How does cluster location and intellectual capital impact entrepreneurial success within high-growth firms?

摘要

Purpose The purpose of this paper is to examine the role of intellectual capital and knowledge management in the entrepreneurial success of firms through a research model which is subsequently tested empirically. Design/methodology/approach The paper utilises the knowledge-based perspective to formulate three sets of hypotheses which the authors subsequently test in the empirical analysis on data derived from the Orbis database, which includes over 1-million data points from approximately 240,000 firms across 174 geographic subdivisions of economic regions in 14 European countries, from 2010 to 2013. The analysis utilises probit model regressions on the likelihood of becoming a high-growth firms (HGF), in the presence of a number of control factors including firm age, firm size, tangible assets, foreign ownership, competitiveness (via Herfindahl index), return on assets, industry sector and country location. Findings Findings from our analysis suggest that investments in intangible assets and generating patents from research and development (R&D) efforts is positively related to the likelihood of becoming a HGF. In addition, cluster membership seems to be a positive influence on becoming a HGF, however the moderating impact of intangible investments and patents is less clear in clusters. Research limitations/implications The authors highlight the mixed effects from cluster membership and the beneficial impact from intellectual capital and knowledge management in achieving high growth firm status. Originality/value The authors derive and test our research model, which outlines the interrelationship of the various factors leading to firms becoming high-growth firms. The results suggest that there may be further fruitful ground for future investigation in the intersections of knowledge management and intellectual capital concepts within entrepreneurial contexts.