Does directors’ educational background influence financing innovation through corporate venture capital investments? Evidence from France

Souad Brinette, Ramzi Benkraiem and Sabrina Khemiri ()
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Souad Brinette: EDC - EDC Paris Business School, OCRE - Observatoire et Centre de Recherche en Entrepreneuriat - EDC - EDC Paris Business School
Ramzi Benkraiem: Audencia Business School
Sabrina Khemiri: LITEM - Laboratoire en Innovation, Technologies, Economie et Management (EA 7363) - UEVE - Université d'Évry-Val-d'Essonne - Université Paris-Saclay - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris], IMT-BS - DEFI - Département Droit, Économie et Finances - TEM - Télécom Ecole de Management - IMT - Institut Mines-Télécom [Paris] - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris]

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Abstract: This study examines whether directors' educational background influences financing innovation through corporate venture capital (CVC). Our study comprises all CVC operations undertaken by French companies listed on the SBF 120 index between 2000 and 2018. The results show that directors who have graduated from elitist institutions strengthen the involvement of companies in financing innovation. We also find that female directors with a background in management enhance such strategies. These findings have several practical implications for managers and regulators. Thus, to ensure the involvement of corporates in financing innovation, the appointment of directors should be based on specific criteria.

Keywords: Directors’ educational background; Elitist institutions; Engineering; Management; Corporate venture capital; Resource-based view; Sustainable Development Goals (search for similar items in EconPapers)
Date: 2024-02
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Citations: View citations in EconPapers (1)

Published in Finance Research Letters, 2024, 60, pp.104905. ⟨10.1016/j.frl.2023.104905⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04396675

DOI: 10.1016/j.frl.2023.104905

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