Knowledge creation through external venturing: Evidence from the telecommunications equipment manufacturing industry

• 成果类型: Article
• 署名作者: Wadhwa, Anu; Kotha, Suresh
• 署名单位: Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; University of Washington; University of Washington Seattle
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• 发表日期: 2006
• 页码: 819-835
• 关键词: ABSORPTIVE-CAPACITY; LOCAL SEARCH; exploration; INNOVATION; FIRMS; biotechnology; diversification; PRODUCTIVITY; capabilities; exploitation

摘要

Investment in entrepreneurial ventures has gained recent popularity as a means for established firms to learn about new technologies and markets. However, the link between such corporate venture capital (CVC) investments and innovation outcomes has not been examined in detail. Using panel data from corporate investors in telecommunications equipment manufacturing, we investigated the conditions under which CVC investments affect knowledge creation for corporate investors. We found that, when investor involvement is low, number of CVC investments has an inverted U-shaped relationship with innovation performance. However, when investor involvement is high, the relationship reverses, and an increase in investments boosts innovation.