Gao, Xiang; Shi, Guoping; Wu, Yige; Zhang, Luming - In: Journal of risk and financial management : JRFM 16 (2023) 1, pp. 1-12
fostering innovation among startups. Based on the data of Chinese A-share listed companies and the startups in their portfolios … that they invested in between 2009 and 2018, we find that startups backed by state-owned corporate venture capital are less … innovative than startups backed by privately owned corporate venture capital. Using a two-stage least-squares analysis yields the …