Founders’ human capital and external knowledge sourcing: Exploring the absorptive capacity of start-up firms

References

• Acs, Z. J., and D. B. Audretsch. 1990. Innovation and Small Firms. Cambridge, MA: MIT Press.
   Google Scholar
• Aghion, P., R. Blundell, R. Griffith, P. Howitt, and S. Prantl. 2009. “The Effects of Entry on Incumbent Innovation and Productivity.” Review of Economics and Statistics 91: 20–32. doi: 10.1162/rest.91.1.20
   Web of Science ®Google Scholar
• Aghion, P., and X. Jaravel. 2015. “Knowledge Spillovers, Innovation and Growth.” Economic Journal 125: 533–573. doi: 10.1111/ecoj.12199
   Web of Science ®Google Scholar
• Aldieri, L., V. Sena, and C. P. Vinci. 2018. “Domestic R&D Spillovers and Absorptive Capacity: Some Evidence for US, Europe and Japan.” International Journal of Production Economics 198: 38–49. doi: 10.1016/j.ijpe.2018.01.015
   Web of Science ®Google Scholar
• Allen, T. J. 1986. “Organizational Structure, Information Technology, and R&D Productivity.” IEEE Transactions on Engineering Management 33: 212–217. doi: 10.1109/TEM.1986.6447681
   Web of Science ®Google Scholar
• Åstebro, T., and I. Bernhardt. 2005. “The Winner’s Curse of Human Capital.” Small Business Economics 24: 63–78. doi: 10.1007/s11187-005-3097-y
   Web of Science ®Google Scholar
• Audretsch, D. B. 1995. “Innovation, Growth and Survival.” International Journal of Industrial Organization 13: 441–457. doi: 10.1016/0167-7187(95)00499-8
   Web of Science ®Google Scholar
• Audretsch, D. B., W. Bönte, and M. Keilbach. 2008. “Entrepreneurship Capital and its Impact on Knowledge Diffusion and Economic Performance.” Journal of Business Venturing 23: 687–698. doi: 10.1016/j.jbusvent.2008.01.006
   Web of Science ®Google Scholar
• Audretsch, D. B., and M. P. Feldman. 1996. “R&D Spillovers and the Geography of Innovation and Production.” American Economic Review 86: 630–640.
   Web of Science ®Google Scholar
• Audretsch, D. B., and E. E. Lehmann. 2005. “Does the Knowledge Spillover Theory of Entrepreneurship Hold for Regions?” Research Policy 34: 1191–1202. doi: 10.1016/j.respol.2005.03.012
   Web of Science ®Google Scholar
• Autant-Bernard, C. 2001. “The Geography of Knowledge Spillovers and Technological Proximity.” Economics of Innovation and New Technology 10: 237–254. doi: 10.1080/10438590100000010
   Google Scholar
• Autio, E., M. Kenney, P. Mustar, D. Siegel, and M. Wright. 2014. “Entrepreneurial Innovation: The Importance of Context.” Research Policy 43: 1097–1108. doi: 10.1016/j.respol.2014.01.015
   Web of Science ®Google Scholar
• Backes-Gellner, U., and A. Werner. 2007. “Entrepreneurial Signaling Via Education: A Success Factor in Innovative Start-ups.” Small Business Economics 29: 173–190. doi: 10.1007/s11187-006-0016-9
   Web of Science ®Google Scholar
• Bates, T. 1990. “Entrepreneur Human Capital Inputs and Small Business Longevity.” Review of Economics and Statistics 72: 551–559. doi: 10.2307/2109594
   Web of Science ®Google Scholar
• Beckman, C. M., M. D. Burton, and C. O’Reilly. 2007. “Early Teams: The Impact of Team Demography on VC Financing and Going Public.” Journal of Business Venturing 22: 147–173. doi: 10.1016/j.jbusvent.2006.02.001
   Web of Science ®Google Scholar
• Berchicci, L. 2013. “Towards an Open R&D System: Internal R&D Investment, External Knowledge Acquisition and Innovative Performance.” Research Policy 42: 117–127. doi: 10.1016/j.respol.2012.04.017
