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

De Bettignies, Jean-Etienne; Chemla, Gilles (2006), Corporate Venturing, allocation of talent, and competition for star managers, AFFI (Association Française de Finance) :, 2006-12, Paris, France

Type
Communication / Conférence
Date
2006
Conference title
AFFI (Association Française de Finance) :
Conference date
2006-12
Conference city
Paris
Conference country
France
Pages
18
Metadata
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Author(s)
De Bettignies, Jean-Etienne
Chemla, Gilles
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.
Subjects / Keywords
Failure; Investments policy; Manager; competition
JEL
G24 - Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies
G32 - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
M13 - New Firms; Startups
M12 - Personnel Management; Executives; Executive Compensation

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