WHEN DOES CORPORATE VENTURE CAPITAL ADD VALUE FOR NEW VENTURES?

• 成果类型: Article
• 署名作者: Park, Haemin Dennis; Steensma, H. Kevin
• 署名单位: University of Missouri System; University of Missouri Kansas City; University of Washington; University of Washington Seattle
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.937
• 发表日期: 2012
• 页码: 1-22
• 关键词: Corporate venture capital; technology entrepreneurship; complementary assets; transaction costs; new venture performance

摘要

New ventures face a trade-off when considering corporate venture capital (CVC) funding. Corporate investors can provide complementary assets that enhance the commercialization of new venture technologies. However, tight links with a particular corporate investor has drawbacks and may constrain new ventures from accessing complementary assets from diverse sources in an open market. Taking this trade-off into account, we explore conditions under which CVC funding is beneficial to new ventures. Using a sample of computer, semiconductor, and wireless ventures, we find that CVC funding is particularly beneficial for new ventures when they require specialized complementary assets or operate in uncertain environments. Copyright (C) 2011 John Wiley & Sons, Ltd.