Towards understanding who makes corporate venture capital investments and why

Corey C. Phelps (), Sandip Basu and Suresh Kotha
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Corey C. Phelps: GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique
Sandip Basu: CSUN - California State University [Northridge]
Suresh Kotha: University of Washington [Seattle]

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Abstract: 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.

Keywords: Corporate venture capital; Corporate entrepreneurship; Interfirm collaboration (search for similar items in EconPapers)
Date: 2011-03
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Citations: View citations in EconPapers (57)

Published in Journal of Business Venturing, 2011, 26 (2), pp.153-171. ⟨10.1016/j.jbusvent.2009.07.001⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-00575634

DOI: 10.1016/j.jbusvent.2009.07.001

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