Abstract
Although financial resources are critical to new ventures, is having more of them always a good thing? Intrigued by industry observations and building on behavioral research into the limitations of munificent resources, we argue that financial munificence can have a negative moderating effect on the impact of R&D investment on venture survival. We further propose that three CEO attributes (i.e., work experience, education, and gender) can mitigate this negative moderating effect. Analyses of a six-year longitudinal dataset of 791 new technology ventures provide strong support for our hypotheses. We contribute to the behavioral research on how resource munificence matters for new ventures by examining the indirect downside of financial munificence and demonstrating how certain CEO attributes can mitigate this effect.
Plain English Summary
While capital is essential for new ventures to innovate and survive, is having more of it always good? Our research shows “No” because more money may “spoil the child” by reducing the benefits that new ventures enjoy from R&D investment. We analyzed 791 new technology ventures across six years and found evidence of a side effect of munificent financial resources, such that when ventures have high levels of financial munificence, they garner fewer survival benefits from increasing R&D. This side effect is weakened when ventures have CEOs who are more experienced, highly educated, or female. These findings extend previous research on the limitations of financial munificence by showing its negative moderating effect on the R&D–survival relationship. For entrepreneurs and venture capitalists in the industry, we advise caution regarding the role of abundant financial resources in new ventures.
This is a preview of subscription content, log in via an institution to check access.
Similar content being viewed by others
Notes
For more detailed information on the calculation and effectiveness of the score, please see https://test-docs.labs.dnbdirectapps.com/static/doc-uploads/supplier/en-US/fss_7.1_understanding_10.2009.pdf
To check the validity of this measure, we obtained information on the cash holdings of the ventures and tested the correlation between the two variables. In a subsample of 2386 observations, the correlation between financial munificence and cash holdings is 0.13 (p < 0.01), which provide support for our measure.
The list of tech-zones by metro area is obtained from the Milken Institute, and detailed methodology and rankings are available at https://milkeninstitute.org/
Crunchbase.com; businessinsider.com.
References
Acs, Z. J., Braunerhjelm, P., Audretsch, D. B., & Carlsson, B. (2009). The knowledge spillover theory of entrepreneurship. Small Business Economics, 32(1), 15–30. https://doi.org/10.1007/s11187-008-9157-3.
Ahuja, G., & Novelli, E. (2017). Activity overinvestment: The case of R&D. Journal of Management, 43(8), 2456–2468. https://doi.org/10.1177/0149206317695770.
Allison P. D. (2014). Event history and survival analysis: Regression for longitudinal event data. SAGE publications.
Alvarez, S. A., & Busenitz, L. W. (2001). The entrepreneurship of resource–based theory. Journal of Management, 27(6), 755–775. https://doi.org/10.1177/014920630102700609.
Amezcua, A. S., Grimes, M. G., Bradley, S. W., & Wiklund, J. (2013). Organizational sponsorship and founding environments: A contingency view on the survival of business–incubated firms, 1994–2007. Academy of Management Journal, 56(6), 1628–1654. https://doi.org/10.5465/amj.2011.0652.
Andries, P., Debackere, K., & van Looy, B. (2013). Simultaneous experimentation as a learning strategy: Business model development under uncertainty. Strategic Entrepreneurship Journal, 7(4), 288–310. https://doi.org/10.1002/sej.1170.
Baker, T., & Nelson, R. E. (2005). Creating something from nothing: Resource construction through entrepreneurial bricolage. Administrative Science Quarterly, 50(3), 329–366. https://doi.org/10.2189/asqu.2005.50.3.329.
Balasubramanian, N. (2011). New plant venture performance differences among incumbent, diversifying, and entrepreneurial firms: The impact of industry learning intensity. Management Science, 57(3), 549–565. https://doi.org/10.1287/mnsc.1100.1294.
Box–Steffensmeier J. M., Box–Steffensmeier J. M., & Jones B. S. (2004). Event history modeling: A guide for social scientists. Cambridge University Press.
Bradley, S. W., Wiklund, J., & Shepherd, D. A. (2011). Swinging a double–edged sword: The effect of slack on entrepreneurial management and growth. Journal of Business Venturing, 26(5), 537–554. https://doi.org/10.1016/j.jbusvent.2010.03.002.
Bruderl, J., & Schussler, R. (1990). Organizational mortality: The liabilities of newness and adolescence. Administrative Science Quarterly, 35(3), 530. https://doi.org/10.2307/2393316.
