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Internal knowledge development and external knowledge access in venture capital investment performance


Reference:

De Clercq, D. and Dimov, D., 2008. Internal knowledge development and external knowledge access in venture capital investment performance. Journal of Management Studies, 45 (3), pp. 585-612.

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Abstract

We examine the performance effects of two knowledge-driven strategies - internal knowledge development and external knowledge access through inter-firm relationships - in the context of venture capital investing. Using longitudinal data on the investments, syndication, and performance of 200 US-based venture capital firms, we find that investing in industries in which a firm has more knowledge and investing with more or familiar external partners enhances investment performance. In addition, we reveal important interactions between the two strategies, such that access to external knowledge is particularly beneficial when the investment exposes gaps in the firm's own expertise. Thus, access to external knowledge is more effective when an incongruity exists between what the firm knows and what it intends to do. We discuss the study's implications for organizational knowledge and learning, strategic alliance, and venture capital literature

Details

Item Type Articles
CreatorsDe Clercq, D.and Dimov, D.
DOI10.1111/j.1467-6486.2007.00747.x
Related URLs
URLURL Type
http://dx.doi.org/10.1111/j.1467-6486.2007.00747.xPublisher
DepartmentsSchool of Management
RefereedYes
StatusPublished
ID Code32467

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