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The impact of independent and heterogenous corporate venture capital on firm efficiency

  • 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.

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Document Type:Article
Author:Frank P. BalzORCiD, Florian BrinkmannORCiD, Dominik K. KanbachORCiD
Chairs and Professorships:Chair of Strategic Entrepreneurship
Parent Title (English):Journal of Business Venturing Insights
Issue:June 2023
Date of Publication (online):2023/03/20
Article Number:e00384
Tag:Corporate venture capital; DEA; Efficiency; Isomorphism; Venture capital
Content Focus:Academic Audience
Peer Reviewed:Yes
Rankings:AJG Ranking / 2
SJR Ranking / Q1
Licence (German):License LogoUrheberrechtlich gesch├╝tzt