,. 2007. Knowledge management as the basis of sustained high performance. Journal of Management Studies 44 (1): 165-188.
14. Box-Steffensmeier JM, Jones BS,. 2006. Event History Modeling: A Guide for Social Scientists. Cambridge University Press: New York.
15. Bozec Y, Laurin C,. 2008. Large shareholder entrechment and performance: empirical evidence from Canada. Journal of Business Finance and Accounting 35 (1): 25-49.
16. Brandenburger AM, Nalebuff BJ,. 1996. Coopetition. Doubleday: New York.
17. Bruderl J, Schussler R,. 1990. Organizational mortality: the liability of newness and adolescence. Administrative Science Quarterly 35 (3): 530-547.
18. Carpenter MA, Geletkanycz MA, Sanders WG,. 2004. Upper echelons research revisited: antecedents, elements, and consequences of top management team composition. Journal of Management 30 (6): 749-778.
19. Chan PS, Heide D,. 1993. Strategic alliances in technology: key competitive weapon. SAM Advanced Management Journal 58 (4): 9-17.
20. Chang SJ,. 2004. Venture capital financing, strategic alliances, and the initial public offerings of Internet startups Journal of Business Venturing 19 (5): 721-741.
21. Chatterjee S, Wernerfelt B,. 1991. The link between resources and type of diversification: theory and evidence. Strategic Management Journal 12 (1): 33-48.
22. Chemmanur TJ, He J,. 2011. IPO waves, product market competition, and the going public decision: theory and evidence. Journal of Financial Economics 101 (2): 382-412.
23. Chen CR, Mohan NJ,. 2002. Underwriter spread, underwriter reputation, and IPO underpricing: a simultaneous equation analysis. Journal of Business Finance and Accounting 29 (3/4): 521-540.
24. Chin C-L, Lee P, Chi H-Y, Anandarajan A,. 2006. Patent citation, R&D spillover, and Tobin's Q: evidence from Taiwan semiconductor industry. Review of Quantitative Finance and Accounting 26 (1): 67-84.
25. Chung KH, Pruitt SW,. 1994. A simple approximation of Tobin's q. Financial Management 23 (3): 70-74.
26. Cohen WM, Levinthal DA,. 1990. Absorptive capacity: a new perspective on learning and innovation. Administrative Science Quarterly 35 (1): 128-152.
27. Conner KR, Prahalad CK,. 1996. A resource-based theory of the firm: knowledge versus opportunism. Organization Science 7 (5): 477-501.
28. Coombs JE, Bierly PE,. 2006. Measuring technological capability and performance. R&D Management 36 (4): 421-438.
29. Cottrell T, Nault BR,. 2004. Product variety and firm survival in the microcomputer software industry. Strategic Management Journal 25 (10): 1005-1025.
30. DeCarolis DM, Deeds D,. 1999. The impact of stocks and flows of organizational knowledge on firm performance: an empirical investigation of the biotechnology industry. Strategic Management Journal 20 (10): 953-968.
31. Demers E, Joos P,. 2007. IPO failure risk. Journal of Accounting Research 45 (2): 333-371.
32. Dierickx I, Cool K,. 1989. Asset stock accumulation and sustainability of competitive advantage. Management Science 35 (12): 1504-1511.
33. Dyer JH, Singh H,. 1998. The relational view: cooperative strategy and sources of interorganizational competitive advantage. Academy of Management Review 23 (4): 660-679.
34. Eisenhardt KM, Schoonhoven C,. 1996. Resource-based view of strategic alliance formation: strategic and social effects in entrepreneurial firms. Organization Science 7 (2): 136-150.
35. Elsayed K,. 2007. Does CEO duality really affect corporate performance? Corporate Governance 15 (6): 1203-1214.
36. Fama EF, French KR,. 2004. New lists: fundamentals and survival rates. Journal of Financial Economics 73 (2): 229-269.
37. Firth RW, Narayanan VK,. 1996. New product strategies of large, dominant product manufacturing firms: an exploratory analysis. Journal of Product Innovation Management 13 (4): 334-347.
38. Forrest JE,. 1990. Strategic alliances and the small technology-based firm. Journal of Small Business Management 28 (3): 37-45.
