Family firms in entrepreneurial finance: The case of corporate venture capital
研究发现美国近30%的公司风险投资交易来自家族企业，家族CEO主导的投资更倾向于联合投资、与声誉好的投资者合作，且投资的企业更可能成功退出。
We show that families are an engine of venturing activities: almost 30 percent of corporate venture capital (CVC) deals in the US from 2000 to 2017 originated from family firms. Family firms, primarily those led by family CEOs, orchestrate CVC activities differently than non-family firms: they syndicate more often and with more reputable investors, join larger syndicates, and make more proximate deals (geography- and industry-wise). This approach to corporate venturing maps into performance results: family CVC-backed ventures exhibit a higher likelihood of successful exit. Collectively, our results shed light on the important, and largely unexplored, role of family firms in CVC.