کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
1019666 | 940680 | 2008 | 24 صفحه PDF | دانلود رایگان |
The 2003 Fortune 500 Index includes 358 firms that had been newly listed within the previous 10 years; historically this is a large number of firms in a relatively short time period. In particular, among the 358 new Fortune 500 entrants founded after 1975, 44 are defined as “rapid-growth” startups. Simulation results based on a discrete-choice racing model demonstrate that they were able to outperform their early competitors through a quality innovation race. They were resistant to hostile M&A attempts as well. According to the empirical results, a quality shock affects the size growth and profitability of the rapid-growth startups more than a market shock does, which indicates that such superior performance owes to firm-specific innovation ability rather than to market fluctuations.
Journal: Journal of Business Venturing - Volume 23, Issue 2, March 2008, Pages 141–164