As an important strategic tool for entrepreneurial ventures and for established corporations alike, corporate venture capital (CVC) has attracted significant research attention. However, extant studies are equivocal about CVC's performance impact, and measurement approaches vary widely. Separating CVC performance into its corporate and venture elements, we conducted a meta-analytic structural equation model (MASEM) analysis to quantitatively synthesize 151 effect sizes from 68 studies. While results indicate that CVC does create value for both investing corporation and invested venture, they also hint at different magnitudes for, and nuanced interrelationships between, the various performance aspects. We highlight implications for CVC scholarship in terms of measurement and theory.

中文翻译：

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傻钱还是聪明钱？元分析解包企业风险投资

作为创业企业和成熟企业的重要战略工具，企业风险投资 (CVC) 已经引起了广泛的研究关注。然而，现有的研究对 CVC 的性能影响模棱两可，衡量方法也千差万别。将 CVC 绩效分为公司和风险要素，我们进行了元分析结构方程模型 (MASEM) 分析，从 68 项研究中定量合成了 151 个效应量。虽然结果表明 CVC 确实为投资公司和被投资企业创造了价值，但它们也暗示了各种绩效方面的不同幅度和微妙的相互关系。我们强调了在测量和理论方面对 CVC 奖学金的影响。