Corporate venture capital : the impact of industry relatedness between CVC parent company and startup on the startup’s performance

Detalhes bibliográficos
Autor(a) principal: Aksoy, Marcel Can
Data de Publicação: 2020
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.14/31176
Resumo: M&A literature reports that the relatedness of an acquiror and a target positively impacts the outcome of the deal and the subsequent performance of the new entity. The superior performance is explained by resource-based and transaction-cost arguments. In corporate venture capital (CVC), investors and startups are reported to benefit both from a “symbiotic relationship” when the CVC’s investment is driven by strategic intentions. These relationships result in more positive outcomes for both the startup and the CVC, measured among others by startup valuations, innovation output or financial performance. Based upon these findings, this study explores on whether industry relatedness between a CVC and a startup impacts the startup performance. Using a dataset of 891 CVC deals from European CVC investors it investigates how industry relatedness impacts the occurrence of a startup IPO. The results of the analysis suggest that no significant relationship exists between industry relatedness and the IPO likelihood of the startup. However, this study is subject to several limitations that leave space for future research in this domain.
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spelling Corporate venture capital : the impact of industry relatedness between CVC parent company and startup on the startup’s performanceCorporate venture capitalIndustry relatednessStartup performanceDeal performanceDomínio/Área Científica::Ciências Sociais::Economia e GestãoM&A literature reports that the relatedness of an acquiror and a target positively impacts the outcome of the deal and the subsequent performance of the new entity. The superior performance is explained by resource-based and transaction-cost arguments. In corporate venture capital (CVC), investors and startups are reported to benefit both from a “symbiotic relationship” when the CVC’s investment is driven by strategic intentions. These relationships result in more positive outcomes for both the startup and the CVC, measured among others by startup valuations, innovation output or financial performance. Based upon these findings, this study explores on whether industry relatedness between a CVC and a startup impacts the startup performance. Using a dataset of 891 CVC deals from European CVC investors it investigates how industry relatedness impacts the occurrence of a startup IPO. The results of the analysis suggest that no significant relationship exists between industry relatedness and the IPO likelihood of the startup. However, this study is subject to several limitations that leave space for future research in this domain.A literatura sobre fusões e aquisições relata que o relacionamento de um comprador e de uma empresa-alvo tem um impacto positivo no resultado do negócio e no desempenho subsequente da nova entidade. O desempenho superior é explicado por argumentos baseados nos recursos e nos custos de transacção. No Corporate Venture Capital (CVC), os investidores e as startups beneficiam ambos de uma "relação simbiótica" quando o investimento do CVC é motivado por intenções estratégicas. Estas relações resultam em resultados mais positivos tanto para a startup como para o CVC, medidos, entre outros, por valorização de startups, produção de inovação ou desempenho financeiro. Com base nestes resultados, este estudo explora se a relação em termos de indústria entre um CVC e uma startup tem impacto no desempenho da startup. Utilizando uma amostra de 891 negócios de CVC de investidores europeus, este projeto investiga de que forma a relação entre a indústria de cada uma das partes tem impacto na ocorrência de uma OPI pela startup. Os resultados da análise sugerem que não existe uma relação significativa entre a relação entre a indústria e a probabilidade de uma OPI de startup. No entanto, este estudo está sujeito a várias limitações que deixam espaço para a investigação futura neste domínio.Giuli, Alberta DiVeritati - Repositório Institucional da Universidade Católica PortuguesaAksoy, Marcel Can2020-10-28T10:14:49Z2020-07-0620202020-07-06T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/31176TID:202518205enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-07-12T17:36:42Zoai:repositorio.ucp.pt:10400.14/31176Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:25:06.145142Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Corporate venture capital : the impact of industry relatedness between CVC parent company and startup on the startup’s performance
title Corporate venture capital : the impact of industry relatedness between CVC parent company and startup on the startup’s performance
spellingShingle Corporate venture capital : the impact of industry relatedness between CVC parent company and startup on the startup’s performance
Aksoy, Marcel Can
Corporate venture capital
Industry relatedness
Startup performance
Deal performance
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
title_short Corporate venture capital : the impact of industry relatedness between CVC parent company and startup on the startup’s performance
title_full Corporate venture capital : the impact of industry relatedness between CVC parent company and startup on the startup’s performance
title_fullStr Corporate venture capital : the impact of industry relatedness between CVC parent company and startup on the startup’s performance
title_full_unstemmed Corporate venture capital : the impact of industry relatedness between CVC parent company and startup on the startup’s performance
title_sort Corporate venture capital : the impact of industry relatedness between CVC parent company and startup on the startup’s performance
author Aksoy, Marcel Can
author_facet Aksoy, Marcel Can
author_role author
dc.contributor.none.fl_str_mv Giuli, Alberta Di
Veritati - Repositório Institucional da Universidade Católica Portuguesa
dc.contributor.author.fl_str_mv Aksoy, Marcel Can
dc.subject.por.fl_str_mv Corporate venture capital
Industry relatedness
Startup performance
Deal performance
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
topic Corporate venture capital
Industry relatedness
Startup performance
Deal performance
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
description M&A literature reports that the relatedness of an acquiror and a target positively impacts the outcome of the deal and the subsequent performance of the new entity. The superior performance is explained by resource-based and transaction-cost arguments. In corporate venture capital (CVC), investors and startups are reported to benefit both from a “symbiotic relationship” when the CVC’s investment is driven by strategic intentions. These relationships result in more positive outcomes for both the startup and the CVC, measured among others by startup valuations, innovation output or financial performance. Based upon these findings, this study explores on whether industry relatedness between a CVC and a startup impacts the startup performance. Using a dataset of 891 CVC deals from European CVC investors it investigates how industry relatedness impacts the occurrence of a startup IPO. The results of the analysis suggest that no significant relationship exists between industry relatedness and the IPO likelihood of the startup. However, this study is subject to several limitations that leave space for future research in this domain.
publishDate 2020
dc.date.none.fl_str_mv 2020-10-28T10:14:49Z
2020-07-06
2020
2020-07-06T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.14/31176
TID:202518205
url http://hdl.handle.net/10400.14/31176
identifier_str_mv TID:202518205
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
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dc.format.none.fl_str_mv application/pdf
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instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
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