When Do Firms Undertake R & D By Investing in New Ventures ?  

Oleh:

Lenox, Michael J. ; Dushnitsky, Gary

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Strategic Management Journal vol. 26 no. 10 (Oct. 2005), page 947-966.
Topik: innovation; innovation; external R & D; corporate venture capital

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: SS30.20 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

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 cashflow and absorptive capacity, the more likely it is to invest. Our results suggest that in schupeterian environments incumbents may supplement their innvoative efforts by tapping into the knowledge generated by new ventures.

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