Science and technology are two of the key factors of the knowledge-based society, which has become more and more affirmed since the 80s. A considerable part of the innovative and technological potential, in the early nineties, was still concentrated in large enterprises. In the past few years it showed a progressive reduction of capacity for research and innovation, which made clear the importance of the transfer of knowledge, and therefore of technologies from research laboratories both public and private to large enterprises. On this “wave” some corporations have decided to create real investment programs in order to search and select the most interesting innovations to support them in the development and growth, in order to benefit from a future financial and/or strategic return. These programs are called Corporate Venture Capital (CVC) and represent the equivalent to venture capitalists ready to invest in young innovative companies, that is start-ups with high technological potential, but keeping as a reference the strategy of the Parent Company. Our thesis seek to show how depending on the different types of governance models adopted by the CVC the performance of portfolio companies may be significantly different and how these may be affected by a possible managerial proximity of the binomial investor-start-up. The research goes beyond what is widely emphasized and demonstrated in the literature regarding the different value-added that a CVC investor brings to a young company compared to an investor of Independent Venture Capital (IVC). The final aim will be to highlight any differential on added-value to portfolio companies made by different models of governance regarding the context of Corporate Venture Capital. Once CVCs have been disaggregated into the two most common types of models of governance, the econometric analysis we have developed proves the existence of an investment performance significantly different between the two: the first organized as an intermediate investment vehicle said "Wholly owned subsidiary" and the second that exclude intermediate transactional entities and then once the flow, not just financial, it is directed from the parent company to the start-up, taking the name of "Direct investment". Portfolio companies of the latter are less likely to be successful than those backed by the first. Moreover and unlike previous studies, we demonstrate that performances of IVC-backed companies are greater than their CVC-backed counterparts regarding the European context. Finally, the results partially suggest the existence of improved performance of Venture Capital portfolio firms in the presence of a management proximity of the binomial investor – start-up described above.
La scienza e la tecnologia rappresentano due dei fattori chiave della società basata sulla conoscenza, che si è andata affermando a partire dagli anni 80 del secolo scorso. Una parte considerevole del potenziale innovativo e tecnologico, all’inizio degli anni novanta, era ancora concentrato nelle grandi imprese. Queste, negli ultimi anni hanno fatto registrare una progressiva riduzione delle capacità di ricerca e d’innovazione, che ha reso chiara l’importanza del trasferimento di conoscenze dai laboratori di ricerca sia pubblici che privati alle grandi imprese. Sulla cresta di quest’onda, alcune Corporation hanno deciso di creare dei veri e propri programmi d’investimento al fine di ricercare e selezionare le innovazioni più interessanti per supportarle nello sviluppo e nella crescita con l’obiettivo di beneficiare in futuro di ritorni finanziari e/o strategici. Questi programmi prendono il nome di Corporate Venture Capital (CVC) e rappresentano a tutti gli effetti dei Venture Capitalist pronti a investire in giovani imprese innovative, ovvero “start-up” ad alto potenziale tecnologico, tuttavia, tenendo sempre di riferimento la strategia dell’impresa madre. Il nostro lavoro di tesi vuole mostrare come, a seconda delle diverse tipologie di Governance adottate dai CVC, le performance delle imprese in portafoglio possano risultare significativamente diverse e, come quest’ultime, siano anche influenzate da un’eventuale prossimità manageriale del binomio investitore – start-up. Lo studio va oltre quanto ampiamente sottolineato e dimostrato in letteratura riguardo al differente valore aggiunto che un investitore di CVC apporta a una giovane impresa rispetto a un investitore di Venture Capital Indipendente (IVC). L’intento finale sarà quello di evidenziare un’eventuale valore aggiunto differenziale apportato alle start-up dai diversi modelli di Governance che interessano il mondo del Corporate Venture Capital. Disaggregati i CVC nelle due tipologie di Governance più ricorrenti, l’analisi econometrica da noi sviluppata prova l’esistenza tra le due di una performance degli investimenti significativamente diversa; l'una che prevede un veicolo d’investimento intermedio detto “sussidiaria” – nota come “Wholly Owned Subsidiary” - e l'altra che non prevede enti di transazione e quindi ove il flusso, non solo di tipo finanziario, risulta diretto dall’impresa madre alla start-up, prendendo il nome di “Direct investment”. Si dimostra come le start-up supportate da quest’ultima tipologia risultino caratterizzate dalla minore probabilità di successo. Inoltre, diversamente dagli studi precedenti, si dimostra una performance delle imprese finanziate dagli IVC superiore rispetto a quelle dei CVC in relazione al contesto europeo. Infine, i risultati suggeriscono, in parte, l’esistenza di una performance superiore degli investimenti di Venture Capital in presenza di una prossimità manageriale associata al suddetto binomio.
Corporate venture capital : influenza del modello di governance sul successo e sulle performance delle imprese in portafoglio
VERRI, TOMMASO
2012/2013
Abstract
Science and technology are two of the key factors of the knowledge-based society, which has become more and more affirmed since the 80s. A considerable part of the innovative and technological potential, in the early nineties, was still concentrated in large enterprises. In the past few years it showed a progressive reduction of capacity for research and innovation, which made clear the importance of the transfer of knowledge, and therefore of technologies from research laboratories both public and private to large enterprises. On this “wave” some corporations have decided to create real investment programs in order to search and select the most interesting innovations to support them in the development and growth, in order to benefit from a future financial and/or strategic return. These programs are called Corporate Venture Capital (CVC) and represent the equivalent to venture capitalists ready to invest in young innovative companies, that is start-ups with high technological potential, but keeping as a reference the strategy of the Parent Company. Our thesis seek to show how depending on the different types of governance models adopted by the CVC the performance of portfolio companies may be significantly different and how these may be affected by a possible managerial proximity of the binomial investor-start-up. The research goes beyond what is widely emphasized and demonstrated in the literature regarding the different value-added that a CVC investor brings to a young company compared to an investor of Independent Venture Capital (IVC). The final aim will be to highlight any differential on added-value to portfolio companies made by different models of governance regarding the context of Corporate Venture Capital. Once CVCs have been disaggregated into the two most common types of models of governance, the econometric analysis we have developed proves the existence of an investment performance significantly different between the two: the first organized as an intermediate investment vehicle said "Wholly owned subsidiary" and the second that exclude intermediate transactional entities and then once the flow, not just financial, it is directed from the parent company to the start-up, taking the name of "Direct investment". Portfolio companies of the latter are less likely to be successful than those backed by the first. Moreover and unlike previous studies, we demonstrate that performances of IVC-backed companies are greater than their CVC-backed counterparts regarding the European context. Finally, the results partially suggest the existence of improved performance of Venture Capital portfolio firms in the presence of a management proximity of the binomial investor – start-up described above.File | Dimensione | Formato | |
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https://hdl.handle.net/10589/78726