Founder's Human Capital and the Innovation of High-tech Start-ups: A Moderated Mediation Model

Abstract

Abstract: To explore the mechanism of how founder's human capital impacts the innovation of high-tech start-ups, this paper constructs a moderated mediation model focusing on the mediating effect of venture capital and further including the institutional environment as a moderating variable. Based on the data of 305 high-tech start-ups from 2007 to 2017, the empirical results show that:First, founder's higher education level and management experience can not only directly promote the innovation of high-tech start-ups, but also indirectly promote the innovation by attracting venture capital. Second, founder's entrepreneurial experience only has a direct positive impact on the innovation of high-tech start-ups. Third, although founder's technical expertise has a significant positive impact on attracting venture capital, it does not directly affect the innovation of high-tech start-ups. Further research shows that the synergistic effect of entrepreneurial or management experience and technical expertise can significantly promote the innovation of high-tech start-ups. Fourth, institutional environment moderates founder human capital's direct and indirect impacts on the innovation of high-tech start-ups.

Key words: founder's human capital, venture capital, institutional environment, high tech start-ups, innovation

Guan Jian, Deng Fang, Chen Mingshu, Rui Xuemei. Founder's Human Capital and the Innovation of High-tech Start-ups: A Moderated Mediation Model[J]. Management Review, 2022, 34(6): 90-102.

