nach oben

Management Review Quarterly

Erschienen in:

15.03.2018

Exploring the landscape of corporate venture capital: a systematic review of the entrepreneurial and finance literature

verfasst von: Patrick Röhm

Erschienen in: Management Review Quarterly | Ausgabe 3/2018

Einloggen, um Zugang zu erhalten

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config

KI-gestützte Suche

Aus

Abstract

The influence of corporate venture capital (CVC) investments within the venture capital industry, that is, equity stakes in high technology ventures, has stimulated the academic literature on this specific research area. Generally, CVC is strongly associated with the concept of corporate venturing and plays a vital role in the strategic renewal of established companies. Owing to the multifaceted nature of the CVC phenomenon, the existing literature is rather fragmented. Therefore, the purpose of this article is twofold: first, bibliographic coupling is introduced to the field of CVC to reveal the underlying structure of the current research front. Second, a content-related review is conducted to shed light on nascent research streams and shortcomings within the CVC literature that indicate promising avenues for future research. The systematic review of a comprehensive set of 65 articles reveals that the prevailing CVC literature is mainly driven by two dominant logics, management and finance, that tend to separate themselves from one another. Moreover, nascent research streams are identified that will broaden and enrich the academic discussion.

Vorheriger Artikel The concept of psychological capital: a comprehensive review

Nächster Artikel Research on target costing: past, present and future

During the data collection process, the following differences were identified: While the Strategic Management Journal is only available on Scopus for issues from 2011 onwards, Web of Science does not cover the following journals: Venture Capital: An International Journal of Entrepreneurial Finance, World Review of Entrepreneurship, Management and Sustainable Development and the Management Research Review.

Please note, counts are not mutually exclusive due to the fact that articles could apply several statistical methods simultaneously.

Alvarez-Garrido E, Dushnitsky G (2016) Are entrepreneurial venture’s innovation rates sensitive to investor complementary assets? Comparing biotech ventures backed by corporate and independent VCs. Strateg Manag J 37:819–834. https://doi.org/10.1002/smj.2359

Anokhin S, Örtqvist D, Thorgren S, Wincent J (2011) Corporate venturing deal syndication and innovation: the information exchange paradox. Long Range Plan 44:134–151. https://doi.org/10.1016/j.lrp.2010.12.005

Azoulay P, Stuart T, Wang Y (2014) Matthew: effect or fable? Manag Sci 60:92–109. https://doi.org/10.1287/mnsc.2013.1755

Bannock Consulting (2001) Corporate venturing in Europe. https://cordis.europa.eu/pub/innovation-policy/studies/isbn_92-894-0630-5_en.pdf. Accessed 20 Jan 2016

Bassen A, Blasel D, Faisst U, Hagenmuller M (2006) Performance measurement of corporate venture capital–balanced scorecard in theory and practice. Int J Technol Manag 33:420–437. https://doi.org/10.1504/IJTM.2006.009253

Basu S, Wadhwa A (2013) External venturing and discontinuous strategic renewal: an options perspective. J Prod Innov Manag 30:956–975. https://doi.org/10.1111/jpim.12039

Basu S, Phelps C, Kotha S (2011) Towards understanding who makes corporate venture capital investments and why. J Bus Ventur 26:153–171. https://doi.org/10.1016/j.jbusvent.2009.07.001

Bengtsson O, Wang F (2010) What matters in venture capital? Evidence from entrepreneurs’ stated preferences. Financ Manag 39:1367–1401. https://doi.org/10.1111/j.1755-053X.2010.01116.x

Benson D, Ziedonis RH (2009) Corporate venture capital as a window on new technologies: implications for the performance of corporate investors when acquiring startups. Organ Sci 20:329–351. https://doi.org/10.1287/orsc.1080.0386

Benson D, Ziedonis RH (2010) Corporate venture capital and the returns to acquiring portfolio companies. J Financ Econ 98:478–499. https://doi.org/10.1016/j.jfineco.2010.07.003