39. Gopalakrishnan S, Bierly P,. 2001. Analyzing innovation adoption using a knowledge-based approach. Journal of Engineering and Technology Management 18 (2): 107-130.
40. Grant RM,. 1996. Toward a knowledge-based theory of the firm. Strategic Management Journal, Winter Special Issue 17: 109-122.
41. Grindley PC, Teece DJ,. 1997. Managing intellectual capital: licencing and cross-licensing in semiconductors and electronics. California Management Review 39 (2): 8-41.
42. Gulati R, Singh H,. 1998. The architecture of cooperation: managing coordination costs and appropriation concerns in strategic alliances. Administrative Science Quarterly 43 (4): 781-814.
43. Hall B, Jaffe A, Trajtenberg M., 2005. Market value and patent citations Rand Journal of Economics 36 (1): 16-38.
44. Harhoff D, Scherer FM, Vopel V,. 2003. Citations, family size, opposition and the value of patent rights. Research Policy 32 (8): 1343-1363.
45. Hardy C, Phillips N, Lawrence TB,. 2003. Resources, knowledge and influence: the organizational effects of interorganizational collaboration. Journal of Management Studies 40 (2): 321-347.
46. Heeley MB, Matusik SF, Jain N,. 2007. Innovation, appropriability, and the underpricing of initial public offerings. Academy of Management Journal 50 (1): 209-225.
47. Hoang H, Rothaermel FT,. 2010. Leveraging internal and external experience: exploration, exploitation, and R&D project performance. Strategic Management Journal 31 (7): 734-758.
48. Huckman RS, Zinner DE,. 2008. Does focus improve operational performance? Lessons from the management of clinical trials. Strategic Management Journal 29 (2): 173-193.
49. Hull C, Covin JG,. 2010. Learning capability, technological parity, and innovation mode use. Journal of Product Innovation Management 27 (1): 97-114.
50. Itami H, Numagami T,. 1992. Dynamic interaction between strategy and technology. Strategic Management Journal 13: 119-135.
51. Jain BA, Kini O,. 2004. The post-issue operating performance of IPO firms. Journal of Finance 49 (5): 1699-1726.
52. Jain BA, Kini O,. 2008. The impact of strategic investment choices on post-issue operating performance and survival of US IPO firms. Journal of Business Finance and Accounting 35 (3-4): 459-490.
53. Jiang RJ, Tao QT, Santoro MD,. 2010. Alliance portfolio diversity and firm performance. Strategic Management Journal 31 (10): 1136-1144.
54. Kale P, Dyer JH, Singh H,. 2002. Alliance capability, stock market response, and long-term alliance success: the role of the alliance function. Strategic Management Journal 23 (8): 747-767.
55. Kale P, Singh H,. 2007. Building firm capabilities through learning: the role of the alliance learning process in alliance capability and firm-level alliance success. Strategic Management Journal 28 (10): 981-1000.
56. Kang KH, Kang J,. 2009. How do firms source external knowledge for innovation? Analyzing effects of different knowledge sourcing methods. International Journal of Innovation Management 13 (1): 1-17.
57. Katila R, Ahuja G,. 2002. Something old, something new: a longitudinal study of search behavior and new product introduction. Academy of Management Journal 45 (6): 1183-1194.
58. Kelley DJ, Rice MP,. 2002. Leveraging the value of proprietary technologies. Journal of Small Business Management 40 (1): 1-16.
59. Kortum S, Lerner J,. 1999. What is behind the recent surge in patenting? Research Policy 28 (1): 1-22.
60. Krishnan CNV, Ivanov VI, Masulis RW, Singh AK,. 2011. Venture capital reputation, post-IPO performance, and corporate governance. Journal of Financial and Quantitative Analysis 46 (5): 1295-1333.
61. Kumar MVS,. 2010. Differential gains between partners in joint ventures: role of resource appropriation and private benefits. Organization Science 21 (1): 232-248.
62. Lang LHP, Stulz RM,. 1994. Tobin's Q, corporate diversification, and firm performance. Journal of Political Economy 102 (6): 1248-1280.
63. Laursen K, Salter A,. 2006. Open for innovation: the role of openness in explaining innovation performance among U.K. manufacturing firms. Strategic Management Journal 27 (2): 131-150.
