Building on social identity theory, we propose that founder-influenced firms (FIFs) in high-tech industries adopt distinctive corporate venture capital (CVC) strategies compared to non-FIFs. We define FIFs as companies where founders play significant roles as top executives, board members, or principal shareholders. We propose that FIFs’ unique strategic preferences and approach to risk lead these firms to engage in fewer but larger and earlier-stage CVC deals. We further theorize that the gender composition of the board of directors influences FIFs’ CVC investment strategies. Based on research indicating that female directors enhance corporate governance and promote more balanced decision-making, we posit that female directors help mitigate the distinctive behavior exhibited by FIFs in their CVC approaches. Analyzing 300 U.S. firms from 2007 to 2021 from three high-technology sectors—information technology, health care, and communication services—our findings challenge traditional CVC diversification assumptions by highlighting the impact of founder identity and board gender diversity on CVC investment behavior, thereby addressing the previously underexplored connection between ownership and control structures and CVC investments.
