CVC 투자시점이 스타트업 성과에 미치는 영향: CVC 모기업 규모와 상호의존성의 조절효과를 중심으로

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.