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The diversity of carmakers\' behaviors vis-a-vis the Corporate Venture Capital

Listed author(s):
  • Vincent FRIGANT
  • Marina FLAMAND

This paper wishes to contribute to the literature about the industrial firms\' motivations to invest in Corporate Venture Capital programs. In a first part, we build a typology on CVC objectives based on a literature review. Then we apply this typology to carmakers’ CVC programs. We study 13 worldwide car manufacturers. Results show a poor interest of car makers vis-à-vis CVC programs. However, the existing programs show that strategic objectives are the most common objectives even if some others objectives are also pursued, like the “relational objective”. Summarizing the results, we identify four typical behaviors of carmakers vis-à-vis CVC programs. We conclude by a discussion about the automotive industry specificity, and we call upon other sectoral studies based on a qualitative method.The diversity of carmakers\' behaviors vis-a-vis the Corporate Venture Capital

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File URL: http://cahiersdugretha.u-bordeaux4.fr/2015/2015-24.pdf
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Paper provided by Groupe de Recherche en Economie Théorique et Appliquée in its series Cahiers du GREThA with number 2015-24.

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Date of creation: 2015
Handle: RePEc:grt:wpegrt:2015-24
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  1. Riyanto, Yohanes E. & Schwienbacher, Armin, 2006. "The strategic use of corporate venture financing for securing demand," Journal of Banking & Finance, Elsevier, vol. 30(10), pages 2809-2833, October.
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  8. Josh Lerner & Joacim Tåg, 2013. "Institutions and venture capital," Industrial and Corporate Change, Oxford University Press, vol. 22(1), pages 153-182, February.
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  11. Siegel, Robin & Siegel, Eric & MacMillan, Ian C., 1988. "Corporate venture capitalists: Autonomy, obstacles, and performance," Journal of Business Venturing, Elsevier, vol. 3(3), pages 233-247.
  12. Basu, Sandip & Phelps, Corey & Kotha, Suresh, 2011. "Towards understanding who makes corporate venture capital investments and why," Journal of Business Venturing, Elsevier, vol. 26(2), pages 153-171, March.
  13. Lerner, Josh, 2012. "The Architecture of Innovation: The Economics of Creative Organizations," OUP Catalogue, Oxford University Press, number 9780199639892.
  14. Vincent Frigant & Bernard Jullien, 2014. "Comment la production modulaire transforme l'industrie automobile," Revue d'économie industrielle, De Boeck Université, vol. 0(1), pages 11-44.
  15. Paul A. Gompers, 2002. "Corporations and the financing of innovation: The corporate venturing experience," Economic Review, Federal Reserve Bank of Atlanta, issue Q4, pages 1-17.
  16. Markku Maula & Erkko Autio & Gordon Murray, 2005. "Corporate Venture Capitalists and Independent Venture Capitalists: What do they know, Who do They Know and Should Entrepreneurs Care?," Venture Capital, Taylor & Francis Journals, vol. 7(1), pages 3-21, January.
  17. Sykes, Hollister B., 1990. "Corporate venture capital: Strategies for success," Journal of Business Venturing, Elsevier, vol. 5(1), pages 37-47, January.
  18. John Hagedoorn & Danielle Cloodt & Hans van Kranenburg, 2005. "Intellectual property rights and the governance of international R&D partnerships," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 36(2), pages 175-186, March.
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