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The dissertation sheds light on several aspects of the corporate venture capital (CVC) phenomenon, and thereby contributes to the ongoing development of the research field as such. In addition to a structural literature review (Chapter 2), two studies (Chapter 3 and Chapter 4) with a special focus on the motivational drivers within the CVC dyad and two further studies (Chapter 5 and Chapter 6) were conducted. First, the investment motivation is observed at the CVC level—investigating how CVC units interpret their mission as delegated by the corporate mother. And thereby going beyond the well-established “either-or approach” of previously-published articles by focusing on the continuum between the financial and strategic investment motivation of CVC units (Chapter 3). Second, the study presented in Chapter 4 applies the framework of exploration and exploitation to scrutinize the interplay of corporate venture capital investments and subsequent startup acquisitions. The final two articles then address the application of new approaches in the context of CVC research. On the one hand in stimulating the use of isomorphic tendencies in the CVC context, and on the other hand in developing a data-cleaning procedure to enable future scholars to achieve academic rigor by identifying CVC units among the data records of information providers., Diese Dissertation widmet sich in fünf Studien der Beantwortung von Forschungsfragen rund um den Corporate Venture Capital Themenkomplex.

The purpose of this dissertation is to examine the underlying determinants of startup valuation and startup acquisition in the venture capital (VC) context, with particular focus on the role of corporate venture capital (CVC). The first study—Chapter 2—titled “The determinants of startup valuation in the venture capital context: A systematic review and avenues for future research” is a systematic review of the literature on empirically examined determinants of startup valuations in the VC context. It compiles and organizes the determinants examined in 58 selected papers in an integrative framework. This framework shows that startup valuations in the VC context are shaped by factors related to three levels, namely startup, venture capitalists, and the external environment. Moreover, the review process makes it possible for the study to highlight academic voids and to outline promising paths for future research. In the second study—Chapter 3—“Exploring the differences in early-stage startup valuation across countries: An institutional perspective”, fuzzy-set qualitative comparative analysis (fsQCA) across a sample of 13 countries is applied to explore the driving factors of the institutional setting in combination with a country’s innovativeness determining high and low early-stage startup valuations across countries. Overall, the study identifies five configurations; two configurations explain the outcome of high early-stage startup valuations, and three configurations explain the outcome of low early-stage startup valuations across countries. By applying fsQCA, the study also highlights the benefits of a configurational approach to exploring the institutional determinants in combination with a country’s innovativeness underlying early-stage startup valuations in the VC context. The third study—Chapter 4—titled “A world of difference? The impact of corporate venture capitalists’ investment motivation on startup valuation” combines explorative research (computer-aided, Diese Dissertation widmet sich in vier Studien der Beantwortung von Forschungsfragen rund um den Komplex der Bewertung und Akquisition von Startups im Venture Capital- und Unternehmenskontext.