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Tekijä:Benson, D.
Ziedonis, R.H.
Otsikko:Corporate venture capital and the returns to acquiring portfolio companies
Lehti:Journal of Financial Economics
2010 : DEC, VOL. 98:3 p. 478-499
Asiasana:finance
investors
portfolio investment
shareholders
Vapaa asiasana:CVC
start-ups
Kieli:eng
Tiivistelmä:A prominent motive for corporate venture capital (CVC) is the identification of entrepreneurial-firm acquisition opportunities. Consistent with this view, it is found that one of every five start-ups purchased by 61 top corporate investors in 1987-2003 is a venture portfolio company of its acquirer. Surprisingly, the analysis unveils that takeovers of portfolio companies destroy significant value for shareholders of acquisitive CVC investors, even though these same investors are “good acquirers” of other entrepreneurial firms. This paper examines several explanations for these puzzling findings, which seem rooted in managerial overconfidence or agency problems at the program level.
SCIMA tietueen numero: 273884
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