Bertoni F, Colombo MG, Croce A (2010) The effect of venture capital financing on the sensitivity to cash flow of firm’s investments. Eur Financ Manag 16:528–551. https://doi.org/10.1111/j.1468-036X.2008.00463.x

Bertoni F, Colombo MG, Grilli L (2013) Venture capital investor type and the growth mode of new technology-based firms. Small Bus Econ 40:527–552. https://doi.org/10.1007/s11187-011-9385-9

Bjørgum Ø, Sørheim R (2015) The funding of new technology firms in a pre-commercial industry—the role of smart capital. Technol Anal Strateg 27:249–266. https://doi.org/10.1080/09537325.2014.971002

Block Z, Ornati OA (1987) Compensating corporate venture managers. J Bus Ventur 2:41–51. https://doi.org/10.1016/0883-9026(87)90018-8

Boston Consulting Group (2012) Corporate venture capital: avoid the risks, miss the rewards. http://www.bcg.com/documents/file120517.pdf. Accessed 20 Jan 2016

Bouncken RB, Gast J, Kraus S, Bogers M (2015) Coopetition: a systematic review, synthesis, and future research directions. Rev Manag Sci 9:577–601. https://doi.org/10.1007/s11846-015-0168-6

Bruton GD, Ahlstrom D, Li H-L (2010) Institutional theory and entrepreneurship: where are we now and where do we need to move in the future? Entrep Theory Pract 34:421–440. https://doi.org/10.1111/j.1540-6520.2010.00390.x

Burgelmann RA (1983) Corporate entrepreneurship and strategic management: insights from a process study. Manag Sci 29:1349–1364. https://doi.org/10.1287/mnsc.29.12.1349

CB Insights (2015) The 104 most active corporate VC firms. https://www.cbinsights.com/blog/corporate-venture-capital-active-2014/. Accessed 20 Jan 2016

Chemmanur TJ, Loutskina E, Tian X (2014) Corporate venture capital, value creation, and innovation. Rev Financ Stud 27:2434–2473. https://doi.org/10.1093/rfs/hhu033

Chesbrough HW (2002) Making sense of corporate venture capital. Harvard Bus Rev 80:90–99

Cobo MJ, López-Herrera AG, Herrera-Viedma E, Herrera F (2011) Science mapping software tools: review, analysis, and cooperative study among tools. J Am Soc Inf Sci Technol 62:1382–1402. https://doi.org/10.1002/asi.21525

Cohen J (1960) A coefficient of agreement for nominal scales. Educ Psychol Meas 20:37–46. https://doi.org/10.1177/001316446002000104

Corbett A, Covin JG, O’Connor GC, Tucci CL (2013) Corporate entrepreneurship: state-of-the-art research and a future research agenda. J Prod Innov Manag 30:812–820. https://doi.org/10.1111/jpim.12031

Crane D (1965) Scientists at major and minor universities: a study of productivity and recognition. Am Sociol Rev 30:699–714. https://doi.org/10.2307/2091138

Crossan MM, Apaydin M (2010) A multi-dimensional framework of organizational innovation: a systematic review of the literature. J Manag Stud 47:1154–1191. https://doi.org/10.1111/j.1467-6486.2009.00880.x

Cumming DJ (2006) Corporate venture capital contracts. J Altern Invest 9:40–53. https://doi.org/10.3905/jai.2006.670099

Cumming DJ (2015) Publishing in finance versus entrepreneurship/management journals. In: Clark T, Ketchen D, Wright M (eds) How to get published in the top management journals. Edward Elgar Publishing, Cheltenham, pp 211–223. https://doi.org/10.4337/9781784714680.00039

Dimov D, Gedajlovic E (2010) A property rights perspective on venture capital investment decisions. J Manag Stud 47:1248–1271. https://doi.org/10.1111/j.1467-6486.2009.00905.x

