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The syndication of venture capital investments

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Author Info
Lockett, Andy
Wright, Mike

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Abstract

This paper examines competing finance, resource-based and deal flow explanations for the syndication of venture capital investments. Evidence from 60 firms (a 58.8% response rate) is analysed. Overall the finance perspective provides a strong explanation of motives for syndication, but the resource-based view is found to be much more important for those firms involved in at least some early stage transactions. The implications for researchers are that venture capital firms should not be treated as a homogeneous group and that the investment stages in which they operate may strongly influence attitudes towards syndication. In addition, there are implications for practitioners as venture capital firms may not be attributing sufficient attention to the need to augment their own resource base in order to enable them to make superior decisions when selecting deals and managing investments.

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File URL: http://www.sciencedirect.com/science/article/B6VC4-43HK1SC-1/2/3ab139032a9d10548844c43ef55bfbe5
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Publisher Info
Article provided by Elsevier in its journal Omega.

Volume (Year): 29 (2001)
Issue (Month): 5 (October)
Pages: 375-390
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Handle: RePEc:eee:jomega:v:29:y:2001:i:5:p:375-390

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Related research
Keywords: Venture capital Finance Syndication Resource-based theory;

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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)
  1. Heneric, Oliver & Engel, Dirk & Champenois, Claire, 2004. "The Birth of German Biotechnology Industry : Did Venture Capital run the Show?," ZEW Discussion Papers 04-09, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
  2. Bruining, J. & Verwaal, E. & Lockett, A. & Wright, D.M. & Manigart, S., 2005. "Firm Size Effects on Venture Capital Syndication: The Role of Resources and Transaction Costs," Research Paper ERS-2005-077-STR Revision, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus Uni. [Downloadable!]
  3. Philippe Desbrières & Sophie Manigart & Andy Lockett & Miguel Meuleman & Hans Landström, 2002. "The syndication of venture capital investments in Europe: Evidence from five european countries," Working Papers FARGO 1021202, Université de Bourgogne - Latec/Fargo (Research center in Finance,organizational ARchitecture and GOvernance). [Downloadable!]
  4. De Clercq, D. & Dimov, Dimo P., 2004. "Explaining venture capital firms' syndication behavior: a longitudinal study," Vlerick Leuven Gent Management School Working Paper Series 2004-18, Vlerick Leuven Gent Management School. [Downloadable!]
  5. Sophie Manigart & Andy Lockett & Miguel Meuleman & Mike Wright & Hans Landstrm & Hans Bruining & Philippe Desbrieres & Ulrich Hommel, 2002. "Why do European Venture Capital Companies syndicate?," Vlerick Leuven Gent Management School Working Paper Series 2002-20, Vlerick Leuven Gent Management School. [Downloadable!]
    Other versions:
  6. Claire Champenois & Dirk Engel & Oliver Heneric, 2006. "What kind of German biotechnology start-ups do venture capital companies and corporate investors prefer for equity investments?," Applied Economics, Taylor and Francis Journals, vol. 38(5), pages 505-518, March. [Downloadable!] (restricted)
  7. Michael Fritsch & Dirk Schilder, 2006. "Does Venture Capital Investment Really Require Spatial Proximity? An Empirical Investigation," Papers on Entrepreneurship, Growth and Public Policy 2006-14, Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group. [Downloadable!]
    Other versions:
  8. Douglas Cumming & Grant Fleming & Armin Schwienbacher, 2008. "Financial intermediaries, ownership structure and the provision of venture capital to SMEs: evidence from Japan," Small Business Economics, Springer, vol. 31(1), pages 59-92, June. [Downloadable!] (restricted)
  9. Andy Cosh & Douglas Cumming & Alan Hughes, 2005. "Outside Entrepreneurial Capital," ESRC Centre for Business Research - Working Papers wp301, ESRC Centre for Business Research. [Downloadable!]
    Other versions:
  10. Cumming, D. & Johan, S., 2005. "Provincial preferences in private equity," Discussion Paper 04, Tilburg University, Tilburg Law and Economic Center. [Downloadable!]
    Other versions:
  11. Douglas Cumming & Sofia Johan, 2009. "Pre-seed government venture capital funds," Journal of International Entrepreneurship, