The performance effects of corporate venture capital: a meta-analysis

  • The effect of corporate venture capital (CVC) investments is far from being conclusively discussed in literature. Although the expected benefits of CVCs for corporations and start-ups are undisputed, empirical evidence is mixed. We combine and analyze the results of 32 CVC studies, including 105,950 observations: Our results suggest that while CVC investments are positively linked to start-ups’ and investors’ as well as strategic performance, we find no significant relationship between CVC investments and financial outcomes. The effects are moderated by the timing of the investment, the country and industry-effects. For instance, CVC investments in North America and the ICT sector report significant positive effects, while we find no statistical evidence for the health care sector.

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Author:Patrick Haslanger, Erik E. LehmannORCiDGND, Nikolaus SeitzORCiDGND
Frontdoor URL
Parent Title (English):The Journal of Technology Transfer
Publisher:Springer Science and Business Media LLC
Place of publication:Berlin
Year of first Publication:2023
Publishing Institution:Universität Augsburg
Release Date:2022/09/27
Tag:Accounting; Business and International Management
First Page:2132
Last Page:2160
Institutes:Wirtschaftswissenschaftliche Fakultät
Wirtschaftswissenschaftliche Fakultät / Institut für Betriebswirtschaftslehre
Wirtschaftswissenschaftliche Fakultät / Institut für Betriebswirtschaftslehre / Lehrstuhl für Unternehmensführung und Organisation
Dewey Decimal Classification:3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft
Licence (German):CC-BY 4.0: Creative Commons: Namensnennung (mit Print on Demand)