   Web of Science ®Google Scholar
• Bhattacharya, M., and H. Bloch. 2004. “Determinants of Innovation.” Small Business Economics 22: 155–162. doi: 10.1023/B:SBEJ.0000014453.94445.de
   Web of Science ®Google Scholar
• Bos, J. W., and E. Stam. 2014. “Gazelles and Industry Growth: A Study of Young High-Growth Firms in the Netherlands.” Industrial and Corporate Change 23: 145–169. doi: 10.1093/icc/dtt050
   Web of Science ®Google Scholar
• Bosma, N., M. Van Praag, R. Thurik, and G. De Wit. 2004. “The Value of Human and Social Capital Investments for the Business Performance of Startups.” Small Business Economics 23: 227–236. doi: 10.1023/B:SBEJ.0000032032.21192.72
   Web of Science ®Google Scholar
• Butler, A. W., and J. Cornaggia. 2011. “Does Access to External Finance Improve Productivity? Evidence from a Natural Experiment.” Journal of Financial Economics 99: 184–203. doi: 10.1016/j.jfineco.2010.08.009
   Web of Science ®Google Scholar
• Cassar, G. 2006. “Entrepreneur Opportunity Costs and Intended Venture Growth.” Journal of Business Venturing 21: 610–632. doi: 10.1016/j.jbusvent.2005.02.011
   Web of Science ®Google Scholar
• Cassar, G. 2014. “Industry and Startup Experience on Entrepreneur Forecast Performance in New Firms.” Journal of Business Venturing 29: 137–151. doi: 10.1016/j.jbusvent.2012.10.002
   Web of Science ®Google Scholar
• Cassiman, B., and R. Veugelers. 2006. “In Search of Complementarity in Innovation Strategy: Internal R&D and External Knowledge Acquisition.” Management Science 52: 68–82. doi: 10.1287/mnsc.1050.0470
   Web of Science ®Google Scholar
• Cefis, E., and O. Marsili. 2006. “Survivor: The Role of Innovation in Firms’ Survival.” Research Policy 35: 626–641. doi: 10.1016/j.respol.2006.02.006
   Web of Science ®Google Scholar
• Chesbrough, H. 2003. Open Innovation: The New Imperative for Creating and Profiting from Technology. Boston, MA: Harvard Business School Press.
   Google Scholar
• Cincera, M. 2005. “Firms’ Productivity Growth and R&D Spillovers: An Analysis of Alternative Technological Proximity Measures.” Economics of Innovation and New Technology 14: 657–682. doi: 10.1080/10438590500056768
   Google Scholar
• Coad, A., and R. Rao. 2008. “Innovation and Firm Growth in High-Tech Sectors: A Quantile Regression Approach.” Research Policy 37: 633–648. doi: 10.1016/j.respol.2008.01.003
   Web of Science ®Google Scholar
• Cohen, W. M., A. Goto, A. Nagata, R. R. Nelson, and J. P. Walsh. 2002. “R&D Spillovers, Patents and the Incentives to Innovate in Japan and the United States.” Research Policy 31: 1349–1367. doi: 10.1016/S0048-7333(02)00068-9
   Web of Science ®Google Scholar
• Cohen, W. M., and D. A. Levinthal. 1989. “Innovation and Learning: The Two Faces of R&D.” Economic Journal 99: 569–596. doi: 10.2307/2233763
   Web of Science ®Google Scholar
• Cohen, W. M., and D. A. Levinthal. 1990. “Absorptive Capacity: A New Perspective on Learning and Innovation.” Administrative Science Quarterly 35: 128–152. doi: 10.2307/2393553
   Web of Science ®Google Scholar
• Colombo, M. G., and L. Grilli. 2005. “Founders’ Human Capital and the Growth of New Technology-Based Firms: A Competence-Based View.” Research Policy 34: 795–816. doi: 10.1016/j.respol.2005.03.010
   Web of Science ®Google Scholar
• Colombo, M. G., L. Grilli, and E. Piva. 2006. “In Search of Complementary Assets: The Determinants of Alliance Formation of High-Tech Start-ups.” Research Policy 35: 1166–1199. doi: 10.1016/j.respol.2006.09.002
