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

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  • 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
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    References listed on IDEAS

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    Cited by:

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    4. 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).
    5. 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).
    6. 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.
    7. 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.
    8. 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).
    9. 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.

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