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The effect of corporate venture capital portfolio diversification on firm innovation: a replication and extension study
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Resumo(s)
This replication and extension study fails to replicate the main finding of the 2016 study
“Corporate venture capital portfolios and firm innovation” (2016) which reported that the
relationship between corporate venture capital portfolio diversity and firm innovation
performance is inverse U-shaped. Instead, with a fixed effects negative binominal regression
and panel data consisting of 99 corporate venture capital investors and ranging from 2010 to
2015, the present study finds a significant linear relationship which is positively moderated by
geographic diversity and negatively moderated by investor absorptive capacity. These study
findings suggest that a firm with a relatively diverse CVC portfolio has on average ~12.5%
more patents than a firm with a relatively less diverse portfolio.
Descrição
Palavras-chave
Corporate venture capital Exploratory innovation Inter-organizational portfolios Replication study