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REAL EARNINGS MANAGEMENT AND INNOVATION EXTERNALIZATION: EVIDENCE FROM CORPORATE VENTURE CAPITAL

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dc.contributor.authorYu, Elisha
dc.contributor.chairBhojraj, Sanjeeven_US
dc.contributor.committeeMemberZuo, Luoen_US
dc.contributor.committeeMemberMao, Yifeien_US
dc.contributor.committeeMemberDyer, Travisen_US
dc.date.accessioned2024-11-05T19:47:40Z
dc.date.issued2024-05
dc.description77 pagesen_US
dc.description.abstractThis study examines whether firms increase their investment in startups using Corporate Venture Capital (CVC) when they reduce internal research and development (R&D) spending to meet short-term earnings targets. My findings suggest that firms are more likely to make CVC investments when they just meet or beat analysts’ earnings forecasts and have lower than predicted R&D expenses. The effect is particularly concentrated in firms with lower transient investor ownership, firms with long-term oriented CEOs, and firms with more exploitative innovation strategies. Subsequently, firms that make CVC investments during R&D-cutting and benchmark-beating years have superior innovation outcomes and better long-term performance than those that cut R&D but do not make CVC investments. My findings suggest that managers utilize CVC investments to mitigate the negative impacts of cutting internal R&D and highlight the importance of considering external innovation efforts in addition to internal R&D in future studies.en_US
dc.description.embargo2026-06-17
dc.identifier.doihttps://doi.org/10.7298/a2xs-e465
dc.identifier.otherYu_cornellgrad_0058F_14291
dc.identifier.otherhttp://dissertations.umi.com/cornellgrad:14291
dc.identifier.urihttps://hdl.handle.net/1813/116044
dc.language.isoen
dc.subjectCorporate Venture Capitalen_US
dc.subjectEarnings Managementen_US
dc.subjectInnovationen_US
dc.subjectReal Earnings Managementen_US
dc.titleREAL EARNINGS MANAGEMENT AND INNOVATION EXTERNALIZATION: EVIDENCE FROM CORPORATE VENTURE CAPITALen_US
dc.typedissertation or thesisen_US
dcterms.licensehttps://hdl.handle.net/1813/59810.2
thesis.degree.disciplineManagement
thesis.degree.grantorCornell University
thesis.degree.levelDoctor of Philosophy
thesis.degree.namePh. D., Management

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