Abstract

http://ssrn.com/abstract=2340900
 


 



Corporate Governance in Entrepreneurial Firms: Effects of Corporate Venture Capital and Founder Incumbency on Entrepreneurial R&D Strategy


Yongwook Paik


University of Southern California - Marshall School of Business

Heejin Woo


University of Southern California - Marshall School of Business

October 8, 2013


Abstract:     
R&D strategy is one of the most important resource allocation decisions that investors and top-level managers make, and it is particularly important for young entrepreneurial firms in technology-intensive industries. Although prior studies have examined how different types of ownership affect R&D strategy in large public corporations, we still know little about corporate governance-related determinants of R&D strategy in young entrepreneurial firms. To fill this research gap, we focus on the most significant stakeholders in young entrepreneurial firms (i.e., venture capital firms, corporate venture capital firms, and founders) and argue that CVC ownership and founder incumbency positively affect R&D strategy in entrepreneurial firms. Our empirical analysis correcting for selection bias and reverse causality supports our hypotheses.

Number of Pages in PDF File: 42

Keywords: corporate governance, R&D investment, corporate venture capital, founder, entrepreneurship

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Date posted: October 16, 2013  

Suggested Citation

Paik, Yongwook and Woo, Heejin, Corporate Governance in Entrepreneurial Firms: Effects of Corporate Venture Capital and Founder Incumbency on Entrepreneurial R&D Strategy (October 8, 2013). Available at SSRN: http://ssrn.com/abstract=2340900 or http://dx.doi.org/10.2139/ssrn.2340900

Contact Information

Yongwook Paik (Contact Author)
University of Southern California - Marshall School of Business ( email )
701 Exposition Blvd
Los Angeles, CA 90089
United States

Heejin Woo
University of Southern California - Marshall School of Business ( email )
701 Exposition Blvd
Los Angeles, CA 90089
United States
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