Governance system and corporate venture capital strategy of french firms

Sistema de gobierno y estrategia de capital de riesgo corporativo de empresas francesas

Souad Brinette, Sabrina Khemiri (), Ramzi Benkraiem and Anthony Miloudi
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Souad Brinette: OCRE - Observatoire et Centre de Recherche en Entrepreneuriat - EDC - EDC Paris Business School
Sabrina Khemiri: DVRC - De Vinci Research Center - DVHE - De Vinci Higher Education
Anthony Miloudi: CRIEF [Poitiers] - Centre de recherche sur l'intégration économique et financière - UP - Université de Poitiers = University of Poitiers

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Abstract: We study the impact of governance mechan­isms on strategic decisions made by corpor­ate managers, in particular those related to corporate venture capital (CVC). This topic has not been treated in much detail in the extant literature dealing with the French market and deserves to be deepened. Our study covers all the CVC operations initi­ated by the SBF 120 firms over the period 2000-2018. Our main results highlight the role played by the ownership structure, the specific resources and the shareholding pro­file in carrying out CVC operations. Thus, this study contributes to enrich the debate on the usefulness of these vehicles for financing innovation in the French economy.

Keywords: Governance system; Corporate venture capital; Ownership structure; Board of directors; Agency theory; Sistema de gobierno; Capital de riesgo corporativo; Estructura de pro­piedad; Junta directiva; Teoría de agencias; Conseil d’administration; Structure de propriété; Capi­tal-risque industriel; Système de gouvernance; Théorie d’agence (search for similar items in EconPapers)
Date: 2021
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Published in Management international = International management = Gestión internacional, 2021, 25 (1), pp.12-32. ⟨10.7202/1076015ar⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02934424

DOI: 10.7202/1076015ar

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