Dokko G, Gaba V (2012) Venturing into new territory: career experiences of corporate venture capital managers and practice variation. Acad Manag J 55:563–583. https://doi.org/10.5465/amj.2009.0909

Dushnitsky G (2006) Corporate venture capital: past evidence and future directions. In: Classon W, Yeung B, Basu A, Wadeson N (eds) The Oxford handbook of entrepreneurship. Oxford University Press, Oxford, pp 387–431. https://doi.org/10.1093/oxfordhb/9780199546992.003.0015

Dushnitsky G (2011) Riding the next wave of corporate venture capital. Bus Strateg Rev 3:44–49. https://doi.org/10.1111/j.1467-8616.2011.00773.x

Dushnitsky G, Lavie D (2010) How alliance formation shapes corporate venture capital investment in the software industry: a resource-based perspective. Strateg Entrep J 4:22–48. https://doi.org/10.1002/sej.81

Dushnitsky G, Lenox MJ (2005a) When do firms undertake R&D by investing in new ventures? Strateg Manag J 26:947–965. https://doi.org/10.1002/smj.488

Dushnitsky G, Lenox MJ (2005b) When do incumbents learn from entrepreneurial ventures? Corporate venture capital and investing firm innovation rates. Res Policy 34:615–639. https://doi.org/10.1016/j.respol.2005.01.017

Dushnitsky G, Lenox MJ (2006) When does corporate venture capital investment create firm value? J Bus Ventur 21:753–772. https://doi.org/10.1016/j.jbusvent.2005.04.012

Dushnitsky G, Shapira Z (2010) Entrepreneurial finance meets organizational reality: comparing investment practices and performance of corporate and independent venture capitalists. Strateg Manag J 31:990–1017. https://doi.org/10.1002/smj.851

Dushnitsky G, Shaver JM (2009) Limitations to interorganizational knowledge acquisition: the paradox of corporate venture capital. Strateg Manag J 30:1045–1064. https://doi.org/10.1002/smj.781

Ellis RJ, Taylor NT (1987) Specifying entrepreneurship. In: Churchill NC, Hornaday JA, Kirchhoff B, Krasner OJ, Vesper KH (eds) Frontiers of entrepreneurship research. Babson College, Wellesley, pp 527–542

Ernst H, Witt P, Brachtendorf G (2005) Corporate venture capital as a strategy for external innovation: an exploratory empirical study. R&D Manag 35:233–242. https://doi.org/10.1111/j.1467-9310.2005.00386.x

EY (2002) Corporate venture capital report. http://www.ey.com/. Accessed 20 Jan 2016

Fujiwara H, Kimura H (2011) The practice of the life science venture capital industry: compensation, deal flow, and contracts. J Priv Equity 15:56–66. https://doi.org/10.3905/jpe.2011.15.1.056

Gaba V, Bhattacharya S (2012) Aspirations, innovation, and corporate venture capital: a behavioral perspective. Strateg Entrep J 6:178–199. https://doi.org/10.1002/sej.1133

Gaba V, Dokko G (2016) Learning to let go: social influence, learning, and the abandonment of corporate venture capital practices. Strateg Manag J 37:1558–1577. https://doi.org/10.1002/smj.2404

Gaba V, Meyer AD (2008) Crossing the organizational species barrier: how venture capital practices infiltrated the information technology sector. Acad Manag J 51:976–998. https://doi.org/10.5465/AMJ.2008.34789671

Garfield E (1955) Citation indexes for science. A new dimension in documentation through association of ideas. Science 122:108–111. https://doi.org/10.1126/science.122.3159.108

Gompers P, Lerner J (2000) The determinants of corporate venture capital success: organizational structure, incentives, and complementarities. In: Morck RK (ed) Concentrated corporate ownership. University of Chicago Press, Chicago, pp 17–54. https://doi.org/10.3386/w6725

