15 research outputs found

    Private Equity: Antecedents, Outcomes, Mediators, and Moderators

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    As private equity’s financial heft and influence on the business landscape has intensified, so too has scholarly interest in the phenomenon. We review recent progress in private equity research, with a focus on the private equity industry’s later-stage buyout segment. To synthesize and integrate current findings, we construct a framework that encompasses not only antecedents and outcomes of private equity’s activities, but also mediators and moderators of the relationships that drive these outcomes. Based upon the gaps and learning opportunities that are surfaced by this framework, we develop recommendations for future private equity research. The proposed research agenda is particularly germane to management scholars, whose theories and perspectives have thus far been productively, yet relatively sparingly, applied in private equity research

    Learning and innovation: Exploitation and exploration trade-offs

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    a b s t r a c t a r t i c l e i n f o This paper examines the relationship between learning and innovation outcomes, focusing on the trade-off between exploitation and exploration in learning and innovation. The study identifies two types of learning and two outcomes of innovation. Exploitation and exploration in learning are inversely associated with innovation rates and impact. While exploitative, localized learning is positively associated with innovation rates, but negatively associated with impact, exploratory learning-by-experimentation shows the opposite relationship. The study examines panel data of 103 companies in the global pharmaceutical industry over a 7-year period in an empirical test of our hypotheses. Results support the existence of the exploitation and exploration trade-off

    Old Is Gold? The Value of Temporal Exploration in the Creation of New Knowledge

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    In this paper, knowledge creation is considered as a path-dependent evolutionary process that involves recombining knowledge spread over time. The findings of the paper suggest that a balance in combining current knowledge with the knowledge available across large time spans is an important factor that explains the impact of new knowledge. These ideas are empirically tested using patent data from the pharmaceutical industry. Results from the analysis offer support for the hypotheses developed in the paper.innovation, knowledge creation, temporal search

    The development of technological competence within firms: An evolutionary perspective

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    The R&D function of the firm is thought of as a \u27black box\u27 process by scholars in both economics and strategic management. This dissertation shows that there is considerable potential in making the R&D function more transparent and that it is possible to model the intertemporal emergence of technological competence where technological competence, defined as the ability of a firm to create new products and processes, is a pioneering empirical investigation of concepts introduced to strategic management literature by Nelson and Winter (1982), Dierickx and Cool (1989) and Teece, Pisano and Shuen (1994). The central theme of this dissertation is to show that firms build technological competence in a path dependent manner and that this path dependence varies across firms. Firms demonstrate persistence in their research efforts which leads to their acquiring competence in the direction of these efforts. Further, this persistence in research efforts or outputs is a result of persistence in research inputs. This dissertation identifies three research inputs: research engines, knowledge domains and geographic location of knowledge. It offers empirical evidence of this persistence at both input and output levels within firms and goes on to suggest that differentials in persistence at input level translate into differentials at output level and consequently to differentials in technological performance of firms. This dissertation primarily uses patent data gathered on more than 100 firms from three industrial sectors viz. chemical, pharmaceutical and engineering and a smaller data set gathered on the optical disc technology industry. The techniques used include simulation, modified correlation analysis, survival analysis, and time series data analysis

    The development of technological competence within firms: An evolutionary perspective

    No full text
    The R&D function of the firm is thought of as a \u27black box\u27 process by scholars in both economics and strategic management. This dissertation shows that there is considerable potential in making the R&D function more transparent and that it is possible to model the intertemporal emergence of technological competence where technological competence, defined as the ability of a firm to create new products and processes, is a pioneering empirical investigation of concepts introduced to strategic management literature by Nelson and Winter (1982), Dierickx and Cool (1989) and Teece, Pisano and Shuen (1994). The central theme of this dissertation is to show that firms build technological competence in a path dependent manner and that this path dependence varies across firms. Firms demonstrate persistence in their research efforts which leads to their acquiring competence in the direction of these efforts. Further, this persistence in research efforts or outputs is a result of persistence in research inputs. This dissertation identifies three research inputs: research engines, knowledge domains and geographic location of knowledge. It offers empirical evidence of this persistence at both input and output levels within firms and goes on to suggest that differentials in persistence at input level translate into differentials at output level and consequently to differentials in technological performance of firms. This dissertation primarily uses patent data gathered on more than 100 firms from three industrial sectors viz. chemical, pharmaceutical and engineering and a smaller data set gathered on the optical disc technology industry. The techniques used include simulation, modified correlation analysis, survival analysis, and time series data analysis

    Fail often, fail big, and fail fast? Learning from small failures and R&D performance in the pharmaceutical industry

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    Do firms learn from their failed innovation attempts? Answering this question is important because failure is an integral part of exploratory learning. In this study, we explore whether and under what circumstances firms learn from their small failures in experimentation. Building on organizational learning literature, we examine the conditions under which prior failures influence firms’ R&D output amount and quality. An empirical analysis of voluntary patent expirations (i.e., patents that firms give up by not paying renewal fees) in 97 pharmaceutical firms between 1980 and 2002 shows that the number, importance, and timing of small failures are associated with a decrease in R&D output (patent count) but an increase in the quality of the R&D output (forward citations to patents). Exploratory interviews suggest that the results are driven by a multi-level learning process from failures in pharmaceutical R&D. The findings contribute to the organizational learning literature by providing a nuanced view of learning from failures in experimentation
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