DOI QR코드

DOI QR Code

The Effects of the Entrepreneurial Team's Diversity on Business Performance of New Venture

벤처 창업팀의 다양성이 창업 성과에 미치는 영향에 관한 연구

  • 조성주 (KAIST 경영대학 테크노경영연구소) ;
  • 이상명 (한양대학교 경영학과)
  • Received : 2019.12.23
  • Accepted : 2020.02.04
  • Published : 2020.03.31

Abstract

Many researchers conducted studies on the relationship between entrepreneur's characteristic, capability, strategy and performance of new venture. However, the development of scientific technique and the complexity of the business environment have stimulated entrepreneurial teams rather than individuals. Therefore, the necessity of theoretical and practical study on the effect of the characteristics of an entrepreneurial team on the new venture companies was suggested. Initial research on entrepreneurial team diversity has primarily addressed the impact of demographic diversity on performance. In order to verify the research model of this study, 287 delegates of new venture companies that participated in the projects at the 18 Centers for Creative Economy & Innovation in 17 regions of the country conducted validity and reliability test based on the questionnaire to which they answered. The result shows that only gender diversity among demographic diversity affected non-financial performance. Information diversity influenced career diversity on financial performance and diversity in education on non-financial performance. Also, the higher the previous sharing experience, the better the financial performance. Value diversity has negative effect on both financial and non-financial performance. Based on the results, theoretical and practical implications are derived. Also suggested are methodological limitations and future research directions.

지금까지 창업 성과에 관한 연구는 주로 창업자의 특성, 역량, 전략이 성과에 미치는 영향에 관한 연구들이 주를 이루고 있었다. 그러나 과학기술의 발달과 경영환경의 복잡성은 개인에 의한 창업보다 창업팀에 의한 창업을 활성화시키고 있다. 이에 따라 창업팀 특성이 창업 초기 기업에 미치는 영향에 대한 이론적이고 실제적인 연구의 필요성이 제기되었다. 본 연구는 벤처 창업팀의 다양성이 창업 성과에 미치는 영향을 확인하였다. 연구 모형을 검증하기 위해 전국 17개 지역, 18개 창조경제혁신센터 사업에 참여한 적이 있는 벤처 창업 기업 중 287명의 대표가 응답한 설문을 바탕으로 회귀분석을 통해 가설을 검정하였다. 분석 결과, 인구통계적 다양성에서는 성별 다양성만 비재무적 성과에 부정적 영향을 미쳤다. 정보 다양성은 경력 다양성이 재무적 성과에, 교육수준 다양성이 비재무적 성과에 긍정적 영향을 미쳤다. 또한 이전 공유경험이 높을수록 재무적 성과에 긍정적 영향을 미친 것으로 나타났다. 가치 다양성은 재무적, 비재무적 성과 모두에 부정적인 효과를 미쳤다. 이상의 연구 결과를 기반으로 연구의 시사점과 향후 연구 과제 등을 제시하였다.

Keywords

References

  1. 권석균.최보인(2012), "다양성이 팀 프로세스 활성화와 효과성에 미치는 영향," 「인사조직연구」, 제20권, pp. 1-46.
  2. 김수현.유봉호(2013), "청년창업자의 기업가정신과 내적통제소재 가 창업성공 가능성에 미치는 영향," 「한국산학기술학회지」, 제14권, 제6호, pp. 2677-2687.
  3. 박재환.안태욱.김의범(2013), "청년창업가의 특성과 창업가정신이 창업 성과에 미치는 영향에 관한 연구," 「한국경영교육학회 학술발표논문집」, pp. 1-27.
  4. 이선호(2015), "창업자 및 정보기술특성이 창업기업의 경영성과에 미치는 영향에 관한 연구," 건국대학교 대학원 벤처전문기술학과 박사학위논문.
  5. 이종건.김명희.성상현(2012), "다양성과 팀 성과: 팀 목표의존의 조절효과," 「인사.조직연구」, 제20권, 제2호, pp. 247-280.
