IDEAS home Printed from https://ideas.repec.org/a/eee/finlet/v51y2023ics1544612322006547.html

Heterogeneous venture capital and technological innovation network evolution: Corporate reputation as mediating variable

Author

Listed:
  • Wang, Lan
  • Lang, Zimo
  • Duan, Jiayin
  • Zhang, Hanyu

Abstract

Amid the pandemic of COVID-19, the collaborative innovation network of enterprises is conducive to the sharing of innovation resources, knowledge transfer, and technology diffusion, which is closely related to the improvement of corporate technological innovation performance. From the perspective of corporate reputation in the field of venture capital investment, and based on transaction cost theory, basic resource theory and reputation effect theory, this paper discusses the evolution mechanism of corporate technological innovation network, constructs an integrated model for the relationships between heterogeneous venture capital investment, corporate reputation and technological innovation network evolution, and then examines the impact of different types of heterogeneous venture capital investment on the evolution mechanism of technological innovation network, as well as the mediating effects of corporate reputation. Through the empirical analysis of the data obtained from the survey of 500 enterprises, the research shows that that independent venture capital is more conducive to enhancing the internal corporate reputation and promoting the evolution of technological innovation networks towards being self-centered; corporate venture capital is more conducive to consolidating the external reputation of enterprises and promoting the evolution of technological innovation networks towards being holistic. Corporate reputation has some mediating effects on the relationship between heterogeneous venture capital and technological innovation network evolution.

Suggested Citation

  • Wang, Lan & Lang, Zimo & Duan, Jiayin & Zhang, Hanyu, 2023. "Heterogeneous venture capital and technological innovation network evolution: Corporate reputation as mediating variable," Finance Research Letters, Elsevier, vol. 51(C).
    • Handle: RePEc:eee:finlet:v:51:y:2023:i:c:s1544612322006547
    DOI: 10.1016/j.frl.2022.103478
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1544612322006547
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.frl.2022.103478?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Peng-Fei Li & Harald Bathelt & Jici Wang, 2012. "Network dynamics and cluster evolution: changing trajectories of the aluminium extrusion industry in Dali, China," Journal of Economic Geography, Oxford University Press, vol. 12(1), pages 127-155, January.
    2. Masulis, Ronald W. & Wang, Cong & Xie, Fei, 2012. "Globalizing the boardroom—The effects of foreign directors on corporate governance and firm performance," Journal of Accounting and Economics, Elsevier, vol. 53(3), pages 527-554.
    3. Kun Wang & Bo Long & Jian-Qin Jiao & Jian-Xun Wang & Jin-Ping Liu & Qian Li & Pei-Feng Li, 2012. "miR-484 regulates mitochondrial network through targeting Fis1," Nature Communications, Nature, vol. 3(1), pages 1-9, January.
    4. Paul Gompers & Josh Lerner, 2001. "The Venture Capital Revolution," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 145-168, Spring.
    5. Samuel Kortum & Josh Lerner, 2000. "Assessing the Contribution of Venture Capital to Innovation," RAND Journal of Economics, The RAND Corporation, vol. 31(4), pages 674-692, Winter.
    6. Pek‐Hooi Soh, 2010. "Network patterns and competitive advantage before the emergence of a dominant design," Strategic Management Journal, Wiley Blackwell, vol. 31(4), pages 438-461, April.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Chenghua Guan & Shengxue Jin, 2023. "Does the Type of Funding Affect Innovation? Evidence from Incubators in China," Sustainability, MDPI, vol. 15(3), pages 1-19, January.
    2. Li, Yanting & Wang, Zhiyu, 2025. "Digital trade facilitation and GVC restructuring: Implications for manufacturing upgrading in developing countries," Finance Research Letters, Elsevier, vol. 86(PB).
    3. Fu, Shaoyan & Liu, Dehai & Huang, Fuqiang, 2024. "Synergistic effect of government policy and market mechanism on the innovation of new energy vehicle enterprises," Energy, Elsevier, vol. 295(C).
    4. Eghbali, Mohammad-Ali & Rasti-Barzoki, Morteza & Altmann, Jörn, 2024. "An evolutionary game-theoretic approach to analysis the green innovation chain dynamics under government policies," Technology in Society, Elsevier, vol. 77(C).
    5. Ningyue Liu & Tailun Chen & Huijuan Cao, 2025. "Geographic network characteristics of venture capital firms and high-tech enterprise innovation: evidence from high-speed rail," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-12, December.
    6. Mingming Yao & Mengdan Xu, 2025. "Exploring the Roles of Corporate Social Responsibility and Artificial Intelligence Adoption in the Impact of Political Connections on Innovation Performance," Sustainability, MDPI, vol. 17(17), pages 1-19, September.
    7. Ren, Yu & Liu, Xiongfei & Zhu, Yi, 2024. "Incremental marketization reforms and venture capital strategy adjustments: Based on industrial chain innovation development," Finance Research Letters, Elsevier, vol. 70(C).
    8. Linna Li & Yiping Wu & Yu Wang, 2025. "Exposure of Academic Misconduct and Universities’ Innovation Output: Evidence from Retractions in China," Journal of Business Ethics, Springer, vol. 200(3), pages 649-668, September.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Gerard Llobet & Javier Suarez, 2010. "Entrepreneurial Innovation, Patent Protection and Industry Dynamics," Working Papers wp2010_1001, CEMFI.
    2. Jarunee Wonglimpiyarat, 2010. "Commercialization strategies of technology: lessons from Silicon Valley," The Journal of Technology Transfer, Springer, vol. 35(2), pages 225-236, April.
    3. Andrew Metrick & Ayako Yasuda, 2011. "Venture Capital and Other Private Equity: a Survey," European Financial Management, European Financial Management Association, vol. 17(4), pages 619-654, September.
    4. Lohwasser, Todor S., 2020. "Meta-analyzing the relative performance of venture capital-backed firms," Discussion Papers of the Institute for Organisational Economics 4/2020, University of Münster, Institute for Organisational Economics.
    5. Garry A. Gabison, 2015. "Venture Capital Principles in the European ICT Ecosystem: How can they help ICT innovation?," JRC Research Reports JRC98783, Joint Research Centre.
    6. Spyros Arvanitis & Tobias Stucki, 2014. "The impact of venture capital on the persistence of innovation activities of start-ups," Small Business Economics, Springer, vol. 42(4), pages 849-870, April.
    7. Ting-Kai Chou & Jia-Chi Cheng & Chin-Chen Chien, 2013. "How useful is venture capital prestige? Evidence from IPO survivability," Small Business Economics, Springer, vol. 40(4), pages 843-863, May.
    8. Tereza Tykvová, 2006. "How do investment patterns of independent and captive private equity funds differ? Evidence from Germany," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 20(4), pages 399-418, December.
    9. Bömer, Max & Maxin, Hannes, 2018. "Why Fintechs Cooperate with Banks - Evidence from Germany," Hannover Economic Papers (HEP) dp-637, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
    10. Horst Feldmann, 2010. "Venture Capital Availability and Labor Market Performance in Industrial Countries: Evidence Based on Survey Data," Kyklos, Wiley Blackwell, vol. 63(1), pages 23-54, February.
    11. John Armour & Douglas Cumming, 2004. "The Legal Road To Replicating Silicon Valley," Working Papers wp281, Centre for Business Research, University of Cambridge.
    12. Federico Munari & Maria Cristina Odasso & Laura Toschi, 2011. "Patent-backed Finance," Chapters, in: Federico Munari & Raffaele Oriani (ed.), The Economic Valuation of Patents, chapter 12, Edward Elgar Publishing.
    13. Christian Keuschnigg, 2003. "Optimal Public Policy For Venture Capital Backed Innovation," University of St. Gallen Department of Economics working paper series 2003 2003-09, Department of Economics, University of St. Gallen.
    14. Ho, Chun-Yu & Huang, Shaoqing & Shi, Hao & Wu, Jun, 2018. "Financial deepening and innovation: The role of political institutions," World Development, Elsevier, vol. 109(C), pages 1-13.
    15. Jihye Jeong & Juhee Kim & Hanei Son & Dae-il Nam, 2020. "The Role of Venture Capital Investment in Startups’ Sustainable Growth and Performance: Focusing on Absorptive Capacity and Venture Capitalists’ Reputation," Sustainability, MDPI, vol. 12(8), pages 1-13, April.
    16. Zhang, Yuxin & Zhou, Yaodong, 2025. "The impact of government industrial funds on the innovation of SMEs in China," Journal of Asian Economics, Elsevier, vol. 97(C).
    17. Romain, Astrid & Pottelsberghe de la Potterie, Bruno van, 2003. "The Determinants of Venture Capital: A Panel Data Analysis of 16 OECD Countries," IIR Working Paper 03-25, Institute of Innovation Research, Hitotsubashi University.
    18. Hellmann, Thomas & Montag, Alexander & Tåg, Joacim, 2024. "Financing J-Curves in Venture Capital," Working Paper Series 1500, Research Institute of Industrial Economics, revised 31 Mar 2026.
    19. Manju Puri & Rebecca Zarutskie, 2012. "On the Life Cycle Dynamics of Venture-Capital- and Non-Venture-Capital-Financed Firms," Journal of Finance, American Finance Association, vol. 67(6), pages 2247-2293, December.
    20. Christian Keuschnigg, 2008. "Tax Policy for Venture Capital Backed Entrepreneurship," University of St. Gallen Department of Economics working paper series 2008 2008-07, Department of Economics, University of St. Gallen.

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:finlet:v:51:y:2023:i:c:s1544612322006547. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/frl .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.