Corporate venturing and value creation: A review and proposed framework

Research Policy

Volumn 38, Issue 1, 2009, Pages 58-76

  Narayanan, V K ^a   Yang, Yi ^b   Zahra, Shaker A ^c  

^a DREXEL UNIVERSITY   (United States)

^b UNIVERSITY OF MASSACHUSETTS LOWELL   (United States)

^c UNIVERSITY OF MINNESOTA   (United States)

Author keywords

Corporate venture capital; Corporate venturing; Spin off

Indexed keywords

SPIN DYNAMICS;

BUSINESS INTERESTS; CORPORATE VENTURE CAPITAL; CORPORATE VENTURING; FUNDAMENTAL RESEARCHES; FUTURE RESEARCHES; MANAGERIAL PRACTICES; SPIN-OFF; STRATEGIC RENEWALS; VALUE CREATIONS;

INVESTMENTS;

EID: 57849128359     PISSN: 00487333     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.respol.2008.08.015     Document Type: Article

References (117)

1. Abetti P.A. The birth and growth of Toshiba's laptop and notebook computers: a case study in Japanese corporate venturing. Journal of Business Venturing 12 6 (1997) 507-529
2. Ahuja G., and Lampert C.M. Entrepreneurship in the large corporation: A longitudinal study of how established firms create breakthrough inventions. Strategic Management Journal 22 6-7 (2001) 521-543
3. Allen J.W., and Lummer S.L. Can takeover losses explain spin-off gains?. Journal of Financial and Quantitative Analysis 30 4 (1995) 465-485
4. Anderson P., and Tushman M.L. Technological discontinuities and dominant designs: a cyclical model of technological change. Administrative Science Quarterly 35 (1990) 604-633
5. Antoncic B., and Hisrich R.D. Intrapreneurship: construct refinement and cross-cultural validation. Journal of Business Venturing 16 5 (2001) 495-527
6. Archibald R.B., and Finifter D.H. Evaluating the NASA small business innovation research program: preliminary evidence of a trade-off between commercialization and basic research. Research Policy 32 4 (2003) 605-619
7. Audretsch D.B., Link A.N., and Scott J.T. Public/private technology partnerships: Evaluating SBIR-supported research. Research Policy 31 1 (2002) 145-158
8. Autio E., and Yli-Renko H. New, technology-based firms in small open economies-an analysis based on the Finnish experience. Research Policy 26 9 (1998) 973-987
9. Azulay I., Lerner M., and Tishler A. Converting military technology through corporate entrepreneurship. Research Policy 31 3 (2002) 419-435
10. Badguerahanian L., and Abetti P. The rise and fall of the Merlin-Gerin Foundry Business: a case study in French corporate entrepreneurship. Journal of Business Venturing 10 6 (1995) 477-493
11. Barney J. Firm resources and sustained competitive advantage. Journal of Management 17 1 (1991) 99-120
12. Birkinshaw J. Entrepreneurship in multinational corporations: the characteristics of subsidiary initiatives. Strategy Management Journal 18 3 (1997) 207-229
13. Birkinshaw J., and Hill S.A. Corporate venturing performance: an investigation into the applicability of venture capital models. Academy of management Best Conference Paper Proceeding. BPS, B1-B7 (2003)
14. Bray M.J., and Lee J.N. University revenues from technology transfer: licensing fees vs. equity positions. Journal of Business Venturing 15 5-6 (2000) 385-392
15. Brody P., and Ehrlich D. Can big companies become successful venture capitalists?. McKinsey Quarterly 2 (1998) 50-63
16. Brown T., Davidsson P., and Wiklund J. An operationalization of Stevenson's conceptualization of entrepreneurship as opportunity-based firm behavior. Strategic Management Journal 22 10 (2001) 953-968
17. Carrier C. Intrapreneurship in small businesses: an exploratory study. Entrepreneurship Theory and Practice 21 1 (1996) 5-20
18. Chesbrough H. Making sense of corporate venture capital. Harvard Business Review 80 3 (2002) 90-99
19. Chesbrough H. The governance and performance of Xerox's technology spin-off companies. Research Policy 32 3 (2003) 403-421
20. Chesbrough, H. W., Tucci, C. L. 2004. Corporate Venture Capital in the Context of Corporate, Innovation. Working paper, Haas School of Business, UC-Berkeley.
