As environmental uncertainty increases, the strategical use of corporate venture is emphasized as a way to actively respond to environmental changes. Nevertheless, various empirical studies on the effect of corporate venture on firm performance are insufficient. Based on this issue, our study categorized firm performance into three types and analyzed the effect of corporate venture on firm performance at the firm level. In addition, suggesting environmental uncertainty and an innovative operating system as determinants of corporate venture adoption, the relationship between these factors and the corporate venture adoption was analyzed. As a result of empirical analysis on a total of 799 companies, we found that firms implementing the corporate venture had significantly higher performance in all three types than firms that did not implement the corporate venture. Regarding the determinants of the corporate venture adoption, both environmental uncertainty and innovative operating system showed a positive relationship with the corporate venture adoption. Moreover, the interaction effect of environmental uncertainty and innovative operating system showed a positive and significant relationship with the corporate venture adoption. Finally, the corporate venture adoption leads to the creation of various performance for firms. The performance of the corporate venture is higher in firms with an internally innovative operating system.