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Corporate Venture Capital, Value Creation, and Innovation
| Content Provider | Semantic Scholar |
|---|---|
| Author | Chemmanur, Thomas J. Loutskina, Elena Tian, Xuan |
| Copyright Year | 2014 |
| Abstract | We analyze how corporate venture capital (CVC) differs from independent venture capital (IVC) in nurturing innovation in entrepreneurial firms. We find that CVC-backed firms are more innovative, as measured by their patenting outcome, although they are younger, riskier, and less profitable than IVC-backed firms. Our baseline results continue to hold in a propensity score matching analysis of IPO firms and a difference-in-differences analysis of the universe of VC-backed entrepreneurial firms. We present evidence consistent with two possible underlying mechanisms: CVC's greater industry knowledge due to the technological fit between their parent firms and entrepreneurial firms and CVC's greater tolerance for failure. |
| Starting Page | 2434 |
| Ending Page | 2473 |
| Page Count | 40 |
| File Format | PDF HTM / HTML |
| DOI | 10.2139/ssrn.1364213 |
| Alternate Webpage(s) | https://conference.nber.org/conf_papers/f59306.pdf |
| Alternate Webpage(s) | http://eng.pbcsf.tsinghua.edu.cn/Upload/file/20150402/20150402104230_0558.pdf |
| Alternate Webpage(s) | https://www2.bc.edu/thomas-chemmanur/paper/Corporate%20Venture%20Capital,%20Value%20Creation,%20and%20Innovation.pdf |
| Alternate Webpage(s) | https://www2.bc.edu/thomas-chemmanur/paper/CVC.pdf |
| Alternate Webpage(s) | https://doi.org/10.2139/ssrn.1364213 |
| Volume Number | 27 |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
