Corporate venturing (CV) has become an increasingly important mechanism for facilitating sustainability transitions, but its unique attributes in the sustainability context are yet to be adequately explored. Addressing this gap, the present study builds on the earlier theoretical review by Smite (2025) and advances from category identification to theory-informed explanation by integrating sustainability transition theories, with the multi-level perspective (MLP) serving as the primary interpretative framework. Rather than treating transition theory as an interpretive overlay, the integration reorients the analysis by assigning the identified CV categories to distinct transition levels and by clarifying their roles across transition dynamics. In this way, CVs are conceptualized as mechanisms that link niche-level (micro) experimentation with regime-level (meso) reconfiguration to produce landscape-level (macro) outcomes, thereby enabling a dynamic, transient understanding of sustainability transitions. Five core categories remain central: innovation, ecosystems, partnerships and networks, transformative perspective, shared value creation and new business models, but they are reinterpreted as interacting mechanisms that differ by transition level and phase. The contribution is a theory-informed framework that explains how CV can catalyze systemic change in sustainability transitions.
The initial data collection and screening were processed in August – September 2024, using Scopus and Web of Science databases, resulting in 42 thoroughly researched records published between 2010 and 2024. The content analysis was performed based on inductive technique (Mayring, 2000) with the assistance of ATLAS.ti, a widely used CAQDAS employed by researchers in different fields (Soratto et al., 2020; Friese, 2019). Finally, a conceptual framework was proposed, following Jabareen (2009), Breslin and Gatrell’s (2023) and Van der Waldt’s (2020) approach to building conceptual frameworks.
The present study builds on the evidence base established in Smite (2025) but differs in analytical purpose and method of interpretation. Smite (2025) conducted literature search, screening and inductive content analysis to identify categories describing CV in sustainability-related contexts. The 2026 study reuses the same literature research to conduct a new theory-informed analysis grounded in MLP, which reinterprets and reorganizes the previously derived categories into a dynamic transition mechanism model. Accordingly, the novelty of the 2026 paper does not lie in collecting a new set of articles but in applying a new theoretical construct to translate the obtained categories into niche–regime–landscape roles and cross-level interactions, resulting in a revised conceptual framework.
First, the study was limited to English-language articles indexed in Scopus and Web of Science, potentially overlooking relevant research in other languages or databases. Second, the analysis focused on studies from 2010 onwards, which might have missed important historical research. Third, relying on qualitative methods may limit the generalizability of findings to other contexts. Next, the content analysis carries inherent subjectivity that could influence the analysis. Lastly, the conceptual framework possesses a subjective interpretation by the researcher and lacks empirical evidence.
From a practical standpoint, it offers guidance for corporate managers on applying the framework by aligning their CV activities with the five key categories identified (innovation, ecosystems, transformative perspective, shared value and new business models) to drive sustainability transitions. At the portfolio level, managers can separate micro-, meso- and macro-level initiatives, using different success metrics and time horizons for each. The framework therefore supports decision-making about when to prioritize strategic direction and impact over near-term financial performance, and about how to prevent premature termination of high-potential transition options.
This research highlights the crucial role of CV in enabling incumbent firms to transition to sustainability while maintaining competitiveness. It demonstrates that sustainable CV is not an extension of conventional CV, but a multidimensional and stakeholder-oriented approach that demands new innovative ways of running business and collaborating across sectors. As global sustainability challenges intensify, the integration of theoretical insights with actionable frameworks becomes increasingly important for guiding both research and practice in the evolving field of sustainable CV.
The present study builds on the evidence base established in Smite (2025) but differs in analytical purpose and method of interpretation. Smite (2025) conducted literature search, screening and inductive content analysis to identify categories describing CV in sustainability-related contexts. The 2026 study reuses the same literature research to conduct a new theory-informed analysis grounded in MLP, which reinterprets and reorganizes the previously derived categories into a dynamic transition mechanism model. Accordingly, the novelty of the 2026 paper does not lie in collecting a new set of articles but in applying a new theoretical construct to translate the obtained categories into niche–regime–landscape roles and cross-level interactions, resulting in a revised conceptual framework.
