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عنوان فارسی مقاله:
سرمایه انسانی غیر بنیانگذار و رشد و بقای درازمدت پروژه های با تکنولوژی بالا
عنوان انگلیسی مقاله:
Non-founder human capital and the long-run growth and survival of hightech ventures
سال انتشار : 2017
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بخشی از مقاله انگلیسی:
2. Literature review
2.1. Founder and non-founder human capital and firm performance Much of the literature relating to human capital in entrepreneurial firms has considered firm performance through the lens of the ‘upper echelon’ perspective (Hambrick and Mason, 1984; see Carpenter et al., 2004 for a survey). This view argues that the performance of a firm reflects the experiences, skills, values and motivations of the founder, CEO and/or top management team. This view is commonly used both in the study of larger firms (for instance Hitt et al., 2001, Lynskey, 2004), as well as entrepreneurial firms and new technology-based firms (NTBFs) (Cooper et al., 1994; Westhead and Cowling, 1995; Brüderl et al., 1992; Storey and Tether, 1998; Baron et al, 1999; Baron et al, 2001; Colombo and Delmastro, 2001; Aspelund et al., 2005; Colombo and Grilli, 2005, 2010; Ganotakis, 2012; Visintin and Pittino, 2014). This proposition is supported by the literature on survival and human capital, which shows that firms whose founders have lower levels of general and specific human capital are more likely to fail (Cooper et al., 1994; Ucbasaran et al., 2007). Low levels of founding team human capital in terms of industry and start-up experience have generally been associated with lower survival and performance as well (Delmar, 2006; Delmar and Shane, 2004; Huang et al., 2012). These findings support the view within the literature using upper echelon theory that founders’ skills and experience are vital for identification of entrepreneurial opportunities. (Davidsson and Honig, 2003). In the context of high tech ventures, founders are more likely to come from a technical background (Cooper et al., 1994; Westhead and Cowling, 1995; Oakey 2003), which gives them the ability to identify opportunities for new innovations (Shane and Venkataraman, 2000; Colombo and Grilli, 2005). Founders' importance for a firm's prospects for growth sometimes overshadows the role of other, non-founder forms of human capital (Klaas et al., 2010). Human capital within the workforce is also hugely important and contributes to organizational performance (Wright et al., 2001; Smith et al., 2005; Collins and Smith, 2006; De Winne and Sels 2010; Andries and Czarnitzki 2014; Delgado-Verde et al., 2016; Sommer et al., 2016). Yet in the context of innovative firms technical skills are often prioritized at the expense of complementary managerial skills required to bring products to market (Blaydon et al., 1999; Paradkar et al., 2015). In order for innovative firms to capture value from their innovations, there exists a range of non-technical human capital required, including general human capital (i.e. general management, production) or human capital specialized to the specific knowledge and context of the firm (i.e. R & D); (Helfat and Lieberman, 2002). These are particularly important in high-tech ventures, given that founders are more likely to have a technical background and therefore need to source these complementary sources of human capital from the workforce. Recent research by Dahl and Klepper (2015) on hiring practices of new Danish firms suggests that employees are effectively sorted by ability, with higher quality employees being paid higher salaries by more resource-endowed firms that have shown higher growth levels and prospects of survival. This finding has been supported by Sommer et al. (2016), who find that perceived innovativeness of a firm makes the firm more attractive to potential employees. This study tests one implication of Dahl and Klepper's (2015) work, which is that firms that are unable to access key skills in early stages will be likely to show lower levels of performance and survival over the long-run. 2.2. Growth ambitions, access to resources and survival A firm's survival is predicated on the founder or manager's desire to continue the business, and consequently this fundamental decision has been highlighted throughout the literature in a number of ways. This paper's particular focus relates to how this decision evolves over time. The selection model of Jovanovic (1982) highlights that low expectations for firm performance and higher paying options outside the firm will lead firms to exit. This broad expectation is not necessarily empirically demonstrated, as there are many firms that perform poorly yet remain in operation (Ruhnka et al., 1992; van Witteloostuijn, 1998; Nightingale and Coad, 2014). Gimeno et al. (1997) explored the question of why some businesses survive while others with similar (or superior) resource endowments do not, and ultimately argued that firms (and more specifically entrepreneurs and managers) have a performance threshold that must be met for the firm to remain in business. In particular, entrepreneurs with higher levels of human capital and opportunities for work in alternate jobs are less likely to tolerate lower levels of economic performance, whereas entrepreneurs with lower levels of social capital but higher levels of psychic income (that is, intangible returns to the job) are likely to tolerate poor performance and thus survive. More recent work by DeTienne et al. (2008) builds on those findings by identifying a number of factors that lead entrepreneurs to increase their commitment to a venture despite poor performance, including market opportunities, personal investment, personal options, previous organizational success and perceived collective efficacy of the organization.
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کلمات کلیدی:
The Effects of General and Specific Human Capital on Long‐Term ... onlinelibrary.wiley.com/doi/10.1111/j.1540-6520.2011.00487.x/pdf by A Rauch - 2013 - Cited by 73 - Related articles founded business ventures achieve long-term growth and reduce their chances of failure. Using a ... Unexpectedly, specific human capital was not related to. [PDF]Entrepreneurial Choices of Initial Human Capital ... - Description https://papers.tinbergen.nl/16030.pdf by V Rocha - Cited by 1 - Related articles The founder (team)'s human capital is a vital determinant of future firm performance. This is ... examine include venture survival and firm-level employment growth. ... and the choice of quality level of non-founder employees. ..... First, earlier results on the association between founder (team) human capital and long-term firm. Josh Siepel - Google Scholar Citations scholar.google.co.uk/citations?user=37XvMtAAAAAJ&hl=en Senior Lecturer, SPRU, University of Sussex - sussex.ac.uk Non-founder human capital and the long-run growth and survival of high-tech ... Growth processes of high-growth firms as a four-dimensional chicken and egg. Handbook of Regional Growth and Development Theories https://books.google.com/books?isbn=1848445989 Roberta Capello, Peter Nijkamp - 2010 - Business & Economics The other major growth theory – exogenous growth theory – was founded much ... growth theories have failed to explain non-convergence between countries. ... growth theory is that policy measures can impact on the long-run growth rate of the ... savings and/or investment levels, new technology and human capital (that is, ... [PDF]Long-run growth and survival of UK high technology firms - Nesta https://www.nesta.org.uk/.../long_run_growth_and_survival_of_uk_high_technology... known about factors contributing to these firms' long-run growth and survival. We .... firm variables such as size, number of founders, initial size1, and age all play key .... attention has been paid to other, non-entrepreneur human capital in firms.
