Aspirations, innovation, and corporate venture capital: A behavioral perspective
从组织决策视角出发，基于行为理论，研究企业何时利用企业风险投资（CVC）单元作为外部化研发的机制，发现创新绩效接近社会抱负水平时企业更可能采用且不易终止CVC单元。
Abstract This study takes an organizational decision‐making perspective to examine when firms are likely to utilize CVC units as a mechanism for externalizing R&D. We draw insights from the behavioral theory of the firm to argue that managerial aspirations for innovation‐related goals are an important driver of CVC initiatives within firms. We test our argument by examining both the adoption and termination of CVC units for a sample of information technology firms from 1992 to 2003. Results show that a firm is more likely to adopt and less likely to terminate a CVC unit when its innovation performance is closest to its social aspirations. Copyright © 2012 Strategic Management Society.