Gonzalez-Brambila CN, Veloso FM, Krackhardt D (2013) The impact of network embeddedness on research output. Res Policy 42:1555–1567. https://doi.org/10.1016/j.respol.2013.07.008

Guo B, Lou Y, Pérez-Castrillo D (2015) Investment, duration, and exit strategies for corporate and independent venture capital-backed start-ups. J Econ Manag Strateg 24:415–455. https://doi.org/10.1111/jems.12097

Gupta AK, Sapienza HJ (1992) Determinants of venture capital firms’ preferences regarding the industry diversity and geographic scope of their investments. J Bus Ventur 7:347–362. https://doi.org/10.1016/0883-9026(92)90012-G

Herskovits R, Grijalbo M, Tafur J (2013) Understanding the main drivers of value creation in an open innovation program. Int Entrep Manag J 9:631–640. https://doi.org/10.1007/s11365-013-0267-2

Hill SA, Birkinshaw J (2008) Strategy–organization configurations in corporate venture units: impact on performance and survival. J Bus Ventur 23:423–444. https://doi.org/10.1016/j.jbusvent.2007.04.001

Hill SA, Birkinshaw J (2014) Ambidexterity and survival in corporate venture units. J Manag 40:1899–1931. https://doi.org/10.1177/0149206312445925

Hill SA, Maula MV, Birkinshaw JM, Murray GC (2009) Transferability of the venture capital model to the corporate context: implications for the performance of corporate venture units. Strateg Entrep J 3:3–27. https://doi.org/10.1002/sej.54

Hu Q, Mason R, Williams SJ, Found P (2015) Lean implementation within SMEs: a literature review. J Manuf Technol Manag 26:980–1012. https://doi.org/10.1108/JMTM-02-2014-0013

Ivanov VI, Xie F (2010) Do corporate venture capitalists add value to start-up firms? Evidence from IPOs and acquisitions of VC-backed companies. Financ Manag 39:129–152. https://doi.org/10.1111/j.1755-053X.2009.01068.x

Jääskeläinen M (2012) Venture capital syndication: synthesis and future directions. Int J Manag Rev 14:444–463. https://doi.org/10.1111/j.1468-2370.2011.00325.x

Jarneving B (2005) A comparison of two bibliometric methods for mapping of the research front. Scientometrics 65:245–263. https://doi.org/10.1007/s11192-005-0270-7

Judge TA, Cable DM, Colbert A, Rynes SL (2007) What causes a management article to be cited—article, author, or journal? Acad Manag J 50:491–506. https://doi.org/10.5465/AMJ.2007.25525577

Keil T (2000) External corporate venturing: Cognition, speed and capability development. Dissertation, Institute of Strategy and International Business, Helsinki University

Keil T (2004) Building external corporate venturing capability. J Manag Stud 41:799–825. https://doi.org/10.1111/j.1467-6486.2004.00454.x

Keil T, Maula M, Schildt H, Zahra SA (2008) The effect of governance modes and relatedness of external business development activities on innovative performance. Strateg Manag J 29:895–907. https://doi.org/10.1002/smj.672

Keil T, Maula MV, Wilson C (2010) Unique resources of corporate venture capitalists as a key to entry into rigid venture capital syndication networks. Entrep Theory Pract 34:83–103. https://doi.org/10.1111/j.1540-6520.2009.00366.x

Kessler MM (1963) Bibliographic coupling between scientific papers. Am Doc 14:10–25. https://doi.org/10.1002/asi.5090140103

Keupp MM, Palmié M, Gassmann O (2012) The strategic management of innovation: a systematic review and paths for future research. Int J Manag Rev 14:367–390. https://doi.org/10.1111/j.1468-2370.2011.00321.x

Kim Y, Kim Y, Lee JD (2011) Corporate venture capital and its contribution to intermediate goods firms in South Korea. Asian Econ J 25:309–329. https://doi.org/10.1111/j.1467-8381.2011.02064.x

