Firms are,in reality,often complex decision-making systems with multiple goals,while existing theoretical discus-sions mostly focus on their responses to a single goal.This paper took corporate venture capital(CVC)as a research context to examine how corporate investors'negative attainment discrepancies on both financial and innovation goals jointly affect the geo-graphic distance of CVC investments.Using A-share listed firms that have made CVC investments from 2008 to 2018 as a sam-ple,this paper made an empirical study and the results showed that firms'unrealized financial goals drive distant CVC invest-ments,while unrealized innovation goals inhibit distant investments.When there are negative attainment discrepancies on both goals,the impact on CVC investments'geographic distance depends on firms'organizational slack and the industry growth poten-tial(environmental munificence).For firms with more organizational slack or higher environmental munificence,unrealized fi-nancial goals will intensify the negative relationship between negative attainment discrepancies on the innovation goals and CVC investments'geographic distance.On the contrary,when firms have less organizational slack or operate in less munificent indus-tries,unrealized financial goals will weaken the negative relationship between negative attainment discrepancies on innovation goals and geographic distance.This paper theoretically expanded firms'decision-making under dual goals and will provide new insights into the geographical strategy of CVC investments in different performance feedback conditions.
NETL
NSTL
维普
万方数据