64. Ledwith A, Coughlan P,. 2005. Splendid isolation: does networking really increase new product success? Creativity and Innovation Management 14 (4): 366-373.
65. Lerner J,. 1994. The importance of patent scope: an empirical analysis. RAND Journal of Economics 25 (2): 319-333.
66. Leten B, Belderbos R, Van Looy B., 2007. Technological diversification, coherence, and performance of firms Journal of Product Innovation Management 24 (6): 567-579.
67. Lu J, Bearmish PW,. 2001. International diversification and firm performance: the S-curve hypothesis. Academy of Management Journal 47 (4): 598-609.
68. March JG,. 1991. Exploration and exploitation in organizational learning. Organization Science 2 (1): 71-87.
69. McGee JE, Dowling MJ,. 1994. Using R&D cooperative arrangements to leverage managerial experience: a study of technology-intensive new ventures Journal of Business Venturing 9 (1): 33-48.
70. Michel JG, Hambrick DC,. 1992. Diversification posture and top management team characteristics. Academy of Management Journal 35 (1): 9-37.
71. Montgomery CA, Wernerfelt B,. 1988. Diversification, Richardian rents, and Tobin's q. RAND Journal of Economics 19 (4): 623-632.
72. Mowery DC, Oxley JE, Silverman BS,. 1996. Strategic alliances and interfirm knowledge transfer. Strategic Management Journal 17 (1): 77-91.
73. Murphy SA,. 1995. Asymptotic theory for the frailty model. Annals of Statistics 23 (1): 182-198.
74. Nonaka I,. 1994. A dynamic theory of organizational knowledge creation. Organization Science 5 (1): 14-37.
75. Oxley J, Wada T,. 2009. Alliance structure and the scope of knowledge transfer: evidence from U.S.-Japan agreements. Management Science 55 (4): 635-649.
76. Penrose ET,. 1959. The Growth of the Firm. Wiley: New York.
77. Pisano GP,. 1997. The Development Factory. Unlocking the Potential of Process Innovation. Harvard Business School Press: Boston, MA.
78. Ritter JR, Welch I,. 2002. A review of IPO activity, pricing, and allocations. Journal of Finance 57 (4): 1795-1828.
79. Seguin PJ, Smoller MM,. 1997. Share price and mortality: an empirical evaluation of newly listed Nasdaq stocks. Journal of Financial Economics 45 (3): 333-363.
80. Shumway T,. 1997. The delisting bias in CRSP data. Journal of Finance 52 (1): 327-340.
81. Shumway T, Warther VA,. 1999. The delisting bias in CRSP's Nasdaq data and its implications for the size effect. Journal of Finance 54 (6): 2361-2379.
82. Simonin BL,. 1999. Ambiguity and the process of knowledge transfer in strategic alliances. Strategic Management Journal 26 (7): 595-623.
83. Steensma HK, Corley KG,. 2000. On the performance of technology-sourcing partnerships: the interaction between partner interdependence and technology attributes. Academy of Management Journal 43 (6): 1045-1067.
84. Stinchcombe A,. 1965. Social structure and organizations. In Handbook of Organizations, March J, (ed). Chicago, IL: Rand McNally; 142-193.
85. Teece DJ,. 1986. Profiting from technological innovation: Implications for integration, collaborating, licensing, and public policy. Research Policy 15 (6): 285-305.
86. Wagner S, Cockburn I,. 2010. Patents and the survival of internet-related IPOs. Research Policy 39 (2): 214-228.
87. Wernerfelt B,. 1984. A resource-based view of the firm. Strategic Management Journal 5 (2): 171-180.
88. Wernerfelt B, Montgomery CA,. 1988. Tobin's q and the importance of focus in firm performance. American Economic Review 78 (1): 246-250.
89. Williamson OE,. 1985. The Economic Institutions of Capitalism. Free Press: New York.
90. Wysocki PD,. 2007. Discussion of IPO failure risk. Journal of Accounting Research 45 (2): 373-384.
91. Yayavaram S, Ahuja G,. 2008. Decomposability in knowledge structures and its impact on the usefulness of inventions and knowledge-base malleability. Administrative Science Quarterly 53 (2): 333-362.