The Value of Patience and Start-up Firms: A Re-Examination of Entry Timing for Emerging Markets
Entrepreneurship Theory and Practice(2000)
摘要
We investigate how changing technological and industry conditions in emerging markets, driven by product innovation, affect the exit rates of start-up versus established firms. We find that these changing conditions have different outcomes for start-up and established firms. We assert that the higher rates of exit for start-ups compared to established firms is due to start-up firms' lower ability to adapt both to technology and industry changes that occur with technological progress. We test this assertion by comparing the rate of exit of start-up firms to established firms that entered the U.S. personal computer market between 1975 and 1988.
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