The DOI matches its Crossref record; 5 of the 5 references it cites were found in a registry or an index.
When do firms undertake R&D by investing in new ventures?
Abstract
We explore the conditions under which firms are likely to pursue equity investment in new ventures as a way to source innovative ideas. We find that firms invest more in new ventures—commonly referred to as ‘corporate venture capital’—in industries with weak intellectual property protection and, to some extent, in industries with high technological ferment and where complementary distribution capability is important. Furthermore, we find that the greater a firm's cash flow and absorptive capacity, the more likely it is to invest. Our results suggest that in Schumpeterian environments incumbents may supplement their innovative efforts by tapping into the knowledge generated by new ventures. Copyright © 2005 John Wiley & Sons, Ltd.
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Cites
Corporate financing and investment decisions when firms have information that investors do not have
Myers, S. C., & Majluf, N. S. (1984) · Journal of Financial Economics · doi:10.1016/0304-405x(84)90023-0 · Cited by 18,957
Interorganizational Collaboration and the Locus of Innovation: Networks of Learning in Biotechnology
Powell, W. W., Koput, K. W., & Smith-Doerr, L. (1996) · Administrative Science Quarterly · doi:10.2307/2393988 · Cited by 8,499
Teece, D. J. (1986) · Research Policy · doi:10.1016/0048-7333(86)90027-2 · Cited by 7,842
Financing Constraints and Corporate Investment
Fazzari, S. M., Hubbard, R. G., Petersen, B. C., Blinder, A. S., & Poterba, J. M. (1988) · Brookings Papers on Economic Activity · doi:10.2307/2534426 · Cited by 5,574
Incumbent's advantage through exploiting complementary assets via interfirm cooperation
Rothaermel, F. T. (2001) · Strategic Management Journal · doi:10.1002/smj.180 · Cited by 1,114
Cited by
Open innovation in SMEs: Trends, motives and management challenges
van de Vrande, V., de Jong, J. P. J., Vanhaverbeke, W., & de Rochemont, M. (2009) · Technovation · doi:10.1016/j.technovation.2008.10.001 · Cited by 2,184
CEO Hubris and Firm Risk Taking in China: The Moderating Role of Managerial Discretion
Li, J., & Tang, Y. (2010) · Academy of Management Journal · doi:10.5465/amj.2010.48036912 · Cited by 1,082
Drover, W., Busenitz, L., Matusik, S., Townsend, D., Anglin, A., & Dushnitsky, G. (2017) · Journal of Management · doi:10.1177/0149206317690584 · Cited by 629
Self-citationLimitations to interorganizational knowledge acquisition: the paradox of corporate venture capital
Dushnitsky, G., & Shaver, J. M. (2009) · Strategic Management Journal · doi:10.1002/smj.781 · Cited by 408
Self-citationCorporate foresight: Its three roles in enhancing the innovation capacity of a firm
Rohrbeck, R., & Gemünden, H. G. (2011) · Technological Forecasting and Social Change · doi:10.1016/j.techfore.2010.06.019 · Cited by 321
Metadata
- Authors
- Dushnitsky, G., & Lenox, M. J.
- Venue
- Strategic Management Journal
- Publisher
- Wiley
- Published
- 2005-08-25
- Volume
- 26
- Issue
- 10
- Pages
- 947-965
- ISSN
- 0143-2095 (ISSN-L)
- 1097-0266
- OpenAlex
- W3125490601
- Cited by
- 491
- References
- 5
- FWCI
- 67.61
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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