   Web of Science ®Google Scholar
• Cooper, A. C., F. J. Gimeno-Gascon, and C. Y. Woo. 1994. “Initial Human and Financial Capital as Predictors of New Venture Performance.” Journal of Business Venturing 9 (5): 371–395. doi: 10.1016/0883-9026(94)90013-2
   Web of Science ®Google Scholar
• Davidsson, P., and B. Honig. 2003. “The Role of Social and Human Capital Among Nascent Entrepreneurs.” Journal of Business Venturing 18: 301–331. doi: 10.1016/S0883-9026(02)00097-6
   Web of Science ®Google Scholar
• Debrulle, J., J. Maes, and L. Sels. 2014. “Start-up Absorptive Capacity: Does the Owner’s Human and Social Capital Matter?” International Small Business Journal: Researching Entrepreneurship 32: 777–801. doi: 10.1177/0266242612475103
   Web of Science ®Google Scholar
• De Jong, J. P., and M. Freel. 2010. “Absorptive Capacity and the Reach of Collaboration in High Technology Small Firms.” Research Policy 39: 47–54. doi: 10.1016/j.respol.2009.10.003
   Web of Science ®Google Scholar
• Delmar, F., and S. Shane. 2006. “Does Experience Matter? The Effect of Founding Team Experience on the Survival and Sales of Newly Founded Ventures.” Strategic Organization 4: 215–247. doi: 10.1177/1476127006066596
   Google Scholar
• Escribano, A., A. Fosfuri, and J. A. Tribó. 2009. “Managing External Knowledge Flows: The Moderating Role of Absorptive Capacity.” Research Policy 38: 96–105. doi: 10.1016/j.respol.2008.10.022
   Web of Science ®Google Scholar
• Fabrizio, K. R. 2009. “Absorptive Capacity and the Search for Innovation.” Research Policy 38: 255–267. doi: 10.1016/j.respol.2008.10.023
   Web of Science ®Google Scholar
• Freeman, J., G. R. Carroll, and M. T. Hannan. 1983. “The Liability of Newness: Age Dependence in Organizational Death Rates.” American Sociological Review 48: 692–710. doi: 10.2307/2094928
   Web of Science ®Google Scholar
• Fukao, K., and H. U. Kwon. 2006. “Why Did Japan’s TFP Growth Slow Down in the Lost Decade? An Empirical Analysis Based on Firm-Level Data of Manufacturing Firms.” Japanese Economic Review 57: 195–228. doi: 10.1111/j.1468-5876.2006.00359.x
   Web of Science ®Google Scholar
• Fukugawa, N. 2005. “Characteristics of Knowledge Interactions Between Universities and Small Firms in Japan.” International Small Business Journal 23: 379–401. doi: 10.1177/0266242605054052
   Web of Science ®Google Scholar
• Fukugawa, N. 2006. “Science Parks in Japan and Their Value-Added Contributions to New Technology-Based Firms.” International Journal of Industrial Organization 24: 381–400. doi: 10.1016/j.ijindorg.2005.07.005
   Web of Science ®Google Scholar
• Galende, J., and J. M. De la Fuente. 2003. “Internal Factors Determining a Firm’s Innovative Behaviour.” Research Policy 32: 715–736. doi: 10.1016/S0048-7333(02)00082-3
   Web of Science ®Google Scholar
• Galende, J., and I. Suárez. 1999. “A Resource-Based Analysis of the Factors Determining a Firm’s R&D Activities.” Research Policy 28: 891–905. doi: 10.1016/S0048-7333(99)00029-3
   Web of Science ®Google Scholar
• Gimeno, J., T. B. Folta, A. C. Cooper, and C. Y. Woo. 1997. “Survival of the Fittest? Entrepreneurial Human Capital and the Persistence of Underperforming Firms.” Administrative Science Quarterly 42: 750–783. doi: 10.2307/2393656
   Web of Science ®Google Scholar
• Goto, A., and H. Odagiri. 1997. Innovation in Japan. Oxford: Oxford University Press.