21. Chrisman J.J. Program evaluation adventure development program at the University of Calgary: a research note. Entrepreneurship Theory and Practice 22 1 (1997) 59-73
22. Cohen W.M., Nelson R.R., and Walsh J.P. Links and impacts: the influence o public research on industrial R&D. Management Science 48 1 (2002) 1-23
23. Colombo M.G., and Delmastro M. How effective are technology incubators? Evidence from Italy. Research Policy 31 7 (2002) 1103-1122
24. Colyvas J., Crow M., Geligins A., Mazzoleni R., Nelson R.R., Rosenberg N., and Sampat B.N. How do university inventions get into practice?. Management Science 48 1 (2002) 61-72
25. Conceição P., Hamill D., and Pinheiro P. Innovative science and technology commercialization strategies at 3M: a case study. Journal of Engineering and Technology Management 19 1 (2002) 25-38
26. Dahlstrand A.L. Growth and inventiveness in technology-based spin-off firms. Research Policy 26 3 (1997) 331-344
27. Dess G.G., Ireland R.D., Zahra S.A., Floyd S.W., Janney J.J., and Lane P.J. Emerging issues in corporate entrepreneurship. Journal of Management 29 3 (2003) 351-378
28. Di Gregorio D., and Shane S. Why do some universities generate more start-ups than others?. Research Policy 32 2 (2003) 209-227
29. Dushnitsky G. Limitations to inter-organizational knowledge acquisition: the paradox of corporate venture capital. Academy of management Best Conference Paper Proceeding. TIM, C1-C6 (2004)
30. Dushnitsky G., and Lenox M.J. When do incumbents learn from entrepreneurial ventures? Corporate venture capital and investing firm innovation rates. Research Policy 34 5 (2005) 615-639
31. Dushnitsky G., and Lenox M.J. When does corporate venture capital investment create firm value?. Journal of Business Venturing 21 6 (2006) 753-772
32. Feldman M., Feller I., Bercovitz J., and Burton R. Equity and the technology transfer strategies of American research universities. Management Science 48 1 (2002) 105-121
33. Filatotchev I., Wright M., Buck T., and Zhukov V. Corporate entrepreneurs and privatized firms in Russia, Ukraine and Belarus. Journal of Business Venturing 14 (1999) 475-492
34. Fontanills G. The Options Course: High Profit and Low Stress Trading Methods (2005), John Wiley and Sons, Hoboken, NJ
35. Garud R., Jain S., and Kumaraswamy A. Institutional entrepreneurship in the sponsorship of common technological standards: the case of Sun Microsystems and Java. Academy of Management Journal 45 1 (2002) 196-204
36. George G., Zahra S.A., and Wood Jr. D.R. The effects of business-university alliances on innovative output and financial performance: A study of publicly traded biotechnology companies. Journal of Business Venturing 17 6 (2002) 577-609
37. Gertner R., Powers E., and Scharfstein D. Learning about internal capital markets from corporate spin-offs. Journal of Finance 57 6 (2002) 2479-2506
38. Ginsberg A., and Hay M. Confronting the challenges of corporate entrepreneurship: guidelines for venture managers. European Management Journal 12 4 (1994) 382-389
39. Gompers P., and Lerner J. The determinants of corporate venture capital success: organizational structure incentives and complementarities. In: Randall Morck (Ed). Concentrated Ownership (2000), University of Chicago Press/National Bureau of Economic Research, Chicago 17-50
40. Harmon B., Ardishvili A., Cardozo R., Elder T., Leuthold J., Parshall J., Raghian M., and Smith D. Mapping the university technology transfer process. Journal of Business Venturing 12 6 (1997) 423-434
41. Henderson J., and Leleux B. Corporate venture capital: effecting resource combinations and transfers. Babson Entrepreneurial Review (2002) 31-46 (special issue)
42. Hambrick D.C. High profit strategies in mature capital good industries: a contingency approach. Academy of Management Journal 26 (1983) 687-707
43. Hitt M.A., Nixon R.D., Hoskisson R.E., and Kochhar R. Corporate entrepreneurship and cross-functional fertilization: activation, process and disintegration of a new product design team. Entrepreneurship Theory and Practice 23 3 (1999) 145-167
