Combining international business research with the knowledge-based view, this paper examines factors affecting the export orientation and export performance of high-technology Small and medium enterprises (SMEs) in an emerging economy. Using a unique, hand-collected dataset of 711 SMEs from Zhongguancun Science Park in China, it argues that export orientation and performance depend not only on the development of capabilities through R&D and technology transfer, but also on entrepreneurial characteristics, such as the founder's international background and global networks. It is also shown that both export orientation and performance are positively associated with the presence of a “returnee” entrepreneur. Journal of International Business Studies (2009) 40, 1005–1021. doi:10.1057/jibs.2008.105

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Building on an asset complementarity perspective, human capital and social capital measures are used to examine the science park location decisions of returnee entrepreneurs and the performance of their ventures. The study uses a unique, hand-collected data set of 349 SMEs from Zhongguancun Science Park in China, including 53 SMEs from locations administered by universities. The article considers the antecedents of university and nonuniversity science park location and firm growth with a view to drawing conclusions that go beyond the specific context of Beijing and China. Its findings include the tendency for returning entrepreneurs with academic knowledge in the form of patents transferred from abroad to locate in nonuniversity science parks, and for those with previous firm ownership abroad to choose university science parks. The firms of returnees with patents from abroad enjoyed stronger employment growth in nonuniversity science parks and those with commercial experience abroad with MNCs performed better in university science parks. This evidence is consistent with the view that returning entrepreneurs seek complementary (academic and commercial) assets in their location decisions, although some inconsistencies with this view are also discussed.