Köhn A (forthcoming) The determinants of startup valuation in the venture capital context: a systematic review and avenues for future research. Manag Rev Q. https://doi.org/10.1007/s11301-017-0131-5

Krippendorff K (1980) Content analysis: an Introduction to its methodology. Sage, Beverly Hills

Kuckertz A, Prochotta A (2018) What’s hot in entrepreneurship research 2018? Hohenheim Entrep Res Brief 4:1–7. https://doi.org/10.13140/RG.2.2.16780.00644

Lariviere V, Gingras Y (2010) The impact factor’s Matthew effect: a natural experiment in bibliometrics. J Am Sociol Inf Sci Technol 61:424–427. https://doi.org/10.1002/asi.21232

Lee SM, Kim T, Jang SH (2015) Inter-organizational knowledge transfer through corporate venture capital investment. Manag Decis 53:1601–1618. https://doi.org/10.1108/MD-12-2014-0668

Leten B, van Dyck W (2012) Corporate venturing: strategies and success factors. Rev Bus Econ Lit 57:242–256

Levitt B, March JG (1988) Organizational learning. Annu Rev Sociol 14:319–340. https://doi.org/10.1146/annurev.so.14.080188.001535

Leydesdorff L, Moya-Anegón F, Guerrero-Bote VP (2015) Journal maps, interactive overlays, and the measurement of interdisciplinarity on the basis of Scopus data (1996–2012). J Assoc Inf Sci Techol 66:1001–1016. https://doi.org/10.1002/asi.23243

Li EY, Liao CH, Yen HR (2013) Co-authorship networks and research impact: a social capital perspective. Res Policy 42:1515–1530. https://doi.org/10.1016/j.respol.2013.06.012

LiPuma JA (2006) Independent venture capital, corporate venture capital, and the internationalisation intensity of technology-based portfolio firms. Int Entrep Manag J 2:245–260. https://doi.org/10.1007/s11365-006-8687-x

Lour T, Lu HP, Yu H, Chang K (2014) Trends in and contributions to entrepreneurship research: a broad review of literature from 1996 to June 2012. Scientometrics 99:353–369. https://doi.org/10.1007/s11192-013-1203-5

Markman GD, Siegel DS, Wright M (2008) Research and technology commercialization. J Manag Stud 45:1401–1423. https://doi.org/10.1111/j.1467-6486.2008.00803.x

Masulis RW, Nahata R (2009) Financial contracting with strategic investors: evidence from corporate venture capital backed IPOs. J Financ Intermed 18:599–631. https://doi.org/10.2139/ssrn.891605

Masulis RW, Nahata R (2011) Venture capital conflicts of interest: evidence from acquisitions of venture-backed firms. J Financ Quant Anal 46:395–430. https://doi.org/10.1017/S0022109010000827

Maula MVJ, Autio E, Murray GC (2003) Prerequisites for the creation of social capital and subsequent knowledge acquisition in corporate venture capital. Venture Cap Int J Entrep Financ 5:117–134. https://doi.org/10.1080/1369106032000087275

Maula MVJ, Autio E, Murray GC (2005) Corporate venture capitalists and independent venture capitalists: what do they know, who do they know and should entrepreneurs care? Venture Cap Int J Entrep Financ 7:3–21. https://doi.org/10.1007/0-387-24850-1_5

Maula MVJ, Autio E, Murray GC (2009) Corporate venture capital and the balance of risks and rewards for portfolio companies. J Bus Ventur 24:274–286. https://doi.org/10.1016/j.jbusvent.2008.10.012

McNally K (1995) Corporate venture capital: the financing of technology businesses. Int J Entrep Behav Res 1:9–43. https://doi.org/10.1108/13552559510100648

Medoff MH (2006) Evidence of a Harvard and Chicago Matthew effect. J Econ Methodol 13:485–506. https://doi.org/10.1080/13501780601049079

Miles MP, Covin JG (2002) Exploring the practice of corporate venturing: some common forms and their organizational implications. Entrep Theory Pract 26:21–40. https://doi.org/10.1177/104225870202600302