Capasso, M., Treibich, T., & Verspagen, B. (2015). The medium-term effect of R&D on firm growth. Small Business Economics, 45(1), 39–62. https://doi.org/10.1007/s11187-015-9640-6.
Cassar, G. (2010). Are individuals entering self–employment overly optimistic? An empirical test of plans and projections on nascent entrepreneur expectations. Strategic Management Journal, 31(8), 822–840.
Cassar, G. (2014). Industry and startup experience on entrepreneur forecast performance in new firms. Journal of Business Venturing, 29(1), 137–151. https://doi.org/10.1002/smj.83.
Chen, E. L., Katila, R., McDonald, R., & Eisenhardt, K. M. (2010). Life in the fast lane: Origins of competitive interaction in new vs. established markets. Strategic Management Journal, 31(13), 1527–1547. https://doi.org/10.1002/smj.89.
Coad, A., Frankish, J. S., Roberts, R. G., & Storey, D. J. (2016). Predicting new venture survival and growth: Does the fog lift? Small Business Economics, 47(1), 217–241. https://doi.org/10.1007/s11187-016-9713-1.
Cornelissen, J. P., & Clarke, J. S. (2010). Imagining and rationalizing opportunities: Inductive reasoning and the creation and justification of new ventures. Academy of Management Review, 539–557,. https://doi.org/10.5465/AMR.2010.53502700.
Crawford, G. C., Aguinis, H., Lichtenstein, B., Davidsson, P., & McKelvey, B. (2015). Power law distributions in entrepreneurship: Implications for theory and research. Journal of Business Venturing, 30(5), 696–713. https://doi.org/10.1016/j.jbusvent.2015.01.001.
Cuervo-Cazurra, A., & Annique, U. C. (2010). Why some firms never invest in formal R&D. Strategic Management Journal, 31(7), 759–779. https://doi.org/10.1002/smj.836.
Cunha, M. P. E., Rego, A., Oliveira, P., Rosado, P., & Habib, N. (2014). Product innovation in resource–poor environments: Three research streams. Journal of Product Innovation Management, 31(2), 202–210. https://doi.org/10.1111/jpim.12090.
Cyert, R. M., & March, J. G. (1963). A behavioral theory of the firm. Prentice Hall.
Damanpour, F. (1991). Organizational innovation: A meta–analysis of effects of determinants and moderators. Academy of Management Journal, 34, 555–590. https://doi.org/10.2307/256406.
De Carolis, D. M., Yang, Y., Deeds, D. L., & Nelling, E. (2009). Weathering the storm: The benefit of resources to high–technology ventures navigating adverse events. Strategic Entrepreneurship Journal, 3(2), 147–160. https://doi.org/10.1002/sej.68.
Dencker, J. C., & Gruber, M. (2015). The effects of opportunities and founder experience on new firm performance. Strategic Management Journal, 36(7), 1035–1052. https://doi.org/10.1002/smj.2269.
Dencker, J. C., Gruber, M., & Shah, S. K. (2009). Pre–entry knowledge, learning, and the survival of new firms. Organization Science, 20(3), 516–537. https://doi.org/10.1287/orsc.1080.0387.
Dezsö, C. L., & Ross, D. G. (2012). Does female representation in top management improve firm performance? A panel data investigation. Strategic Management Journal, 33(9), 1072–1089. https://doi.org/10.1002/smj.1955.
Diestre, L., Rajagopalan, N., & Dutta, S. (2015). Constraints in acquiring and utilizing directors’ experience: An empirical study of new-market entry in the pharmaceutical industry. Strategic Management Journal, 36(3), 339–359. https://doi.org/10.1002/smj.1978.
Esteve-Pérez, S., & Mañez-Castillejo, J. A. (2008). The resource-based theory of the firm and firm survival. Small Business Economics, 30(3), 231–249. https://doi.org/10.1007/s11187-006-9011-4.
Faccio, M., Marchica, M.-T., & Mura, R. (2016). CEO gender, corporate risk–taking, and the efficiency of capital allocation. Journal of Corporate Finance, 39, 193–209. https://doi.org/10.1016/J.JCORPFIN.2016.02.
Falk, M. (2012). Quantile estimates of the impact of R&D intensity on firm performance. Small Business Economics, 39(1), 19–37. https://doi.org/10.1007/s11187-010-9290-7.
