Corporate Venture Capital Portfolios and Firm Innovation
Corporate Venture Capital Portfolios and Firm Innovation
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DOI：
10.1016/j.jbusvent.2015.04.006
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发表时间：
2015-04
期刊：
影响因子：
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通讯作者：
A. Wadhwa;C. Phelps;S. Kotha
中科院分区：
文献类型：
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作者：
A. Wadhwa;C. Phelps;S. Kotha
本研究考察了企业风险投资组合关系对企业投资者创新绩效的影响。我们使用40家电信设备制造商CVC投资组合的纵向数据来研究这个问题。研究发现，投资组合多样性对企业投资者创新绩效的影响呈倒u型。我们还发现，多样性的影响取决于投资组合中可用知识资源的深度。这些结果对组织间学习、企业风险投资和开放式创新文献有所贡献，因为它们显示了与年轻企业的外部合作组合中可用知识资源的广度和深度如何相互作用，从而影响企业创新。
This study examines the conditions under which portfolios of corporate venture capital (CVC) relationships influence corporate investor innovation performance. We investigate this question using longitudinal data on CVC investment portfolios of 40 telecommunications equipment manufacturers. We find an inverted U-shaped effect of portfolio diversity on corporate investor innovation performance. We also find that the effect of diversity depends on the depth of knowledge resources available in the portfolio. These results contribute to the interorganizational learning, corporate venture capital and open innovation literatures by showing how the breadth and depth of knowledge resources available in a portfolio of external partnerships with young ventures interact to influence firm innovation.