作者：Kim, Keongtae; Gopal, Anandasivam; Hoberg, Gerard
作者单位：City University of Hong Kong; University System of Maryland; University of Maryland College Park; University of Southern California
摘要：We study the effect of product market competition on the propensity to use corporate venture capital (CVC) as a part of an information technology (IT) firm's innovation strategy. Using novel measures of product market competition based on product descriptions from firm 10-K statements and accounting for potential endogeneity, we investigate how product market competition between 1997 and 2007 relates to the magnitude of CVC spending. We first find that firms in competitive markets make higher ...
