Mixed blessings: How top management team heterogeneity and governance structure influence the use of corporate venture capital by post-IPO firms
| Autor: | Sam Yul Cho, Fariss-Terry Mousa, Arvin Sahaym, Sang Kyun Kim |
|---|---|
| Rok vydání: | 2016 |
| Předmět: |
Marketing
Structure (mathematical logic) Entrepreneurship 050208 finance business.industry Corporate governance 05 social sciences Corporate venture capital Accounting 0502 economics and business Strategic decision making Agency (sociology) Top management business Initial public offering 050203 business & management |
| Zdroj: | Journal of Business Research. 69:1208-1218 |
| ISSN: | 0148-2963 |
| DOI: | 10.1016/j.jbusres.2015.09.012 |
| Popis: | This study examines the role of the top management team (TMT) and governance structures in the use of corporate venture capital (CVC) in firms that have recently undergone an initial public offering (IPO). The study is unique in that it sheds light on governance-related antecedents of strategic decision making in such firms. We integrate the insights of behavioral agency and upper echelon perspectives to develop our hypotheses. Our results show that in the presence of non-duality, a negative curvilinear relationship exists between TMT heterogeneity and the use of CVC. We also find that TMT heterogeneity and ownership motivate the use of CVC but only up to a certain threshold. Our findings contribute to the literatures of entrepreneurship and strategy. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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