Abstract
This article investigates why firms engage in different modes of external corporate venturing (ECV). To examine this issue, we utilize the resource-based view literature to examine how parent firm resource stocks and venture firm resource needs influence ECV activities. We root our story by exploring the relationship between the investing firm’s level of R&D intensity and ECV mode. We then consider how the parent firm’s human resource slack and the venture firm’s resource needs influence the relationship between R&D intensity and ECV mode. Our hypotheses are tested with a sample of over 3,400 external venturing ties formed over a 14 year period. Results suggest that R&D intensity influences external venturing activities, and that both the resource stocks of the parent and the resource needs of the venture moderate this relationship.
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