Corporate venture capital (CVC) is a valuable strategic tool associated with numerous innovative outcomes. However, less is known about whether CVC investing creates value for the investing (or parent) firm. Drawing from the attention‐based view and contingency theory, we suggest that an increase in firm value from CVC investing is contingent on attentional mechanisms that discipline the selection of new investment opportunities. We posit that increases in firm value associated with CVC investing accrues to firms adopting specific operational structures and operating in particular environmental contexts. We find support for our research model in a sample of 95 companies between 2000 and 2008.