References

[1] Greve H. R. A Behavioral Theory of R&D Expenditures and Innovations:Evidence from Shipbuilding[J]. Academy of Management Journal, 2003,46(6):685-702
[2] Chen W. R., Miller K. D. Situational and Institutional Determinants of Firms' R & D Search Intensity[J]. Strategic Management Journal, 2007,28(4):369-381
[3] Chen W. R. Determinants of Firms' Backward-and Forward-Looking R&D Search Behavior[J]. Organization Science, 2008,19(4):609-622
[4] 赵子夜,杨庆,陈坚波.通才还是专才:CEO的能力结构和公司创新[J].管理世界, 2018,34(2):130-150
[5] Li H. Y., Zhang Y. The Role of Managers' Political Networking and Functional Experience in New Venture Performance:Evidence from China's Transition Economy[J]. Strategic Management Journal, 2007,41(1):124-151
[6] Kato M., Okamuro H., Honjo Y. Does Founders' Human Capital Matter for Innovation?Evidence from Japanese Start-ups[J]. Journal of Small Business Management, 2015,53(1):114-128
[7] 钟田丽,胡彦斌.高技术创业企业人力资本特征对R&D投资与融资结构的影响[J].科学学与科学技术管理, 2014,35(3):164-174
[8] Cao X., Im J. Founder Human Capital and New Technology Venture R&D Search Intensity:The Moderating Role of an Environmental Jolt[J]. Small Business Economics, 2017,50(3):625-642
[9] 黄嵩,倪宣明,张俊超,等.政府引导基金能促进技术创新吗?——基于我国科技型初创企业的实证研究[J].管理评论, 2020,32(3):110-121
[10] Ko E. J., Mckelvie A. Signaling for More Money:The Roles of Founders'Human Capital and Investor Prominence in Resource Acquisition Across Different Stages of Firm Development[J]. Journal of Business Venturing, 2018,33(4):438-454
[11] Colombo M. G., Grilli L. On Growth Drivers of High-tech Start-ups:Exploring the Role of Founders' Human Capital and Venture Capital[J]. Journal of Business Venturing, 2010,25(6):610-626
[12] 苟燕楠,董静.风险投资背景对企业技术创新的影响研究[J].科研管理, 2014,35(2):35-42
[13] 陈思,何文龙,张然.风险投资与企业创新:影响和潜在机制[J].管理世界, 2017,(1):158-169
[14] Becker G. S. Human Capital[M]. New York:Columbia University Press, 1964
[15] Unger J. M., Rauch A., Frese M., et al. Human Capital and Entrepreneurial Success:A Meta-analytical Review[J]. Journal of Business Venturing, 2011,26(3):341-358
[16] Gimeno J., Folta T. B., Cooper A. C., et al. Survival of the Fittest?Entrepreneurial Human Capital and the Persistence of Underperforming Firms[J]. Administrative Science Quarterly, 1997,42(4):750-783
[17] Marvel M. R., Lumpkin G. T. Technology Entrepreneurs' Human Capital and Its Effects on Innovation Radicalness[J]. Entrepreneurship Theory and Practice, 2010,31(6):807-828
[18] Samuelsson M., Davidsson P. Does Venture Opportunity Variation Matter?Investigating Systematic Process Differences between Innovative and Imitative New Ventures[J]. Small Business Economics, 2009,33(2):229-255
[19] Politis D. The Process of Entrepreneurial Learning:A Conceptual Framework[J]. Entrepreneurship Theory and Practice, 2005,29(4):399-424
[20] Choi Y. R., Shepherd D. A. Entrepreneurs' Decisions to Exploit Opportunities[J]. Journal of Management, 2004,30(3):377-395
[21] Aspelund A., Berg-Utby T., Skjevdal R. Initial Resources' Influence on New Venture Survival:A Longitudinal Study of New Technology-based Firms[J]. Technovation, 2005,25(11):1337-1347
[22] Ucbasaran D., Wright P., Wright M. Opportunity Identification and Pursuit:Does an Entrepreneur's Human Capital Matter?[J]. Small Business Economics, 2008,30(2):153-173
[23] Dencker J. C., Gruber M. The Effects of Opportunities and Founder Experience on New Firm Performance[J]. Strategic Management Journal, 2015,36(7):1035-1052
[24] Davidsson P., Honig B. The Role of Social and Human Capital among Nascent Entrepreneurs[J]. Journal of Business Venturing, 2003,18(3):301-331
[25] Robson P. J. A., Akuetteh C. K., Westhead P., et al. Innovative Opportunity Pursuit, Human Capital and Business Ownership Experience in an Emerging Region:Evidence from Ghana[J]. Small Business Economics, 2012,39(3):603-625
[26] 杨松令,孙思婧,刘亭立.创始人技术知识资产、两职合一与创新绩效[J].科技进步与对策, 2018,35(21):87-96
[27] Baum J. A. C., Silverman B. S. Picking Winners or Building Them?Alliance, Intellectual, and Human Capital as Selection Criteria in Venture Financing and Performance of Biotechnology Startups[J]. Journal of Business Venturing, 2004,19(3):411-436
[28] 蔡地,陈振龙,刘雪萍.风险投资对创业企业研发活动的影响研究[J].研究与发展管理, 2015,27(5):1-11
[29] Kortum S., Lerner J. Assessing the Contribution of Venture Capital to Innovation[J]. RAND Journal of Economics, 2000,31(4):674-692
[30] 高辉,邹国庆.制度理论与高阶理论整合视角下创业制度环境如何影响企业创新绩效[J].科技进步与对策, 2019,36(2):69-76
[31] 姜翰,金占明,焦捷,等.不稳定环境下的创业企业社会资本与企业"原罪"——基于管理者社会资本视角的创业企业机会主义行为实证分析[J].管理世界, 2009,(6):102-114
[32] 朱益宏,周翔,张全成.私营企业家政治关联:催化了投机行为还是技术创新?[J].科研管理, 2016,37(4):77-84
[33] 贺小刚,朱丽娜,吕斐斐,等.创业者缘何退出:制度环境视角的研究[J].南开管理评论, 2019,22(5):101-116
[34] 连燕玲,贺小刚,高皓.业绩期望差距与企业战略调整——基于中国上市公司的实证研究[J].管理世界, 2014,(11):119-132
[35] Boh W. F., Huang C., Wu A. Investor Experience and Innovation Performance:The Mediating Role of External Cooperation[J]. Strategic Management Journal, 2020,41(1):124-151
[36] 胡元木,纪端.董事技术专长、创新效率与企业绩效[J].南开管理评论, 2017,20(3):40-52
[37] 严若森,姜潇.关于制度环境、政治关联、融资约束与企业研发投入的多重关系模型与实证研究[J].管理学报, 2019,16(1):72-84
[38] 王晶晶,刘沛.私募股权投资、制度环境与股价崩盘风险[J].管理评论, 2020,32(2):63-75
[39] 杨建东,李强,曾勇.创业者个人特质、社会资本与风险投资[J].科研管理, 2010,31(6):65-72
[40] Baron R. M., Kenny D. A. The Moderator-Mediator Variable Distinction in Social Psychological Research:Conceptual, Strategic, and Statistical Considerations[J]. Journal of Personality and Social Psychology, 1987,51(6):1173-1182
[41] Hayes A. F. An Introduction to Mediation, Moderation, and Conditional Process Analysis:A Regression-based Approach[M]. New York:Guilford Press, 2013
[42] Jenkins A. After Firm Failure:Emotions, Learning and Re-entry[M]. Sweden:Jonkoping International Business School, 2012
[43] Eggers J. P., Song L. Dealing with Failure:Serial Entrepreneurs and the Costs of Changing Industries between Ventures[J]. Academy of Management Journal, 2015,58(6):1785-1803
[44] 周浩,陈益. FDI外溢对新建企业选址的影响[J].管理世界, 2013,(12):78-88
[45] Hilbe J. Negative Binomial Regression (Second Edition)[M]. New York:Cambridge University Press, 2011
[46] 周浩,余壮雄,杨铮.可达性、集聚和新建企业选址——来自中国制造业的微观证据[J].经济学(季刊), 2015,14(4):1393-1416
[47] 徐小琴,王菁,马洁.绩优企业会增加企业负面行为吗——基于中国制造业上市公司的数据分析[J].南开管理评论, 2016,19(2):137-144
[48] 吴翠凤,吴世农,刘威.风险投资介入创业企业偏好及其方式研究——基于中国创业板上市公司的经验数据[J].南开管理评论, 2014,17(5):151-160