Firm networks and firm development: The role of the relational mix |
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| Affiliation: | 1. Department of Finance, Sellinger School of Business and Management, Loyola University Maryland, 4501 N. Charles Street, Baltimore, MD 21210, United States;2. Grossman School of Business, University of Vermont, 55 Colchester Avenue, Burlington, VT 05405, United States;3. Department of Finance, College of Business, Florida International University, 11200 S.W. 8th St, RB 247B, Miami, FL 33199, United States;1. Carroll School of Management, Boston College, 336 Fulton Hall, Chestnut Hill, MA 02467, United States of America;2. Nottingham University Business School, University of Nottingham, C47 South Building, Jubilee Campus, Nottingham NG8 1BB, UK;3. Sawyer Business School, Suffolk University, 8 Ashburton Place, Boston, MA 02108, United States of America;4. Carroll School of Management, Boston College, 550B Fulton Hall, Chestnut Hill, MA 02467, United States of America;1. Bayreuth University, Faculty of Law, Business and Economics, Chair of Strategic Management and Organization, Universitätsstrasse 30, 95444 Bayreuth, Germany;2. University of Marburg, School of Business and Economics, Research group of Management and Innovative Value Creation Concepts, Universitätsstrasse 25a, 35037 Marburg, Germany |
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| Abstract: | This study examines the role of different networks, called the relational mix, on the development of the entrepreneurial firm. Our regression analysis of survey data from 60 venture capital-financed firms questions the importance of network size on firm development. Rather, our results suggest that different types of networks are more important for firm development. In particular, we found a significant positive relationship for reputational networks and a weak significant negative relationship for cooperative technology networks at founding with time-to-break-even. Social networks at founding have no direct effect on time-to-break-even and a significant negative relationship with sales in the years after foundation. Furthermore, our findings show the important role of marketing information and co-opetition networks (relationships with direct competitors) on firm development in the years after foundation. These results suggest that the relational mix is a more appropriate construct for explaining network development than network size alone. |
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