Families in Corporate Venture Capital

46 Pages Posted: 12 May 2021 Last revised: 28 Oct 2022

See all articles by Mario Daniele Amore

Mario Daniele Amore

HEC Paris - Strategy & Business Policy

Samuele Murtinu

Utrecht University - School of Economics

Valerio Pelucco

Bocconi University

Multiple version iconThere are 3 versions of this paper

Date Written: May 16, 2021


We show that families are an engine of venturing activities: one third of all corporate venture capital (CVC) deals in the US from 2000 to 2017 originated from family firms. Family firms have a distinct venturing style: they syndicate more often, join larger syndicates, and make closer deals (geography- and industry-wise), especially when they are led by a family CEO. These features map into performance results: family CVC-backed ventures exhibit a higher likelihood of successful exit, better marker performance and more valuable innovation. At the level of the parent organization, CVC creates more shareholder value for family firms than non- family firms.

Keywords: Corporate venture capital; family ownership; investment; performance

JEL Classification: G24; G32; O32

Suggested Citation

Amore, Mario Daniele and Murtinu, Samuele and Pelucco, Valerio, Families in Corporate Venture Capital (May 16, 2021). Available at SSRN: https://ssrn.com/abstract=3843842 or http://dx.doi.org/10.2139/ssrn.3843842

Mario Daniele Amore (Contact Author)

HEC Paris - Strategy & Business Policy ( email )

Jouy-en-Josas Cedex, 78351

Samuele Murtinu

Utrecht University - School of Economics ( email )

Kriekenpitplein 21-22
Adam Smith Building
Utrecht, +31 30 253 7373 3584 EC

Valerio Pelucco

Bocconi University ( email )

Via Sarfatti, 25
Milan, MI 20136

Do you have negative results from your research you’d like to share?

Paper statistics

Abstract Views
PlumX Metrics