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دسته بندی:
مدیریت بازرگانی - Business Management
سال انتشار:
2016
عنوان انگلیسی مقاله:
Acquisitions of start-ups by incumbent businesses: A market selection process of “high-quality” entrants?
ترجمه فارسی عنوان مقاله:
مالکیت استارتاپ های کسب و کار فعلی: آیا فرایند گزینش بازار بنا به ملاحظات "کیفیت بالا" است؟
منبع:
Sciencedirect - Elsevier - Research Policy, 45 (2016) 272-290. doi:10.1016/j.respol.2015.10.002
نویسنده:
Martin Andersson a,b,∗, Jing Xiao a
چکیده انگلیسی:
We analyze the frequency and nature by which new firms are acquired by established businesses. Acquisitions are often considered to reflect a technology transfer process and to also constitute one way in which
a “symbiosis” between new technology-based firms (NTBFs) and established businesses is realized. Using
a micro-level dataset for Sweden in which we follow new entrants up to 18 years after entry, we show
that acquisitions of recent start-ups are rare and restricted to a small group of entrants with defining
characteristics. Estimates from competing risks models show that acquired start-ups, in particular by
multinational enterprises (MNEs), stand out from entrants that either remain independent or exit by
being much more likely to be spin-offs operating in high-tech sectors, having strong technological competence, and having weak internal financial resources. Our overall findings support the argument that
acquisitions primarily concern NTBFs in market contexts where entry costs are large, access to finance is
important and incumbents have valuable complementary capabilities and resources.
Keywords: Acquisitions | Post-entry performance | Market selection | Start-ups | New technology-based firms (NTBFs) | Innovation | Entrepreneurship systems | Access to finance
قیمت: رایگان
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