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Corporate venturing and value creation: A review and proposed framework

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  • Narayanan, V.K.
  • Yang, Yi
  • Zahra, Shaker A.
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    Abstract

    Over the past decade, companies worldwide have used corporate venturing (CV) as a means of revitalizing their operations, building new capabilities, and achieving strategic renewal, creating value for shareholders. Business interest in CV has stimulated academic interest in the topic, resulting in a rapidly growing but fragmented body of literature. Despite the growing international scholarly interest in CV, researchers have devoted little effort to integrating prior findings in a cumulative fashion. As a result, studies do not build upon one another, making it difficult to gauge the progress being made in addressing the fundamental research questions related to CV. In this paper, we examine the literature on CV seeking to synthesize, integrate and link its key findings. To do so, we analyze this literature over the past decade to identify its major themes and research findings setting the stage for greater coherence in future research on CV. We give special attention to the challenges and rewards of theory building in future CV research. Our review clearly shows that CV is an area of scholarly inquiry that has important implications for managerial practice.

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    Bibliographic Info

    Article provided by Elsevier in its journal Research Policy.

    Volume (Year): 38 (2009)
    Issue (Month): 1 (February)
    Pages: 58-76

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    Handle: RePEc:eee:respol:v:38:y:2009:i:1:p:58-76

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

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    Keywords: Corporate venturing Corporate venture capital Spin-off;

    References

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    Cited by:
    1. Rasmussen, Einar & Borch, Odd Jarl, 2010. "University capabilities in facilitating entrepreneurship: A longitudinal study of spin-off ventures at mid-range universities," Research Policy, Elsevier, vol. 39(5), pages 602-612, June.
    2. Phan, Phillip H. & Wright, Mike & Ucbasaran, Deniz & Tan, Wee-Liang, 2009. "Corporate entrepreneurship: Current research and future directions," Journal of Business Venturing, Elsevier, vol. 24(3), pages 197-205, May.
    3. Valérie Revest & Alessandro Sapio, 2012. "Financing technology-based small firms in Europe: what do we know?," Small Business Economics, Springer, vol. 39(1), pages 179-205, July.
    4. Wright, Mike & Kellermanns, Franz W., 2011. "Family firms: A research agenda and publication guide," Journal of Family Business Strategy, Elsevier, vol. 2(4), pages 187-198.
    5. H. Fryges & M. Wright, 2013. "The origin of spin-offs – A typology of corporate and academic spin-offs," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 13/864, Ghent University, Faculty of Economics and Business Administration.
    6. Hicheon Kim & Johngseok Bae & Garry Bruton, 2012. "Business groups and institutional upheaval in emerging economies: Corporate venturing in Korea," Asia Pacific Journal of Management, Springer, vol. 29(3), pages 729-752, September.

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