%0 Journal Article
%J Journal of Business Research
%D 2017
%T Exploring the innovation strategies of young firms: Corporate venture capital and venture capital impact on alliance innovation strategy
%A Galloway,Tera L.
%A Miller,Douglas R.
%A Sahaym,Arvin
%A Arthurs,Jonathan
%K Strategy & Entrepreneurship
%X We investigate how governance structure and power influence alliance exploration strategy. Adopting a real options perspective and the agency view, we suggest that innovation strategies differ based on the firm's governance authority. We find that the motivations of corporate venture capitalist firms, venture capitalists, and firm founders may have an impact on the formation of exploratory alliances among adolescent firms. Using a sample of 122 adolescent firms, we examine the influence that governance structure has on the firm's alliance portfolio and innovation potential. While the influence of corporate venture capitalist firms alone do affect alliance formation strategy, corporate venture-backed firms with founders having high influence (knowledge or ownership in the firm) are more likely to form innovation-focused alliances. In contrast, venture capitalist-backed firms tend to avoid innovation-focused alliances, preferring more exploitive ones, even when founders have high influence within the firm.
%B Journal of Business Research
%8 2017
%G eng
%2 a
%4 136049432576
%$ 136049432576

%0 Journal Article
%J Journal of Business Research
%D 2016
%T Mixed Blessings: How Top Management Team Heterogeneity and Governance Structure Influence the Use of Corporate Venture Capital by Post-IPO Firms
%A Sahaym,Arvin
%A Cho,Sam Yul
%A Kim,Sang Kyun
%A Mousa,Fariss
%K Strategy & Entrepreneurship
%X 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.
%B Journal of Business Research
%V 69
%P 1208-1218
%8 2016
%G eng
%N 3
%2 a
%4 106418608128
%$ 106418608128