44. Hitt M.A., Ireland R.D., Camp S.M., and Sexton D.L. Strategic entrepreneurship: entrepreneurial strategies for wealth creation. Strategic Management Journal 22 6-7 (2001) 479-491
45. Hofer C.W. Toward a contingency theory of business strategy. Academy of Management Journal 18 (1975) 784-810
46. Hornsby J.S., Kuratko D.F., and Zahra S.A. Middle managers' perception of the internal environment for corporate entrepreneurship: assessing a measurement scale. Journal of Business Venturing 17 3 (2002) 253-273
47. Hofstede G. Culture's consequences: international differences in work-related values (1980), Sage Publications, Beverly Hills, CA
48. Hurry D., Miller D., and Bowman E. Calls on high-technology: Japanese exploration of venture capital investments in the United States. Strategic Management Journal 13 (1992) 85-101
49. Husted K., and Vintergaard C. Stimulating innovation through corporate venture bases. Journal of World Business 39 3 (2004) 296-306
50. Ireland R.D., Hitt M., Camp S.M., and Sexton D.L. Integrating entrepreneurship and strategic management actions to create firm wealth. Academy of Management Executive 15 1 (2001) 49-63
51. Jacob M., Lundqvist M., and Hellsmark H. Entrepreneurial transformations in the Swedish University system: the case of Chalmers University of Technology. Research Policy 32 9 (2003) 1555-1568
52. Keil, T. 2000. External corporate venturing: cognition, speed and capability development. Doctoral dissertation, Institute of Strategy and International Business, Helsinki University of Technology.
53. Keil T. Building external corporate venturing capability. Journal of Management Studies 41 (2004) 799-825
54. Keil T., Maula M.V., Schildt H.A., and Zahra S.A. The effect of governance modes and relatedness of external business development activities on innovative performance. Strategic Management Journal 29 8 (2008) 895-907
55. Kenney M., and Goe W.R. The role of social embeddedness in professorial entrepreneurship: A comparison of electrical engineering and computer science at UC Berkeley and Stanford. Research Policy 33 (2004) 691-707
56. Lee C., Lee K., and Pennings J.M. Internal capabilities, external networks, and performance: a study on technology-based ventures. Strategic Management Journal 22 (2001) 615-640
57. Löfsten H., and Lindelöf P. Science Parks and the growth of new technology-based firms-academic-industry links, innovation and markets. Research Policy 31 6 (2002) 859-876
58. Matsuno K., Mentzer J.T., and Ozsomer A. The effects of entrepreneurial proclivity and market orientation on business performance. Journal of Marketing 66 3 (2002) 18-32
59. Maula, M.V., 2001. Corporate venture capital and the value-added for technology-based new firms. Doctoral dissertation, Institute of Strategy and International Business, Helsinki University of Technology.
60. Maula M.V., Auto E., and Murray G. Prerequisites for the creation of social capital and subsequent knowledge acquisition in corporate venture capital. Venture Capital 5 2 (2003) 117-134
61. Maula M., Keil T., and Zahra S.A. Corporate venture capital and recognition of technological discontinuities: position in syndication networks and absorptive capacity. Presented at the 2003 AOM conference. Seattle (2003)
62. Maula M.V., Auto E., and Murray G. Corporate venture capitalists and independent venture capitalists: what do they know, who do they know and should entrepreneurs care?. Venture Capital 7 1 (2005) 3-21
63. Maxwell W.F., and Rao R.P. Do spin-offs expropriate wealth from bondholders. Journal of Finance 58 5 (2003) 2087-2108
64. McGrath R. A real options logic for initiating technology positioning investments. Academy of Management Journal 22 4 (1997) 974-996
65. McNally K. Corporate Venture Capital: Bridging the Equity Cap in the Small Business Sector (1997), Routledge, London
66. Meyer-Krahmer F., and Schmoch U. Science-based technologies: university-industry interactions in four fields. Research Policy 27 8 (1998) 835-851
67. Miles M.P., and Covin J.G. Exploring the practice of corporate venturing: some common forms and their organizational implications. Entrepreneurship Theory and Practice 26 3 (2002) 21-40
