IDEAS home Printed from https://ideas.repec.org/a/eee/appene/v334y2023ics0306261923000417.html
   My bibliography  Save this article

Exploring corporate venture capital investments in clean energy—a focus on the Asia-Pacific region

Author

Listed:
  • Kolte, Ashutosh
  • Festa, Giuseppe
  • Ciampi, Francesco
  • Meissner, Dirk
  • Rossi, Matteo

Abstract

Climate change has been posing an increasing threat to the planet at the environmental and economic levels, and the rise of clean energy (CE) is ever more fundamental for ensuring a qualified alternative for the energy mix, attracting the financial interest of different investment entities. In this respect, the significance of corporate venture capitalists (CVCs) has been on a steady rise for every sector, even for CE, since the 1990 s, and it is shaping up to become a major force behind the worldwide innovation. The aim of this research is to investigate the essential profiles about the phenomenon regarding CVCs that are active in CE, with a focus on the Asia-Pacific (APAC) region, to understand how they act in pursuing their strategic intention. The specific contribution of this study, which adopts a quantitative approach to operate a descriptive analysis on the dynamics operating in the context under investigation by combining relating data from several institutional databases, is to provide a scenario analysis with explorative intention that may define the main characteristics, roles in innovation, and growing participation of CVCs in the CE sector, especially in the APAC area.