Fairlie, R. W., & Robb, A. M. (2009). Gender differences in business performance: Evidence from the characteristics of business owners survey. Small Business Economics, 33(4), 375–395. https://doi.org/10.1007/s11187-009-9207-5.
Farhat, J., Matusik, S., Robb, A., & Robinson, D. T. (2018). New directions in entrepreneurship research with the Kauffman Firm Survey. Small Business Economics, 50(3), 521–532. https://doi.org/10.1007/s11187-017-9905-3.
Feldman, M. S., & Worline, M. C. (2012). Resources, resourcing, and ampliative cycles in organizations. In G. M. Spreiter & K. S. Cameron (Eds.), The Oxford handbook of positive organizational scholarship (pp. 1–14). Oxford University Press.
Ganster, D. C. (2005). Executive job demands: Suggestions from a stress and decision-making perspective. Academy of Management Review, 30(3), 492–502. https://doi.org/10.5465/AMR.2005.17293366.
Garg, S., & Eisenhardt, K. M. (2017). Unpacking the CEO–Board relationship: How strategy making happens in entrepreneurial firms. Academy of Management Journal, 60(5), 1828–1858. https://doi.org/10.5465/amj.2014.0599.
George, G. (2005). Slack resources and the performance of privately held firms. Academy of Management Journal, 48(4), 661–676. https://doi.org/10.5465/AMJ.2005.17843944.
Geroski, P. A., Mata, J., & Portugal, P. (2010). Founding conditions and the survival of new firms. Strategic Management Journal, 31(5), 510–529. https://doi.org/10.1002/smj.823.
Gilbert, B. A., McDougall, P. P., & Audretsch, D. B. (2006). New venture growth: A review and extension. Journal of Management, 32(6), 926–950. https://doi.org/10.1177/0149206306293860.
Gimeno, J., Folta, T. B., Cooper, A. C., & Woo, C. Y. (1997). Survival of the fittest? Entrepreneurial human capital and the persistence of underperforming firms. Administrative Science Quarterly, 42(4), 750. https://doi.org/10.2307/2393656.
Grégoire, D. A., Barr, P. S., & Shepherd, D. A. (2010). Cognitive processes of opportunity recognition: The role of structural alignment. Organization Science, 21(2), 413–431. https://doi.org/10.1287/orsc.1090.0462.
Haeussler, C., Patzelt, H., & Zahra, S. A. (2012). Strategic alliances and product development in high technology new firms: The moderating effect of technological capabilities. Journal of Business Venturing, 27(2), 217–233. https://doi.org/10.1016/J.JBUSVENT.2010.10.
Hambrick, D. C. (2007). Upper echelons theory: An update. Academy of Management Review, 334–343,. https://doi.org/10.1057/9781137294678.0713.
Hambrick, D. C., & Finkelstein, S. (1987). Managerial discretion: A bridge between polar views of organizational outcomes. Research in Organizational Behavior, 9, 369–406. https://doi.org/10.1016/S0076-6879(82)89033-2.
Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193–206. https://doi.org/10.5465/AMR.1984.4277628.
Hambrick, D. C., Finkelstein, S., & Mooney, A. C. (2005). Executive job demands: New insights for explaining strategic decisions and leader behaviors. Academy of Management Review, 30(3), 472–491. https://doi.org/10.5465/amr.2005.17293355.
Hambrick, D. C., Humphrey, S. E., & Gupta, A. (2015). Structural interdependence within top management teams: A key moderator of upper echelons predictions. Strategic Management Journal, 36(3), 449–461. https://doi.org/10.1002/smj.2230.
Hechavarría, D. M., Matthews, C. H., & Reynolds, P. D. (2016). Does start–up financing influence start–up speed? Evidence from the panel study of entrepreneurial dynamics. Small Business Economics, 46(1), 137–167. https://doi.org/10.1007/s11187-015-9680-y.
Hellmann, T., & Wasserman, N. (2017). The first deal: The division of founder equity in new ventures. Management Science, 63(8), 2647–2666. https://doi.org/10.1287/mnsc.2016.2474.
Hmieleski, K. M., Corbett, A. C., & Baron, R. A. (2013). Entrepreneurs’ improvisational behavior and firm performance: A study of dispositional and environmental moderators. Strategic Entrepreneurship Journal, 7(2), 138–150. https://doi.org/10.1002/sej.1143.
