The double-edged effects of the corporate venture capital unit's structural autonomy on corporate investors' explorative and exploitative innovation
研究了企业风险投资部门的结构自主权如何影响母公司的探索性创新（正向）和利用性创新（负向），基于77家美国高科技企业20年面板数据。
Although most prior literature on the strategic value of corporate venture capital (CVC) investments has focused solely on its role as an explorative learning method, in reality, many corporate investors are also using CVC investments for exploitative learning to strengthen their existing business model. In this study, we focus on the operational aspects of CVC investments and discuss how the explorative and exploitative innovation performance of corporate investors is affected by the level of the structural autonomy granted to their CVC dedicated unit. Using 20 years of panel data from 77 corporate investors in U.S. high-tech industries, we find that the structural autonomy of the CVC unit exhibits a positive relationship with the corporate investor's explorative innovation performance, while it is negatively related with exploitative innovation performance.