TY  - JOUR
U1  - Zeitschriftenartikel, wissenschaftlich - begutachtet (reviewed)
A1  - Balz, Frank P.
A1  - Brinkmann, Florian
A1  - Kanbach, Dominik K.
T1  - The impact of independent and heterogenous corporate venture capital on firm efficiency
JF  - Journal of Business Venturing Insights
N2  - While corporate venture capital funds (CVCs) are commonly analyzed as homogenous units, they display significant heterogeneity across various organizational aspects, which affect them and subsequently their portfolio firms. Using a sample of 383 European portfolio firms from the longitudinal VICO dataset, we first investigate the impact of investor type (independent vs corporate) on firm operating efficiency. We show that firms backed by CVCs suffer reductions in productivity. We then account for CVC heterogeneity and find that these significant reductions in operating efficiency only occur for ventures backed by endoisomorphistic CVCs, which resemble more corporate structures. By contrast, firms backed by exoisomorphistic CVCs, which resemble more independent venture capital structures, do not show significant differences in productivity compared to ventures that receive independent venture capital backing.
KW  - Venture capital
KW  - Corporate venture capital
KW  - DEA
KW  - Efficiency
KW  - Isomorphism
Y1  - 2023
SN  - 2352-6734
SS  - 2352-6734
U6  - https://doi.org/10.1016/j.jbvi.2023.e00384
DO  - https://doi.org/10.1016/j.jbvi.2023.e00384
VL  - 19
IS  - June 2023
ER  -