دانلود رایگان مقاله اثرات استراتژیک سرمایه گذاری سرمایه ریسکی شرکت بزرگ

Abstract

This paper analyzes the strategic effects of corporate venture capital investments. Specifically, by studying the deals of 163 corporations over a four-year period, it documents the effects of driving, emerging, enabling, and passive investments on the pool of innovative opportunities available to incumbents and the scale efficiency gains they experience as a result of these investments. The study suggests that by making driving and enabling investments, incumbents position themselves in the industry to take advantage of increased pools of innovative opportunities and improve scale efficiency yields. At the same time, emerging and passive investments are detrimental for both of the strategic goals considered in this paper.

8. Results

Our data suggest that corporations distribute their investment funds unevenly between the deals of different type: more than 50% of the investments are passive, about 20% target emergent deals, 16% of the deals is driving, and less than 5% of investments are enabling. Table 1 documents descriptive statistics for the present study's data. The empirical results are summarized in Table 2. In all, four models are presented.8 Models 1 through 3 analyze the effects of CVC investments on the pool of innovative opportunities available to the corporation. They include three alternative operationalizations of integrative capabilities. Model 4 is concerned with scale efficiency gains. All models demonstrate statistical significance at po0.001 level. The results unambiguously point to the positive role of driving and enabling investments in terms of helping corporations position themselves to benefit from innovative opportunities and improve scale efficiency yields. The opposite is true for emerging and passive investments: they are detrimental in both senses, which may come as a surprise with respect to innovation—after all, they do boast technological fit with the corporation.