It’s Not You, It’s Me: Corporate Technological Learning and Investment Termination in Corporate Venture Capital

主讲人：Peiyuan Huang, Guanghua School of Management, Peking University

时间：2021-12-24   10am-11:30am

讲座地点：北京大学国家发展研究院承泽园245教室

Abstract:

Corporate venture capital (CVC) investment has become an important source of critical resources to corporate investors and invested ventures alike. However, while extant CVC research has documented the ex ante considerations for tie formation and ex post consequences of established ties, the intertemporal process between the formation and termination of CVC ties has been largely neglected. Possessing strategic objective on technology learning, CVC periodically reevaluates opportunities for internalizing new knowledge via further engagements, which goes beyond the venture’s prospects that independent venture capitalists primarily base their termination decisions upon. Applying a resource dependency framework, we theorized how the corporate investor’s technology achievement, as reflected in newly granted patents, explains the future likelihood of investment termination. We also explored how this investment dynamic is contingent on venture, corporate and dyadic level factors that alter interdependence in the dyad, which are manifested in venture new technology, corporate technology breadth and product market similarity respectively. Using a combined dataset on 2,525 CVC-venture dyads and corresponding organizational technology portfolios, we found support for our hypotheses.

Biography:

Peiyuan Huang earned her PhD in Strategic Management at the University of Pittsburgh. Prior to her doctoral studies, she got her Master’s and Bachelor’s degrees in Economics at Peking University. Her current research focuses on corporate venture capital (CVC), innovation and strategic entrepreneurship. She largely explores dynamics of CVC investments and determinants of organizational knowledge search process. Her research has appeared on domestic and international leading journals, including Management World (in Chinese) and Strategic Entrepreneurship Journal. With more than 10 papers presented in top international academic conferences, she has received research awards and fellowship from Peking University, University of Pittsburgh and Strategic Management Society. She reviews for Academy of Management Review, Small Business and Economics Journal, AOM conferences, SMS Annual conference, and IEEE Access.

如有问题请联系郑老师enyingzheng@nsd.pku.edu.cn，孙老师sxiaoyan@pku.edu.cn