  6. 이진주(1985), "연구개발, 모험기업 및 기업 내 창업," 「기술관리」, 제3권, 제6호, pp. 139-144.
  7. 조봉순.조경순(2002), "최고경영자 팀(TMT)의 다양성이 조직 성과에 미치는 영향:집단 내 갈등의 매개효과에 대한 실증적 분석," 「인사.조직연구」, 제10호, 제2권, pp. 119-147.
  8. 차명수(2016), "최고경영진, 최고경영자 및 기업의 특성이 ICT 벤처기업의 생존에 미치는 영향," 중앙대학교 대학원 경영학과 인사.조직.전략 전공 박사학위 논문
  9. 최보인(2014), "다양성이 팀 프로세스 및 팀 유효성에 미치는 영향과 과업 상호의존성 및 변혁적 리더십의 조절효과 연구," 한국외국어대학교 대학원 경영학과 박사학위 논문.
  10. Abrams, D. and M. A. Hogg(1988), "Comments on the motivational status of self-esteem in social identity and intergroup discrimination," European Journal of Social Psychology, Vol.18, No.4, pp.317-334. https://doi.org/10.1002/ejsp.2420180403
  11. Amason, A. C., R. C. Shrader, and G. H. Tompson (2006), "Newness and Novelty: Relating Top Management Team Characteristics to New Venture Performance," Journal of Business Venturing, Vol.21, No.1, pp. 125-148. https://doi.org/10.1016/j.jbusvent.2005.04.008
  12. Aspelund, A., T. Berg-Utby, and R. Skjevdal (2005), "Initial resources' influence on new venture survival: a longitudinal study of new technology-based firms," Technovation, Vol.25, No.11, pp. 1337-1347. https://doi.org/10.1016/j.technovation.2004.06.004
  13. Bantel, K. A.(1993), "Strategic clarity in banking: Role of top management-team demography," Psychological Reports, Vol.73, No.3_suppl, pp. 1187-1201. https://doi.org/10.2466/pr0.1993.73.3f.1187
  14. Bantel, K. A. and S. E. Jackson(1989), "Top management and innovations in banking: Does the composition of the top team make a difference?," Strategic Management Journal, Vol.10, No.S1, pp. 107-124. https://doi.org/10.1002/smj.4250100709
  15. Beckman, C. M.(2006), "The influence of founding team company affiliations on firm behavior," Academy of Management Journal, Vol.49, pp. 741-758. https://doi.org/10.5465/AMJ.2006.22083030
  16. Beckman, C. M., M. D. Burton, and C. O'Reilly (2007), "Early teams: The impact of team demography on VC financing and going public," Journal of Business Venturing, Vol.22, No.2, pp.147-173. https://doi.org/10.1016/j.jbusvent.2006.02.001
  17. Bell, S. T.(2007), "Deep-Level Composition Variables as Predictors of Team Performance: A Meta-Analysis," Journal of Applied Psychology, Vol.92, No.3, pp. 595-615. https://doi.org/10.1037/0021-9010.92.3.595
  18. Bjornali, E. S. and A. Aspelund(2012), "The role of the entrepreneurial team and the board of directors in the internationalization of academic spin-offs," Journal of International Entrepreneurship, Vol.10, No.4, pp. 350-377. https://doi.org/10.1007/s10843-012-0094-5
  19. Blau, P. M.(1977), Inequality and Heterogeneity: A Primitive Theory of Social Structure. Vol. 7, New York: Free Press.
  20. Boeker, W. P.(1988), "Organizational Origins: Entrepreneurial and Environmental Imprinting at the Time of Founding," Ecological Models of Organizations, pp. 33-51.
