Beneficial, Harmful, or Both? Effects of Corporate Venture Capital and Alliance Activity on Product Recalls
研究了企业风险投资和联盟活动对产品召回可能性的倒U型影响，发现市场动荡会调节这两种关系，为管理者在外部投资中避免“中间困境”提供启示。
Despite growing numbers of corporate venture capital (CVC) deals and alliances, their effectiveness is not guaranteed. This paper investigates the positive and negative impacts of CVC and alliance activity on product safety under different levels of market turbulence. Using a resource-based learning perspective and panel data from large U.S. firms, we find that both CVC and alliance activity have inverted U-shaped relationships with product recall likelihood. Market turbulence moderates both relationships, but differently. We discuss how learning theory complements the resource-based view to understand why no or rather bold external venturing are less harmful than small-scale “stuck-in-the-middle” initiatives.