Ventures' conscious knowledge transfer to close partners, and beyond: A framework of performance, complementarity, knowledge disclosure, and knowledge broadcasting
区分了创业企业向公司风险投资伙伴的知识披露与向更广泛对象的知识广播，并检验了它们对绩效的直接、间接和交互影响，发现披露和广播均正向影响绩效，但广播会削弱互补性通过披露对绩效的间接作用。
We build a new theoretical framework that conceptually differentiates ventures' knowledge disclosure to their corporate venture capitalist (CVC) from knowledge broadcasting beyond the venture-CVC dyad and links them to venture-CVC complementarity. We test their direct, indirect, and interactive effects on venture performance. Our moderated mediation model (i) establishes knowledge disclosure as a mechanism that connects complementarity with venture performance, and (ii) predicts knowledge broadcasting beyond this dyad as a boundary condition to this indirect effect. We use 944 observations of 349 ventures along with Twitter data to test our model. Disclosure and broadcasting have a positive direct effect on performance, complementarity has an indirect effect on performance through disclosure, and this indirect link diminishes with broadcasting. Our findings point to a conflict in ventures' broadcasting strategies.