Although we tried our best to complete this research in limited time, there are still several limitations should be mentioned that may lead to readers’
misinterpretation and maybe some biases.
First, this research assumed one year time lag between our independent and dependent variables. Although there are relevant literatures as our back up (Dushnitsky and Lenox, 2005; Hall and Zedonis, 2001), some scholars still suggested that researches better employ distributed lag analysis to affirm that variables’ time-lag relationship (Ahuja and Katila, 2001) to assure the validity of our analysis. Second, this research evaluated firms’ innovation performance via the only proxy, patent applied, it actually cannot cover all innovative output of a firm. The trade secrets, copyrights and other implicit knowledge such as marketing or managerial capability all cannot be displayed simply through our proxy that may underestimate firms’
innovation performance. Third, the data set be used in this research is indeed a kind of panel data that replicated five sample points a firm in five different firm years. Even though we believe the effect of each firm is bridled by our control variables, it is hard to say the effect is absolutely eliminated while we still not include the variables to represent each one and only firm. Fourth, although we know that knowledge transfer from parent firms is absolutely beneficial for ventures’ innovation performance from literatures (Dushnitsky and Lenox, 2005; Stuart, 2000; Powell et al., 1996), thus focused upon the relationship between influential factors of knowledge transfer and firms’ innovation performance. It may still bring about causation ambiguity that we skipped over the mediator role of knowledge transfer in our analysis. Last, sample period of this research across 1968 to 2008, total forty years that may too long to concentrate even though we have already included year dummies to control its effect.
Furthermore, we here address some directions and suggestions for future
research and look forward to stretching the discussion about CVC issue. Hoping this oversimplified study may have some inspired stimulus on those future efforts.
The first is that to evaluate firms’ innovation performance more precisely in similar research topics. It is suggested to include not only quantity, but quality of patent (Dushnitsky and Lenox, 2005), trade secrets, and copyrights (Hayton, 2005) through primary data sources such as interviews and questionnaires. That may further improve the objectivity of the researches. Second, to refine the relationship between firms’ innovation performance, antecedents of knowledge transfer and knowledge transfer, it is suggested to evaluate knowledge transfer more concretely even the measure is actually hard to reach since knowledge transfer’s essence of abstract.
Finally, many other influential factors of knowledge transfer should be further discussed under CVC construct. For instance, region congruency may be considered as a potential moderator since international venturing is prosperous that more and more corporations attempt to acquire resources and capabilities from foreign countries (Leavy, 1997; Schlender, 1997). Different characteristics of different regions may lead to different outcome of knowledge transfer, future researches are suggested to probe more deeply in CVC activities with more consideration about social capital relative factors.
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