Title: Non-financial value creation in corporate venture capital: a systematic review of empirical studies

Authors: Benjamin Bugl; Dominik K. Kanbach

Addresses: Dr. Ing. h.c. F. Porsche AG Chair of Strategic Management and Digital Entrepreneurship, HHL Leipzig Graduate School of Management, Leipzig, 04109, Germany ' Dr. Ing. h.c. F. Porsche AG Chair of Strategic Management and Digital Entrepreneurship, HHL Leipzig Graduate School of Management, Leipzig, 04109, Germany

Abstract: In recent decades, scholars have devoted increasing attention to equity investments in start-up companies executed by an intermediary owned and controlled by a corporation. Corporate venture capital (CVC) units provide liquidity to new venture companies and seek to achieve value creation for their corporate parents by offering a window to new technologies and for portfolio companies by leveraging their distinctive resource capabilities. This paper reviews the existing literature on CVC non-financial value creation for corporate parents and new venture portfolio firms in a systematic and replicable way. The contributions of our study are twofold. First, our thematic analysis reveals gaps in the existing knowledge, enabling scholars to investigate these research areas in more detail. Second, we provide a clear road map for CVC practitioners aiming to drive corporate innovation and scale new venture portfolio firms.

Keywords: CVC; corporate venture capital; corporate venturing; value creation; value generation; innovation; new ventures; start-ups; corporate parent; resource-based view; organisational learning; systematic literature review.

DOI: 10.1504/IJEV.2022.122643

International Journal of Entrepreneurial Venturing, 2022 Vol.14 No.2, pp.230 - 276

Received: 25 Oct 2020
Accepted: 19 Jul 2021
Published online: 04 May 2022 *

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