Hsu, D. H., & Ziedonis, R. H. (2013). Resources as dual sources of advantage: Implications for valuing entrepreneurial-firm patents. Strategic Management Journal, 34(7), 761–781. https://doi.org/10.1002/smj.2037.
Jeong, S.-H., & Harrison, D. A. (2017). Glass breaking, strategy making, and value creating: Meta–analytic outcomes of women as CEOs and TMT members. Academy of Management Journal, 60(4), 1219–1252. https://doi.org/10.5465/amj.2014.0716.
Katila, R., & Shane, S. (2005). When does lack of resources make new firms innovative? Academy of Management Journal, 48(5), 814–829. https://doi.org/10.5465/amj.2005.18803924.
Katila, R., Chen, E. L., & Piezunka, H. (2012). All the right moves: How entrepreneurial firms compete effectively. Strategic Entrepreneurship Journal, 6(2), 116–132. https://doi.org/10.1002/sej.1130.
Kim, H., Kim, H., & Lee, P. M. (2008). Ownership structure and the relationship between financial slack and R&D investments: Evidence from Korean firms. Organization Science, 19(3), 404–418. https://doi.org/10.1287/orsc.1080.0360.
Klotz, A. C., Hmieleski, K. M., Bradley, B. H., & Busenitz, L. W. (2014). New venture teams: A review of the literature and roadmap for future research. Journal of Management, 40(1), 226–255. https://doi.org/10.1177/0149206313493325.
Kor, Y. Y., & Misangyi, V. F. (2008). Outside directors’ industry-specific experience and firms’ liability of newness. Strategic Management Journal, 29(12), 1345–1355. https://doi.org/10.1002/smj.709.
Langowitz, N., & Minniti, M. (2007). The entrepreneurial propensity of women. Entrepreneurship Theory and Practice, 31(3), 341–364. https://doi.org/10.1111/j.1540-6520.2007.00177.x.
Lyngsie, J., & Foss, N. J. (2017). The more, the merrier? Women in top–management teams and entrepreneurship in established firms. Strategic Management Journal, 38(3), 487–505. https://doi.org/10.1002/smj.2510.
Manzaneque, M., Rojo-Ramírez, A. A., Diéguez-Soto, J., & Martínez-Romero, M. J. (2020). How negative aspiration performance gaps affect innovation efficiency. Small Business Economics, 54(1), 209–233. https://doi.org/10.1007/s11187-018-0091-8.
Mata, J., & Portugal, P. (2002). The survival of new domestic and foreign-owned firms. Strategic Management Journal, 23(4), 323–343. https://doi.org/10.1002/smj.217.
Modi, S. B., & Mishra, S. (2011). What drives financial performance-resource efficiency or resource slack?: Evidence from U.S. based manufacturing firms from 1991 to 2006. Journal of Operations Management, 29(3), 254–273. https://doi.org/10.1016/j.jom.2011.01.002.
Morse, E. A., Fowler, S. W., & Lawrence, T. B. (2007). The impact of virtual embeddedness on new venture survival: Overcoming the liabilities of newness. Entrepreneurship Theory and Practice, 31(2), 139–159. https://doi.org/10.1111/j.1540-6520.2007.00167.x.
Mosakowski, E. (2017). Overcoming resource disadvantages in entrepreneurial firms: When less is more. Strategic Entrepreneurship: Creating a New Mindset, 106–126,. https://doi.org/10.1002/9781405164085.ch6.
Nadkarni, S., & Chen, J. (2014). Bridging yesterday, today, and tomorrow: CEO temporal focus, environmental dynamism, and rate of new product introduction. Academy of Management Journal, 57(6), 1810–1833. https://doi.org/10.5465/amj.2011.0401.
Ortega-Argilés, R., & Moreno, R. (2009). Evidence on the role of ownership structure on firms’ innovative performance. Investigaciones Regionales, 15, 231–250.
Ortega-Argilés, R., Moreno, R., & Suriñach, J. (2005). Ownership structure and innovation: Is there a real link? Annals of Regional Science, 39(4), 637–662. https://doi.org/10.1007/s00168-005-0026-6.
Ortega-Argilés, R., Vivarelli, M., & Voigt, P. (2009). R&D in SMEs: A paradox?. Small Business Economics, 33(1), 3–11. https://doi.org/10.1007/s11187-009-9187-5.
Packalen, K. A. (2007). Complementing capital: The role of status, demographic features, and social capital in founding teams’ abilities to obtain resources. Entrepreneurship Theory and Practice, 31(6), 873–891. https://doi.org/10.1111/j.1540-6520.2007.00210.x.
