Publicly Listed Family-Controlled Firms and Corporate Venture Capital

Patricio Duran; Santiago Mingo; Michael Carney

doi:10.1177/08944865251369943

Publicly Listed Family-Controlled Firms and Corporate Venture Capital

Patricio Duran
, Santiago Mingo
, Michael Carney

Research output: Contribution to journal › Article › peer-review

Abstract

Despite the prevalence of publicly listed family-controlled firms (FCFs) in high-technology sectors, the impact of family control on their corporate venture capital (CVC) strategy remains largely unexplored. Using socioemotional wealth (SEW) theory, we posit that FCFs in high-technology sectors are less likely to invest in CVC and, when they do, make fewer but larger CVC investments to enhance influence over startups and reduce risk. However, board independence can limit FCFs’ SEW-driven CVC investment behavior. Empirical evidence from a sample of U.S. publicly listed firms in three high-technology sectors supports most of our hypotheses.

Original language	English
Pages (from-to)	283-312
Number of pages	30
Journal	Family Business Review
Volume	38
Issue number	4
DOIs	https://doi.org/10.1177/08944865251369943
State	Published - Dec 2025
Externally published	Yes

Keywords

board composition
corporate entrepreneurship
corporate venture capital
family-controlled firm
high-technology sectors
socioemotional wealth

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10.1177/08944865251369943

Cite this

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title = "Publicly Listed Family-Controlled Firms and Corporate Venture Capital",

abstract = "Despite the prevalence of publicly listed family-controlled firms (FCFs) in high-technology sectors, the impact of family control on their corporate venture capital (CVC) strategy remains largely unexplored. Using socioemotional wealth (SEW) theory, we posit that FCFs in high-technology sectors are less likely to invest in CVC and, when they do, make fewer but larger CVC investments to enhance influence over startups and reduce risk. However, board independence can limit FCFs{\textquoteright} SEW-driven CVC investment behavior. Empirical evidence from a sample of U.S. publicly listed firms in three high-technology sectors supports most of our hypotheses.",

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author = "Patricio Duran and Santiago Mingo and Michael Carney",

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year = "2025",

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doi = "10.1177/08944865251369943",

language = "English",

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AU - Duran, Patricio

AU - Mingo, Santiago

AU - Carney, Michael

N1 - Publisher Copyright: © The Author(s) 2025. This article is distributed under the terms of the Creative Commons Attribution-NonCommercial 4.0 License (https://creativecommons.org/licenses/by-nc/4.0/) which permits non-commercial use, reproduction and distribution of the work without further permission provided the original work is attributed as specified on the SAGE and Open Access pages (https://us.sagepub.com/en-us/nam/open-access-at-sage).

PY - 2025/12

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N2 - Despite the prevalence of publicly listed family-controlled firms (FCFs) in high-technology sectors, the impact of family control on their corporate venture capital (CVC) strategy remains largely unexplored. Using socioemotional wealth (SEW) theory, we posit that FCFs in high-technology sectors are less likely to invest in CVC and, when they do, make fewer but larger CVC investments to enhance influence over startups and reduce risk. However, board independence can limit FCFs’ SEW-driven CVC investment behavior. Empirical evidence from a sample of U.S. publicly listed firms in three high-technology sectors supports most of our hypotheses.

AB - Despite the prevalence of publicly listed family-controlled firms (FCFs) in high-technology sectors, the impact of family control on their corporate venture capital (CVC) strategy remains largely unexplored. Using socioemotional wealth (SEW) theory, we posit that FCFs in high-technology sectors are less likely to invest in CVC and, when they do, make fewer but larger CVC investments to enhance influence over startups and reduce risk. However, board independence can limit FCFs’ SEW-driven CVC investment behavior. Empirical evidence from a sample of U.S. publicly listed firms in three high-technology sectors supports most of our hypotheses.

KW - board composition

KW - corporate entrepreneurship

KW - corporate venture capital

KW - family-controlled firm

KW - high-technology sectors

KW - socioemotional wealth

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DO - 10.1177/08944865251369943

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VL - 38

SP - 283

EP - 312

JO - Family Business Review

JF - Family Business Review

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ER -

Publicly Listed Family-Controlled Firms and Corporate Venture Capital

Abstract

Keywords

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