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Board Formation and Adjustments in New Ventures / 郭國泰 p.1
GGloballobal
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Board Formation and Adjustments in New Ventures:
A Resource Dependence Perspective
新創企業董事會之組成與調整:資源依賴觀點
郭國泰國立政治大學企業管理所博士候選人
中華民國九十三年十二月三日
Board Formation and Adjustments in New Ventures / 郭國泰 p.2
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Agenda
摘要 理論背景 研究方法 主要研究發現及討論 意涵及未來研究方向
Board Formation and Adjustments in New Ventures / 郭國泰 p.3
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摘要
Board Formation and Adjustments in New Ventures / 郭國泰 p.4
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摘要 -1: 理論背景與研究方法
資源依賴觀點 : 組織存活的關鍵,在於其獲取資源的能力。而許多資源往往不在組
織的控制之下,因此經營者應該設法由組織所處的環境中,獲取生存及成長所需的資源。
資源依賴對於新創企業尤其明顯。為求生存及成長,新創企業常以策略聯盟或創業者個人的網絡等方式,由外界獲取資源,以減低「新之不利 (liability of newness) 」。
本研究認為,董事會也是新創企業獲取資源的一個重要方式。
作者進行了探索性的個案研究,研究對象為五家高科技新創企業。
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摘要 -2: 主要研究發現
董事會的組成並不一定與籌資活動同時發生。當資金來自於機構投資人,而非個人投資者的時候,董事會較可能組成。
董事會的組成,是創業者以部份所有權換取外界重要資源的一種方式。當需要其他更多的資源時,創業者會調整董事會以取得所需的資源。
董事會的調整可分為 刻意的 (intended) 調整 : 由創業者發動,以由外界取得資源。 被迫的 (demanded) 調整 : 由不滿的董事會成員發動,會減低企業的資源稟賦。
董事會如何提供資源 : 董事會成員運用自己的資產、經驗、聲譽、以及人際網絡來提供個人所擁有的
資源,同時也運用他們的公司的資產、聲譽,以及事業網絡來提供組織所擁有的資源給新創企業。
董事會所提供的資源類型,包括了資金、企業功能、顧問諮詢、商業機會,以及正當性等。
影響董事會組成及調整過程以及資源提供的因素 : 創業投資市場在各國發展的狀況 . 創業團隊本身資源稟賦 . 董事會成員的意圖與資源稟賦 .
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理論背景
Board Formation and Adjustments in New Ventures / 郭國泰 p.7
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New ventures' survival and growth
Resource dependence perspective: The key to organizational survival is the ability to acquire and maintain
resources” (Pfeffer & Salancik, 1978: 2). Resource dependencies are especially relevant for new ventures.
liability of newness (Stinchcombe 1965). High disbandment rate (e.g. Baum & Oliver, 1991; Carroll & Hannan, 1
989; Hannan & Freeman, 1989; Levinthal, 1991). Different approaches for new ventures to access and acquire ne
cessary external resources: Alliances (e.g. Pisano, 1990, Baum & Oliver, 1991; Miner et al, 1990; S
tuart et al, 1999). Founders' personal networks (e.g. Gulati, 1998; Jarillo, 1989; Larson &
Starr, 1993) Board of directors
Board Formation and Adjustments in New Ventures / 郭國泰 p.8
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Roles of boards of directors: agency theory vs. resource dependence perspective
Most board researches focused on agency theory and the monitoring Role. e.g. Berle & Means(1932); Fama & Jensen(1983).
Resource dependence theory and the resource provision role is much less emphasized in past board studies.
Researchers called for studies on boards ' resource provision roles in smaller (e.g. Daily, 2002; Huse, 1998) and newer (e.g Daily et al. 2002) firms.
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研究方法
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Research methodology
Exploratory case studies on 5 high-tech new ventures. Purposeful sampling (Patton, 1990) to select new (McDougall et al,
1994) and small (Hodgetts & Kuratko, 1998) firms. Data collected from both in-depth interviews with founders/CEOs/
CTOs/managers (90 minutes for each interview on average) and publicly available archival sources, including company websites and documents (such as financial reports, annual reports, corporate press releases, public conferences, and magazine or newspaper reports).
