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Dynamics of Corporate Venture Capital: Performance, Temporality, and Institution

Huang, Peiyuan (2021) Dynamics of Corporate Venture Capital: Performance, Temporality, and Institution. Doctoral Dissertation, University of Pittsburgh. (Unpublished)

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Along with effective knowledge search and technology portfolio management, financing is an important facet of innovation management for established corporations and new enterprises alike. I study the organization and process of innovation financing in the corporate venture capital (CVC) context, which is a crucial form of interfirm equity relationship that facilitates corporate innovation by funding technological startups. This multi-method dissertation comprises three essays that jointly contribute to unpacking the dynamics and influence of resource interdependence between the corporate investor and invested venture during the CVC investment life cycle. First, I conduct a meta-analysis to unveil the link between CVC investments and various performance objectives of corporate investors and new ventures. I integrate performance measures into different conceptual categories, after which I theorize and confirm that the magnitude of CVC impact systematically differs across these categories due to heterogeneity in dependence absorption. I also find that corporate financial performance is supplemented by corporate strategic performance but attenuated by venture performance. Second, I take a closer look at the longitudinal evolution of the corporate strategic objective of technological learning, theorizing that it drives termination decisions in established CVC investments. I hypothesize that corporate strategic considerations co-evolve with the dynamics of interfirm technological dependency. In addition, this effect is conditional on the aggregate resource dependence level that can be altered by corporate exploration breadth, venture new technology, and dyadic similarity. Third, I explore the emergence of the CVC ecosystem in China and introduce a new motivation, corporate political objective, to the CVC literature that has so far neglected non-market incentives. Based on 11 interviews with elite informants and archival data, I follow a mixed-method approach that identifies the primary stakeholders and their corresponding roles in China’s CVC investment process, depicts the evolution of similarities and differences between the US and China’s CVC ecosystem, and articulates the existence and manifestation of the corporate political objective in CVC investments. Together, my findings across the three studies suggest that market and non-market objectives coexist with, and influence, each other in the process of the CVC investment life cycle, such that investment motivations and performance outcomes are based upon tradeoffs across interrelated objectives, time frames, and institutional contexts. This dissertation provides a conceptual framework and empirical foundation for the complex interaction between entrepreneurs and corporations in the CVC context to understand the interdependencies during innovation financing in a way that should prove meaningful to new venture funding, corporate entrepreneurship, investment for innovation, and resource dependency theory.


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Item Type: University of Pittsburgh ETD
Status: Unpublished
CreatorsEmailPitt UsernameORCID
Huang, Peiyuanpeiyuan.huang@pitt.edupeh440000-0002-1817-053X
ETD Committee:
TitleMemberEmail AddressPitt UsernameORCID
Committee ChairMadhavan,
Committee MemberAlvarez,
Committee MemberCohen, Susan
Committee MemberPrescott, John
Committee MemberDushnitsky,
Date: 7 July 2021
Date Type: Publication
Defense Date: 9 March 2021
Approval Date: 7 July 2021
Submission Date: 26 May 2021
Access Restriction: No restriction; Release the ETD for access worldwide immediately.
Number of Pages: 207
Institution: University of Pittsburgh
Schools and Programs: Joseph M. Katz Graduate School of Business > Business Administration
Degree: PhD - Doctor of Philosophy
Thesis Type: Doctoral Dissertation
Refereed: Yes
Uncontrolled Keywords: Corporate venture capital, Strategic entrepreneurship, Resource dependency, Investment dynamics, Technological learning
Date Deposited: 07 Jul 2021 11:16
Last Modified: 07 Jul 2021 11:16

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