Miller D (1983) The correlates of entrepreneurship in three types of firms. Manag Sci 29:770–791. https://doi.org/10.1287/mnsc.29.7.770

Mongeon P, Paul-Hus A (2016) The journal coverage of Web of Science and Scopus: a comparative analysis. Scientometrics 106:213–228. https://doi.org/10.1007/s11192-015-1765-5

Narayanan VK, Yang Y, Zahra SA (2009) Corporate venturing and value creation: a review and proposed framework. Res Policy 38:58–76. https://doi.org/10.1016/j.respol.2008.08.015

Nijmeijer KJ, Fabbricotti IN, Huijsman R (2014) Making franchising work: a framework based on a systematic review. Int J Manag Rev 16:62–83. https://doi.org/10.1111/ijmr.12009

Noyes E, Brush C, Hatten K, Smith-Doerr L (2014) Firm network position and corporate venture capital investment. J Small Bus Manag 52:713–731. https://doi.org/10.1111/jsbm.12051

NVCA (2015) Corporate venture investment. http://nvca.org/research/corporate-venture/. Accessed 20 Jan 2016

Pahnke EC, Katila R, Eisenhardt KM (2015) Who takes you to the dance? How partners’ institutional logics influence innovation in young firms. Admin Sci Quart 60:596–633. https://doi.org/10.1177/0001839215592913

Paré G, Trudel MC, Jaana M, Kitsiou S (2015) Synthesizing information systems knowledge: a typology of literature reviews. Inf Manag 52:183–199. https://doi.org/10.1016/j.im.2014.08.008

Park HD, Steensma HK (2012) When does corporate venture capital add value for new ventures? Strateg Manag J 33:1–22. https://doi.org/10.1002/smj.937

Park HD, Steensma HK (2013) The selection and nurturing effects of corporate investors on new venture innovativeness. Strateg Entrep J 7:311–330. https://doi.org/10.1002/sej.1165

Rafols I, Leydesdorff L, O’Hare A, Nightingale P, Stirling A (2012) How journal rankings can suppress interdisciplinary research: a comparison between innovation studies and business & management. Res Policy 41:1262–1282. https://doi.org/10.1016/j.wasman.2012.01.017

Reaume A (2003) Is corporate venture capital a prescription for success in the pharmaceutical industry? J Priv Equity 6:77–87. https://doi.org/10.3905/jpe.2003.320058

Reimsbach D, Hauschild B (2012) Corporate venturing: an extended typology. J Manag Control 23:71–80. https://doi.org/10.1007/s00187-012-0151-1

Rind KW (1981) The role of venture capital in corporate development. Strateg Manag J 2:169–180. https://doi.org/10.1002/smj.4250020206

Riyanto YE, Schwienbacher A (2006) The strategic use of corporate venture financing for securing demand. J Bank Financ 30:2809–2833. https://doi.org/10.1016/j.jbankfin.2005.11.005

Röhm P, Köhn A, Kuckertz A, Dehnen S (forthcoming) A world of difference? The impact of corporate venture capitalists’ investment motivation on startup valuation. J Bus Econ. https://doi.org/10.1007/s11573-017-0857-5

Sahaym A, Steensma HK, Barden JQ (2010) The influence of R&D investment on the use of corporate venture capital: an industry-level analysis. J Bus Ventur 25:376–388. https://doi.org/10.1016/j.jbusvent.2008.12.001

Schildt HA, Maula MV, Keil T (2005) Explorative and exploitative learning from external corporate ventures. Entrep Theory Pract 29:493–515. https://doi.org/10.1111/j.1540-6520.2005.00095.x

Sharma P, Chrisman JJ (1999) Toward a reconciliation of the definitional issues in the field of corporate entrepreneurship. Entrep Theory Pract 23:11–27. https://doi.org/10.1007/978-3-540-48543-8_4

