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Corporate Venturing, allocation of talent, and competition for star managers

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Date
2006
Notes
Cette communication a été publiée dans la revue :"Management Science" Volume:54 - Numéro: 3, 2008 http://basepub.dauphine.fr/xmlui/handle/123456789/985
Dewey
Direction d'entreprise
Sujet
Failure; Investments policy; Manager; competition
JEL code
G24; G32; M13; M12
Conference name
AFFI (Association Française de Finance) :
Conference date
12-2006
Conference city
Paris
Conference country
France
URI
https://basepub.dauphine.fr/handle/123456789/3027
Collections
  • DRM : Publications
Metadata
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Author
De Bettignies, Jean-Etienne
Chemla, Gilles
Type
Communication / Conférence
Item number of pages
18
Abstract (EN)
We provide new rationales for corporate venturing (CV), based on competition for talented managers. As returns to venturing increase, firms engage in CV for reasons other than capturing these returns. First, higher venturing returns increase managerial compensation, to which firms respond by increasing the power of incentives. Managers increase effort, prompting firms to reallocate them to new ventures, where the marginal product of effort is highest. Second, as returns to venturing become large, CV emerges as a way to recruit/retain managers who would otherwise choose alternative employment. We derive several testable empirical predictions about the determinants and structure of CV.

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