Technological Search: Do CVC Investments Lead to Better Innovation Performance?
This paper discusses the added value of corporate venture capital investments as a means to source new technologies and the effect on a companys subsequent innovative performance. It is argued that CVC investments are complements rather than substitutes to other external sourcing modes, because they enable access to new technologies in the earliest stages of technology development, while other modes are more appropriate for later stages or less explorative technology acquisition. Using CVC investments in combination with the more traditional modes of technology sourcing will positively affect the innovative performance of investing firms. The main empirical results in this paper indicate that CVC investments have a direct, positive effect on innovative output of investing firms. Moreover, it appears that CVC investments enhance the effect of equity alliances and M&As on innovation performance.
Vareska VAN de VRANDE Wim VANHAVERBEKE Geert DUYSTERS
Eindhoven University of Technology (TU/e), the Netherlands Hasselt University, Belgium and TU/e, Netherlands UNU-MERIT and TU/e, the Netherlands
国际会议
The Fifth InternationalSymposium on Management of Technology(ISMOT07)(第五届技术与创新管理国际研讨会)
杭州
英文
269-273
2007-06-01（万方平台首次上网日期，不代表论文的发表时间）