CEO duality and tenure, and the adoption of goal ambidexterity in corporate venture capital

In a study of corporate venture capital investments by 81 corporations during a two-year period, we explore the factors leading to goal ambidexterity, or a balanced pursuit of strategically- and financially-oriented deals, by incumbents. Our results indicate that CEO characteristics play an important role in the adoption of goal ambidexterity by corporate investors. Specifically, CEO duality positively affects the adoption of goal ambidexterity, whereas CEO tenure exerts a negative influence on the likelihood of such adoption.