15 results found
Wadhwa A, Freitas IMB, Sarkar MB, 2017, The Paradox of Openness and Value Protection Strategies: Effect of Extramural R&D on Innovative Performance, ORGANIZATION SCIENCE, Vol: 28, Pages: 873-893, ISSN: 1047-7039
Basu S, Wadhwa A, Kotha S, 2016, Corporate venture capital: important themes and future directions., Handbook of Research on Corporate Entrepreneurship, Editors: Zahra, Neubaum, Publisher: Edward Elgar Publishing, ISBN: 9781785368738
7. Corporate. venture. capital: important. themes. and. future. directions. Sandip. Basu,. Anu. Wadhwa. and. Suresh. Kotha. INTRODUCTION In this chapter, we review the academic literature on the corporate venture capital (CVC) ...
Yao X, Wadhwa A, Petkova A, 2016, What Sustains the Sustainable? Knowledge Networks and Cleantech Entrepreneurship, World Scientific Reference on Entrepreneurship, Sustainability, Ethics, and Entrepreneurship (vol. 3), Editors: Markman, Guerber, Su, Publisher: World Scientific Publishing Company, Pages: 193-223, ISBN: 9789814733304
This multi-volume set focuses on a topic of growing interest to academics, policymakers, university administrators, state and regional economic development officials, and students: entrepreneurship.
Wadhwa A, Phelps C, Kotha S, 2016, Corporate venture capital portfolios and firm innovation, JOURNAL OF BUSINESS VENTURING, Vol: 31, Pages: 95-112, ISSN: 0883-9026
Wadhwa A, 2015, R&D Investment, The Palgrave Encyclopedia of Strategic Management, Editors: Teece, Augiers, Gambardella, Publisher: Springer, ISBN: 9781349948482
, 2014, Reputation and decision making under ambiguity: A study of U.S. venture capital firms' investments in the emerging clean energy sector, Academy of Management Journal, Vol: 57, Pages: 422-448, ISSN: 0001-4273
This study examines the role of reputation on decision making under ambiguity. Drawing on social cognition and behavioral theories, we propose that a firm's reputation exerts dual pressures on its decision making under ambiguity. On the one hand, a firm's reputation increases its aspirations for future performance and promotes its engagement in risky strategies to achieve them. On the other hand, preserving the already established reputation requires a firm to deliver consistent performance over time, which promotes greater use of risk reduction strategies. Our analyses of the U.S. venture capital firms' investments in the clean energy sector from 1990 to 2008 demonstrate that while reputable firms are more likely to invest in the emerging sector, they also employ risk reduction strategies more extensively. The sector's legitimation further influences these firms' investment decisions both directly and through its interaction with firm reputation. © Academy of Management Journal.
, 2013, External venturing and discontinuous strategic renewal: An options perspective, Journal of Product Innovation Management, Vol: 30, Pages: 956-975, ISSN: 0737-6782
This study examines the relationship between a firm's venturing activities and its undertaking of strategic renewal. The study was motivated by some important gaps in the corporate entrepreneurship literature on venturing and renewal. The extant literature has not focused on the different types and dimensions of firms' renewal activities. In particular, discontinuous renewal involving shifts in firms' core businesses is not well understood. Moreover, the conditions that drive firms to undertake strategic renewal have not been examined. For example, it is not known how venturing increases or reduces the benefits of undertaking renewal. This study focuses on a discontinuous form of renewal involving major changes in firms' core businesses and examines firms' external venturing activities that complement their internal development. We examine corporate venture capital (CVC) investments, which are direct minority equity investments made by established companies in privately held ventures. Discontinuous renewal is conceptualized as resulting from a set of related, and often sequential, managerial decisions. The first managerial decision is to initiate growth in a business that is relatively newer or smaller for the organization. The second decision is to move away, or even withdraw completely, from the current core business that enabled prior growth and prosperity for the firm and served as its primary revenue earner. Employing a real options perspective, we argue that CVC investments create growth options in new and existing businesses but do not result in firms' withdrawal from existing businesses. Therefore, we expect CVC activity to be negatively associated with the likelihood of a firm undertaking discontinuous renewal. We also propose that the benefits of withdrawing from existing businesses are even lower, and the costs even higher, for firms in dynamic industries and for firms that possess strong internal capabilities. The predictions of the study are tested usin
