Electronic Theses and Dissertations

Date

2022

Document Type

Dissertation

Degree Name

Doctor of Philosophy

Department

Business Administration

Committee Chair

Chen Zhang

Committee Member

Sandra Richardson

Committee Member

Mark Gillenson

Committee Member

George Deitz

Abstract

The first essay investigates the relationship between corporate investors’ organizational capabilities and technology ventures innovation. We hypothesize that CVC investment can give ventures access to external capabilities to enhance their innovation outcome. We focus on investors’ marketing capabilities and R& D capabilities and empirically examine how they impact the innovation outcome of new ventures. Furthermore, we investigate the moderating impact of board representation, business proximity and geographic proximity between the dyad (i.e., venture and CVC investor firm) on the performance impact of CVC investors’ capabilities. Our empirical results indicate that CVC investor firms’ MK and RD capabilities positively impact the innovativeness of the high-tech ventures. Further, the performance impact of the investor’s R&D capabilities is amplified when there is a high level of business proximity between the two firms. The geographic proximity between the two firms also strengthens the impact of the investor’s R&D capabilities and marketing capabilities. The second essay discusses the relationship between media and likelihood of acquisition. Acquisition as an exit outcome is a critical event for ventures. For a venture to be acquired, it is important to gain legitimacy among stakeholders. Extant research has found that media coverage helps provide legitimacy for the venture. In this study, we focus on the corporate venture capital (CVC) context and empirically examine the impact of technology ventures’ media coverage on their likelihood of being. Furthermore, we investigate the moderating role of ventures’ CVC investor status in the relationship between media coverage and acquisition outcome. We find that media volume directly increases the venture’s likelihood of being acquired. Furthermore, media sentiment and CVC investor’s status jointly influence the acquisition likelihood such that media sentiment’s positive impact on the acquisition likelihood is more salient when the venture has a higher-status CVC investor. Our results provide new insights for the entrepreneurship literature and the CVC literature.

Comments

Data is provided by the student

Library Comment

Dissertation or thesis originally submitted to ProQuest.

Notes

Embargoed until 7/15/2024

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