   Google Scholar
• Griliches, Z. 1979. “Issues in Assessing the Contribution of Research and Development to Productivity Growth.” Bell Journal of Economics 10: 92–116. doi: 10.2307/3003321
   Google Scholar
• Grilli, L. 2014. “High-Tech Entrepreneurship in Europe: A Heuristic Firm Growth Model and Three ‘(Un-)Easy Pieces’ for Policy-Making.” Industry and Innovation 21: 267–284. doi: 10.1080/13662716.2014.939850
   Web of Science ®Google Scholar
• Hall, B. H., J. Mairesse, and P. Mohnen. 2010. “Measuring the Returns to R&D.” In Handbook of the Economics of Innovation Vol. 2, edited by B. H. Hall, and N. Rosenberg, 1033–1082. Amsterdam: North-Holland.
   Google Scholar
• Honjo, Y. 2015. “Why are Entrepreneurship Levels so Low in Japan?” Japan and the World Economy 36: 88–101. doi: 10.1016/j.japwor.2015.08.002
   Web of Science ®Google Scholar
• Honjo, Y., M. Kato, and H. Okamuro. 2014. “R&D Investment of Start-up Firms: Does Founders’ Human Capital Matter?” Small Business Economics 42: 207–220. doi: 10.1007/s11187-013-9476-x
   Web of Science ®Google Scholar
• Jones, G. K., A. Lanctot, and H. J. Teegen. 2001. “Determinants and Performance Impacts of External Technology Acquisition.” Journal of Business Venturing 16: 255–283. doi: 10.1016/S0883-9026(99)00048-8
   Web of Science ®Google Scholar
• Kato, M., and Y. Honjo. 2015. “Entrepreneurial Human Capital and the Survival of New Firms in High- and Low-Tech Sectors.” Journal of Evolutionary Economics 25: 925–957. doi: 10.1007/s00191-015-0427-3
   Web of Science ®Google Scholar
• Kato, M., H. Okamuro, and Y. Honjo. 2015. “Does Founders’ Human Capital Matter for Innovation? Evidence from Japanese Start-ups.” Journal of Small Business Management 53: 114–128. doi: 10.1111/jsbm.12094
   Web of Science ®Google Scholar
• Kato, M., and H. Zhou. 2018. “Numerical Labor Flexibility and Innovation Outcomes of Start-up Firms.” Technovation 69: 15–27. doi: 10.1016/j.technovation.2017.10.002
   Web of Science ®Google Scholar
• Koga, T. 2003. “Firm Size and R&D Tax Incentives.” Technovation 23: 643–648. doi: 10.1016/S0166-4972(02)00010-X
   Web of Science ®Google Scholar
• Koga, T. 2005. “R&D Subsidy and Self-Financed R&D: The Case of Japanese High-Technology Start-ups.” Small Business Economics 24: 53–62. doi: 10.1007/s11187-005-3096-z
   Web of Science ®Google Scholar
• Kumar, N., and M. Saqib. 1996. “Firm Size, Opportunities for Adaptation and In-House R&D Activity in Developing Countries: The Case of Indian Manufacturing.” Research Policy 25: 713–722. doi: 10.1016/0048-7333(95)00854-3
   Web of Science ®Google Scholar
• Kurokawa, S. 1997. “Make-or-Buy Decisions in R&D: Small Technology Based Firms in the United States and Japan.” IEEE Transactions on Engineering Management 44: 124–134. doi: 10.1109/17.584921
   Web of Science ®Google Scholar
• Laursen, K., and A. Salter. 2004. “Searching High and Low: What Types of Firms Use Universities as a Source of Innovation?” Research Policy 33: 1201–1215. doi: 10.1016/j.respol.2004.07.004
