Corporate venture capital and the boundaries of the firm1

IF 7.7 1区管理学 Q1 BUSINESS

Journal of Business Venturing Pub Date : 2025-04-18 DOI:10.1016/j.jbusvent.2025.106500

Hongyu Shan

引用次数: 0

Abstract

This study presents a novel measure of the overlap between a Corporate Venture Capital (CVC) investor and an entrepreneurial firm in the product, market, and technology spaces. Using this measure, we present an alternative parallel framework to understand an incumbent's decision to invest in or acquire a startup, grounded in the boundaries of the firm theory. The CVC's distinct features regarding property rights and incomplete contracting are preferred when the overlap is low. Also, CVC investments spur the greatest ex-post change in firm scope when the startup has moderate (vs. low or high) overlap with the corporate investor.

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企业风险投资与企业边界

本研究提出了一种衡量企业风险投资（CVC）投资者与创业公司在产品、市场和技术领域重叠程度的新方法。利用这一衡量标准，我们提出了另一种平行框架，以企业理论的边界为基础，来理解在位者投资或收购初创企业的决定。当重叠度较低时，CVC在产权和不完全契约方面的鲜明特征是首选的。此外，当初创公司与企业投资者有适度（相对于低或高）重叠时，CVC投资会刺激公司范围的最大事后变化。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Business Venturing BUSINESS-

CiteScore

16.70

自引率

6.90%

发文量

审稿时长

77 days

期刊介绍： The Journal of Business Venturing: Entrepreneurship, Entrepreneurial Finance, Innovation and Regional Development serves as a scholarly platform for the exchange of valuable insights, theories, narratives, and interpretations related to entrepreneurship and its implications. With a focus on enriching the understanding of entrepreneurship in its various manifestations, the journal seeks to publish papers that (1) draw from the experiences of entrepreneurs, innovators, and their ecosystem; and (2) tackle issues relevant to scholars, educators, facilitators, and practitioners involved in entrepreneurship. Embracing diversity in approach, methodology, and disciplinary perspective, the journal encourages contributions that contribute to the advancement of knowledge in entrepreneurship and its associated domains.