Family firms in entrepreneurial finance: The case of corporate venture capital

Mario Daniele Amore, Samuele Murtinu and Valerio Pelucco

Journal of Banking & Finance, 2025, vol. 172, issue C

Abstract: We show that families are an engine of venturing activities: almost 30 percent of corporate venture capital (CVC) deals in the US from 2000 to 2017 originated from family firms. Family firms, primarily those led by family CEOs, orchestrate CVC activities differently than non-family firms: they syndicate more often and with more reputable investors, join larger syndicates, and make more proximate deals (geography- and industry-wise). This approach to corporate venturing maps into performance results: family CVC-backed ventures exhibit a higher likelihood of successful exit. Collectively, our results shed light on the important, and largely unexplored, role of family firms in CVC.

Keywords: Corporate venture capital; Family firms; Investment; Performance (search for similar items in EconPapers)
JEL-codes: G24 G32 O32 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jbfina:v:172:y:2025:i:c:s0378426625000123

DOI: 10.1016/j.jbankfin.2025.107391

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