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Towards A Behavioral Theory of External Corporate Venturing Investment
|關鍵字:||外部興業投資;external corporate venturing investment;行為理論;問題導向搜尋;餘裕導向搜尋;behavioral theory of the firm;problem-driven search behaviors;slack-driven search behaviors||出版社:||企業管理學系所||引用:||林舒柔與湯明哲. (2007). 企業創業投資中的承諾續擴：認知偏誤觀點，臺大管理論叢，18(1): 55-79. Ahuja, G. and Lampert, C.M. (2001). Entrepreneurship in the Large Corporation: A Longitudinal Study of How Established Firms Create Breakthrough Inventions. Strategic Management Journal, 22(6/7), 521-543. Alvarez, S.A. and Busenitz, L.W. (2001). The Entrepreneurship of Resource-Based Theory. Journal of Management, 27(6), 755-775. Amihud, Y. and Lev, B. (1981). Risk Reduction as a Managerial Motive for Conglomerate Mergers. Bell Journal of Economics, 12(2), 605-617. Anand, J. and Singh, H. (1997). Asset Redeployment, Acquisitions and Corporate Strategy in Declining Industries. Strategic Management Journal, 18(Special Issue), 99-118. Argote, L. and Greve, H.R. (2007). 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The Effect of International Venturing on Firm Performance: The Moderating Influence of Absorptive Capacity. Journal of Business Venturing, 23(2), 195-220.||摘要:||
In a rapidly changing world, shrinking product and business life cycles are putting enormous competitive pressure on managers. To ensure future business growth and profits, it is crucial that firms continuously renew their capabilities to seize new external opportunities as they arise. However, when conducting capabilities renewal, companies are frequently constrained by existing operational routines, styles of thinking and dominant logic, increasing employee reluctance with regard to business initiatives involving innovation or strategic change. To mitigate the rigidities of internal competencies, organizations often regard external corporate venturing investment as an effective mechanism for utilizing external resources and vitalizing organizational capabilities. By obtaining some degree of ownership from external entrepreneurial ventures, business entities can establish external links with other ventures while building and leveraging their competencies, further facilitating the upgrading of existing competencies and operational routines, and increasing their adaptability to environmental shifts.
Nevertheless, the process of external corporate venturing investment frequently involves high risk and uncertainty. Judgment or interpretation of these uncertainties is, in turn, strongly influenced by managerial behavioral models. Numerous studies have argued that, in decision-making, managers are strongly influenced by their own cognitive biases, not only affecting strategic choices, but also increasing the likelihood of incorrect decisions and even significant losses. This study thus employs the “Behavioral Theory of the Firm” to explore the relationship between behavioral factors and corporate venturing investment. This investigation also examines the influence of context factors on this relationship, and develops an integrated research framework to highlight the behavioral factors that may influence the decision to engage in CV investment.
To fulfill the above objectives, this work focused on Taiwanese high-tech firms during 1997-2006 to investigate the behavioral factors influencing corporate venturing investment. First, the results of this empirical study demonstrate that firms become increasingly involved in corporate venturing investments when their performance fails to meet historical aspirations (i.e., when compared with past performance) or when they hold unabsorbed slack. Second, when firm performance fails to meet social aspiration (i.e., when compared with the reference group), the company also significantly increases its engagement in related corporate venturing investment. Environmental dynamism also positively moderates relationships between problem-driven search behaviors and related corporate venturing investment. Finally, unabsorbed slack positively impacts unrelated corporate venturing investment. However, the results indicate that environmental dynamism and organizational competence negatively moderate the relationship between slack-driven search behaviors and unrelated corporate investment.
Based on the results of this study, we believe that, when making corporate investments decisions, managers should more heavily emphasize how behavioral factors influence such external investments, rather than focusing purely on economic considerations. We also recommend that corporate managers consider various factors when formulating investment strategies, including environmental issues, resource endowment, search behaviors and the type of corporate venturing investments (i.e., related or unrelated), to ensure an integrative decision-making process.
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