  21. Byrne, D. E.(1971), The Attraction Paradigm, New York: Academic Press, Vol. 11.
  22. Byrne, D., G. L. Clore Jr., L. Gerald, and P. Worchel (1966), "Effect of economic similarity-dissimilarity on interpersonal attraction," Journal of Personality and Social Psychology, Vol.4, No.2, pp. 220-224. https://doi.org/10.1037/h0023559
  23. Carsrud, A., M. Brannback, J. Elfving, and K. Brandt(2009), "Motivations: The entrepreneurial mind and behavior." In Understanding the Eentrepreneurial Mind, Springer New York.
  24. Caves, R. E.(1998), "Industrial organization and new findings on the turn over and mobility of firms," Journal of Economic Literature, pp. 1947-1982.
  25. Chaganti, R. R. S., A. D. Watts, R. Chaganti and M. Zimmerman-Treichel(2008), "Ethnic-Immigrants in Founding Teams: Effects on Prospector Strategy and Performance in New Internet Ventures," Journal of Business Venturing, Vol.23, No.1, pp. 113-139. https://doi.org/10.1016/j.jbusvent.2006.07.004
  26. Chandler, G. N. and S. H. Hanks(1994), "Market attractiveness, resource-based capabilities, venture strategies, and venture performance," Journal of Business Venturing, Vol.9, No.4, pp. 331-349. https://doi.org/10.1016/0883-9026(94)90011-6
  27. Chatman, J. A. and F. J. Flynn(2001), "The influence of demographic heterogeneity on the emergence and consequences of cooperative norms in work teams," Academy of Management Journal, Vol.44, No.5, pp. 956-974. https://doi.org/10.2307/3069440
  28. Chowdhury, S.(2005), "Demographic Diversity for Building an Effective Entrepreneurial Team: Is It Important?," Journal of Business Venturing, Vol.20, No.6, pp. 727-746. https://doi.org/10.1016/j.jbusvent.2004.07.001
  29. Colombo, M. G. and L. Grilli(2005), "Founders' human capital and the growth of new technology-based firms: A competence-based view," Research Policy, Vol.34, No.6, pp. 795-816. https://doi.org/10.1016/j.respol.2005.03.010
  30. Cooper, A. C., C. Y. Woo, and W. C. Dunkelberg(1989), "Entrepreneurship and the initial size of firms," Journal of Business Venturing, Vol.4, pp. 317-332. https://doi.org/10.1016/0883-9026(89)90004-9
  31. Covin, J. G. and D. P. Slevin(1990), "New venture strategic posture, structure, and performance: An industry life cycle analysis," Journal of Business Venturing, Vol.5, No.2, pp. 123-135. https://doi.org/10.1016/0883-9026(90)90004-D
  32. Damon, W.(1991), Problems of Direction in Socially Shared Cognition, Washington D. C.: American Psychological Association.
  33. Davis, A. E., H. E. Aldrich, and K. C. Longest(2009), "Resource Drain or Process Gains? Team Status Characteristics and Group Functioning among Startup Teams," Frontiers of Entrepreneurship Research, Vol.29, No.11, pp. 2
  34. Dess, G. G. and R. B. Robinson(1984), "Measuring organizational performance in the absence of objective measures: the case of the privately held firm and conglomerate business unit," Strategic Management Journal, Vol.5, No.3, pp. 265-273. https://doi.org/10.1002/smj.4250050306
  35. Donnellon, A.(1996), Team talk: The Power of Language in Team Dynamics, Island Press. Harvard Business School Press.
  36. Dunne, T., M. J. Roberts, and L. Samuelson(1988), "Patterns of firm entry and exit in US manufacturing industries," The RAND Journal of Economics, pp. 495-515.
  37. Eisenhardt, K. M. and C. B. Schoonhoven(1990), "Organizational growth: Linking founding team, strategy, environment, and growth among U. S. semiconductor ventures, 1978-1988," Administrative Science Quarterly, Vol.35, pp. 504-529. https://doi.org/10.2307/2393315
  38. Ensley, M. D., J. W. Carland, and J. C. Carland(1998), "The effect of entrepreneurial team skill heterogeneity and functional diversity on new venture performance," Journal of Business and Entrepreneurship, Vol.10, No.1, pp. 1.