   Web of Science ®Google Scholar
• Link, A. N., D. S. Siegel, and B. Bozeman. 2007. “An Empirical Analysis of the Propensity of Academics to Engage in Informal University Technology Transfer.” Industrial and Corporate Change 16: 641–655. doi: 10.1093/icc/dtm020
   Web of Science ®Google Scholar
• Lynskey, M. J. 2004. “Determinants of Innovative Activity in Japanese Technology-Based Start-up Firms.” International Small Business Journal 22: 159–196. doi: 10.1177/0266242604041312
   Web of Science ®Google Scholar
• Marvel, M. R. 2013. “Human Capital and Search-Based Discovery: A Study of High-Tech Entrepreneurship.” Entrepreneurship Theory and Practice 37: 403–419. doi: 10.1111/j.1540-6520.2011.00465.x
   Web of Science ®Google Scholar
• Marvel, M. R., and G. T. Lumpkin. 2007. “Technology Entrepreneurs’ Human Capital and its Effects on Innovation Radicalness.” Entrepreneurship Theory and Practice 31: 807–828. doi: 10.1111/j.1540-6520.2007.00209.x
   Web of Science ®Google Scholar
• Mata, J., and M. Woerter. 2013. “Risky Innovation: The Impact of Internal and External R&D Strategies Upon the Distribution of Returns.” Research Policy 42: 495–501. doi: 10.1016/j.respol.2012.08.004
   Web of Science ®Google Scholar
• Miotti, L., and F. Sachwald. 2003. “Co-operative R&D: Why and With Whom? An Integrated Framework of Analysis.” Research Policy 32: 1481–1499. doi: 10.1016/S0048-7333(02)00159-2
   Web of Science ®Google Scholar
• Mowery, D. C., and N. Rosenberg. 1989. Technology and the Pursuit of Economic Growth. New York: Cambridge University Press.
   Google Scholar
• Muscio, A. 2007. “The Impact of Absorptive Capacity on SMEs’ Collaboration.” Economics of Innovation and New Technology 16: 653–668. doi: 10.1080/10438590600983994
   Google Scholar
• Nakamura, K., and H. Odagiri. 2005. “R&D Boundaries of the Firm: An Estimation of the Double-Hurdle Model on Commissioned R&D, Joint R&D, and Licensing in Japan.” Economics of Innovation and New Technology 14: 583–615. doi: 10.1080/1043859052000344697
   Google Scholar
• Nishimura, J., and H. Okamuro. 2011a. “Subsidy and Networking: The Effects of Direct and Indirect Support Programs of the Cluster Policy.” Research Policy 40: 714–727. doi: 10.1016/j.respol.2011.01.011
   Web of Science ®Google Scholar
• Nishimura, J., and H. Okamuro. 2011b. “R&D Productivity and the Organization of Cluster Policy: An Empirical Evaluation of the Industrial Cluster Project in Japan.” Journal of Technology Transfer 36: 117–144. doi: 10.1007/s10961-009-9148-9
   Web of Science ®Google Scholar
• Nooteboom, B. 1994. “Innovation and Diffusion in Small Firms: Theory and Evidence.” Small Business Economics 6: 327–347. doi: 10.1007/BF01065137
   Web of Science ®Google Scholar
• Okamuro, H. 2009. “Determinants of R&D Activities by Start-up Firms: Evidence from Japan.” In Small Business: Innovation, Problems and Strategy, edited by J. E. Michaels, and L. F. Piraro, 27–44. New York: Nova Science Publishers.
