Research

Research Interests

Working Papers

• CVC Investments in green technologies: their impact on environmental performance

  In Progress

  This study investigates whether incumbents' green corporate venture capital (CVC) activity is associated with improved environmental performance through a two-step knowledge mechanism. We theorize that exposure to external green technological knowledge embedded in green CVC portfolios increases incumbents' green innovation, but that marginal learning benefits decline with higher internal green knowledge. We further argue, drawing on performance-feedback logic, that green innovation translates more strongly into environmental improvements when firms perform below their environmental aspiration levels.

  Using firm-year data for 116 incumbents headquartered in the United States, Europe, and Canada (2007–2021), combining VentureXpert CVC investments, USPTO-based green patents, financial data, and Refinitiv ASSET4 environmental scores, results indicate that external green knowledge exposure is positively related to incumbents' green patenting, with weaker effects at higher internal green knowledge, and that green innovation is positively related to environmental performance, especially among below-aspiration firms.