Suggested Citation

  • Kolte, Ashutosh & Festa, Giuseppe & Ciampi, Francesco & Meissner, Dirk & Rossi, Matteo, 2023. "Exploring corporate venture capital investments in clean energy—a focus on the Asia-Pacific region," Applied Energy, Elsevier, vol. 334(C).
    • Handle: RePEc:eee:appene:v:334:y:2023:i:c:s0306261923000417
    DOI: 10.1016/j.apenergy.2023.120677
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0306261923000417
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.apenergy.2023.120677?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Battisti, Enrico & Nirino, Niccolò & Leonidou, Erasmia & Thrassou, Alkis, 2022. "Corporate venture capital and CSR performance: An extended resource based view’s perspective," Journal of Business Research, Elsevier, vol. 139(C), pages 1058-1066.
    2. Belderbos, René & Jacob, Jojo & Lokshin, Boris, 2018. "Corporate venture capital (CVC) investments and technological performance: Geographic diversity and the interplay with technology alliances," Journal of Business Venturing, Elsevier, vol. 33(1), pages 20-34.
    3. Runhui Lin & Ya Li & Tao Peng & Hongjuan Zhang, 2017. "Venture capital reputation and portfolio firm performance in an emerging economy: The moderating effect of institutions," Asia Pacific Journal of Management, Springer, vol. 34(3), pages 699-723, September.
    4. Maiti, Moinak, 2022. "Does development in venture capital investments influence green growth?," Technological Forecasting and Social Change, Elsevier, vol. 182(C).
    5. Bill Moore & Rolf Wüstenhagen, 2004. "Innovative and sustainable energy technologies: the role of venture capital," Business Strategy and the Environment, Wiley Blackwell, vol. 13(4), pages 235-245, July.
    6. Michael V. Russo, 2003. "The emergence of sustainable industries: building on natural capital," Strategic Management Journal, Wiley Blackwell, vol. 24(4), pages 317-331, April.
    7. Mateus Christiano König Martins & Rafaela Oliveira Padilha & Solange Maria da Silva, 2022. "Corporate venture capital and corporate accelerators: differences and similarities," Brazilian Journal of Political Economy, Center of Political Economy, vol. 42(1), pages 192-206.
    8. Kwanghui Lim & Brian Cu, 2012. "The effects of social networks and contractual characteristics on the relationship between venture capitalists and entrepreneurs," Asia Pacific Journal of Management, Springer, vol. 29(3), pages 573-596, September.
    9. Thomas J. Chemmanur & Elena Loutskina & Xuan Tian, 2014. "Corporate Venture Capital, Value Creation, and Innovation," The Review of Financial Studies, Society for Financial Studies, vol. 27(8), pages 2434-2473.
    10. Nistor, Silviu & Wu, Jianzhong & Sooriyabandara, Mahesh & Ekanayake, Janaka, 2015. "Capability of smart appliances to provide reserve services," Applied Energy, Elsevier, vol. 138(C), pages 590-597.
    11. William Scheela & Edmundo Isidro & Thawatchai Jittrapanun & Nguyen Trang, 2015. "Formal and informal venture capital investing in emerging economies in Southeast Asia," Asia Pacific Journal of Management, Springer, vol. 32(3), pages 597-617, September.
    12. Zhujun Ding & Sunny Sun & Kevin Au, 2014. "Angel investors’ selection criteria: A comparative institutional perspective," Asia Pacific Journal of Management, Springer, vol. 31(3), pages 705-731, September.
    13. Steven Klepper & Elizabeth Graddy, 1990. "The Evolution of New Industries and the Determinants of Market Structure," RAND Journal of Economics, The RAND Corporation, vol. 21(1), pages 27-44, Spring.
    14. Matteo Rossi & Elvira Martini & Ashutosh Kolte, 2021. "The role of venture capitalists in an organised innovation ecosystem: evidence from the USA," International Journal of Business Environment, Inderscience Enterprises Ltd, vol. 12(3), pages 265-286.
    15. Song Ma, 2020. "The Life Cycle of Corporate Venture Capital," The Review of Financial Studies, Society for Financial Studies, vol. 33(1), pages 358-394.
    16. Manlio Del Giudice & Elias G. Carayannis & Vincenzo Maggioni, 2017. "Global knowledge intensive enterprises and international technology transfer: emerging perspectives from a quadruple helix environment," The Journal of Technology Transfer, Springer, vol. 42(2), pages 229-235, April.
    17. Anokhin, Sergey & Peck, Simon & Wincent, Joakim, 2016. "Corporate venture capital: The role of governance factors," Journal of Business Research, Elsevier, vol. 69(11), pages 4744-4749.
    18. Wüstenhagen, Rolf & Menichetti, Emanuela, 2012. "Strategic choices for renewable energy investment: Conceptual framework and opportunities for further research," Energy Policy, Elsevier, vol. 40(C), pages 1-10.
    19. Scuotto, Veronica & Beatrice, Orlando & Valentina, Cillo & Nicotra, Melita & Di Gioia, Leonardo & Farina Briamonte, Massimiliano, 2020. "Uncovering the micro-foundations of knowledge sharing in open innovation partnerships: An intention-based perspective of technology transfer," Technological Forecasting and Social Change, Elsevier, vol. 152(C).
    20. Cinzia Colapinto, 2007. "A way to foster innovation: a venture capital district from Silicon Valley and route 128 to Waterloo Region," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 54(3), pages 319-343, September.
    21. Zhang, Chenghua & Wu, Jianzhong & Zhou, Yue & Cheng, Meng & Long, Chao, 2018. "Peer-to-Peer energy trading in a Microgrid," Applied Energy, Elsevier, vol. 220(C), pages 1-12.
    22. Siegel, Robin & Siegel, Eric & MacMillan, Ian C., 1988. "Corporate venture capitalists: Autonomy, obstacles, and performance," Journal of Business Venturing, Elsevier, vol. 3(3), pages 233-247.
    23. Jerome S. Engel & Dickson Louie & David Charron, 2022. "Major Corporations and Open Innovation: capturing value from disruptive innovation," Chapters, in: Jerome S. Engel (ed.), Clusters of Innovation in the Age of Disruption, chapter 4, pages 81-114, Edward Elgar Publishing.
    24. Asha Thomas, 2021. "Business Beyond COVID-19: Towards Open Innovation," Springer Books, in: Justin Paul & Sanjay Dhir (ed.), Globalization, Deglobalization, and New Paradigms in Business, edition 1, pages 189-212, Springer.
