This study focuses on the political and institutional influences that lead organizational decision makers to avoid terminating unsuccessful investments, even when there is competition and they have the experience and incentives to maximize profits. I examine multilevel influences on sequential...

The paper explores how institutional ownership and ownership heterogeneity affect the firm's CVC launch, duration, portfolio decisions, and outcomes. Our finding shows an inverse U-shape relationship between institutional ownership and CVC investments. The increase in institutional ownership can...