Swimming with sharks in Europe: When are they dangerous and what can new ventures do to defend themselves?

Strategic Management Journal

Volumn 37, Issue 11, 2016, Pages 2307-2322

  Colombo, Massimo G ^a   Shafi, Kourosh ^a  

^a POLITECNICO DI MILANO   (Italy)

Author keywords

corporate venture capital; defense mechanism; European new venture; misappropriation risk; partnership formation; replication

Indexed keywords

COMMERCE; COPYRIGHTS; CRIME; FINANCIAL MARKETS;

CORPORATE VENTURE CAPITAL; DEFENSE MECHANISM; NEW VENTURES; PARTNERSHIP FORMATION; REPLICATION;

INVESTMENTS;

EID: 84992316251     PISSN: 01432095     EISSN: 10970266     Source Type: Journal    
DOI: 10.1002/smj.2572     Document Type: Article

References (43)

1. Allison PD. 1999. Comparing logit and probit coefficients across groups. Sociological Methods and Research 28(2): 186–208.
2. Alvarez SA, Barney JB. 2001. How entrepreneurial firms can benefit from alliances with large partners. Academy of Management Executive 15(1): 139–148.
3. Armour J, Cumming DJ. 2006. The legislative road to Silicon Valley. Oxford Economic Papers 58(4): 596–635.
4. Belsley DA, Kuh E, Welsch RE. 2005. Regression Diagnostics: Identifying Influential Data and Sources of Collinearity. John Wiley & Sons: New York.
5. Bertoni F, Colombo MG, Quas A. 2015. The patterns of venture capital investment in Europe. Small Business Economics 45(3): 543–560.
6. Bertoni F, Martí J. 2011. Financing entrepreneurial ventures in Europe: description of the dataset developed by the VICO project. SSRN Working paper 1904297, Social Science Research Network, Rochester, NY. DOI: 10.2139/ssrn.1904297.#_blank.
7. Black BS, Gilson RJ. 1998. Venture capital and the structure of capital markets: banks versus stock markets. Journal of Financial Economics 47(3): 243–277.
8. Bonacich P. 1987. Power and centrality: a family of measures. American Journal of Sociology 92(5): 1170–1182.
9. Bottazzi L, Da Rin M, Hellmann T. 2004. The changing face of the European venture capital industry: facts and analysis. Journal of Private Equity 7(2): 26–53.
10. Bruton GD, Fried VH, Manigart S. 2005. Institutional influences on the worldwide expansion of venture capital. Entrepreneurship: Theory and Practice 29(6): 737–760.
11. Burt RS. 2005. Brokerage and Closure: An Introduction to Social Capital. Oxford University Press: New York.
12. Cohen WM, Nelson RR, Walsh JP. 2000. Protecting their intellectual assets: appropriability conditions and why U.S. manufacturing firms patent (or not). NBER Working paper 7552, National Bureau of Economic Research, Cambridge, MA. Available at: http://www.nber.org/papers/w7552 (accessed 28 Dec 2013).
13. Colombo MG, Cumming DJ, Vismara S. 2016. Governmental venture capital for innovative young firms. The Journal of Technology Transfer 41(1): 10–24.
14. Colombo MG, Shafi K. 2015. Swimming with sharks in Europe: when are they dangerous and what can new ventures do to defend themselves? SSRN Working paper 2695038, Social Science Research Network, Rochester, NY. DOI: 10.2139/ssrn.2695038.
15. Da Gbadji LAG, Gailly B, Schwienbacher A. 2014. International analysis of venture capital programs of large corporations and financial institutions. Entrepreneurship: Theory and Practice 39(5): 1213–1245.
16. Diestre L, Rajagopalan N. 2012. Are all “sharks” dangerous? New biotechnology ventures and partner selection in R&D alliances. Strategic Management Journal 33(10): 1115–1134.
17. Dushnitsky G. 2012. Corporate venture capital in the 21st century: an integral part of firms' innovation toolkit. In The Oxford Handbook of Venture Capital, Cumming D (ed). Oxford University Press: New York; 185–219.
18. Dushnitsky G, Shaver JM. 2009. Limitations to interorganizational knowledge acquisition: the paradox of corporate venture capital. Strategic Management Journal 30(10): 1045–1064.
19. Ferrary M. 2010. Syndication of venture capital investment: the art of resource pooling. Entrepreneurship: Theory and Practice 34(5): 885–907.
