Abstract

Why some corporate venturing (CV) programs achieve the desired goals and others do not continue to puzzle scholars and practitioners alike. To date, scholarly inquiry into the variable performance of CV programs generally draws upon structural contingency models as an overarching conceptual framework, which has resulted in a range of different empirical typologies. While most of these studies are exploratory and descriptive in nature, those which provide precise theoretical underpinnings typically draw on either resource dependence or institutional contingency factors, both of which acknowledge the tension between internal-organizational and external-environmental pressures in determining the configuration of CV programs. However, both theoretical streams assume that the resolution of this tension is primarily driven by parent companies that are not financially or strategically dependent on their CV programs for resources. However, as multiple case studies demonstrate, it is often the case that the parent companies initiate CV programs out of strategic and/or financial necessity. Therefore, we draw on resource dependence and institutional theories to explain the which venturing logics are more likely to inform the potential configuration of CV programs as a result of organizational and environmental pressures parent companies experience.

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