68. Morris M., Davis D., and Allen J. Fostering corporate entrepreneurship: cross-cultural comparisons of the importance of individualism versus collectivism. Journal of International Business Studies 25 (1994) 65-90
69. Narayanan V.K. Managing Technology and Innovation for Competitive Advantage (2001), Upper Saddle River, NJ, Prentice Hall
70. Nicolaou N., and Birley S. Social networks in organizational emergence: the university spinout phenomenon. Management Science 49 (2003) 1702-1713
71. Nicolaou N., and Birley S. Academic networks in a trichotomous categorization of university spinouts. Journal of Business Venturing 18 3 (2003) 333
72. Owen-Smith J., Riccaboni M., Pammolli F., and Powell W.W. A comparison of U.S. and European university-industry relations in the life sciences. Management Science (2002) 24-43
73. Parhankangas A., and Arenius P. From a corporate venture to an independent company: a base for a taxonomy for corporate spin-off firms. Research Policy 32 3 (2003) 463-481
74. Peng M.W. Institutional transitions and strategic choices. Academy of Management Review 28 2 (2003) 275
75. Penrose E.T. The Theory of the Growth of the Firm (1959), Wiley, New York
76. Porter M. Competitive Strategy: Techniques for Analyzing Industries and Competitors (1980), Free Press, New York
77. Porter M. From competitive advantage to corporate strategy. Harvard Business Review 45 3 (1987) 93-99
78. Rumelt R.P. Strategy, Structure, and Economic Performance (1974), Harvard Business School Press, Boston, Massachusetts
79. Santoro M.D., and Gopalakrishnan S. The institutionalization of knowledge transfer activities within industry-university collaborative ventures. Journal of Engineering and Technology Management 17 3-4 (2000) 299-319
80. Santoro M.D., and Chakrabarti A.K. Firm size and technology centrality in industry-university interactions. Research Policy 31 7 (2002) 1163-1180
81. Sapienza H.J., Parhankangas A., and Autio E. Knowledge relatedness and post-spin-off growth. Journal of Business Venturing 19 (2004) 809-829
82. Sarkar M., Echambadi R., and Harrison J.S. alliance entrepreneurship and firm market performance. Strategic Management Journal 22 6-7 (2001) 701-711
83. Sathe V. Corporate Entrepreneurship: Top Managers and New Business Creation. first ed. (2003), Cambridge University, Cambridge
84. Schildt H., Maula M., and Keil T. Explorative and exploitative learning from external corporate ventures. Entrepreneurship Theory and Practice 29 4 (2005) 493-515
85. Scott W.R. Institutions and organizations: toward a theoretical synthesis. In: Scott W.R., and Meyer J.W. (Eds). Institutional Environments and Organizations: Structural Complexity and Individualism (1994), SAGE Publications, Thousand Oaks, Calif
86. Sedaitis J. The alliances of spin-offs versus start-ups: social ties in the genesis of post-soviet alliances. Organization Science 9 3 (1998) 368-381
87. Sedaitis J. Technology transfer in transitional economies: a test of market, state and organizational models. Research Policy 29 2 (2000) 135-147
88. Seward J.K., and Walsh J.P. The governance and control of voluntary corporate spin-offs. Strategy Management Journal 17 1 (1996) 25-39
89. Shane S. Selling university technology: patterns from MIT. Management Science 48 1 (2002) 122-137
90. Shane S. Encouraging university entrepreneurship? The effect of the Bayh-Dole Act on university patenting in the United States. Journal of Business Venturing 19 (2004) 127-151
91. Shane S., and Stuart T. Organizational endowments and the performance of university start-ups. Management Science 48 1 (2002) 154-160
92. Sharma P., and Chrisman J.J. Toward a reconciliation of the definitional issues in the field of corporate entrepreneurship. Entrepreneurship Theory and Practice 23 (1999) 11-27
93. Shrader R., and Simon M. Corporate versus independent new ventures: resource, strategy, and performance differences. Journal of Business Venturing 12 1 (1997) 47-66
