ABSTRACT

Corporate venture capital (CVC) firms face considerable uncertainty while investing time, capital, and other resources in their portfolio firms, typically entrepreneurial ventures. The absence of unambiguous measures of performance about the portfolio firm’s prospects for success and longevity typically is at the root of such uncertainty. Prior research, based on the literature on inter-organizational endorsements grounded in the institutional theory, focused on returns to the portfolio firms under such conditions of uncertainty. We, on the other hand, test the hypotheses that the “prominence” of a CVC firm and the presence of a “prior investment” in the portfolio firm serve as endorsements and the acquiring firms, as endorsers, earn positive financial returns. Results from a sample of biotechnology acquisitions, using an event study methodology for capturing the cumulative abnormal returns (CARs) to acquisition announcements and ordinary least squares regressions (OLS) to study the determinants of the CARs, support the hypotheses.

摘要

公司风险资本（CVC）公司在投资组合公司（通常是创业型公司）中投入时间，资金和其他资源时面临着很大的不确定性。对于投资组合公司的成功和长寿前景，缺乏明确的绩效衡量标准通常是造成这种不确定性的根源。基于制度理论基础的关于组织间认可的文献，先前的研究集中在这种不确定性条件下对投资组合公司的收益。另一方面，我们检验以下假设：CVC公司的“突出”和投资组合公司中的“先前投资”可以作为背书，而收购公司（作为背书人）可以获得正的财务回报。生物技术收购样本的结果，