Follow-up questions and answers were conducted via email communications iteratively. The data obtained from interviews, email and archival sources were triangulated, revealing a high level of consistency (Denzin, 1978; Janesick, 1994).
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主要研究發現及討論
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A summary of the companies examined
3UpSystems
GroundhogTechnologies
CWebTechnology
Shesay.comWinPerTurn
Corp.
Industry Hardware Software SoftwareInternet/service
Software
Mainproducts/services
Bladeservers
Cellular phonemobility
managementsoftware
Melodyrecognition
software andfirmware
Chinesefemale
communitywebsite
Real-timemulti-lingual
transformationsoftware
Country founded US US Taiwan Taiwan US
Year founded 2001 2001 1999 1999 1997
Year board formed 2001 2002 1999 1999 2001
Number ofemployees (2004)
10+ 20+ 20+ 5+ 20+
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3UPSystems
Groundhog Technologies
CWebTechnology
Shesay.comWinPerTurn
Corp.
Initial funding source
VCFamily &
friends
Family &friends; corporate investors
Corporate investors
Founders
Resources acquired in initial fund
raising
Financial capital; business
functions; consultation;
business opportunities;
legitimacy
Financial capital;
consultation; business
opportunities;
Financial capital; business function;
office space
Financial capital
Founders’ endowments
Second funding source
(Corporate investors)
VCs; corporate investors
Corporate investors
Family & friends
VCs; corporate investors
Resources acquired in
additional fund raising
Unknown yet (joint R&D and other
cooperation efforts are expected)
Financial capital; business
functions; consultation;
business opportunities;
legitimacy
Financial capital; business
function (joint product
development); legitimacy (product
credibility)
Financial capital
Financial capital;
legitimacy
Notes : Indicating the formation of the board. Indicating the adjustment of the board.
“ Shaded cell” representing resources provided by board members
time
A summary of board formation/adjustment processes and resource provisions.
(also available on p.3-24 of the paper)
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Processes of board formation and adjustments
Board formations did not always coincide with financing activities.
A board of directors is more likely to be formed when institutional investors participate.
Formation of the board as an exchange of partial ownership for critical external resources.
Adjustments of the board: “intended”vs. “demanded”
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Types of resources provided by the board
Financial capital Functional expertise Consultation Business opportunities Legitimacy
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Means of resource provisions and types of board members
(1) Founders (2) Family & friends (3) Venture capitalists
(4) Corporate investors
Personally endowed resources (individual level)
Assets
Founders’ endowments
Financial capital Financial capital Financial capital
Experience Consultation Consultation Consultation
Reputation Individualendorsements
Individual endorsements
Individual endorsements
Personal networks Customers, business partners,channels
Customers, business partners, channels
Customers, business partners, channels
Organizationally endowed resources (firm level)
Assets
(Not applicable)
(Not applicable)
Financial capital Financial capital
Reputation Organizational endorsements
Organizationalendorsements
Business networks Customers, business partners, channels
Customers,business partners, channels
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Factors influencing board formation/adjustment processes and resource provisions
Maturity of venture capital industry Founders ' resource endowments Financiers' intentions and resource endowments
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意涵及未來研究方向
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Implications for theories and future research suggestions
For new venture survival and growth theories New ventures do rely on board members to obtain resources, but this
approach has its price and risks. Future research suggestions:
• a comparative perspective (alliances, networks, boards)
• more in-depth studies on the board as a means of resource provision
• an organizational life cycle perspective
For corporate governance theories Board formation as an exchange of partial ownership for critical
external resources. Future research suggestions: an organizational life cycle perspective.
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Managerial implications
Implications for entrepreneurs Financial capital is far from being the only criterion for choosing board
members. In addition to mobilizing personal networks or soliciting alliances to
access and acquire necessary resources, entrepreneurs can sometimes consider adding new resourceful board members as an alternative.
Possible side effects such as dilution of ownership or loss of power need to be taken care of as well.
Implications for financiers (VCs, corporate investors) The most successful investors contribute critical resources to nourish the
young firms they invest, so they assure high returns on their investment. Constantly enhancing the resource endowments is a must for investors
to compete in the harsh entrepreneurial financing market.
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Thank you. Any questions?