Inward Technology Licensing, Financial Slack, and Internal Innovation in New Technology-Based Firms Located in Isolated Areas

• 발행기관: 한국유통과학회
• 저자명: Yongseok JANG Brandy HADLEY Woo Jin LEE
• 간행물 정보: 『The Journal of Asian Finance, Economics and Business(JAFEB)』Vol. 6 No.2, 173~181쪽, 전체 9쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2019.04.30

영문 초록

The paper aims to evaluate the combination of strategies that influence the success of New Technology Based Firms (NTBFs) located in isolated areas with resource constraints. We utilize the Kauffman Firm Survey to construct a subset of 224 firms operating in primary metal manufacturing industries and who are located in non-thriving areas. We focus on the impact of technological strategy, in the form of Inward Technology Licensing (ITL), combined with financial strategy, in the form of increased financial slack. Using a negative binomial-specification technique to model these relations, we find that ITL positively impacts internal innovation in the firm and this relation is strengthened by the presence of greater financial slack. This positive impact of financial slack supports the behavioral theory of the firm rather than agency theory in that financial slack enables further innovation rather than stifling it. This research confirms the importance of resource acquisition, suggesting that entrepreneurs may utilize external sources of knowledge in an effort to build a favorable situation when facing the challenges of location. Finally, by presenting evidence showing the compatibility of a financial strategy with a knowledge strategy (ITL), this study emphasizes the importance to entrepreneurs of choosing the proper combination of varying strategies.

목차

1. Introduction

2. Literature Review and Hypothesis Development

3. Methodology

4. Results

5. Discussion

6. Conclusions

References

키워드

Innovation Financial Slack Inward Technology Licensing (ITL) Entrepreneurship