ABSTRACT

The study investigates the determinants of first-time diversification activities undertaken by about 3,000 startups in the United States. Drawing on the resource-based view, we examine the impact of resource endowment on the timing of diversification. We further examine the effect of the timing of diversification on the likelihood of firm survival and then test for persistence. The analysis offers three main insights. First, resources play a crucial role in early diversification. Second, early diversification reduces the hazard of exit from the market. Third, the positive impact of early diversification on survival attenuates after five to six years. Our study contributes to the literature on the resource-based view and firm survival. The findings have important implications for entrepreneurs, policymakers, and entrepreneurship scholars.

摘要

该研究调查了美国约 3,000 家初创公司首次开展多元化活动的决定因素。借鉴资源为本的观点，我们考察了资源禀赋对多元化时机的影响。我们进一步研究了多元化时机对公司生存可能性的影响，然后测试了持久性。该分析提供了三个主要见解。首先，资源在早期多样化中起着至关重要的作用。其次，早期多元化降低了退出市场的风险。第三，早期多样化对生存的积极影响在五到六年后减弱。我们的研究对基于资源的观点和企业生存的文献做出了贡献。研究结果对企业家、政策制定者和创业学者具有重要意义。