Siegel R, Siegel E, MacMillan IC (1988) Corporate venture capitalists: autonomy, obstacles, and performance. J Bus Ventur 3:233–247. https://doi.org/10.1016/0883-9026(88)90017-1

Skaaning S-E (2007) Explaining post-communist respect for civil liberty: a multi-methods test. J Bus Ventur 60:493–500. https://doi.org/10.1016/j.jbusres.2007.01.010

Small H (1973) Co-citation in the scientific literature: a new measure of the relationship between two documents. J Am Sociol Inf Sci 24:265–269. https://doi.org/10.1002/asi.4630240406

Smith SW, Shah SK (2013) Do innovative users generate more useful insights? An analysis of corporate venture capital investments in the medical device industry. Strateg Entrep J 7:151–167. https://doi.org/10.1002/sej.1152

Souitaris V, Zerbinati S (2014) How do corporate venture capitalists do deals? An exploration of corporate investment practices. Strateg Entrep J 8:321–348. https://doi.org/10.1002/sej.1178

Souitaris V, Zerbinati S, Liu G (2012) Which iron cage? Endo-and exoisomorphism in corporate venture capital programs. Acad Manag J 55:477–505. https://doi.org/10.5465/amj.2009.0709

Sykes HB (1990) Corporate venture capital: strategies for success. J Bus Ventur 5:37–47. https://doi.org/10.1016/0883-9026(90)90025-O

Teppo T, Wüstenhagen R (2009) Why corporate venture capital funds fail-evidence from the European energy industry. World Rev Entrep Manag Sustain Dev 5:353–375. https://doi.org/10.1504/WREMSD.2009.031625

Tong TW, Li Y (2011) Real options and investment mode: evidence from corporate venture capital and acquisition. Organ Sci 22:659–674. https://doi.org/10.1287/orsc.1100.0551

Tranfield D, Denyer D, Smart P (2003) Towards a methodology for developing evidence-informed management knowledge by means of systematic review. Br J Manag 14:207–222. https://doi.org/10.1111/1467-8551.00375

Tyebjee TT, Bruno AV (1984) A model of venture capitalist investment activity. Manag Sci 30:1051–1066. https://doi.org/10.1287/mnsc.30.9.1051

Van de Vrande V, Vanhaverbeke W (2013) How prior corporate venture capital investments shape technological alliances: a real options approach. Entrep Theory Pract 37:1019–1043. https://doi.org/10.1111/j.1540-6520.2012.00526.x

Van de Vrande V, Vanhaverbeke W, Duysters G (2011) Technology in-sourcing and the creation of pioneering technologies. J Prod Innov Manag 28:974–987. https://doi.org/10.1111/j.1540-5885.2011.00853.x

Van Eck NJ, Waltman L (2009) How to normalize cooccurrence data? An analysis of some well-known similarity measures. J Am Sociol Inf Sci Technol 60:1635–1651. https://doi.org/10.1002/asi.21075

Van Eck NJ, Waltman L (2010) Software survey: VOSviewer, a computer program for bibliometric mapping. Scientometrics 84:523–538. https://doi.org/10.1007/s11192-009-0146-3

Van Eck NJ, Waltman L (2014) Visualizing bibliometric networks. In: Ding Y, Rousseau R, Wolfram D (eds) Measuring scholarly impact: methods and practice. Springer, Heidelberg, pp 285–320. https://doi.org/10.1007/978-3-319-10377-8_13

Van Raan AFJ (2015) Dormitory of physical and engineering sciences: sleeping beauties may be sleeping innovations. PLoS ONE 10:1–38. https://doi.org/10.1371/journal.pone.0139786

Wadhwa A, Basu S (2013) Exploration and resource commitments in unequal partnerships: an examination of corporate venture capital investments. J Prod Innov Manag 30:916–936. https://doi.org/10.1111/jpim.12037

