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<p>This study examines the effects of the career horizons of chief executive officers (CEOs) on corporate venture capital (CVC) investments. Exploiting longitudinal data on the Chinese listed firms from 2012 to 2023, we use the random effects negative binomial regression model to test the relationship between CEO career horizon and CVC investments. We find that CEOs with longer career horizons rather than shorter career horizons are more likely to engage in CVC investments. Further, we advance the research by exploring the moderating role of managerial discretion in the relationship between CEO career horizon and CVC investments. Our results show that CEO power strengthens the positive relationship between CEO career horizon and CVC investments. By investigating the horizon problem, this study provides new insights into the antecedents of CVC investments.</p>

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How does CEO career horizon drive corporate venture capital investments? The moderating role of CEO power

  • 期刊论文

  • 发表日期：

    2025年11月10日

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  • Liangyong Wan,
  • Xin Sui

摘要

This study examines the effects of the career horizons of chief executive officers (CEOs) on corporate venture capital (CVC) investments. Exploiting longitudinal data on the Chinese listed firms from 2012 to 2023, we use the random effects negative binomial regression model to test the relationship between CEO career horizon and CVC investments. We find that CEOs with longer career horizons rather than shorter career horizons are more likely to engage in CVC investments. Further, we advance the research by exploring the moderating role of managerial discretion in the relationship between CEO career horizon and CVC investments. Our results show that CEO power strengthens the positive relationship between CEO career horizon and CVC investments. By investigating the horizon problem, this study provides new insights into the antecedents of CVC investments.