Browsing by Author "Aksoy, Marcel Can"
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- Corporate venture capital : the impact of industry relatedness between CVC parent company and startup on the startup’s performancePublication . Aksoy, Marcel Can; Giuli, Alberta DiM&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.