Paeleman, I., & Vanacker, T. (2015). Less is more, or not? On the interplay between bundles of slack resources, firm performance and firm survival. Journal of Management Studies, 52(6), 819–848. https://doi.org/10.1111/joms.12135.
Park, M. H. J., Lim, J. W., & Birnbaum-More, P. H. (2009). The effect of multiknowledge individuals on performance in cross-functional new product development teams. Journal of Product Innovation Management, 26(1), 86–96. https://doi.org/10.1111/j.1540-5885.2009.00336.x.
Pe’er, A., & Keil, T. (2013). Are all startups affected similarly by clusters? Agglomeration, competition, firm heterogeneity, and survival. Journal of Business Venturing, 28(3), 354–372. https://doi.org/10.1016/j.jbusvent.2012.03.004.
Pe’er, A., Vertinsky, I., & Keil, T. (2016). Growth and survival: The moderating effects of local agglomeration and local market structure. Strategic Management Journal, 37(3), 541–564. https://doi.org/10.1002/smj.2331.
Pierce, J. R., & Aguinis, H. (2013). The too-much-of-a-good-thing effect in management. Journal of Management, 39(2), 313–338. https://doi.org/10.1177/0149206311410060.
Post, C., & Byron, K. (2015). Women on boards and firm financial performance: A meta–analysis. Academy of Management Journal, 58(5), 1546–1571. https://doi.org/10.5465/amj.2013.0319.
Robinson, K. C. (1999). An examination of the influence of industry structure on eight alternative measures of new venture performance for high potential independent new ventures. Journal of Business Venturing, 14(2), 165–187. https://doi.org/10.1016/S0883-9026(97)00083-9.
Rosenbusch, N., Brinckmann, J., & Bausch, A. (2011). Is innovation always beneficial? A meta–analysis of the relationship between innovation and performance in SMEs. Journal of Business Venturing, 26(4), 441–457. https://doi.org/10.1016/j.jbusvent.2009.12.002.
Ryan, T. P. (1997). Modern regression methods. John Wiley & Sons.
Santos, G., Marques, C. S., & Ferreira, J. J. (2018). A look back over the past 40 years of female entrepreneurship: Mapping knowledge networks. Scientometrics, 115(2), 953–987. https://doi.org/10.1007/s11192-018-2705-y.
Senyard, J., Baker, T., Steffens, P., & Davidsson, P. (2014). Bricolage as a path to innovativeness for resource-constrained new firms. Journal of Product Innovation Management, 31(2), 211–230. https://doi.org/10.5464/AMBPP.2011.141.a.
Shepherd, D. A., Williams, T. A., & Patzelt, H. (2015). Thinking about entrepreneurial decision making: Review and research agenda. Journal of Management, 41(1), 11–46. https://doi.org/10.1177/0149206314541153.
Smith, K. G., Collins, C. J., & Clark, K. D. (2005). Existing knowledge, knowledge creation capability, and the rate of new product introduction in high–technology firms. Academy of Management Journal, 48(2), 346–357. https://doi.org/10.5465/AMJ.2005.16928421.
Sonenshein, S. (2014). How organizations foster the creative use of resources. Academy of Management Journal, 57(3), 814–848. https://doi.org/10.5465/amj.2012.0048.
Stam, E., & Wennberg, K. (2009). The roles of R&D in new firm growth. Small Business Economics, 33(1), 77–89. https://doi.org/10.1007/s11187-009-9183-9.
Stenholm, P., & Renko, M. (2016). Passionate bricoleurs and new venture survival. Journal of Business Venturing, 31(5), 595–611. https://doi.org/10.1016/j.jbusvent.2016.05.004.
Stewart, W. H., Watson, W. E., Carland, J. C., & Carland, J. W. (1999). A proclivity for entrepreneurship: A comparison of entrepreneurs, small business owners, and corporate managers. Journal of Business Venturing, 14(2), 189–214. https://doi.org/10.1016/S0883-9026(97)00070-0.
Su, Z., Xie, E., & Li, Y. (2011). Entrepreneurial orientation and firm performance in new ventures and established firms. Journal of Small Business Management, 49(4), 558–577. https://doi.org/10.1111/j.1540-627X.2011.00336.x.
