期刊
RESEARCH POLICY
卷 34, 期 5, 页码 615-639出版社
ELSEVIER
DOI: 10.1016/j.respol.2005.01.017
关键词
technology entrepreneurship; corporate venture capital; innovation; appropriability
类别
In this paper, we focus on the potential innovative benefits to corporate venture capital (CVC), i.e. equity investments in entrepreneurial ventures by incumbent firms. We propose that corporate venture capital programs may be instrumental in harvesting innovations from entrepreneurial ventures and thus an important part of a firm's overall innovation strategy. We hypothesize that these programs are especially effective in weak intellectual property (IP) regimes and when the firm has sufficient absorptive capacity. We analyze a large panel of public firms over a 20-year period and find that increases in corporate venture capital investments are associated with subsequent increases in firm patenting. (c) 2005 Elsevier B.V. All rights reserved.
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