Entrepreneurs' capital budgeting orientations and innovation outputs: evidence from Australian biotechnology firms

Hayward, Mathew, Caldwell, Andrew, Steen, John, Gow, David and Liesch, Peter (2016) Entrepreneurs' capital budgeting orientations and innovation outputs: evidence from Australian biotechnology firms. Long Range Planning, . doi:10.1016/j.lrp.2016.06.002

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Author Hayward, Mathew
Caldwell, Andrew
Steen, John
Gow, David
Liesch, Peter
Title Entrepreneurs' capital budgeting orientations and innovation outputs: evidence from Australian biotechnology firms
Journal name Long Range Planning   Check publisher's open access policy
ISSN 0024-6301
1873-1872
Publication date 2016
Year available 2016
Sub-type Article (original research)
DOI 10.1016/j.lrp.2016.06.002
Open Access Status Not Open Access
Place of publication Kidlington, Oxford United Kingdom
Publisher Pergamon Press
Collection year 2017
Language eng
Abstract How do different kinds of planning orientations affect entrepreneurial firms' innovation outputs? To address this question, we position real options reasoning (ROR) and net present value (NPV) as business planning orientations with distinctive heuristics. We empirically investigate heterogeneity in entrepreneurs' business planning in terms of these ROR and NPV orientations and we relate this heterogeneity to material new venture outcomes. Key decision makers from biotechnology start-ups in Australia were surveyed and results from Generalized Method of Moments estimation models showed that an ROR orientation positively relates to the innovation outputs of new ventures in our sample, whereas a stronger NPV orientation is negatively associated with innovation outputs. We offer implications for the literatures on strategic decision-making and planning.
Q-Index Code C1
Q-Index Status Provisional Code
Institutional Status UQ

Document type: Journal Article
Sub-type: Article (original research)
Collections: eSpace Followup
UQ Business School Publications
 
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Created: Fri, 17 Jun 2016, 14:22:59 EST by Karen Morgan on behalf of UQ Business School