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Corporate Renewal Through Internal Venturing and Spinn-offs: Perspectives from Organizational Economics

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Author Info
Tom Elfring
Nicolai J. Foss

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Abstract

We address the closely related phenomena of corporate venturing and spin-offs in the context of organizational economics, for example, agency perspectives and the evolutionary perspective on firms. These perspectives allow us to say something about both the amount and nature of variety creation inside firms. For example, there are strong arguments that firms will tend to produce too few and too "narrow" venture ideas. Moreover, organizational economics is helpful in deriving propositions about the occurrence of spin-offs, which we separate into "vicious" and "virtuous" ones. The former type refers to ventures that could have helped bringing corporate renewal, but where overruled venture managers left the firm in frustration. The latter type refers to ventures that are too far away from the firm's core business(es) to assist in corporate renewal, but where their spin-off is tantamount to a learning experience to the firm.

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Paper provided by Department of Industrial Economics and Strategy, Copenhagen Business School in its series IVS/CBS Working Papers with number 97-7.

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Handle: RePEc:ivs:iivswp:97-7

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Web page: http://www.cbs.dk/forskning_viden/fakulteter_institutter_centre/institutter/oekonomi/ivs/

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Related research
Keywords: corporate renewal; spin-offs; economic organization; intrapreneurship;

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Find related papers by JEL classification:
D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
M13 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - New Firms; Startups

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  1. Ghemawat, Pankaj & Ricart, Joan E., 1993. "Organizational tension between static and dynamic efficiency, The," IESE Research Papers D/255, IESE Business School. [Downloadable!]
  2. Aghion, Philippe & Tirole, Jean, 1997. "Formal and Real Authority in Organizations," Journal of Political Economy, University of Chicago Press, vol. 105(1), pages 1-29, February.
    Other versions:
  3. Sah, R.K., 1991. "Fallibility In Human Organizations And Political Systems," Papers 625, Yale - Economic Growth Center.
    Other versions:
  4. Nicolai J. Foss, . "On the Relations Between Evolutionary and Contractual Theories of the Firm," IVS/CBS Working Papers 97-4, Department of Industrial Economics and Strategy, Copenhagen Business School. [Downloadable!]
  5. Teece, David J., 1986. "Profiting from technological innovation: Implications for integration, collaboration, licensing and public policy," Research Policy, Elsevier, vol. 15(6), pages 285-305, December. [Downloadable!] (restricted)
  6. McGrath, Rita Gunther, 1995. "Advantage from adversity: Learning from disappointment in internal corporate ventures," Journal of Business Venturing, Elsevier, vol. 10(2), pages 121-142, March. [Downloadable!] (restricted)
  7. Teece, David J. & Rumelt, Richard & Dosi, Giovanni & Winter, Sidney, 1994. "Understanding corporate coherence : Theory and evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 23(1), pages 1-30, January. [Downloadable!] (restricted)
  8. Sah, Raaj Kumar & Stiglitz, Joseph E, 1985. "Human Fallibility and Economic Organization," American Economic Review, American Economic Association, vol. 75(2), pages 292-97, May. [Downloadable!] (restricted)
  9. Bengt Holmstrom, 1982. "Moral Hazard in Teams," Bell Journal of Economics, The RAND Corporation, vol. 13(2), pages 324-340, Autumn. [Downloadable!] (restricted)
  10. Foss, Nicolai J, 1997. "On the Rationales of Corporate Headquarters," Industrial and Corporate Change, Oxford University Press, vol. 6(2), pages 313-38, March.
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This page was last updated on 2009-11-13.

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