We explore the importance of sustaining commitment in inter-firm relationships in the corporate venture capital setting. We find that a corporate investor's past behavior in terms of committing to investment relationships and not abandoning them prematurely confers reputational benefits that increase the likelihood of its participation in future investment opportunities. These reputational effects have a greater impact when the corporate investor has extensive patent stocks and has higher levels of potential slack. Our study highlights the value of sustaining commitment in interfirm relationships, and offers a deeper understanding of an important driver of corporate venture capital program investment opportunities.

中文翻译：

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维持公司间关系承诺的声誉的价值：将企业风险资本家纳入投资集团

我们探讨了在企业风险投资环境中维持公司间关系承诺的重要性。我们发现，企业投资者过去致力于投资关系而不是过早放弃投资关系的行为会带来声誉效益，从而增加其参与未来投资机会的可能性。当企业投资者拥有大量专利库存并且潜在闲置程度较高时，这些声誉效应会产生更大的影响。我们的研究强调了在公司间关系中维持承诺的价值，并提供了对企业风险投资计划投资机会的重要驱动因素的更深入的了解。