Two's company, three's a crowd: The impact of corporate venture capital unit's investment partners on the corporate investor's innovation performance

Ruling Zhang, Killian J. McCarthy, Xiao Wang*

*Bijbehorende auteur voor dit werk

OnderzoeksoutputAcademicpeer review

1 Citaat (Scopus)
102 Downloads (Pure)


This paper examines how the number, quality, and depth of the relationships, between a corporate venture capital (CVC) unit and the traditional venture capital (VC) that it coinvests with, affect the corporate investor's innovation performance. We find that there is an inverted U-shaped relationship between the number and the quality of the CVC unit's partners and the corporate investor's innovation performance. The depth of the relationship weakens the diminishing benefits of coinvesting with many partners. Jointly, our findings illustrate the danger of the 'more is always better' principle in terms of VC centrality and provide in-depth insights for corporate investors to organize innovation.

Originele taal-2English
Pagina's (van-tot)975-987
Aantal pagina's13
TijdschriftManagerial and Decision Economics
Nummer van het tijdschrift4
Vroegere onlinedatum18-aug.-2021
StatusPublished - jun.-2022

Citeer dit