Wadhwa A, Kotha S (2006) Knowledge creation through external venturing: evidence from the telecommunications equipment manufacturing industry. Acad Manag J 49:819–835. https://doi.org/10.5465/AMJ.2006.22083132

Waltman L, Van Eck NJ, Noyons ECM (2010) A unified approach to mapping and clustering of bibliometric networks. J Informetr 4:629–635. https://doi.org/10.1016/j.joi.2010.07.002

Wang J (2014) Unpacking the Matthew effect in citations. J Informetr 8:329–339. https://doi.org/10.1016/j.joi.2014.01.006

Wang XA, Wan WP (2013) Explaining the variance in underpricing among venture capital-Backed IPOs: a comparison between private and corporate VC firms. Strateg Entrep J 7:331–342. https://doi.org/10.1002/sej.1163

Weber C, Weber B (2005) Corporate venture capital organizations in Germany. Venture Capital: Int J Entrep Financ 7:51–73. https://doi.org/10.1007/0-387-24850-1_6

Weber C, Weber B (2010) Social capital and knowledge relatedness as promoters of organizational performance: an explorative study of corporate venture capital activity. Int Stud Manag Organ 40:23–49. https://doi.org/10.2307/20798248

Weber C, Weber B (2011) Exploring the antecedents of social liabilities in CVC triads—a dynamic social network perspective. J Bus Ventur 26:255–272. https://doi.org/10.1016/j.jbusvent.2009.07.004

Wikhamn BR, Wikhamn W (2013) Structuring of the open innovation field. J Technol Manag Innov 8:173–185. https://doi.org/10.4067/S0718-27242013000400016

Winters TE, Murfin DL (1988) Venture capital investing for corporate development objectives. J Bus Ventur 3:207–222. https://doi.org/10.1016/0883-9026(88)90015-8

Wright M, Robbie K (1998) Venture capital and private equity: a review and synthesis. J Bus Financ Account 25:521–570. https://doi.org/10.1111/1468-5957.00201

Yang Y (2012) Bilateral inter-organizational learning in corporate venture capital activity: governance characteristics, knowledge transfer, and performance. Manag Research Rev 35:352–378. https://doi.org/10.1108/01409171211222278

Yang Y, Narayanan VK, Zahra S (2009) Developing the selection and valuation capabilities through learning: the case of corporate venture capital. J Bus Ventur 24:261–273. https://doi.org/10.1016/j.jbusvent.2008.05.001

Yang Y, Narayanan VK, De Carolis DM (2014) The relationship between portfolio diversification and firm value: the evidence from corporate venture capital activity. Strateg Manag J 35:1993–2011. https://doi.org/10.1002/smj.2190

Zahra SA, Hayton JC (2008) The effect of international venturing on firm performance: the moderating influence of absorptive capacity. J Bus Venturing 23:195–220. https://doi.org/10.1016/j.jbusvent.2007.01.001

Zu Knyphausen-Aufsess D (2005) Corporate venture capital: who adds value? Venture Capital: Int J Entrep Financ 7:23–49. https://doi.org/10.1007/978-3-322-90260-3_28

Zupic I, Cater T (2015) Bibliometric methods in management and organization: a review. Organ Res Method 18:429–472. https://doi.org/10.1177/1094428114562629

Titel: Exploring the landscape of corporate venture capital: a systematic review of the entrepreneurial and finance literature
verfasst von: Patrick Röhm
Publikationsdatum: 15.03.2018
Verlag: Springer International Publishing
Erschienen in: Management Review Quarterly / Ausgabe 3/2018
Print ISSN: 2198-1620
Elektronische ISSN: 2198-1639
DOI: https://doi.org/10.1007/s11301-018-0140-z

Springer Professional

Exploring the landscape of corporate venture capital: a systematic review of the entrepreneurial and finance literature

Abstract

Premium Partner

Springer Professional

Abstract

Bitte loggen Sie sich ein, um Zugang zu Ihrer Lizenz zu erhalten.

Premium Partner