Abstract
ABSTRACT This article empirically examines how relative exploration affects high-tech companies’ initial public offering (IPO) performance. Analysis of data from 225 high-tech companies listed in the SSE Sci-Tech innovation board (SSE STAR) market shows that high-tech companies with high exploratory innovation tend to generate inferior IPO performance compared to those with high exploitative innovation. Further, we explore the moderating effects of political ties and university cooperation from the triple helix perspective. Results suggest that political ties and university cooperation can alleviate the negative relationship between relative exploration and IPO performance. These findings contribute to the literature on how exploration-exploitation affects external financing by integrating exploration-exploitation and triple helix interactions research. These offer important practical implications for high-tech companies in China.
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