TY - JOUR
T1 - Family firms in entrepreneurial finance
T2 - The case of corporate venture capital
AU - Amore, Mario Daniele
AU - Murtinu, Samuele
AU - Pelucco, Valerio
N1 - Publisher Copyright:
© 2025
PY - 2025/3
Y1 - 2025/3
N2 - We show that families are an engine of venturing activities: almost 30 percent of corporate venture capital (CVC) deals in the US from 2000 to 2017 originated from family firms. Family firms, primarily those led by family CEOs, orchestrate CVC activities differently than non-family firms: they syndicate more often and with more reputable investors, join larger syndicates, and make more proximate deals (geography- and industry-wise). This approach to corporate venturing maps into performance results: family CVC-backed ventures exhibit a higher likelihood of successful exit. Collectively, our results shed light on the important, and largely unexplored, role of family firms in CVC.
AB - We show that families are an engine of venturing activities: almost 30 percent of corporate venture capital (CVC) deals in the US from 2000 to 2017 originated from family firms. Family firms, primarily those led by family CEOs, orchestrate CVC activities differently than non-family firms: they syndicate more often and with more reputable investors, join larger syndicates, and make more proximate deals (geography- and industry-wise). This approach to corporate venturing maps into performance results: family CVC-backed ventures exhibit a higher likelihood of successful exit. Collectively, our results shed light on the important, and largely unexplored, role of family firms in CVC.
KW - Corporate venture capital
KW - Family firms
KW - Investment
KW - Performance
UR - http://www.scopus.com/inward/record.url?scp=85215120887&partnerID=8YFLogxK
U2 - 10.1016/j.jbankfin.2025.107391
DO - 10.1016/j.jbankfin.2025.107391
M3 - Article
AN - SCOPUS:85215120887
SN - 0378-4266
VL - 172
JO - Journal of Banking and Finance
JF - Journal of Banking and Finance
M1 - 107391
ER -