Working Paper Series, Department of Industrial Economics & Strategy, Copenhagen Business School
No 97-7:
Corporate Renewal Through Internal Venturing and Spinn-offs: Perspectives from Organizational Economics.
Tom Elfring and Nicolai J. Foss
Abstract: We address the closely related phenomena of corporate
venturing and spin-offs in the context of organizational economics, for
example, agency perspectives and the evolutionary perspective on firms.
These perspectives allow us to say something about both the amount and
nature of variety creation inside firms. For example, there are strong
arguments that firms will tend to produce too few and too "narrow" venture
ideas. Moreover, organizational economics is helpful in deriving
propositions about the occurrence of spin-offs, which we separate into
"vicious" and "virtuous" ones. The former type refers to ventures that
could have helped bringing corporate renewal, but where overruled venture
managers left the firm in frustration. The latter type refers to ventures
that are too far away from the firm's core business(es) to assist in
corporate renewal, but where their spin-off is tantamount to a learning
experience to the firm.
Keywords: corporate renewal; spin-offs; economic organization; intrapreneurship; (follow links to similar papers)
JEL-Codes: D23; L2; L22; M13; (follow links to similar papers)
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