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Shaker A. Zahra, Donald O. Neubaum and James C. Hayton
Susan A. Hill and Stylianos Georgoulas
Hill and Georgoulas present a thorough analysis and review of the vast literature on internal corporate venturing (ICV). The review underscores the diversity of research foci and approaches, which would account for the varying interpretations and findings reported in the literature. Their analysis spans the 1960–2009 period, providing a rare glimpse into the evolution of theory and empirical research in this core area of CE. The discussion covers the forms of ICV; how it differs from other modes of venturing; its role in the parent firm’s strategy and organization; how the parent’s strategy influences the use of and results from ICV; how a firm’s organizational context may influence ICV outcomes; and the various ICV processes firms undertake. The authors take great care to identify several organizational variables that influence ICV outcomes, particularly autonomy, top management support, corporate evaluation systems, reward systems and human capital. Likewise, the authors highlight the temporal dimension of ICV operations. Readers should gain much from considering the trends uncovered in this vast review of the literature that covers different levels of analyses and modes of organizing ICV. The analyses reported also show some interesting changes in the research focus, reflecting changes in corporate practices. The authors also identify important future research questions. Their discussion reinforces the centrality of ICV as a core research issue, the multiplicity of issues examined within this body of research, the progress made to date and the challenges awaiting future research.