Revealing the underlying drivers of CVC performance— a literature review and research agenda

IF 2.8 4区管理学 Q2 BUSINESS, FINANCE

Venture Capital Pub Date : 2021-01-02 DOI:10.1080/13691066.2021.1873210

G. Fels, M. Kronberger, T. Gutmann

{"title":"Revealing the underlying drivers of CVC performance— a literature review and research agenda","authors":"G. Fels, M. Kronberger, T. Gutmann","doi":"10.1080/13691066.2021.1873210","DOIUrl":null,"url":null,"abstract":"ABSTRACT What are the underlying performance drivers of corporate venture capital (CVC)? This paper provides a holistic overview and a synthesis of past studies of CVC performance for both scholars and practitioners compiling relevant empirical research on factors influencing the performance of CVC. Based on a sample of 36 publications published between 1986 and 2018, we illustrate that the performance of CVC is influenced by a complex setting due to the heterogeneity of the stakeholders involved. Our study identifies four factors directly related to the performance of CVC – portfolio composition, corporate knowledge, organizational relationship, and managerial influence and focus – and provides a comprehensive review and systematic assessment of the theoretical considerations regarding these factors. Beyond that, it reveals that current research is still limited in terms of the number of published articles about the questions at hand, and only scratches at the surface of the determinants of CVC performance. Concluding, we provide guidance for future research on CVC performance along the four identified factors.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"21 1","pages":"67 - 109"},"PeriodicalIF":2.8000,"publicationDate":"2021-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"6","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Venture Capital","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1080/13691066.2021.1873210","RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 6

Abstract

ABSTRACT What are the underlying performance drivers of corporate venture capital (CVC)? This paper provides a holistic overview and a synthesis of past studies of CVC performance for both scholars and practitioners compiling relevant empirical research on factors influencing the performance of CVC. Based on a sample of 36 publications published between 1986 and 2018, we illustrate that the performance of CVC is influenced by a complex setting due to the heterogeneity of the stakeholders involved. Our study identifies four factors directly related to the performance of CVC – portfolio composition, corporate knowledge, organizational relationship, and managerial influence and focus – and provides a comprehensive review and systematic assessment of the theoretical considerations regarding these factors. Beyond that, it reveals that current research is still limited in terms of the number of published articles about the questions at hand, and only scratches at the surface of the determinants of CVC performance. Concluding, we provide guidance for future research on CVC performance along the four identified factors.

查看原文本刊更多论文

揭示CVC绩效的潜在驱动因素——文献综述和研究议程

企业风险投资(CVC)的潜在绩效驱动因素是什么?本文对CVC绩效的研究进行了全面的概述和综合，供学者和实践者对CVC绩效影响因素进行相关的实证研究。基于1986年至2018年间发表的36份出版物的样本，我们说明了由于所涉及的利益相关者的异质性，CVC的绩效受到复杂环境的影响。我们的研究确定了与CVC绩效直接相关的四个因素——投资组合构成、企业知识、组织关系、管理影响力和重点——并对这些因素的理论考虑进行了全面的回顾和系统的评估。除此之外，它还揭示了当前的研究仍然局限于关于手头问题的已发表文章的数量，并且只触及了CVC绩效决定因素的表面。最后，我们根据四个确定的因素为未来的CVC绩效研究提供了指导。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Venture Capital BUSINESS, FINANCE-

CiteScore

4.10

自引率

16.70%

发文量

期刊介绍： Venture Capital publishes cutting edge research-based papers from academics and practitioners on all aspects of private equity finance such as: •institutional venture capital •informal venture capital •corporate venture capital •public sector venture capital •community venture capital It also covers all aspects of the venture capital process from investment decision to exit, including studies on: •investment patterns •investment decision-making •investment performance •realisation of investment value exit routes (including the relationship with junior capital markets such as NASDAQ, EASDAQ, AIM and Nouvelle March). •economic impact and public policy