HOW TECHNOLOGICAL OVERLAP BETWEEN SPINOUTS AND PARENT FIRMS AFFECTS CORPORATE VENTURE CAPITAL INVESTMENTS IN SPINOUTS: THE ROLE OF COMPETITIVE TENSION

被引:30
作者
Bae, Joonhyung [1 ]
Lee, Joon Mahn [2 ]
机构
[1] Sungkyunkwan Univ, SKK Business Sch, Seoul, South Korea
[2] Korea Univ, Business Sch, Seoul, South Korea
关键词
RESEARCH-AND-DEVELOPMENT; MEDICAL DEVICE INDUSTRY; STRATEGIC ALLIANCES; EMPLOYEE MOBILITY; PARTNER SELECTION; KNOWLEDGE; PERFORMANCE; INNOVATION; ENTREPRENEURSHIP; MANAGEMENT;
D O I
10.5465/amj.2018.0223
中图分类号
F [经济];
学科分类号
02 ;
摘要
Drawing on the literature on entrepreneurship and competitive dynamics, we investigate how technological overlap between spinouts and parent firms influences corporate investors' decisions regarding investments in spinouts. We suggest that a high level of technological overlap between a spinout and its parent firm deters potential corporate investors from making an investment in the spinout because of competitive tension arising from anticipated hostile actions by the parent firm. We further suggest that these negative effects are contingent on the tradeoffs between competitive risks and benefits. Our findings show that the negative effects are amplified when parent firms have a strong litigiousness in claiming their intellectual property rights. However, we find that the negative effects are mitigated when corporate investors can expect benefits from gaining indirect access to parent firms' technological knowledge. Using a sample of corporate venture capital investments in the U.S. medical device industry, we find evidence that supports our hypotheses.
引用
收藏
页码:643 / 678
页数:36
相关论文
共 139 条
[1]  
Agarwal R, 2004, ACAD MANAGE J, V47, P501, DOI [10.2307/20159599, 10.5465/20159599]
[2]   Knowledge sources of entrepreneurship: Firm formation by academic, user and employee innovators [J].
Agarwal, Rajshree ;
Shah, Sonali K. .
RESEARCH POLICY, 2014, 43 (07) :1109-1133
[3]   REPUTATIONS FOR TOUGHNESS IN PATENT ENFORCEMENT: IMPLICATIONS FOR KNOWLEDGE SPILLOVERS VIA INVENTOR MOBILITY [J].
Agarwal, Rajshree ;
Ganco, Martin ;
Ziedonis, Rosemarie H. .
STRATEGIC MANAGEMENT JOURNAL, 2009, 30 (13) :1349-1374
[4]   THE PROCESS OF CREATIVE CONSTRUCTION: KNOWLEDGE SPILLOVERS, ENTREPRENEURSHIP, AND ECONOMIC GROWTH [J].
Agarwal, Rajshree ;
Audretsch, David ;
Sarkar, M. B. .
STRATEGIC ENTREPRENEURSHIP JOURNAL, 2007, 1 (3-4) :263-286
[5]   MODES OF COOPERATIVE R&D COMMERCIALIZATION BY START-UPS [J].
Aggarwal, Vikas A. ;
Hsu, David H. .
STRATEGIC MANAGEMENT JOURNAL, 2009, 30 (08) :835-864
[6]   Innovation and Institutional Ownership [J].
Aghion, Philippe ;
Van Reenen, John ;
Zingales, Luigi .
AMERICAN ECONOMIC REVIEW, 2013, 103 (01) :277-304
[7]   Entrepreneurship in the large corporation: A longitudinal study of how established firms create breakthrough inventions [J].
Ahuja, G ;
Lampert, CM .
STRATEGIC MANAGEMENT JOURNAL, 2001, 22 (6-7) :521-543
[8]   Technological acquisitions and the innovation performance of acquiring firms: A longitudinal study [J].
Ahuja, G ;
Katila, R .
STRATEGIC MANAGEMENT JOURNAL, 2001, 22 (03) :197-220
[9]  
Aiken L. S., 1991, MULTIPLE REGRESSION, DOI DOI 10.2307/2348581
[10]   Are entrepreneurial venture's innovation rates sensitive to investor complementary assets? Comparing biotech ventures backed by corporate and independent VCs [J].
Alvarez-Garrido, Elisa ;
Dushnitsky, Gary .
STRATEGIC MANAGEMENT JOURNAL, 2016, 37 (05) :819-834