Abstract

Venture capital (VC) providers’ resource stocks relate to new venture internationalization (Fernhaber & McDougall-Covin, 2009; Reuber & Fisher, 1997). The value-add conferred by VC relates to the providers’ social and human capital, suggesting that capital source may impact valueadd (Maula & Murray, 2002). Corporate venture capital (CVC) provides value via technical and market knowledge, and may differentially affect the international intensity of new ventures as compared to independent venture capital. Foreign venture capital (FVC) may provide market knowledge and benefits related to providers’ embeddedness in local institutions and networks, eliciting trust for foreign ventures that may reduce liabilities of foreignness. This raises the questions “Do FVC and CVC differentially relate to new venture internationalization and do these differences complement or substitute for each other? Hypotheses examine FVC and CVC relationships to the intensity of international sales.

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