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عنوان فارسی مقاله:
اثرات استراتژیک سرمایه گذاری سرمایه ریسکی شرکت های بزرگ
عنوان انگلیسی مقاله:
Strategic effects of corporate venture capital investments
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مقدمه انگلیسی مقاله:
1. Introduction
Strategic objectives incumbents pursue via corporate venture capital programs are abundant. Excepting the proverbial window on technology, strategic objectives include a set of goals such as accessing new markets and stimulating demand for products/services that improve sales and—if done correctly—may bring about scale efficiency gains (Dushnitsky and Lenox, 2005; Ernst and Young, 2002; Gompers and Lerner, 1998). Unexplainably, these other strategic goals of corporate venture capital (CVC) investments remain in empirical research limbo; existing work is conspicuously silent with respect to the alternative outcomes of CVC activity (Anokhin, 2006; Benson and Ziedonis, 2009; Cox et al., 2013; Riyanto and Schwienbacher, 2005). Moreover, although conceptually the literature (Chesbrough, 2002) distinguishes among four types of CVC investments (driving, emerging, enabling, and passive), the unique impact each has on the strategic outcomes of interest (with exception of patenting) has not been scrutinized empirically. Given that incumbents are likely to make CVC investments of different types, this lack of scholarly attention to their effects is startling. The present paper documents early insights into the effects of the four types of CVC investments.the firm's resources when more is achieved with a comparable resource bundle.1 Improving the deployment of resources occurs in two ways: by creating a new way to combine resources (that is, advancing technology or innovating) and by increasing efficiency of resource use under existing technologies without innovation per se (through, for example, scale efficiency gains) (Fare et al., 1994; Penrose, 1959; Thursby and Thursby, 2002). The former corresponds to the proclaimed CVC strategic goal of obtaining a window on technology (Anokhin, 2006). By investing in startups, incumbents try to position themselves to increase the pool of innovative opportunities available to them. As patenting-based CVC research shows, firms then take advantage of the opportunities presented. The latter strategy reflects attempts to secure demand for the corporation's products, tap into foreign markets, and so on with the help of the CVC. This may lead to better use of available resources without novel technological advancements. A technique exists that allows inferring total factor productivity change from publicly available secondary data and decomposing it into technical change that shows an increase in the innovative opportunities pool for incumbents, and efficiency change, from which the firm may further distill scale efficiency gains. The technique is rather involved computationally but has had a long history of use in operations research (Malmquist, 1953). The technique has also recently made its way into the literatures of economics (Fare et al., 1994), innovation (Thursby and Thursby, 2002), strategy (Durand and Vargas, 2003), and entrepreneurship (Anokhin et al., 2011). The idea behind the technique is as follows. Corporations that belong to the same industry combine homogenous inputs (such as labor and capital) in different ways to produce comparable outputs (represented by sales). Some corporations use less labor than others, some use less capital, whereas yet others use relatively large quantities of labor and capital to produce the same amount of sales. Companies with the best combinations of inputs and outputs define the best available technology at the time; they are said to determine the production frontier (Anokhin, 2006).2 Over time, as technology advances, the frontier shifts. The technique, known as Malmquist Productivity Index decomposition, tracks the relative positions of different companies from year to year and captures the movement of less effective companies toward the frontier. Such shifts do not require grand innovation and suggest that firms are simply becoming more efficient at something they already know how to do (Anokhin, 2006). It also captures shifts of the relevant segment of the frontier itself, which are caused by technical advancement or by some companies introducing in year t by technologies that are superior to those employed in year (t1). The former component—efficiency change—can be decomposed into scale efficiency change and pure efficiency change. The latter—technical advancement—represents the pool of innovative opportunities available to the incumbent (Anokhin et al., 2011)
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کلمات کلیدی:
The Effects of Corporate Venture Capital, Founder Incumbency, and ... https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2340900 by Y Paik - 2016 - Related articles Oct 16, 2013 - Corporate venture capital (CVC) investment has increasingly become ... Their Interaction on Entrepreneurial Firms' R&D Investment Strategies ... Strategic effects of corporate venture capital investments - HARIS ... https://haris.hanken.fi/.../strategic-effects-o(c74f80bd-0cdb-44bb-bf97-727c3ee7f74b... Language, English. Peer-reviewed scientific journal, Journal of Business Venturing Insights. Volume, 5. Pages, 63-69. ISSN, 2352-6734. Digital Object ... Achieving Strategic Intent through Corporate Venturing - Nov 01, 2009 journals.sagepub.com/doi/abs/10.5367/000000009790012318 by R Tunstall - 2009 - Cited by 3 - Related articles Attuahene-Gima K., Ko A. (2001), 'An empirical investigation of the effect of .... Sykes H. (1990), 'Corporate venture capital: Strategies for success', Journal of ... Searches related to Strategic effects of corporate venture capital corporate venture capital vs venture capital corporate venture capital advantages and disadvantages corporate venture capital structure advantages of corporate venturing corporate venture capital trends corporate venture capital pros and cons making sense of corporate venture capital corporate venture capital vs traditional venture capital
