Why do corporations engage in CVC program? The influence of corporate, new venture and business environment characteristics

This dissertation examines the factors, at corporate, environmental and venture levels, that drive parent corporations to engage in corporate venture capital programs and to pursue CVC diversifications. This research contributes to an empirical validation of which large companies set up CVC programs at the global level and why. It contributes to the literature by providing an empirical support to the positive impact of innovative, entrepreneurial and “regulatory-friendly” local environments on parent corporations’ propensity to engage in CVC activities. Moreover, this thesis investigates and documents several factors which are pertaining to the parent companies, in particular, the corporate overall returns, the corporate financial resources and managerial stability, the local entrepreneurial and innovative environments in which they operate, as determinant for CVC diversifications.(IAG 3) -- UCL, 201