Firm-Specific Resources and Wealth Creation in High-Technology Ventures: Evidence from Newly Public Biotechnology Firms

DAVID L. DEEDS · Dona Decarolis · Joseph E. Coombs

93 citations0/0 files storedEntrepreneurship Theory and Practice

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Entrepreneurship Studies and Influences Innovation and Knowledge Management Private Equity and Venture Capital

Abstract

We explore the relationship between wealth creation in high-technology ventures and firm-specific resources. We argue that Market Value Added is a particularly appropriate measure of entrepreneurial performance because of its focus on wealth creation, which is the essence of entrepreneurship. We present a model of wealth creation in new ventures based on the resource-based theory of firm behavior. The model suggests that firm-specific research and scientific capabilities are associated with wealth creation. The model is tested on a sample of 89 biotechnology firms. The results provide strong evidence for the hypothesized relationship between firm-specific capabilities and wealth creation in new ventures.

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References

1991Firm Resources and Sustained Competitive Advantage 1990Absorptive Capacity: A New Perspective on Learning and Innovation 1958The Cost of Capital, Corporation Finance and the Theory of Investment 1992Knowledge of the Firm, Combinative Capabilities, and the Replication of Technology 1993The cornerstones of competitive advantage: A resource‐based view 1993Geographic Localization of Knowledge Spillovers as Evidenced by Patent Citations 1971Industrial Market Structure and Economic Performance.1969A General Equilibrium Approach To Monetary Theory

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