20. Ginarte JC, Park WG. 1997. Determinants of patent rights: a cross-national study. Research Policy 26(3): 283–301.
21. Gompers P, Lerner J. 2000. The determinants of corporate venture capital success: organizational structure, incentives, and complementarities. In Concentrated Corporate Ownership, Morck RK (ed). University of Chicago Press: Chicago, IL; 17–54.
22. Groh AP, von Liechtenstein H, Lieser K. 2010. The European venture capital and private equity country attractiveness indices. Journal of Corporate Finance 16(2): 205–224.
23. Guerini M, Quas A. 2016. Governmental venture capital in Europe: screening and certification. Journal of Business Venturing 31(2): 175–195.
24. Hallen B, Katila R, Rosenberger J. 2014. Unpacking social defenses: a resource-dependence lens on technology ventures, venture capital, and corporate relationships. Academy of Management Journal 57(4): 1078–1101.
25. Hoetker G. 2007. The use of logit and probit models in strategic management research: critical issues. Strategic Management Journal 28(4): 331–343.
26. Ivanov VI, Xie F. 2010. Do corporate venture capitalists add value to start-up firms? Evidence from IPOs and acquisitions of VC-backed companies. Financial Management 39(1): 129–152.
27. Jeng LA, Wells PC. 2000. The determinants of venture capital funding: evidence across countries. Journal of Corporate Finance 6(3): 241–289.
28. Katila R, Rosenberger JD, Eisenhardt KM. 2008. Swimming with sharks: technology ventures, defense mechanisms and corporate relationships. Administrative Science Quarterly 53(2): 295–332.
29. Kim JYR. 2014. The formation and outcome of corporate venture capital investments between incumbents and new ventures. PhD diss., University of Washington. Available at: http://hdl.handle.net/1773/25633 (accessed 26 Aug 2014).
30. King G, Tomz M, Wittenberg J. 2000. Making the most of statistical analyses: improving interpretation and presentation. American Journal of Political Science 44(2): 341–355.
31. Lanjouw JO, Schankerman M. 2004. Protecting intellectual property rights: are small firms handicapped? Journal of Law and Economics 47(1): 45–74.
32. La Porta R, Lopez-de-Silanes F, Shleifer A, Vishny R. 2000. Investor protection and corporate governance. Journal of Financial Economics 58(1): 3–27.
33. Levin RC, Klevorick AK, Nelson RR, Winter SG. 1987. Appropriating the returns from industrial research and development. Brookings Papers on Economic Activity 18(3): 783–832.
34. Li Y, Zahra SA. 2012. Formal institutions, culture, and venture capital activity: a cross-country analysis. Journal of Business Venturing 27(1): 95–111.
35. Nahata R, Hazarika S, Tandon K. 2014. Success in global venture capital investing: do institutional and cultural differences matter? Journal of Financial and Quantitative Analysis 49(4): 1039–1070.
36. North D. 1990. Institutions, Institutional Change and Economic Performance. Cambridge University Press: Cambridge, UK.
37. OECD. 2011. Entrepreneurship at a Glance. Organisation for Economic Co-operation and Development: Paris, France.
38. Oehler A, Pukthuanthong K, Rummer M, Thomas W. 2007. Venture capital in Europe: closing the gap to the U.S. In Venture Capital in Europe, Gregoriou GN, Kooli M,, Kraeussl R (eds). Elsevier: London, UK; 3–17.
39. Oxley JE. 1999. Institutional environment and the mechanisms of governance: the impact of intellectual property protection on the structure of inter-firm alliances. Journal of Economic Behavior and Organization 38(3): 283–309.
40. Park WG. 2008. International patent protection: 1960–2005. Research Policy 37(4): 761–766.
41. Park HD, Steensma HK. 2012. When does corporate venture capital add value for new ventures? Strategic Management Journal 33(1): 1–22.
42. Raub W, Weesie J. 1990. Reputation and Efficiency in Social Interactions: An Example of Network Effects. American Journal of Sociology 96(3): 626–654.
43. Sorenson O, Stuart TE. 2001. Syndication networks and the spatial distribution of venture capital investments. American Journal of Sociology 106(6): 1546–1588.