CVC 투자시점이 스타트업 성과에 미치는 영향: CVC 모기업 규모와 상호의존성의 조절효과를 중심으로 = The Impact of Timing of CVC Investment on Startup Performance : Moderating Effect of Size of CVC Parent Firm and Mutual Dependence

다국어 초록 (Multilingual Abstract)

There is tension between value creation and value appropriation with regard to CVC investment. Thus, the extant research argues that it is desirable for startups to receive CVC investment in the later stages to mitigate such tension. This study aims to examine the circumstances in which CVC investment in early-stage startups enhances the startups’ performance. Specifically, we investigate how the size of CVCs’ parent firms and the mutual dependence between startups and CVCs’ parent firms moderate the impact of CVC investment in early-stage startups on the startups’ performance. To test the hypotheses, we collect the data on startups in the United States that have received CVC investment between 2001 and 2013. The results show that the larger the size or the mutual dependence, the higher the positive effect of CVC investment in early-stage startups on the performance. This study extends the extant research on interorganizational relationship by considering the tension between value creation and value appropriation, and emphasizes the importance of the timing of relationship formation that has not been discussed much in the resource dependence theory. It also provides practical implications for entrepreneurs on the circumstances in which CVC investment is helpful for startups.

국문 초록 (Abstract)

CVC 투자는 가치창출(value creation)과 가치전유(value appropriation) 간의 갈등이 존재한다. 따라서 기존 연구는 이런 갈등 해소를 위해 스타트업이 후기단계에 CVC 투자를 받는 것이 바람직하다고 주장한다. 이에 본 연구는 초기단계 스타트업에 대한 CVC 투자가 어떤 상황에서 스타트업 성과에 도움 되는지 살펴보고자 한다. 구체적으로는 CVC 모기업의 규모와 스타트업과 CVC 모기업 간 상호의존성이 초기단계 스타트업에 대한 CVC 투자가 스타트업 성과에 미치는 영향을 어떻게 조절하는지 살펴보았다. 가설 검증을 위해 2001년부터 2013년 사이 CVC 투자를 받은 미국 내 스타트업 자료를 활용했다. 분석 결과, CVC 모기업의 규모가 크거나 상호의존도가 높을수록 초기단계 스타트업에 대한 CVC 투자가 스타트업 성과를 제고하는 것으로 나타났다. 본 연구는 조직간 관계에서 나타나는 가치창출과 가치전유의 갈등을 CVC 관점과 연계하여 이론적 논의를 확장하고, 자원의존관점에서 관계형성 시점의 중요성을 강조한다. 또한, 어떤 상황에서 CVC 투자가 스타트업에게 도움 되는지에 관한 실무적 시사점을 제공한다.

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