, 2013, Exploration and resource commitments in unequal partnerships: An examination of corporate venture capital investments, Journal of Product Innovation Management, Vol: 30, Pages: 916-936, ISSN: 0737-6782
While established firms' relationships with external ventures may have significant strategic benefits, the realization of such benefits is fraught with considerable uncertainty. The real options and interorganizational learning literatures present an interesting trade-off for established firms regarding commitment of resources in a partnership. This study seeks to enhance our understanding of how firms manage these trade-offs when committing resources to external venturing initiatives. We examine the magnitude of resources initially committed by an established firm to an external venturing partnership in the context of corporate venture capital (CVC) investments. While a real options approach suggests that resource commitments should be lowered in the presence of uncertainty regarding realization of benefits, the interorganizational literature emphasizes that resource commitments may be essential for building quality relationships that expedite learning. Corporate investors, who invest in new ventures in order to gain strategic benefits, face higher uncertainty when their investment objectives involve greater exploration. However, greater exploration also increases investors' need to learn from their portfolio ventures. We, therefore, predicted that the degree of exploration would have a U-shaped relationship with the investor's resource commitment in a venture. We also expected that factors that serve to decrease the investor's uncertainty, i.e., investor experience diversity and venture affiliation to prominent venture capitalists, would moderate the U-shaped relationship between exploration and resource commitment. The predictions of the study are tested on a sample of 248 initial investments in private ventures made by incumbent firms in the computer, semiconductor, and telecommunications industries between 1996 and 2000. We find some support for our hypotheses. This study contributes to the external venturing literature on CVC investments by examining the deter
Phelps C, Heidl R, Wadhwa A, 2012, Knowledge, Networks, and Knowledge Networks, Journal of Management, Vol: 38, Pages: 1115-1166, ISSN: 0149-2063
Basu S, Wadhwa A, 2011, GROWTH OPTIONS AND EXIT DECISIONS: DOES EXTERNAL VENTURING GENERATE DISCONTINUOUS STRATEGIC RENEWAL?, Academy of Management Proceedings, Vol: 2011, Pages: 1-6, ISSN: 0065-0668
Wadhwa A, Phelps C, Kotha S, 2009, Creating Exploratory Innovations by Learning from Entrepreneurial Ventures, New Frontiers in Entrepreneurship Recognizing, Seizing, and Executing Opportunities, Editors: Audretsch, Dagnino, Faraci, Hoskisson, Publisher: Springer Science & Business Media, Pages: 147-173, ISBN: 9781441900586
WADHWA ANU, PHELPS COREY, 2009, AN OPTION TO PARTNER: A DYADIC ANALYSIS OF CVC RELATIONSHIPS., Academy of Management Proceedings, Vol: 2009, Pages: 1-6, ISSN: 0065-0668
Polat B, Wadhwa A, 2008, Can Successful Founders Hold on to Their Seats after Going Public?, Review of Business Research, ISSN: 1546-2609
, 2006, Knowledge creation through external venturing: Evidence from the telecommunications equipment manufacturing industry, Academy of Management Journal, Vol: 49, Pages: 819-835, ISSN: 0001-4273
Investment in entrepreneurial ventures has gained recent popularity as a means for established firms to learn about new technologies and markets. However, the link between such corporate venture capital (CVC) investments and innovation outcomes has not been examined in detail. Using panel data from corporate investors in telecommunications equipment manufacturing, we investigated the conditions under which CVC investments affect knowledge creation for corporate investors. We found that, when investor involvement is low, number of CVC investments has an inverted U-shaped relationship with innovation performance. However, when investor involvement is high, the relationship reverses, and an increase in investments boosts innovation. © Academy of Management Journal.
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