Tabesh, P., Vera, D., & Keller, R. T. (2019). Unabsorbed slack resource deployment and exploratory and exploitative innovation: How much does CEO expertise matter? Journal of Business Research, 94, 65–80. https://doi.org/10.1016/j.jbusres.2018.08.023.
Tan, J., & Peng, M. W. (2012). Organizational slack and firm performance during economic transitions: Two studies from an emerging economy. SSRN Electronic Journal, 24(13), 1249–1263. https://doi.org/10.2139/ssrn.1552171.
Taylor, A., & Greve, H. R. (2006). Superman or the fantastic four? Knowledge combination and experience in innovative teams. Academy of Management Journal, 49(4), 723–740. https://doi.org/10.5465/AMJ.2006.22083029.
Tian, J., Haleblian, J., & Rajagopalan, N. (2011). The effects of board human and social capital on investor reactions to new CEO selection. Strategic Management Journal, 32(7), 731–747. https://doi.org/10.1002/smj.909.
Ucbasaran, D., Westhead, P., & Wright, M. (2008). Opportunity identification and pursuit: Does an entrepreneur’s human capital matter? Small Business Economics, 30(2), 153–173. https://doi.org/10.1007/s11187-006-9020-3.
Unger, J. M., Rauch, A., Frese, M., & Rosenbusch, N. (2011). Human capital and entrepreneurial success: A meta–analytical review. Journal of Business Venturing, 26(3), 341–358. https://doi.org/10.1016/j.jbusvent.2009.09.004.
Uygur, U., & Kim, S. M. (2016). Evolution of entrepreneurial judgment with venture-specific experience. Strategic Entrepreneurship Journal, 10(2), 169–193. https://doi.org/10.1002/sej.1222.
Vanacker, T., Collewaert, V., & Paeleman, I. (2013). The relationship between slack resources and the performance of entrepreneurial firms: The role of venture capital and angel investors. Journal of Management Studies, 50(6), 1070–1096. https://doi.org/10.1111/joms.12026.
Vanacker, T., Collewaert, V., & Zahra, S. A. (2017). Slack resources, firm performance, and the institutional context: Evidence from privately held European firms. Strategic Management Journal, 38(6), 1305–1326. https://doi.org/10.1002/smj.2583.
Welter, C., Mauer, R., & Wuebker, R. J. (2016). Bridging behavioral models and theoretical concepts: Effectuation and bricolage in the opportunity creation framework. Strategic Entrepreneurship Journal, 10(1), 5–20. https://doi.org/10.1002/sej.1215.
Wennberg, K., Wiklund, J., DeTienne, D. R., & Cardon, M. S. (2010). Reconceptualizing entrepreneurial exit: Divergent exit routes and their drivers. Journal of Business Venturing, 25(4), 361–375. https://doi.org/10.1016/j.jbusvent.2009.01.001.
Xu, D., Zhou, K. Z., & Du, F. (2019). Deviant versus aspirational risk taking: The effects of performance feedback on bribery expenditure and R&D intensity. Academy of Management Journal, 62(4), 1226–1251. https://doi.org/10.5465/amj.2016.0749.
Zhang, Y., & Li, H. (2010). Innovation search of new ventures in a technology cluster: The role of ties with service intermediaries. Strategic Management Journal, 31(1), 88–109. https://doi.org/10.1002/smj.806.
Zhao, E. Y., & Wry, T. (2016). Not all inequality is equal: Deconstructing the societal logic of patriarchy to understand microfinance lending to women. Academy of Management Journal, 59(6), 1994–2020. https://doi.org/10.5465/amj.2015.0476.
Zhou, K. Z., Gao, G. Y., & Zhao, H. (2017). State ownership and firm innovation in China: An integrated view of institutional and efficiency logics. Administrative Science Quarterly, 62(2), 375–404. https://doi.org/10.1177/0001839216674457.
Funding
The paper is supported by a Seed Fund for Basic Research from the University of Hong Kong (No. 104005268).
Author information
Authors and Affiliations
Corresponding author
Additional information
Publisher's Note
Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.
Rights and permissions
About this article
Cite this article
Wang, A.X., Zhou, K.Z. Financial munificence, R&D intensity, and new venture survival: critical roles of CEO attributes. Small Bus Econ 59, 1641–1659 (2022). https://doi.org/10.1007/s11187-021-00592-4
Accepted:
Published:
Issue Date:
DOI: https://doi.org/10.1007/s11187-021-00592-4