@article{BuglBalzKanbach2022,
  author    = {Bugl, Benjamin M. and Balz, Frank P. and Kanbach, Dominik K.},
  title     = {Leveraging smart capital through corporate venture capital},
  journal   = {Journal of Business Venturing Insights},
  number    = {17 (June 2022)},
  issn      = {2352-6734},
  doi       = {10.1016/j.jbvi.2021.e00292},
  institution = {Chair of Strategic Entrepreneurship},
  pages     = {e00292},
  year      = {2022},
  abstract  = {Corporate Venture Capital (CVC) units position themselves as smart capital providers in new venture firm New Venture Firm (NVF) financing. In line with the resource-based view and social capital theory, extant research postulates that CVCs contribute complementary assets beyond capital to their NVFs. However, the non-financial value for NVFs is mainly created through a corporate business unit within the CVC's corporate parent company. As agency theory implies, the strategic agendas of CVCs, NVFs, and corporate business units may not always align and thereby often hamper value creation. Hence, our qualitative research builds on a cross-industry case study of eleven CVC units to show how they leverage resources from their corporate sponsors to add value for NVFs. We reveal the mechanism behind CVC value creation holistically by identifying eight design elements that lead to a typology of four distinctive CVC forms. This classification offers a representation of the CVC landscape based on their institutional environment.},
  language  = {en}
}