94. Siegel D.S., Waldman D., and Link A. Assessing the impact of organizational practices on the relative productivity of university technology transfer offices: an exploratory study. Research Policy 32 1 (2003) 27-48
95. Siegel D.S., Waldman D., Atwater L.E., and Link A. Toward a model of the effective transfer of scientific knowledge from academicians to practitioners: qualitative evidence from the commercialization of university technologies. Journal of Engineering and Technology Management 21 (2004) 115-142
96. Sorrentino M., and Williams M. Relatedness and corporate venturing: does it really matter?. Journal of Business Venturing 10 1 (1995) 59-73
97. Spencer J.W. How relevant is university-based research to private high-technology firms? A United States-Japan comparison. Academy of Management Journal 44 2 (2001) 432-440
98. Steffensen M., Rogers E.M., and Speakman K. Spin-offs from research centers at a research university. Journal of Business Venturing 15 1-2 (2000) 93-111
99. Stopford J.M., and Baden-Fuller C.W.F. Creating corporate entrepreneurship. Strategic Management Journal 15 (1994) 521-536
100. Sykes H.B. The anatomy of a corporate venturing program: factors influencing success. Journal of Business Venturing 1 3 (1986) 275-293
101. Thornhill S., and Amit R. A dynamic perspective of internal fit in corporate venturing. Journal of Business Venturing 16 1 (2001) 25-50
102. Thursby J., and Kemp S. Growth and productive efficiency of university intellectual property licensing. Research Policy 31 1 (2002) 109-124
103. Thursby J.G., and Thursby M.C. Who is selling the ivory tower? Sources of growth in university licensing. Management Science 48 1 (2002) 90-104
104. Trigeorgis L. Evaluating leases with complex operating options. European Journal of Operational Research, 91 (1996) 69-86 (special issue)
105. Vassolo, Anand R., and Folta J. Non-additivity in portfolios of exploration activities: a real options-based analysis of equity alliances in biotechnology. Strategic Management Journal 25 (2004) 1045-1061
106. Wen J., and Kobayashi S. Impacts of government high-tech policy: a case study of CAD technology in China. Journal of Engineering and Technology Management 19 3-4 (2002) 321-342
107. Winters T.E., and Murfin D.L. Venture capital investing for corporate development objectives. Journal of Business Venturing 3 3 (1988) 207-223
108. Yang, Y., Narayanan, V.K, Zahra, S.A., forthcoming. Developing the selection and valuation capabilities through learning: The case of corporate venture capital, Journal of Business Venturing (2008), doi:10.1016/j.jbusvent.2008.05.001.
109. Zahra S.A. Predictors and financial outcomes of corporate entrepreneurship: an exploratory study. Journal of Business Venturing 6 (1991) 259-285
110. Zahra S.A. Corporate entrepreneurship and financial performance: the case of management Leveraged buyouts. Journal of Business Venturing 10 3 (1995) 225-247
111. Zahra S.A. Technology strategy and new venture performance: a study of corporate-sponsored and independent biotechnology ventures. Journal of Business Venturing 11 4 (1996) 289-321
112. Zahra S.A. Introduction. Corporate Entrepreneurship and Growth (2005), Edward Elger, Cheltenham, UK pp. 2-15
113. Zahra S.A., and Covin J. Contextual influences on the corporate entrepreneurship-performance relationship: a longitudinal analysis. Journal of Business Venturing 10 1 (1995) 43-58
114. Zahra S.A., and Hayton J. The effect of international venturing on firm performance: the moderating influence of absorptive capacity. Journal of Business Venturing 23 (2008) 195-220
115. Zahra A.Z., Neubaum D.O., and Huse M. Entrepreneurship in medium-size companies: exploring the effects of ownership and governance systems. Journal of Management 26 (2000) 476-947
116. Zahra S.A., Keil T., and Maula M.V. New ventures' inward licensing: examining the effects of industry and strategy characteristics. European Management Review 2 3 (2005) 154-166
117. Zucker L.G., Darby M., and Armstrong J.S. Commercializing knowledge: university science, knowledge capture, and firm performance in biotechnology. Management Science 48 1 (2002) 138-153