Article Title

CORPORATE INNOVATION AND THE INTERPLAY OF CORPORATE VENTURE CAPITAL AND INTERNAL R&D

Abstract

Relationships between corporate venture capital (CVC) and internal research and development (R&D) have generated much debate in the CVC literature. Some researchers see them as substitutive while others expect them to be complementary. Using agency as a theoretical lens this study addresses the controversy and develops new insights into the nature of the CVC-R&D interplay in the context of corporate innovation. By considering both economic and behavioral components of the interplay the framework developed here explains the contradictory findings reported by the earlier literature.

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