The Impact of Top Management Team Government Working Experiences on Corporate Venture Capital

QIN Yue, ZHANG Yuli, XUE Liuyang

Chinese Journal of Management ›› 2026, Vol. 23 ›› Issue (4) : 675.

PDF(1357 KB)
PDF(1357 KB)
Chinese Journal of Management ›› 2026, Vol. 23 ›› Issue (4) : 675.

The Impact of Top Management Team Government Working Experiences on Corporate Venture Capital

  • QIN Yue,ZHANG Yuli,XUE Liuyang
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Abstract

Based on the data of 286 Chinese private listed firms from 2013 to 2022, this study integrates the upper echelons theory and the imprinting theory to explore the influence mechanism of the government working experiences of the top management team on corporate venture capital investment, and analyzes the moderating effect of three levels of factors from the level of organization, industry and region. This study finds that the government logic imprint formed by the top management team based on the government working experiences has a significant positive impact on the focal firm’s corporate venture capital investment. The professional logic imprint of independent venture capital working experiences and the government logic imprint complement each other, and the double imprint jointly promotes the layout of the corporate venture capital. The strategic emerging industries does not have a significant influence on the main effect and the development level of regional institutions weakens the influence of the top management team government working experiences on corporate venture capital investment.

Key words

top management team / government working experiences / corporate venture capital / upper echelons theory / imprinting theory

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QIN Yue, ZHANG Yuli, XUE Liuyang. The Impact of Top Management Team Government Working Experiences on Corporate Venture Capital[J]. Chinese Journal of Management. 2026, 23(4): 675
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