The influence of technology strategy on initial public offering performance (IPO), post-IPO enterprise performance, and long-term survival in high-technology firms.

摘要

This research investigates the influence of technology strategy on perceived initial public offering (IPO) performance, post-IPO enterprise performance, and long term survival in high technology firms. The research model integrates theories of strategic management, technology management, and population ecology to present an interrelated view of technology strategy's impact on performance and survival. A synthesis of the literature resulted in eight technology strategy dimensions that are examined: (1) technology posture; (2) intellectual property rights; (3) sourcing of technology; (4) technology portfolio; (5) scope of research and development; (6) technology executives; (7) R&D spending, and; (8) geographical focus. Hypotheses are derived from the research model to investigate how technology strategy dimensions relate to the three performance parameters.;Data are gathered from 168 high technology firms who committed IPOs in 1992. Content analysis methods are used to obtain the technology strategy dimensions from the IPO prospectus and quantitative analysis techniques explore the interrelationships among the study variables.;The research finds that all eight technology strategy dimensions had some influence on firm performance. The intellectual property rights variable is the only one that did not meet the criteria for statistical validity for the hypothesized relationships with at least one of the three performance levels. This research shows that the technology strategy that provides the best short term performance result is: a pioneering technology posture, internal technology sourcing, and large R&D spending. In the long term, the research finds that a broader technology portfolio, a broader R&D scope, an international geographic focus, and a technology experienced executive leads to better performance.;This research contributes empirical support for several conceptual theories on the relationship among technology strategy, performance, and firm survival, particularly in small to medium sized enterprises. The implications suggest that various dimensions of technology strategy provide different performance results at different stages of the firm's growth. Moreover, it complements and expands the evolutionary theories which posit that strong competencies and resources developed early in a firm's organizational life cycle contribute significantly to enhanced performance and an increased probability of long term survival.