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Prerequisites for the creation of social capital and subsequent knowledge acquisition in corporate venture capital

Author

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  • Markku Maula
  • Erkko Autio
  • Gordon Murray

Abstract

Past research has largely treated inter-organizational social capital as an exogenously determined asset. In this paper, the authors build and test a model on the effects of the initial conditions for the creation and leveraging of social capital in corporate venture capital v - v portfolio firm dyads. Using contemporary survey data from US portfolio firms, it is shown that complementarities and financial incentives constitute important initial conditions for the creation of social interaction and subsequent knowledge acquisition. While extending the understanding of social capital formation, the findings also have important practical implications for technology-based new firms planning their growth and financing strategies.

Suggested Citation

  • Markku Maula & Erkko Autio & Gordon Murray, 2003. "Prerequisites for the creation of social capital and subsequent knowledge acquisition in corporate venture capital," Venture Capital, Taylor & Francis Journals, vol. 5(2), pages 117-134, April.
    • Handle: RePEc:taf:veecee:v:5:y:2003:i:2:p:117-134
    DOI: 10.1080/1369106032000087275
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    Cited by:

    1. John R. Becker–Blease & Jeffrey E. Sohl, 2011. "The Effect of Gender Diversity on Angel Group Investment," Entrepreneurship Theory and Practice, , vol. 35(4), pages 709-733, July.
    2. Narayanan, V.K. & Yang, Yi & Zahra, Shaker A., 2009. "Corporate venturing and value creation: A review and proposed framework," Research Policy, Elsevier, vol. 38(1), pages 58-76, February.
    3. García-Villaverde, Pedro M. & Rodrigo-Alarcón, Job & Parra-Requena, Gloria & Ruiz-Ortega, María José, 2018. "Technological dynamism and entrepreneurial orientation: The heterogeneous effects of social capital," Journal of Business Research, Elsevier, vol. 83(C), pages 51-64.
    4. Douglas Cumming & Sofia Johan, 2007. "Socially Responsible Institutional Investment in Private Equity," Journal of Business Ethics, Springer, vol. 75(4), pages 395-416, November.
    5. Bugl, Benjamin M. & Balz, Frank P. & Kanbach, Dominik K., 2022. "Leveraging smart capital through corporate venture capital: A typology of value creation for new venture firms," Journal of Business Venturing Insights, Elsevier, vol. 17(C).
    6. Maula, Markku V.J. & Autio, Erkko & Murray, Gordon C., 2009. "Corporate venture capital and the balance of risks and rewards for portfolio companies," Journal of Business Venturing, Elsevier, vol. 24(3), pages 274-286, May.
    7. Thomas Gstraunthaler & Galina Sagieva, 2011. "The Internationalization of Venture Capital: Challenges and Opportunities," Foresight and STI Governance (Foresight-Russia till No. 3/2015), National Research University Higher School of Economics, vol. 5(4), pages 66-76.
    8. Jeon, Euiju & Maula, Markku, 2022. "Progress toward understanding tensions in corporate venture capital: A systematic review," Journal of Business Venturing, Elsevier, vol. 37(4).
    9. Christiana Weber & Kathrin Weidner & Arne Kroeger & James Wallace, 2017. "Social Value Creation in Inter-Organizational Collaborations in the Not-for-Profit Sector – Give and Take from a Dyadic Perspective," Journal of Management Studies, Wiley Blackwell, vol. 54(6), pages 929-956, September.
    10. 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.
    11. Bahar Burtan Dogan, 2013. "Understanding and Measuring the Role of Investors' Social Capital Level in the Development Process: A Case Study from Turkey," International Journal of Economics and Financial Issues, Econjournals, vol. 3(2), pages 386-408.
    12. Shideler, David W. & Kraybill, David S., 2009. "Social capital: An analysis of factors influencing investment," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 38(3), pages 443-455, June.
    13. Gloria Parra‐Requena & Francesc Xavier Molina‐Morales & Pedro Manuel García‐Villaverde, 2010. "The Mediating Effect of Cognitive Social Capital on Knowledge Acquisition in Clustered Firms," Growth and Change, Wiley Blackwell, vol. 41(1), pages 59-84, March.
    14. Graham, Byron & Bonner, Karen, 2022. "One size fits all? Using machine learning to study heterogeneity and dominance in the determinants of early-stage entrepreneurship," Journal of Business Research, Elsevier, vol. 152(C), pages 42-59.
    15. Marco-Lajara, Bartolomé & Úbeda-García, Mercedes & Zaragoza-Sáez, Patrocinio del Carmen & García-Lillo, Francisco, 2022. "Agglomeration, social capital and interorganizational ambidexterity in tourist districts," Journal of Business Research, Elsevier, vol. 141(C), pages 126-136.
    16. Rodrigo-Alarcón, Job & García-Villaverde, Pedro M. & Ruiz-Ortega, María J. & Parra-Requena, Gloria, 2018. "From social capital to entrepreneurial orientation: The mediating role of dynamic capabilities," European Management Journal, Elsevier, vol. 36(2), pages 195-209.
    17. Elche, Dioni & Martínez-Pérez, Ángela & García-Villaverde, Pedro M., 2017. "Inter-Organizational Relationships, Knowledge Strategy and Innovation in Clusters of Cultural Tourism," INVESTIGACIONES REGIONALES - Journal of REGIONAL RESEARCH, Asociación Española de Ciencia Regional, issue 39, pages 17-37.
    18. María José Ruiz-Ortega & Gloria Parra-Requena & Pedro Manuel García-Villaverde, 2016. "Do Territorial Agglomerations Still Provide Competitive Advantages? A Study of Social Capital, Innovation, and Knowledge," International Regional Science Review, , vol. 39(3), pages 259-290, July.
    19. Robert Lee & Heinz Tüselmann & Dilani Jayawarna & Julia Rouse, 2011. "Investigating the Social Capital and Resource Acquisition of Entrepreneurs Residing in Deprived Areas of England," Environment and Planning C, , vol. 29(6), pages 1054-1072, December.
    20. Weber, Christiana & Weber, Barbara, 2011. "Exploring the antecedents of social liabilities in CVC triads--A dynamic social network perspective," Journal of Business Venturing, Elsevier, vol. 26(2), pages 255-272, March.
    21. Ortiz García Navas, Beatriz & Donate Manzanares, Mario Javier & Guadamillas Gómez, Fátima, 2019. "Social capital as a theoretical approach in Strategic Management," Cuadernos de Gestión, Universidad del País Vasco - Instituto de Economía Aplicada a la Empresa (IEAE).
    22. Francesca Di Pietro & Francesca Masciarelli, 2022. "The Effect of Local Religiosity on Financing Cross-Regional Entrepreneurial Projects Via Crowdfunding (Local Religiosity and Crowdfinancing)," Journal of Business Ethics, Springer, vol. 178(2), pages 429-443, June.
    23. Fatima Shuwaikh & Emmanuelle Dubocage & Dennis Murer, 2023. "Underpricing of corporate and independent venture capital-backed IPOs: Do they differ?," Review of Quantitative Finance and Accounting, Springer, vol. 60(4), pages 1629-1650, May.
    24. castagna alina & colantonio emiliano & furia donatella, 2012. "Social Capital And Industrial District Development: The Role Of The Local Government," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 284-289, July.
    25. Patrick Röhm & Andreas Köhn & Andreas Kuckertz & Hermann S. Dehnen, 2018. "A world of difference? The impact of corporate venture capitalists’ investment motivation on startup valuation," Journal of Business Economics, Springer, vol. 88(3), pages 531-557, May.

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