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Article
Publication date: 16 February 2022

Weiqi Dai, Yi Wang, Mingqing Liao, Mei Shao, Yue Jiang and Miao Zhang

One increasingly popular financing option for entrepreneurial ventures is to attract corporate venture capital (CVC) investments. Prior research tends to take a CVC-centric…

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Abstract

Purpose

One increasingly popular financing option for entrepreneurial ventures is to attract corporate venture capital (CVC) investments. Prior research tends to take a CVC-centric perspective assessing the benefits and contingencies for incumbent firms or corporate investors to engage with entrepreneurial ventures. Few studies have taken the opposite perspective of investigating factors that entrepreneurial ventures need to take into account when engaging with CVC investments. As such, this study aims to investigate pre- and post-IPO entrepreneurial venture performance that partners with CVC providers or corporate investors, as well as to assess organizational and environmental contingencies.

Design/methodology/approach

This study draws on a sample of 631 entrepreneurial ventures from the CSMAR database ranging from 2009 to 2019, along with CVC financing data from the CVSource database and financial data in entrepreneurial ventures’ annual reports from the Juchao Network. This study applies multiple linear regression modelling and fixed effect panel data analyses to test the proposed hypotheses.

Findings

The results show that CVC investment contributes to entrepreneurial ventures’ financial performance, both pre- and post-IPO. However, while research and development (R&D) intensity and geographic proximity strengthen the positive relationship between CVC investment and entrepreneurial ventures’ performance pre-IPO, R&D intensity has a negative moderating effect on the relationship between CVC investment and entrepreneurial ventures’ performance post-IPO.

Practical implications

First, in emerging economies, adopting a CVC financing strategy is an important strategic choice for entrepreneurial ventures that have a great demand for external capital, resources and technology support. Second, leveraging the relationship between external financing and internal R&D investment is essential for them to maintain their core competitiveness and sustainable growth. Moreover, entrepreneurial ventures should deal with the coopetitive relationship with incumbent companies and manage their dependency on other market participants in the external environment.

Originality/value

This study focuses on the performance implications for entrepreneurial ventures engaging with CVC investments pre- and post-IPO. First, this study broadens and expands prior research on the mechanism of the relationship between CVC and entrepreneurial ventures’ financial performance. Second, the research conducts a comparative study of the moderating effects of different timings. Third, this study applies learning theory to the field of CVC in emerging economies.

Details

Journal of Entrepreneurship in Emerging Economies, vol. 15 no. 5
Type: Research Article
ISSN: 2053-4604

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Article
Publication date: 2 March 2015

Weiqi Dai, Ilan Alon and Hao Jiao

The paper aims to empirically examine the role of intra-national institutions in business performance. In particular, the article develops hypotheses regarding financial…

468

Abstract

Purpose

The paper aims to empirically examine the role of intra-national institutions in business performance. In particular, the article develops hypotheses regarding financial marketization and business venturing with organizational slack and political connections as moderating variables.

Design/methodology/approach

The authors choose listed firms from the pharmaceutical industry in China and focus on the period of 2001-2009. Results from the Hausman specification test indicate that the random effects model is appropriate for data. Because the dependent variable is dichotomous, the random effects logistic regression technique in Stata is used. To check the robustness of the estimation, the random-effects Tobit regression technique in Stata is also used. Overall, models are robust and statistically significant.

Findings

It was found that the level of regional financial sector marketization is positively associated with the likelihood of engaging in corporate venturing by firms within the region. Moreover, it was found that organizational slack significantly decreases the institutional influence on corporate venturing.

Originality/value

This study is one of the first to theorize and empirically test the impact of intra-national institutions on corporate venturing in China’s pharmaceutical industry. Institutions matter more when organizational slack is low. Firms in the pharmaceutical industry in China do not seem completely dependent on political connections for business venturing and use organizational slack to buffer against (adverse) institutional change.

Details

Journal of Entrepreneurship in Emerging Economies, vol. 7 no. 1
Type: Research Article
ISSN: 2053-4604

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Article
Publication date: 1 March 2003

W.A.C Adie MA

Roots of global Terrorism are in ‘failed’ states carved out of multiracial empires after World Wars I and II in name of ‘national self‐determination’. Both sides in the Cold War…

196

Abstract

Roots of global Terrorism are in ‘failed’ states carved out of multiracial empires after World Wars I and II in name of ‘national self‐determination’. Both sides in the Cold War competed to exploit the process of disintegration with armed and covert interventions. In effect, they were colluding at the expense of the ‘liberated’ peoples. The ‘Vietnam Trauma’ prevented effective action against the resulting terrorist buildup and blowback until 9/11. As those vultures come home to roost, the war broadens to en vision overdue but coercive reforms to the postwar system of nation states, first in the Middle East. Mirages of Vietnam blur the vision; can the sole Superpower finish the job before fiscal and/or imperial overstretch implode it?

Details

International Journal of Commerce and Management, vol. 13 no. 3/4
Type: Research Article
ISSN: 1056-9219

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Book part
Publication date: 7 December 2017

Roger Haiyan Huang, Jerred Junqi Wang and Kai Wang

Abstract

Details

Sport Business in Leading Economies
Type: Book
ISBN: 978-1-78743-564-3

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Book part
Publication date: 9 March 2021

Alevtina Dubovitskaya

Abstract

Details

The Emerald Handbook of Blockchain for Business
Type: Book
ISBN: 978-1-83982-198-1

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