   Google Scholar
• Okamuro, H., M. Kato, and Y. Honjo. 2011. “Determinants of R&D Cooperation in Japanese Start-ups.” Research Policy 40: 728–738. doi: 10.1016/j.respol.2011.01.012
   Web of Science ®Google Scholar
• Okamuro, H., and J. Nishimura. 2015. “Not Just Financial Support? Another Role of Public Subsidy in University–Industry Research Collaborations.” Economics of Innovation and New Technology 24: 633–659. doi: 10.1080/10438599.2014.973678
   Web of Science ®Google Scholar
• Orlando, M. J. 2004. “Measuring Spillovers from Industrial R&D: On the Importance of Geographic and Technological Proximity.” RAND Journal of Economics 35: 777–786. doi: 10.2307/1593773
   Web of Science ®Google Scholar
• Petersen, M. A., and R. G. Rajan. 2002. “Does Distance Still Matter? The Information Revolution in Small Business Lending.” Journal of Finance 57: 2533–2570. doi: 10.1111/1540-6261.00505
   Web of Science ®Google Scholar
• Piga, C. A., and M. Vivarelli. 2004. “Internal and External R&D: A Sample Selection Approach.” Oxford Bulletin of Economics and Statistics 66: 457–482. doi: 10.1111/j.1468-0084.2004.00089.x
   Web of Science ®Google Scholar
• Pisano, G. P. 1990. “The R&D Boundaries of the Firm: An Empirical Analysis.” Administrative Science Quarterly 35: 153–176. doi: 10.2307/2393554
   Web of Science ®Google Scholar
• Porter, M. E. 1980. Competitive Strategy: Techniques for Analyzing Industries and Competitors. New York: Free Press.
   Google Scholar
• Rauch, A., and S. A. Rijsdijk. 2013. “The Effects of General and Specific Human Capital on Long-Term Growth and Failure of Newly Founded Businesses.” Entrepreneurship Theory and Practice 37: 923–941. doi: 10.1111/j.1540-6520.2011.00487.x
   Web of Science ®Google Scholar
• Rothwell, R. 1992. “Successful Industrial Innovation: Critical Factors for the 1990s.” R&D Management 22: 221–240.
   Web of Science ®Google Scholar
• Rothwell, R., and M. Dodgson. 1991. “External Linkages and Innovation in Small and Medium-Sized Enterprises.” R&D Management 21: 125–138.
   Web of Science ®Google Scholar
• Shan, W., G. Walker, and B. Kogut. 1994. “Interfirm Cooperation and Startup Innovation in the Biotechnology Industry.” Strategic Management Journal 15: 387–394. doi: 10.1002/smj.4250150505
   Web of Science ®Google Scholar
• Shane, S. A. 2000. “Prior Knowledge and the Discovery of Entrepreneurial Opportunities.” Organization Science 11: 448–469. doi: 10.1287/orsc.11.4.448.14602
   Web of Science ®Google Scholar
• Shane, S. A. 2003. A General Theory of Entrepreneurship: The Individual-Opportunity Nexus. Northampton, MA: Edward Elgar Publishing.
   Google Scholar
• Shrader, R., and D. S. Siegel. 2007. “Assessing the Relationship Between Human Capital and Firm Performance: Evidence from Technology-Based New Ventures.” Entrepreneurship Theory and Practice 31: 893–908. doi: 10.1111/j.1540-6520.2007.00206.x
   Web of Science ®Google Scholar
• Siepel, J., M. Cowling, and A. Coad. 2017. “Non-Founder Human Capital and the Long-Run Growth and Survival of High-Tech Ventures.” Technovation 59: 34–43. doi: 10.1016/j.technovation.2016.09.001
   Web of Science ®Google Scholar
• Spithoven, A., B. Clarysse, and M. Knockaert. 2011. “Building Absorptive Capacity to Organise Inbound Open Innovation in Traditional Industries.” Technovation 31: 10–21. doi: 10.1016/j.technovation.2010.10.003
   Web of Science ®Google Scholar
• Stam, E., C. Hartog, A. Van Stel, and R. Thurik. 2011. “Ambitious Entrepreneurship and Macro-Economic Growth.” In The Dynamics of Entrepreneurship. Evidence from the Global Entrepreneurship Monitor Data, edited by M. Minniti, 231–249. Oxford: Oxford University Press.
