An Integrated Model of Factors Influencing the Performance of the Corporate Venture Capital Value Chain: A Systematic Review Approach

Panahi, Ali; , Soroush, , Soroush; Olfat, Laya; Kazazi, Abolfazl

doi:10.22034/imj.2025.245376

An Integrated Model of Factors Influencing the Performance of the Corporate Venture Capital Value Chain: A Systematic Review Approach

Authors

Ali Panahi ¹

, Soroush , Soroush ²

Laya Olfat ³

Abolfazl kazazi ⁴

¹ Department of Operations Management and Information Technology, Faculty of Management and Accounting, Allameh Tabataba’i University, Tehran, Iran

² Professor, Faculty of Management and Accounting, Allameh Tabataba'i University, Tehran, Iran

³ Department of Operations Management and Information Technology, Faculty of Management and Accounting, Allameh Tabataba'i University, Tehran, Iran

⁴ Full Professor of Allameh Tabataba'i University

10.22034/imj.2025.245376

Abstract

Corporate venture capital (CVC) is a strategic tool linking the parent company, investee firms, and the investment unit, playing a key role in value creation and enhancing competitive advantage. However, most studies have focused narrowly on one dimension—financial, technological, or innovation. This study aims to provide an integrated view of factors affecting performance across the entire CVC value chain. A systematic review was conducted, searching the Scopus database, which yielded 392 articles. After applying inclusion and exclusion criteria and multi-stage screening, 29 articles were selected for final analysis. Data were systematically extracted and analyzed using a combined deductive–inductive approach. CVC can improve overall, innovation, technological, and financial performance, although the magnitude and direction of these effects depend on factors such as knowledge absorption capability, governance structure, investment unit independence, and industry and geographic characteristics. The review also revealed that inherent tensions—such as the exploration–exploitation trade-off or negative perceptions from startups—are an integral part of the performance impact process. The study’s contribution lies in integrating fragmented findings and presenting a comprehensive framework that simultaneously considers the three main actors, showing that influencing factors can only be fully understood through their interactions. This framework provides a theoretical basis for better understanding these interactions and can inspire the design of future strategic initiatives.

Keywords

Venture capital (VC)

Corporate venture capital (CVC)

value chain performance

Financial performance

Innovation performance

Technological performance