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Technology spillovers and capital gains in corporate venture capital investments: evidence from the biopharmaceutical industry

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  • Hyunsung D. Kang
  • Vikram K. Nanda
  • Haemin D. Park

Abstract

Using a framework combining the real option perspective and appropriation concerns raised in the entrepreneurial finance literature, we find that technology spillovers and capital gains created by corporate venture capital (CVC) investments are positively related with each other in the biopharmaceutical industry. However, this positive relationship is significantly decreased or becomes negative when CVC investments are made with solely financial objectives or in early-stage startups. This study provides evidence that the nature of the relationship between technology spillovers and capital gains that constitute the corporate investors’ total returns created by CVC investments.

Suggested Citation

  • Hyunsung D. Kang & Vikram K. Nanda & Haemin D. Park, 2021. "Technology spillovers and capital gains in corporate venture capital investments: evidence from the biopharmaceutical industry," Venture Capital, Taylor & Francis Journals, vol. 23(2), pages 129-155, April.
    • Handle: RePEc:taf:veecee:v:23:y:2021:i:2:p:129-155
    DOI: 10.1080/13691066.2021.1894749
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    Cited by:

    1. Dustin Bauer & Sebastian Junge & Tobias Reif, 2024. "May the resources be with you: a systematic review and framework of startup funding options," Management Review Quarterly, Springer, vol. 74(3), pages 1365-1396, September.
    2. Lee, MyoungHoon & Kim, Suhyeon & Kim, Hangyeol & Lee, Junghye, 2022. "Technology Opportunity Discovery using Deep Learning-based Text Mining and a Knowledge Graph," Technological Forecasting and Social Change, Elsevier, vol. 180(C).
    3. Long Cheng & Meng Wang & Xuming Lou & Zifeng Chen & Yang Yang, 2021. "Divisive Faultlines and Knowledge Search in Technological Innovation Network: An Empirical Study of Global Biopharmaceutical Firms," IJERPH, MDPI, vol. 18(11), pages 1-20, May.

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