Explaining venture capital firms' syndication behaviour: A longitudinal study

Dirk De Clercq · Dimo P. Dimov

97 citations0/0 files storedVenture Capital

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Abstract

Using a unique methodological approach, this paper examines the factors related to venture capital firms' (VCFs') involvement in syndication. It is argued that VCFs' investment strategies matters in terms of the extent to which VCFs engage in syndication. Several hypotheses pertaining to VCFs' syndication behaviour are tested based on a longitudinal data set of the realized strategies of 200 US-based VCFs over a 12-year period. Overall, support is found for both knowledge-based and financial arguments for why VCFs engage in syndication. Results are discussed and avenues are provided for future research.

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References

1989Agency Theory: An Assessment and Review 1990The structure and governance of venture-capital organizations 1995Optimal Investment, Monitoring, and the Staging of Venture Capital 2001Syndication Networks and the Spatial Distribution of Venture Capital Investments 2000A Guide to Modern Econometrics 1992When do venture capitalists add value?2022The Syndication of Venture Capital Investments 1993Venture capitalists' decision criteria in new venture evaluation

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