  39. Ensley, M. D, A. W. Pearson and A. C. Amason(2002), "Understanding the dynamics of new venture top management teams: cohesion, conflict, and new venture performance," Journal of Business Venturing, Vol.17, No.4, pp. 365-386. https://doi.org/10.1016/S0883-9026(00)00065-3
  40. Finkelstein, S. and D. C. Hambrick(1996), Strategic Leadership: Top Executives and Their Effects on Organizations, Minneapolis: West Publishing.
  41. Foo, M. D., P. K. Wong, and A. Ong(2005), "Do Others Think You Have a Viable Business Idea? Team Diversity and Judges' Evaluation of Ideas in a Business Plan Competition," Journal of Business Venturing, Vol.20, pp. 385-402. https://doi.org/10.1016/j.jbusvent.2004.04.001
  42. Franke, N, M. Gruber, D. Harhoff, and J. Henkel(2008), "Venture Capitalists' Evaluations of Start-Up Teams: Trade-Offs, Knock-Out Criteria, and the Impact of VC Experience," Entrepreneurship: Theory & Practice, Vol.32, No.3, pp. 459-483. https://doi.org/10.1111/j.1540-6520.2008.00236.x
  43. Freeman, J., G. R. Carroll, and M. T. Hannan(1983), "The liability of newness: Age dependence in organizational death rates," American Sociological Review, Vol.48, pp. 692-710. https://doi.org/10.2307/2094928
  44. Gartner, W. B., K. G. Shaver, E. Gatewood, and J. A. Katz(1994), "Finding the Entrepreneur in Entrepreneurship," Entrepreneurship Theory and Practice, Vol.18, No.3, pp. 5-10. https://doi.org/10.1177/104225879401800301
  45. Geroski, P.(1995), Innovation and Competitive Advantage. OECD. Economics Department Working Papers 159, OECD Publishing.
  46. Glick, W, H., C. C. Miller, and G. P. Huber(1993), "The impact of upper-echelon diversity on organizational performance", In Organizational Change and Redesign: Ideas and Insights for Improving Performance, pp. 176, 214.
  47. Greenley, G. E. and G. R. Foxall(1998), "External moderation of associations among stakeholder orientations and company performance," International Journal of Research in Marketing, Vol.15, No.1, pp. 51-69. https://doi.org/10.1016/S0167-8116(97)00018-9
  48. Hambrick, D. C. and P. A. Mason(1984), "Upper echelons : The organization as a reflection of its top managers," Academy of Management Review, Vol.9, pp. 193-206. https://doi.org/10.5465/AMR.1984.4277628
  49. Hambrick, D. C., T. S. Cho, and M. J. Chen(1996), "The Influence of Top Management Team Heterogeneity on Firms' Competitive Moves," Administrative Science Quarterly, Vol.41, No.4, pp. 659-684. https://doi.org/10.2307/2393871
  50. Harrison, D. A. and K. J. Klein(2007), "What's the difference? Diversity constructs as separation, variety, or disparity in organizations," Academy of Management Review, Vol.32, No.4, pp. 1199-1228. https://doi.org/10.5465/AMR.2007.26586096
  51. Harrison, D. A., K. H. Price, J. H. Gavin., and A. T. Florey(2002), "Time, Teams, and Task Performance: Changing Effects of Surface- and Deep-Level Diversity on Group Functioning," Academy of Management Journal, Vol.45, No5, pp. 1029-1045. https://doi.org/10.5465/3069328
  52. Harrison, D. A., K. H. Price., and M. P. Bell(1998), "Beyond Relational Demography: Time and the Effects of Surface- and Deep-Level Diversity on Work Group Cohesion," Academy of Management Journal, No.41, pp. 96-107. https://doi.org/10.2307/256901
  53. Hmieleski, K. M. and M. D. Ensley(2007), "A contextual examination of new venture performance: entrepreneur leadership behavior, top management team heterogeneity, and environmental dynamism," Journal of Organizational Behavior, Vol.28, No.7, pp. 865-889. https://doi.org/10.1002/job.479
  54. Hoffman, L. R.(1985), "The effect of race-ratio composition on the frequency of organizational communication," Social Psychology Quarterly, Vol.48, pp. 17-26. https://doi.org/10.2307/3033778
  55. Hoffman, L. R. and N. R. Maier(1961), "Quality & acceptance of problem solutions by members of homogeneous and heterogeneous groups," Journal of Abnormal and Social Psychology, Vol.62, pp. 401-407. https://doi.org/10.1037/h0044025
  56. Jackson, S. E., K. E. May, and K. Whitney(1995), "Understanding the dynamics of diversity in decision-making teams."In R.A. Guzzo & E. Salas(Eds.), Team Decision-making Effectiveness in Organizations: PP.204-261. San Francisco: Jossey-Bass.
  57. Jehn, K. A. and K. Bezrukova(2004), "A field study of group diversity, workgroup context, and performance," Journal of Organizational Behavior, Vol.25, No.6, pp. 703-729. https://doi.org/10.1002/job.257
  58. Jehn, K. A., G. B. Northcraft, and M. A. Neale(1999), "Why Differences Make a Difference: A Field Study of Diversity, Conflict, and Performance in Workgroups." Administrative Science Quarterly, Vol.44, pp. 741-763. https://doi.org/10.2307/2667054
  59. Kalleberg, A. L. and K. T. Leicht(1991), "Gender and organizational performance: Determinants of small business survival and success," Academy of Management Journal, Vol.34, No.1, pp. 136-161. https://doi.org/10.2307/256305
  60. Kamm, J. B., J. C. Shuman, J. A. Seeger, and A. J. Nurick(1990), "Entrepreneurial Teams in New Venture Creation: A Research Agenda," Entrepreneurship Theory and Practice, Vol.14(Summer), pp. 7-17.
  61. Kor, Y. Y.(2003), "Experience-based top management team competence and sustained growth," Organization Science, Vol.14, No.6, pp. 707-719. https://doi.org/10.1287/orsc.14.6.707.24867
  62. Lechler, T.(2001), "Social Interaction: A Determinant of Entrepreneurial Team Venture Success," Small Business Economics, Vol.16, pp. 263-78. https://doi.org/10.1023/A:1011167519304
  63. Lee. D. H.(2012), "The effects of strategic orientations on innovation performance: The mediating role of entrepreneurial orientation," Journal of Business Research, Vol.27, No.2, pp. 277-300.
  64. Levine, J. M. and L. B. Resnick(1993), "Social foundations of cognitions," Annual Review of Psychology, Vol.41, pp. 585-612. https://doi.org/10.1146/annurev.ps.41.020190.003101
  65. Busenitz, L. W., J. O. Fiet, and D. D. Moesel(2005), "Signaling in Venture Capitalist-New Venture Team Funding Decisions: Does It Indicate Long-Term Venture Outcomes?," Entrepreneurship Theory and Practice, Vol.29, No.1, pp. 1-12. https://doi.org/10.1111/j.1540-6520.2005.00066.x
  66. Mannix, E. and M. A. Neale(2005), "What differences make a difference? The promise and reality of diverse teams in organizations," Psychological Science in the Public Interest, Vol.6, No.2, pp. 31-55. https://doi.org/10.1111/j.1529-1006.2005.00022.x
  67. Messick, D. and D. Massie(1989), "Intergroup Relations," Annual Review of Psychology. Vol.40, pp. 45-81. https://doi.org/10.1146/annurev.ps.40.020189.000401
  68. Milliken, F. J. and L. L. Martins(1996), "Searching for common thread: Understanding the multiple effects of diversity in organizational groups," Academy of Management Review, Vol.21, No.2, pp. 402-433. https://doi.org/10.5465/AMR.1996.9605060217
