دانلود رایگان مقاله لاتین عوامل حاکمیت سرمایه از سایت الزویر
عنوان فارسی مقاله:
سرمایه ریسکی شرکت : نقش عوامل حاکمیت
عنوان انگلیسی مقاله:
Corporate venture capital: The role of governance factors
سال انتشار : 2016
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بخشی از مقاله انگلیسی:
2. Literature review and hypotheses
Dushnitsky and Lenox (2005) define corporate venture capital as equity investments in entrepreneurial ventures by incumbent firms. Unlike more standard forms of investment, financial gain is not the sole purpose of such investments. The corporate venture capital literature reports a plethora of entrepreneurial strategic objectives corporations pursue through CVC investments, including window on technology, leveraging internal technological developments, importing/enhancing innovation with existing business units, corporate diversification, securing demand on own products, searching acquisition targets, and tapping into foreign markets (Chesbrough, 2013). Firms can use several modes or organizational forms when conducting corporate venturing. CVC investments, alliances, joint ventures, and acquisitions all fall under this definition. As Schildt et al. (2005) advance, different governance modes used to conduct such external corporate ventures are likely to differ in the degree to which they support explorative and exploitative learning. March (1991) suggests explorative learning emphasizes firms' search in areas where they do not currently have expertise. In contrast, exploitative learning involves deepening the firms' current knowledge base. March argues the need for firms to balance explorative and exploitative type activities in rapidly changing external environments. CVC investments are the most arm-length investment of the mechanisms noted above for engaging in corporate venturing. Schildt et al. (2005) argue, somewhat contrary to expectations that this distance allows for the most effective form of explorative learning. Although the lack of “tightness”—when compared to joint ventures or alliances—might inhibit the development of explorative learning, the freedom to engage in learning away from the firm's dominant culture or capability rather promotes explorative learning. As they note, CVC investments entail less investment into unique assets tied to a specific partner (e.g., relationship specific) than non-equity alliances do, because these relationships result from a financial objective beyond the strategic learning objective. Taken together, the uncertain nature of explorative learning (March, 1991) and unknown strategic importance and operational relatedness of ventures aiming at explorative learning might lead firms to choose less integrated governance mechanisms, such as CVC, for projects that are explorative in nature.
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کلمات کلیدی:
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