Do venture capital firms benefit from international syndicates?

被引：28
作者：
Khurshed, Arif [1 ]
Mohamed, Abdulkadir [2 ]
Schwienbacher, Armin [3 ]
Wang, Fan [1 ]
机构：
[1] Univ Manchester, Alliance Manchester Business Sch, Div Accounting & Finance, Oxford Rd, Manchester M13 9PL, Lancs, England
[2] Univ Leeds, Business Sch, Leeds LS2 9JT, W Yorkshire, England
[3] Univ Cote Azur, SKEMA Business Sch, Ave Willy Brandt, F-59777 Euralille, France
来源：
JOURNAL OF INTERNATIONAL BUSINESS STUDIES | 2020年 / 51卷 / 06期
关键词：
organizational learning; venture capital; syndication; cross-border investments; JOINT VENTURES; INVESTMENTS; INVESTORS; PERFORMANCE; COMPETITION; EXPERIENCE; MANAGEMENT; ALLIANCES; EXPANSION; LEGALITY;
D O I：
10.1057/s41267-019-00296-8
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper examines the benefits of syndicating with foreign venture capital (VC) firms for domestic VC firms in emerging markets. We find that the VC firms that are domestic to their invested companies and previously syndicated with foreign partners invest proportionately more frequently in riskier ventures. After gaining syndication experience with foreign VC firms, a larger number of their portfolio companies are successfully exited, thereby suggesting improved performance. We hypothesize that this outcome is due to the organizational learning effects. While the previous research has shown benefits for foreign VC firms, our results show that domestic VC firms also benefit from international syndication through improved investments.
引用
收藏
页码：986 / 1007
页数：22
相关论文
共 65 条
[11]   Common auditors and cross-country M&A transactions [J].
Chircop, Justin ;
Johan, Sofia ;
Tarsalewska, Monika .
JOURNAL OF INTERNATIONAL FINANCIAL MARKETS INSTITUTIONS & MONEY, 2018, 54 :43-58
[12]   The risk and return of venture capital [J].
Cochrane, JH .
JOURNAL OF FINANCIAL ECONOMICS, 2005, 75 (01) :3-52
[13]   Legality and venture capital exits [J].
Cumming, D ;
Fleming, G ;
Schwienbacher, A .
JOURNAL OF CORPORATE FINANCE, 2006, 12 (02) :214-245
[14]   Do international investors enhance private firm value? Evidence from venture capital [J].
Cumming, Douglas ;
Knill, April ;
Syvrud, Kelsey .
JOURNAL OF INTERNATIONAL BUSINESS STUDIES, 2016, 47 (03) :347-373
[15]   Local bias in venture capital investments [J].
Cumming, Douglas ;
Dai, Na .
JOURNAL OF EMPIRICAL FINANCE, 2010, 17 (03) :362-380
[16]   Cultural differences and cross-border venture capital syndication [J].
Dai, Na ;
Nahata, Rajarishi .
JOURNAL OF INTERNATIONAL BUSINESS STUDIES, 2016, 47 (02) :140-169
[17]   Cross-border venture capital investments in Asia: Selection and exit performance [J].
Dai, Na ;
Jo, Hoje ;
Kassicieh, Sul .
JOURNAL OF BUSINESS VENTURING, 2012, 27 (06) :666-684
[18]   An entrepreneur's guide to the venture capital galaxy [J].
De Clercq, Dirk ;
Fried, Vance H. ;
Lehtonen, Oskari ;
Sapienza, Harry J. .
ACADEMY OF MANAGEMENT PERSPECTIVES, 2006, 20 (03) :90-112
[19]   Propensity score-matching methods for nonexperimental causal studies [J].
Dehejia, RH ;
Wahba, S .
REVIEW OF ECONOMICS AND STATISTICS, 2002, 84 (01) :151-161
[20]   Cross-border acquisition abandonment and completion: The effect of institutional differences and organizational learning in the international business service industry, 1981-2001 [J].
Dikova, Desislava ;
Sahib, Padma Rao ;
van Witteloostuijn, Arjen .
JOURNAL OF INTERNATIONAL BUSINESS STUDIES, 2010, 41 (02) :223-245
1234567