  69. Newcomb, T. M.(1961), The Acquaintance Process, New York: Holt, Rinehart and Winston.
  70. Nielsen, S.(2010), "Top management team diversity: A review of theories and methodologies," International Journal of Management Reviews, Vol.12, No.3, pp. 301-316. https://doi.org/10.1111/j.1468-2370.2009.00263.x
  71. Nonaka, I. and H. Takeuchi(1995), The Knowledge-creating Company, New York: Oxford University Press.
  72. Patzelt, H., D. Zu Knyphausen Aufsess, and P. Nikol(2008), "Top management teams, business models, and performance of biotechnology ventures: An upper echelon perspective," British Journal of Management, Vol.19, No.3, pp. 205-221. https://doi.org/10.1111/j.1467-8551.2007.00552.x
  73. Pelled, L. H.(1996), "Demographic diversity, conflict, and work group outcomes: An intervening process theory," Organization Science, Vol.7, No.6, pp. 615-631. https://doi.org/10.1287/orsc.7.6.615
  74. Reich, R.(1987), "Entrepreneurship Reconsidered: The Team as Hero," Harvard Business Review, May-June, pp. 77-83.
  75. Reynolds, P. D. and S. B. White(1997), The Entrepreneurial Process: Economic Growth, Men, Women, and Minoritie,. Westport, CT: Quorum Books.
  76. Roure, J. B. and M. A. Maidique(1986), "Linking prefunding factors and high-technology venture success: an exploratory study," Journal of Business Venturing, Vol.1, No.3, pp. 295-306. https://doi.org/10.1016/0883-9026(86)90006-6
  77. Schjoedt, L., E. Monsen, A. Pearson, T. Barnett, and J. J. Chrisman(2013), "New venture and family business teams: understanding team formation, composition, behaviors, and performance," Entrepreneurship Theory and Practice, Vol.37, pp. 1-15. https://doi.org/10.1111/j.1540-6520.2012.00549.x
  78. Simons, T., L. H. Pelled, and K. A. Smith(1999), "Making use of difference : diversity, debate and decision comprehensiveness in top management teams," Academy of Management Journal, Vol.42, pp. 662-673. https://doi.org/10.2307/256987
  79. Swamidass, P. M. and M. D. Aldridge(1996), "Ten rules for timely task completion in cross-functional teams," Research Technology Management, Vol.39, No.4, pp. 12. https://doi.org/10.1080/08956308.1996.11671070
  80. Tajfel, H.(1981), "Social stereotypes and social groups", In J. C. Turner & H. Giles (Eds.), Intergroup Behaviour, pp. 144-167. Oxford, England: Basil Blackwell.
  81. Timmons, J. A.(1990), New Venture Creation: Entrepreneurship in the 1990s, Homewood, IL: Irwin.
  82. Tsai, W. M. H., I. C. MacMillan, and M. B. Low(1991), "Effects of Strategy and Environment on Corporate Venture Success in Industrial Markets," Journal of business venturing, Vol.6, No.1, pp. 9-28. https://doi.org/10.1016/0883-9026(91)90003-V
  83. Tsui, A. S., T. D. Egan, and K. R. Xin(1995), "Diversity in organizations: Lessons from demography research", The American Psychological Society meeting, Chicago, IL, Jun 1993.. Sage Publications, Inc.
