Markku Maula

Markku Maula

T307 Dept. Industrial Engineering and Management

Markku Maula is Professor of Venture Capital and the Head of the Institute of Strategy and Venturing at the Department of Industrial Engineering and Management at Aalto University School of Science. He earned his PhD at Helsinki University of Technology in 2001 winning the Heizer Doctoral Dissertation Award in New Enterprise Development. He has been a visiting scholar at INSEAD and Stanford University and gained work experience in companies including CapMan and Nokia.

Markku’s research focuses on venture capital and private equity, corporate venturing, mergers and acquisitions, and technology-based new firms, and more generally, on the intersection of strategy, entrepreneurship, international business, innovation, and corporate finance. His research often builds on and contributes to the behavioral theory of the firm, attention-based view, and/or institutional theory and is frequently based on quantitative empirical research applying novel methods in large datasets.

Markku has published his research in leading peer-reviewed journals including Academy of Management Journal, Strategic Management Journal, Organization Science, Journal of Business Venturing, Entrepreneurship Theory & Practice, Strategic Entrepreneurship Journal, Research Policy, and MIS Quarterly, among others. He has also received several international awards for outstanding scholarship.

Markku is Senior Editor of Entrepreneurship Theory & Practice and serves on the Editorial Boards of Strategic Management Journal, Journal of Business Venturing, Entrepreneurship Theory & Practice, and Venture Capital: An International Journal of Entrepreneurial Finance. He was the Founding Director of Aalto Ventures Program, has served in many scientific committees and organizations such as the Research Committee of the Entrepreneurship Division of the Academy of Management, and has also acted as an advisor to many firms and government agencies in issues related to his areas of expertise.

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Areas of expertise

venture capital, cross-border venture capital, mergers and acquisitions, corporate venturing


Making a contribution to entrepreneurship research by studying crowd-funded entrepreneurial opportunities

Jeffrey M. Pollack, Markku Maula, Thomas H. Allison, Maija Renko, Christina C. Günther 2021 Entrepreneurship Theory and Practice

Enhancing rigor in quantitative entrepreneurship research

Markku Maula, Wouter Stam 2020 Entrepreneurship Theory and Practice

The role of cognitive load in effective strategic issue management

Tomi Laamanen, Markku Maula, Markus Kajanto, Peter Kunnas 2018 Long Range Planning

CEO Entrepreneurial Orientation, Entrenchment, and Firm Value Creation

Thomas Keil, Markku Maula, Evangelos Syrigos 2017 Entrepreneurship Theory and Practice

Venturing into the unknown with strangers

Miguel Meuleman, Mikko Jääskeläinen, Markku V J Maula, Mike Wright 2017 Journal of Business Venturing

Supply-Side Network Effects and the Development of Information Technology Standards

Juha Uotila, Thomas Keil, Markku Maula 2017 MIS Quarterly

Emergence of Industries

Robin Gustafsson, Mikko Jääskeläinen, Markku Maula, Juha Uotila 2016 INTERNATIONAL JOURNAL OF MANAGEMENT REVIEWS

Local Partnering in Foreign Ventures

Yu Liu, Markku Maula 2016 Academy of Management Journal

Drivers of holding period firm-level returns in private equity-backed buyouts

Petri Valkama, Markku. Maula, Erkki Nikoskelainen, Mike Wright 2013 JOURNAL OF BANKING AND FINANCE

The temporal effects of relative and firm-level absorptive capacity on interorganizational learning

Henri Schildt, Thomas Keil, Markku Maula 2012 Strategic Management Journal

Unique Resources of Corporate Venture Capitalists as a Key to Entry into Rigid Venture Capital Syndication Networks

Thomas Keil, Markku Maula, Cameron Wilson 2010 Entrepreneurship Theory and Practice

Transferability of the venture capital model to the corporate context: Implications for the performance of corporate venture units

Susan A. Hill, Markku V.J. Maula, Julian M. Birkinshaw 2009 Strategic Entrepreneurship Journal

Corporate venture capital and the balance of risks and rewards for portfolio companies

Markku V.J. Maula, Erkko Autio, Gordon C. Murray 2009 Journal of Business Venturing

Exploration, exploitation, and financial performance: analysis of S&P 500 corporations

Juha Uotila, Markku Maula, Thomas Keil, Shaker A. Zahra 2009 Strategic Management Journal

The effect of governance modes and relatedness of external business development activities on innovative performance

Thomas Keil, Markku Maula, Henri Schildt, Shaker A. Zahra 2008 Strategic Management Journal

Attracting cross-border venture capital: the role of a local investor

Markus M. Mäkela, Markku V.J. Maula 2008 Entrepreneurship and Regional Development

Profit distribution and compensation structures in publicly and privately funded hybrid venture capital funds

Mikko Jääskeläinen, Markku Maula, Gordon Murray 2007 Research Policy

Allocation of attention to portfolio companies and the performance of venture capital firms

Mikko Jääskeläinen, Markku Maula, Tuukka Seppä 2006 Entrepreneurship Theory and Practice

Cross-Border Venture Capitalists' Support for the Internationalization of New Software Ventures

Markus Mäkelä, Markku V.J. Maula 2006 Entrepreneurship and the Financial Community: Starting Up and Growing New Business

Interorganizational commitment in syndicated cross-border venture capital investments

Markus M. Mäkelä, Markku V.J. Maula 2006 Entrepreneurship Theory and Practice

Corporate venture capitalists and independent venture capitalists: What do they know , who do they know and what should entrepreneurs care?

Markku Maula, Erkko Autio, Gordon Murray 2005 Venture Capital: An International Journal of Entrepreneurial Finance

What drives micro-angel investment

Markku V.J. Maula, Erkko Autio, Pia Arenius 2005 Small Business Economics

Cross-border venture capital and new venture internationalization: An isomorphism perspective

Markus M. Mäkelä, Markku V.J. Maula 2005 Venture Capital: An International Journal of Entrepreneurial Finance

Explorative and exploitative learning from external corporate ventures

Henri A. Schildt, Markku V.J. Maula, Thomas Keil 2005 Entrepreneurship Theory and Practice

New ventures' inward licensing: examining the effects of industry and strategy characteristics

S.A. Zahra, Thomas Keil, Markku M.V.J. Maula 2005 European Management Review

Prerequisities for the creation of social capital and subsequent knowledge acquisition in corporate venture capital

Markku Maula, Erkko Autio, Gordon Murray 2003 Venture Capital: An International Journal of Entrepreneurial Finance