The influence of R&D investment on the use of corporate venture capital: An industry-level analysis

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• 作者：Arvin Sahaym ; H. Kevin Steensma ; Jeffrey Q. Barden
• 关键词：Absorptive capacity ; R& ; D ; Options ; CVC ; Exploration
• 刊名：Journal of Business Venturing
• 出版年：2010
• 出版时间：July 2010
• 年：2010
• 卷：25
• 期：4
• 页码：376-388
• 全文大小：371 K

文摘

We consider how internal research and development (R&D) influences the use of corporate venture capital (CVC) and how this relationship varies across industries. We find that, in general, R&D investments increase the number of CVC deals in an industry. We also find that R&D investment has a particularly strong influence on the use of CVC in industries that are growing rapidly and changing technologically. Our analysis provides greater clarity on the relationships involving R&D and CVC in the presence of contingencies by integrating insights of absorptive capacity and real options reasoning.