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<strong>1972</strong><br />
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pp. 131-158<br />
<strong>Rubel</strong> <strong>and</strong> <strong>Stanely</strong>,<br />
131
Brau, Brown <strong>and</strong> Osteryoung, 2004 Camp <strong>and</strong> Sexton,<br />
1992 Bygrave <strong>and</strong> Timmons, 1992; Harris <strong>and</strong> Bovaird, 1996;<br />
Timmons, 1987; Van Auken <strong>and</strong> Carter, 1989; Carter <strong>and</strong> Van Auken, 1994; Van Auken,<br />
2002 Gorman <strong>and</strong> Sahlman; Silver, 1994<br />
Chiampou <strong>and</strong> Kallett, 1989; Huntsman <strong>and</strong> Hoban, 1980; Martin <strong>and</strong><br />
Petty, 1983 Qiu, Yen <strong>and</strong> Gao, 1999<br />
1992; Shepherd, 1999; Silver, 1994<br />
Martin <strong>and</strong> Petty, 1983<br />
132<br />
2<br />
Wang <strong>and</strong> Ang 2004<br />
2000<br />
Kenneth, 1981; Lorenz, 1985; Sapienza,<br />
560<br />
55.5<br />
1984<br />
Chiampou <strong>and</strong> Kallett, 1989; Huntsman <strong>and</strong> Hoban, 1980;<br />
54
Asker, 1995; Caves <strong>and</strong> Porter, 1977; Hatten <strong>and</strong><br />
Hatten, 1987; Hunt, <strong>1972</strong>; Ketchen, Thomas <strong>and</strong> Snow, 1993; Leask, 2004; Leask <strong>and</strong> Parker,<br />
2003; Mehra, 1996; Newman, 1973; Peng, Tan <strong>and</strong> Tong, 2004; Porter, 1980; Thomas <strong>and</strong><br />
Venkatraman, 1988<br />
1.<br />
2.<br />
3.<br />
Asker, 1995;<br />
Athanassopoulos, 2003; Cool, 1985; Cool <strong>and</strong> Schendel, 1987; Dess <strong>and</strong> Davis, 1984; Leask<br />
<strong>and</strong> Parker, 2003; Mascarenhas, 1992; Panayides, 2002; Peng, Tan <strong>and</strong> Tong, 2004; Peteraf <strong>and</strong><br />
Shanley, 1997<br />
Asker,<br />
1995; Cool, 1985; Fiegenbaum <strong>and</strong> Thomas, 1990; Hunt, <strong>1972</strong>; Newman, 1973, 1978; Schendel<br />
<strong>and</strong> Patton, 1978<br />
Hunt <strong>1972</strong><br />
pp. 131-158<br />
Strategic Dimensions Strategic Variables<br />
133
Porter, 1980<br />
Shanley, 1998; Leask, 2004; Houthoofd <strong>and</strong> Heene, 2002<br />
Organization Model<br />
Porter 1980 Resource-based Model<br />
1991 Grant 1991 Leask 2004 Wernerfelt 1984<br />
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Yen <strong>and</strong> Gao, 1999<br />
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Dranove, Peteraf <strong>and</strong><br />
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Barney 1986, 1991, 1997 Conner<br />
Qiu,
Huntsman <strong>and</strong> Hoban 1980 1960<br />
1975 110 228,000 5<br />
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26.8 Ibbotson <strong>and</strong> Brinson 1987<br />
1959 1985 Martin <strong>and</strong><br />
1978 1984 131<br />
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Bygrave, Fast, Khoylian, Vincent <strong>and</strong> William 1989<br />
1995 4 1988 1992<br />
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25 1980-1986 85<br />
28.79<br />
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Cheng 1998<br />
pp. 131-158<br />
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Asker, 1995; Cool, 1985;<br />
Fiegenbaum <strong>and</strong> Thomas, 1990; Hunt, <strong>1972</strong>; Newman, 1973, 1978; Schendel <strong>and</strong> Patton,<br />
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-<br />
151
Dranove, Peteraf <strong>and</strong> Shanley 1998 Leask 2004<br />
1995<br />
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pp. 131-158<br />
157
Strategic Groups from Venture Capital Firms in Taiwan <strong>and</strong><br />
Their Financial Performance<br />
Wen-Long Chang 4 , Wen-Guu Huang 5 <strong>and</strong> Yi-Hsuan Jasmine Hsin 6<br />
Abstract<br />
This paper applies the concept of strategic group on the venture capital firms in Taiwan to<br />
analyze their financial performances in order to help the firms with strategic choices in the<br />
future. The study shows that venture capital firms in Taiwan can be classified into four strategic<br />
groups, including large, proactive firms , large firms with steady growth , small firms with<br />
with aggressive characteristic <strong>and</strong> small firms in specialized areas have better ability to<br />
make a profit. This suggests that large venture capital firms should take their resource-<br />
dominance advantage <strong>and</strong> seek for exceptional investment opportunities. As for venture capital<br />
firms with capital restrain, investment should be focused on those professional industries with<br />
greater potentials.<br />
158<br />
2<br />
Key words: Venture capital, Strategic group, Financial performance<br />
4 Assistant Professor, Department of Business Administration, Shih Chien University.<br />
5 Deputy Director General, Small <strong>and</strong> Medium Enterprise Administration, MOEA.<br />
6 Director, Taiwan Federation of Industry.