Complementary Resources Across Borders: Cross-Border Corporate Venture Capital in Green Ventures

Corporate venture capital (CVC) and cross-border VC (CBVC) are two important types of venture funding, previously studied in isolation despite their frequent overlap. They are vital for sustainable ventures requiring complementary resources unavailable from traditional VCs or local CVCs. Drawing on resource dependence theory, we hypothesize that green ventures form cross-border ties with corporations possessing green resources due to resource reliance. Moreover, green ventures face greater constraints in countries with lower climate performance, increasing cross-border ties with green corporations. Our analysis of European innovative ventures supports these hypotheses, offering insights into cross-border CVC investments in sustainable ventures and practical implications.