This paper examines the effect of reputation on a corporate venture capital firm’s ability to attract potential investments. We find that a reputation for experience, active involvement in the startup, and misconduct are all positively associated with the CVC ability to attract investments. An additional year of experience, a policy of taking seats on the boards of new ventures, and each additional lawsuit against the investors all bring at least one new venture to their portfolios. A reputation for misconduct does not deter startups when the CVC has a reputation for experience. However, when the CVC firm has a reputation for active engagement with its portfolio companies, every two additional lawsuits result in a loss of at least one investee. The results hold despite controlling for generalized favorability of the parent corporation. Our study suggests that finer grained measures are needed when studying the complex relationship between reputation and performance.

本文考察了声誉对企业风险投资公司吸引潜在投资的能力的影响。我们发现经验、积极参与创业和不当行为的声誉都是积极的与 CVC 吸引投资的能力相关。额外一年的经验、在新企业董事会中占有一席之地的政策，以及针对投资者的每一项额外诉讼，都会为他们的投资组合带来至少一个新企业。当 CVC 以经验闻名时，不当行为的声誉并不能阻止初创公司。然而，当 CVC 公司以其积极参与其投资组合公司而著称时，每增加两起诉讼就会导致至少一名被投资方损失。尽管控制了母公司的普遍好感，但结果仍然成立。我们的研究表明，在研究声誉和绩效之间的复杂关系时，需要更细粒度的衡量标准。