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Strategy-organization configurations in corporate venture units: Impact on performance and survival

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  • Hill, Susan A.
  • Birkinshaw, Julian
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    Abstract

    We develop a typology of corporate venture units, based on their strategic role in the corporation, and specifically on (a) their relative emphasis on exploration versus exploitation and (b) the internal versus external locus of opportunity they pursue. Following configurations logic, we argue that the structures and systems used by venture units will be a function of their strategic role, and that their performance will be higher when internal elements are aligned. We also argue that exploitation-oriented units will survive for longer than exploration-oriented units. Using primary data collected on 95 venture units during 2001-2003, we use configurational analyses to test and find support for our hypotheses.

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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Business Venturing.

    Volume (Year): 23 (2008)
    Issue (Month): 4 (July)
    Pages: 423-444

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    Handle: RePEc:eee:jbvent:v:23:y:2008:i:4:p:423-444

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    Web page: http://www.elsevier.com/locate/jbusvent

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    References

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    1. Siegel, Robin & Siegel, Eric & MacMillan, Ian C., 1988. "Corporate venture capitalists: Autonomy, obstacles, and performance," Journal of Business Venturing, Elsevier, vol. 3(3), pages 233-247.
    2. Christiana Weber & Barbara Weber, 2005. "Corporate Venture Capital Organizations in Germany," Venture Capital, Taylor & Francis Journals, vol. 7(1), pages 51-73, January.
    3. Sahlman, William A., 1990. "The structure and governance of venture-capital organizations," Journal of Financial Economics, Elsevier, vol. 27(2), pages 473-521, October.
    4. Sykes, Hollister B., 1986. "The anatomy of a corporate venturing program: Factors influencing success," Journal of Business Venturing, Elsevier, vol. 1(3), pages 275-293.
    5. Kanter, Rosabeth, 1985. "Supporting innovation and venture development in established companies," Journal of Business Venturing, Elsevier, vol. 1(1), pages 47-60.
    6. Thomas Keil, 2004. "Building External Corporate Venturing Capability," Journal of Management Studies, Wiley Blackwell, vol. 41(5), pages 799-825, 07.
    7. Sykes, Hollister B., 1990. "Corporate venture capital: Strategies for success," Journal of Business Venturing, Elsevier, vol. 5(1), pages 37-47, January.
    8. Dushnitsky, Gary & Lenox, Michael J., 2005. "When do incumbents learn from entrepreneurial ventures?: Corporate venture capital and investing firm innovation rates," Research Policy, Elsevier, vol. 34(5), pages 615-639, June.
    9. Dushnitsky, Gary & Lenox, Michael J., 2006. "When does corporate venture capital investment create firm value?," Journal of Business Venturing, Elsevier, vol. 21(6), pages 753-772, November.
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    Cited by:
    1. Benson, David & Ziedonis, Rosemarie H., 2010. "Corporate venture capital and the returns to acquiring portfolio companies," Journal of Financial Economics, Elsevier, vol. 98(3), pages 478-499, December.
    2. Lau, Chung Ming & Bruton, Garry D., 2011. "Strategic orientations and strategies of high technology ventures in two transition economies," Journal of World Business, Elsevier, vol. 46(3), pages 371-380, July.

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