   Google Scholar
• Stam, E., and A. van de Ven. 2018. Entrepreneurial Ecosystems: A Systems Perspective. U.S.E. Working Paper series 18–6. Utrecht University.
   Google Scholar
• Stam, E., and K. Wennberg. 2009. “The Roles of R&D in New Firm Growth.” Small Business Economics 33: 77–89. doi: 10.1007/s11187-009-9183-9
   Web of Science ®Google Scholar
• Stucki, T. 2016. “How the Founders’ General and Specific Human Capital Drives Export Activities of Start-ups.” Research Policy 45: 1014–1030. doi: 10.1016/j.respol.2016.02.010
   Web of Science ®Google Scholar
• Tether, B. S. 2002. “Who Co-Operates for Innovation, and Why: An Empirical Analysis.” Research Policy 31: 947–967. doi: 10.1016/S0048-7333(01)00172-X
   Web of Science ®Google Scholar
• Ucbasaran, D., P. Westhead, and M. Wright. 2008. “Opportunity Identification and Pursuit: Does an Entrepreneur’s Human Capital Matter?” Small Business Economics 30: 153–173. doi: 10.1007/s11187-006-9020-3
   Web of Science ®Google Scholar
• Unger, J. M., A. Rauch, M. Frese, and N. Rosenbusch. 2011. “Human Capital and Entrepreneurial Success: A Meta Analytical Review.” Journal of Business Venturing 26: 341–358. doi: 10.1016/j.jbusvent.2009.09.004
   Web of Science ®Google Scholar
• Van der Sluis, J., M. Van Praag, and W. Vijverberg. 2008. “Education and Entrepreneurship Selection and Performance: A Review of the Empirical Literature.” Journal of Economic Surveys 22: 795–841. doi: 10.1111/j.1467-6419.2008.00550.x
   Web of Science ®Google Scholar
• Veugelers, R. 1997. “Internal R&D Expenditures and External Technology Sourcing.” Research Policy 26: 303–315. doi: 10.1016/S0048-7333(97)00019-X
   Web of Science ®Google Scholar
• Veugelers, R., and B. Cassiman. 1999. “Make and Buy in Innovation Strategies: Evidence from Belgian Manufacturing Firms.” Research Policy 28: 63–80. doi: 10.1016/S0048-7333(98)00106-1
   Web of Science ®Google Scholar
• Wooldridge, J. M. 2010. Econometric Analysis of Cross Section and Panel Data. Cambridge, MA: MIT Press.
   Google Scholar
• Wu, L. Y. 2007. “Entrepreneurial Resources, Dynamic Capabilities and Start-up Performance of Taiwan’s High-Tech Firms.” Journal of Business Research 60: 549–555. doi: 10.1016/j.jbusres.2007.01.007
   Web of Science ®Google Scholar
• Zahra, S. A., and G. George. 2002. “Absorptive Capacity: A Review, Reconceptualization, and Extension.” Academy of Management Review 27: 185–203. doi: 10.5465/amr.2002.6587995
   Web of Science ®Google Scholar
• Zhou, H., P. G. Sandner, S. L. Martinelli, and J. H. Block. 2016. “Patents, Trademarks, and Their Complementarity in Venture Capital Funding.” Technovation 47: 14–22. doi: 10.1016/j.technovation.2015.11.005
   Web of Science ®Google Scholar