When are "sharks' beneficial? Corporate venture capital investment and startup innovation performance

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The effect of corporate venture capital (CVC) investment on startup innovation performance has been examined in the extant literature. However, when this effect is enhanced is the important but relatively understudied question in strategy and entrepreneurship research. We build on the idea of regarding CVC investment relationships as learning alliances and introduce two situational factors as boundary conditions on the performance effect of CVC investment. In order to handle the endogeneity of CVC investment, we employ propensity score matching and differences-in-differences techniques. Based on the sample of startups in the human biotechnology industry in the United States, we find that CVC funding is beneficial for startup innovativeness when CVC investment is established after initial independent venture capital funding. Moreover, a startup's patent stock before CVC funding also influences on that effect.
Publisher
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
Issue Date
2018
Language
English
Article Type
Article
Keywords

RESEARCH-AND-DEVELOPMENT; ENTREPRENEURIAL VENTURES; COMPETITIVE ADVANTAGE; PROPENSITY SCORE; FIRMS; ALLIANCES; KNOWLEDGE; GROWTH; BIOTECHNOLOGY; INVESTORS

Citation

TECHNOLOGY ANALYSIS & STRATEGIC MANAGEMENT, v.30, no.3, pp.324 - 336

ISSN
0953-7325
DOI
10.1080/09537325.2017.1310376
URI
http://hdl.handle.net/10203/240239
Appears in Collection
MT-Journal Papers(저널논문)
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