  84. Turner, J.(1982), Rediscovering the Social Group: A Social Categorization Theory, Oxford, UK: B. Blackwell.
  85. Van der Vegt, G. S. and J. S. Bunderson(2005), "Learning and performance in multidisciplinary teams: The importance of collective team identification," Academy of Management Journal, Vol.48, pp. 532-547. https://doi.org/10.5465/AMJ.2005.17407918
  86. van Knippenberg, D. and M. C. Schippers(2007), "Work group diversity," Annual Review of Psychology, Vol.58, pp. 515-541. https://doi.org/10.1146/annurev.psych.58.110405.085546
  87. Venkatraman, N. and V. Ramanujam(1986), "Measurement of business performance in strategy research: A comparison of approaches," Academy of Management Review, Vol.11, No.4, pp. 801-814. https://doi.org/10.5465/AMR.1986.4283976
  88. Vissa, B. and A. S. Chacar(2009), "Leveraging ties: the contingent value of entrepreneurial teams' external advice networks on Indian software venture performance," Strategic Management Journal, Vol.30, No.11, pp. 1179-1191. https://doi.org/10.1002/smj.785
  89. Wang, C. L. and P. K. Ahmed(2004), "The development and validation of the organisational innovativeness construct using confirmatory factor analysis," European Journal of Innovation Management, Vol.7, No.4, pp. 303-313. https://doi.org/10.1108/14601060410565056
  90. Watson, W. E., L. D. Ponthieu, and J. W. Critelli(1995), "Team interpersonal process effectiveness in venture partnerships and its connection to perceived success," Journal of Business Venturing, Vol.10, No.5, pp. 393-411. https://doi.org/10.1016/0883-9026(95)00036-8
  91. Webber, S. S. and L. M. Donahue(2001), "Impact of highly and less job-related diversity on work group cohesion and performance:a meta-analysis," Journal of Management, Vol.27, pp. 141-162. https://doi.org/10.1016/S0149-2063(00)00093-3
  92. Weiner, B(1989) Human Motivation, Psychology Press, Hove, East Sussex.
  93. West III, G. P.(2007), "Collective cognition: when entrepreneurial teams, not individuals, make decisions," Entrepreneurship Theory and Practice, Vol.31, pp. 77-102. https://doi.org/10.1111/j.1540-6520.2007.00164.x
  94. Wheeler, A. R., R. G. Richey, M. Tokkman, and C. J. Sablynski(2006), "Retaining employees for service competency: The role of corporate brand identity," Journal of Brand Management, Vol.14, No.1-2, pp. 96-113. https://doi.org/10.1057/palgrave.bm.2550062
  95. Wiersema, M. F. and K. A. Bantel(1992), "Top Management Team Demography and Corporate Strategic Change," Academy of Management Journal, Vol.35, No.1, pp. 91-121. https://doi.org/10.2307/256474
  96. Williams, K. Y. and C. A. O'Reilly(1998), "Demography and Diversity in Organizations: A Review of 40 Years of Research", In Research in Organizational Behavior, edited by B. Staw and R. Sutton, 20, 77-140. Greenwich, CT: JAI Press.
  97. Zahra, S. A.(1996), "Technology strategy and new venture performance: a study of corporate-sponsored and independent biotechnology ventures," Journal of Business Venturing, Vol.11, No.4, pp. 289-321. https://doi.org/10.1016/0883-9026(95)00128-X
  98. Zenger, T. R. and B. S. Lawrence(1989), "Organizational demography: The differential effects of age and tenure distributions on technical communication," Academy of Management Journal, Vol.32, No.2, pp. 353-376. https://doi.org/10.2307/256366
  99. Zheng, Y.(2011), "Unlocking founding team prior shared experience: A transactive memory system perspective," Journal of Business Venturing, Vol.27, No.5, pp. 577-591. https://doi.org/10.1016/j.jbusvent.2011.11.001
  100. Zhou, W.(2013), "Is Informational Diversity Really Informational? An Investigation of What and When in Entrepreneurial Teams," Journal of Marketing Development and Competitiveness, Vol.7, No.3, pp. 29-42.
  101. Zhou, W. and E. Rosini(2015), "Entrepreneurial team diversity and performance: Toward an integrated model," Entrepreneurship Research Journal, Vol.5, No.1, pp. 31-60. https://doi.org/10.1515/erj-2014-0005
  102. Zimmerman, M. A.(2008), "The influence of top management team heterogeneity on the capital raised through an initial public offering," Entrepreneurship Theory and Practice, Vol.32, No.3, pp. 391-414. https://doi.org/10.1111/j.1540-6520.2008.00233.x