To examine technological innovation performances of international new ventures (INVs), this study investigates how and under what conditions insider and institutional ownership might matter. Building on the perspective of multiple principal conflicts, we theoretically and empirically address this central question by developing an understanding of how insider and institutional ownership could improve and hinder technological innovation performances of INVs. We also examine the influence of INV founding entrepreneurs’ experience to determine whether their prior professional and startup-founding experience could constrain or enhance innovation performance implications of insider and institutional ownership. Empirical results obtained from a sample of 219 Korean INVs demonstrate that insider ownership and institutional ownership can differentially affect INVs’ technological innovation performances by providing positive and negative innovation contributions, respectively. We also found that founders’ prior experience was an important aspect of enhancing the technological innovation of INVs. Specifically, prior professional experience and startup-founding experience of INVs’ founders were found to negatively and positively affect the contribution of institutional ownership to technological innovation performances of INVs, respectively. By contrast, we discovered that the contribution of INVs’ insider ownership to technological innovation performances of INVs had no relationship with their founders’ experience. We ultimately draw meaningful contributions to the literature by examining roles of corporate governance structure of INVs and their founders’ experience in explaining innovation performances of INVs.

为了检验国际新企业 (INV) 的技术创新表现，本研究调查了内部人和机构所有权如何以及在什么条件下可能很重要。基于多重主要冲突的观点，我们通过了解内部人和机构所有权如何改善和阻碍 INV 的技术创新绩效，从理论上和经验上解决这个中心问题。我们还研究了 INV 创始企业家经验的影响，以确定他们之前的专业和创业经验是否会限制或增强内部人和机构所有权的创新绩效影响。从 219 家韩国 INV 样本中获得的实证结果表明，内部人所有权和机构所有权可以通过分别提供积极和消极的创新贡献来不同地影响 INV 的技术创新绩效。我们还发现，创始人的过往经验是增强INV技术创新的一个重要方面。具体而言，发现INV创始人的先前专业经验和创业经验分别对机构所有权对INV技术创新绩效的贡献产生负面和正面影响。相比之下，我们发现INVs的内部人所有权对INVs技术创新绩效的贡献与其创始人的经验无关。