    25. Paul Shrivastava, 1995. "Environmental technologies and competitive advantage," Strategic Management Journal, Wiley Blackwell, vol. 16(S1), pages 183-200.
    26. Matteo Rossi & Elvira Martini, 2019. "Venture capitalists and value creation: the role of informal investors in the growth of smaller European firms," International Journal of Globalisation and Small Business, Inderscience Enterprises Ltd, vol. 10(3), pages 233-247.
    27. Sine, Wesley D. & David, Robert J., 2003. "Environmental jolts, institutional change, and the creation of entrepreneurial opportunity in the US electric power industry," Research Policy, Elsevier, vol. 32(2), pages 185-207, February.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Shaikh Zishan Suheel & Ahmad Fazlizan & Halim Razali & Kok Hoe Wong & Altaf Hossain Molla & Rajkumar Singh Rathore & M. S. Hossain Lipu & Mahidur R. Sarker, 2024. "Comprehensive Analysis of Factors Underpinning the Superior Performance of Ducted Horizontal-Axis Helical Wind Turbines," Energies, MDPI, vol. 17(12), pages 1-15, June.
    2. Lin, Boqiang & Xie, Yongjing, 2024. "The role of venture capital in determining the total factor productivity of renewable energy enterprises: In the context of government subsidy reduction," Energy Economics, Elsevier, vol. 132(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jeon, Euiju & Maula, Markku, 2022. "Progress toward understanding tensions in corporate venture capital: A systematic review," Journal of Business Venturing, Elsevier, vol. 37(4).
    2. Dushnitsky, Gary & Yu, Lei, 2022. "Why do incumbents fund startups? A study of the antecedents of corporate venture capital in China," Research Policy, Elsevier, vol. 51(3).
    3. Benkraiem, Ramzi & Dubocage, Emmanuelle & Lelong, Yann & Shuwaikh, Fatima, 2023. "The effects of environmental performance and green innovation on corporate venture capital," Ecological Economics, Elsevier, vol. 210(C).
    4. Wang, Tao, 2023. "The ownership structure of corporate venture capital financing and innovation," Technovation, Elsevier, vol. 123(C).
    5. Patrick Haslanger & Erik E. Lehmann & Nikolaus Seitz, 2023. "The performance effects of corporate venture capital: a meta-analysis," The Journal of Technology Transfer, Springer, vol. 48(6), pages 2132-2160, December.
    6. David Bendig & Simon Hensellek & Julian Schulte, 2024. "Beneficial, Harmful, or Both? Effects of Corporate Venture Capital and Alliance Activity on Product Recalls," Entrepreneurship Theory and Practice, , vol. 48(1), pages 35-70, January.
    7. Rossi, Matteo & Festa, Giuseppe & Devalle, Alain & Mueller, Jens, 2020. "When corporations get disruptive, the disruptive get corporate: Financing disruptive technologies through corporate venture capital," Journal of Business Research, Elsevier, vol. 118(C), pages 378-388.
    8. Benkraiem, Ramzi & Boubaker, Sabri & Brinette, Souad & Khemiri, Sabrina, 2021. "Board feminization and innovation through corporate venture capital investments: The moderating effects of independence and management skills," Technological Forecasting and Social Change, Elsevier, vol. 163(C).
    9. Karakaya, Emrah & Nuur, Cali & Hidalgo, Antonio, 2016. "Business model challenge: Lessons from a local solar company," Renewable Energy, Elsevier, vol. 85(C), pages 1026-1035.
    10. Chen, Yantai & Luo, Haibei & Chen, Jin & Guo, Yanlin, 2022. "Building data-driven dynamic capabilities to arrest knowledge hiding: A knowledge management perspective," Journal of Business Research, Elsevier, vol. 139(C), pages 1138-1154.
    11. Xiong, Chang & Zheng, Leven J. & Germon, Rony & Susini, Jean-Paul & Chang, Victor, 2021. "Telling “white lies” within the entrepreneurial firm: How rationalized knowledge hiding between founder CEO and founder CTO influences new product development," Journal of Business Research, Elsevier, vol. 136(C), pages 431-439.
    12. Tawiah, Bernard & O’Connor Keefe, Michael, 2022. "Financing a corporate venture capital program," Journal of Banking & Finance, Elsevier, vol. 135(C).
    13. Sunny Hahn & Jina Kang, 2017. "Complementary or conflictory?: the effects of the composition of the syndicate on venture capital-backed IPOs in the US stock market," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 44(1), pages 77-102, March.
    14. Patrick Röhm, 2018. "Exploring the landscape of corporate venture capital: a systematic review of the entrepreneurial and finance literature," Management Review Quarterly, Springer, vol. 68(3), pages 279-319, August.
    15. Yongyuan Ma & Ao Shen & Qingyuan Zhu & Peng Wang, 2022. "Media environment, venture capital, and technological innovation: Evidence from China," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(6), pages 1734-1747, September.
    16. Hannes Maxin, 2018. "Corporate Venture Capital im Bankensektor: Eine Fallstudie," ZfKE – Zeitschrift für KMU und Entrepreneurship, Duncker & Humblot, Berlin, vol. 66(2), pages 71-89.
    17. Galloway, Tera L. & Miller, Douglas R. & Sahaym, Arvin & Arthurs, Jonathan D., 2017. "Exploring the innovation strategies of young firms: Corporate venture capital and venture capital impact on alliance innovation strategy," Journal of Business Research, Elsevier, vol. 71(C), pages 55-65.
    18. Samuel Howard Quartey & Sam Wells, 2020. "Sustainability-oriented learning: evidence from Eyre Peninsula’s fishing industry in Australia," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 22(3), pages 2477-2496, March.
    19. Shuwaikh, Fatima & Dubocage, Emmanuelle, 2022. "Access to the Corporate Investors' Complementary Resources: A Leverage for Innovation in Biotech Venture Capital-Backed Companies," Technological Forecasting and Social Change, Elsevier, vol. 175(C).
    20. Darmani, Anna & Niesten, Eva & Hekkert, Marko, 2014. "Which Investors Drive the Development of Wind Energy?," INDEK Working Paper Series 2014/8, Royal Institute of Technology, Department of Industrial Economics and Management.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:appene:v:334:y:2023:i:c:s0306261923000417. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/wps/find/journaldescription.cws_home/405891/description#description .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.