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Corporate venture capital (CVC) has consistently proven its importance for firm innovation, growth, and other strategic goals. However, research on the antecedents of CVC is still scarce. Drawing on the behavioural theory of the firm, we examine how performance feedback affects the decision to pursue CVC. Empirical results using panel data on Chinese A-share listed firms from 2011 to 2019 indicate that there is an inverted U-shaped relationship between negative performance feedback and the probability of initiating CVC. Moreover, such an effect is moderated by CEO overconfidence in that it weakens the inverted U-shaped relationship. Further study shows that CVC aids in firm innovation and creates firm value. Our findings highlight the importance of performance feedback on corporate venture capital.

Negative performance feedback and corporate venture capital: The moderating effect of CEO overconfidence