Towards Understanding Who Makes Corporate Venture Capital Investments and Why
California State University, East Bay
Corey C. Phelps
HEC Paris - Strategy & Business Policy
University of Washington - Center for Innovation and Entrepreneurship
July 10, 2009
Journal of Business Venturing, Forthcoming
This study examines when established firms participate in corporate venture capital (CVC). We build on the resource-based view of interfirm collaboration and emphasize the strategic flexibility of CVC relationships. We use longitudinal data on 477 firms from 1990-2000 to test our hypotheses. We find that firms in industries with rapid technological change, high competitive intensity and weak appropriability engage in greater CVC activity. We also show that firms that possess strong technological and marketing resources and resources developed from diverse venturing experience engage in greater CVC activity. Finally, we find that these firm resources moderate the influence of the observed industry effects in paradoxical ways.
Number of Pages in PDF File: 44
Keywords: corporate venture capital, corporate entrepreneurship, interfirm collaboration
JEL Classification: M13, L14, G24, D83, C33Accepted Paper Series
Date posted: July 11, 2009 ; Last revised: March 13, 2013
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