Towards understanding who makes corporate venture capital investments and why

被引：130

作者：

Basu, Sandip ^{[2
]}

Phelps, Corey ^{[1
]}

Kotha, Suresh ^{[3
]}

机构：

[1] HEC Paris, F-78351 Jouy En Josas, France

[2] Calif State Univ Hayward, Hayward, CA 94542 USA

[3] Univ Washington, Seattle, WA 98195 USA

来源：

JOURNAL OF BUSINESS VENTURING | 2011年 / 26卷 / 02期

关键词：

Corporate venture capital; Corporate entrepreneurship; Interfirm collaboration; RESEARCH-AND-DEVELOPMENT; RESOURCE-BASED VIEW; ECONOMETRIC-MODELS; HIGH-TECHNOLOGY; PRODUCT-MARKET; FIRM RESOURCES; INNOVATION; PERFORMANCE; EXPLORATION; KNOWLEDGE;

D O I：

10.1016/j.jbusvent.2009.07.001

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

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 to 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. (C) 2009 Elsevier Inc. All rights reserved.

引用

页码：153 / 171

页数：19

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