Purpose Prior literature indicates that syndication enhances the likelihood of ventures’ successful exits; however, it has neglected the differences among venture capital (VC) investor types. In fact, there are various types of VC investors with distinctive objectives. Therefore, by focusing on ventures backed by corporate venture capital (CVC) and independent venture capital (IVC) investors, the purpose of this paper is to investigate how the relative influence among a heterogeneous group of VC investors in a syndicate affects the likelihood of the venture’s successful exit. Design/methodology/approach A sample of 1,121 US ventures that received funding from both CVC and IVC investors during 2001 and 2013 are collected. Then, a Cox proportional hazards model is applied to analyze the likelihood of a successful exit (i.e. initial public offering or acquisition). Findings The relative reputation of CVC investors vis-à-vis their IVC co-investors in a syndicate is negatively associated with the likelihood of the venture’s successful exit. This negative relationship is exacerbated when CVC investors are geographically close to the focal venture, and it is weakened when CVC investors syndicate with IVC investors that they have collaborated in the past. Originality/value First, this paper advances VC syndication literature by demonstrating that syndication does not positively affect the likelihood of a venture’s successful exit unless key syndicate members seek to pursue going public or acquisition strategy. Second, this paper also reveals when CVC is beneficial from the ventures’ perspective. CVC participation facilitates ventures’ successful exits as long as reputable IVC investors are present in the syndicate. Third, this study contributes to the multiple agency perspective by showing that formal governance mechanisms affect ventures’ conduct and performance as well as informal sources of power.

This study investigated the relationship between open innovation and the radicalness of innovation. The balance between radical and incremental innovation is an essential part of the ambidextrous use of explorative and exploitative strategies, and this study assumed that open innovation is usually interlinked with explorative strategies and is thus related to radical innovation performance. Accordingly, following an empirical investigation, we demonstrate that the balance of open innovation firms is slightly skewed toward explorative radical innovation. Using the Korean version of the community innovation survey, we show that the relative radicalness that is projected on innovation output exhibits an inverted-U curve. Furthermore, the curve shifts based on the level of inbound open innovation. Our results suggest that there is an ambidextrous balance between radical and incremental innovation while implementing open innovation. In addition, the research results imply that firms placing greater weight on explorative radical innovations need to consider in-depth open innovation strategies.

The role of venture capital as mediator and gatekeeper is well acknowledged and geographical barriers for open innovation have been questioned, but venture capital firms’ distant investments have been investigated only rarely. The strategic benefits accrued from corporate venture capital (CVC) investment depend on the selection of target ventures. Prior research, however, overlooked the incurred information cost for identifying a potential target. Considering that innovative ventures often reside in distant locations, this paper aims to investigate what factors alleviate the information cost for CVCs when identifying target ventures in distant locations. We expect a CVC’s target selection in distant locations will be limited to the ventures under a tight appropriability regime, ventures within the same industries as a CVC’s business units, and ventures with pre-existing investors that a CVC has prior ties with. The hypotheses are tested with the data on CVC investments in the U.S. between 2006 and 2013. The results empirically support the hypotheses.

This study aims to examine the influence of workplace incivility on knowledge-hiding behavior. The study also examines the moderating role of an individual’s need for achievement between the two constructs. The data was collected from 331 individuals through convenience sampling from the public sector in the unstable economy of Fiji. The proposed model was tested through structural equation modeling. While the average variance extracted and composite reliability exceeded the recommended threshold of 0.5 and 0.7, the Cronbach's alpha ranged from 0.88 to 0.91. Thus, the measurement constructs were found to be suitable and sound for the research. The findings of the study show a significant positive relationship between workplace incivility and knowledge-hiding behavior accepted. Furthermore, the individual’s need for achievement significantly moderates the relationship between workplace incivility and knowledge-hiding behavior. While the extant literature implicitly regards workplace incivility as a negative phenomenon with a great tendency for knowledge-hiding behavior, this research shows that the deleterious effect of workplace incivility on knowledge-hiding can be moderated through an individual’s need for achievement. The findings further suggest that individuals with a need for achievement have a greater propensity to change the negative phenomenon into a positive challenge. This will be our major contribution to the extant literature. It is also proposed that the organization invest more in emotional management training, leadership training, empowering workers, and creating awareness of the importance of civil behavior at work. Finally, the implications, limitations, and suggestions for future research are discussed.

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