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Revealing the underlying drivers of CVC performance— a literature review and research agenda

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  • Gerwin Fels
  • Markus Kronberger
  • Tobias Gutmann

Abstract

What are the underlying performance drivers of corporate venture capital (CVC)? This paper provides a holistic overview and a synthesis of past studies of CVC performance for both scholars and practitioners compiling relevant empirical research on factors influencing the performance of CVC. Based on a sample of 36 publications published between 1986 and 2018, we illustrate that the performance of CVC is influenced by a complex setting due to the heterogeneity of the stakeholders involved. Our study identifies four factors directly related to the performance of CVC – portfolio composition, corporate knowledge, organizational relationship, and managerial influence and focus – and provides a comprehensive review and systematic assessment of the theoretical considerations regarding these factors. Beyond that, it reveals that current research is still limited in terms of the number of published articles about the questions at hand, and only scratches at the surface of the determinants of CVC performance. Concluding, we provide guidance for future research on CVC performance along the four identified factors.

Suggested Citation

  • Gerwin Fels & Markus Kronberger & Tobias Gutmann, 2021. "Revealing the underlying drivers of CVC performance— a literature review and research agenda," Venture Capital, Taylor & Francis Journals, vol. 23(1), pages 67-109, January.
    • Handle: RePEc:taf:veecee:v:23:y:2021:i:1:p:67-109
    DOI: 10.1080/13691066.2021.1873210
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    Cited by:

    1. David Bendig & Simon Hensellek & Julian Schulte, 2024. "Beneficial, Harmful, or Both? Effects of Corporate Venture Capital and Alliance Activity on Product Recalls," Entrepreneurship Theory and Practice, , vol. 48(1), pages 35-70, January.
    2. Wang, Tao, 2023. "The ownership structure of corporate venture capital financing and innovation," Technovation, Elsevier, vol. 123(C).

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