Does the same investment team create value? Evidence from venture capital syndication

被引：0

作者：

Buchner, Axel ^{[1
]}

Helbing, Pia ^{[2
]}

Mohamed, Abdulkadir ^{[3
]}

Yoon, Hyungseok David ^{[4
]}

机构：

[1] ESCP Business Sch, Berlin, Germany

[2] Univ Glasgow, Adam Smith Business Sch, Glasgow, Scotland

[3] Univ Leeds, Business Sch, Leeds, England

[4] Univ York, Sch Business & Soc, York, England

来源：

SMALL BUSINESS ECONOMICS | 2025年

关键词：

Recession; Repeated collaboration; Syndication; Venture capital; G11; G24; G01; PARTNER SELECTION; STRATEGIC ALLIANCES; EMPIRICAL-ANALYSIS; PRIVATE EQUITY; NETWORKS; IMPACT; FIRMS; TIES; INVOLVEMENT; PERFORMANCE;

D O I：

10.1007/s11187-025-01058-7

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We study the effect of repeated venture capital (VC) syndication on VC investment performance. We posit that repeated syndication is positively associated with stagnant investment returns but negatively associated with high investment returns. Using a large dataset from 1985 through 2017, we find support for our intuition. Additionally, our results show that periods of recession accentuate the positive (negative) relationship between repeated syndication and stagnant (high) investment returns. These findings are robust after addressing sample selection and endogeneity concerns. Our study provides nuanced insights into the performance implications of having the same investment teams in the context of VC syndications.

引用

页数：30

共 72 条

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Argote L., 2013, ORG LEARNING, P31, DOI DOI 10.1007/978-1-4614-5251-5_2

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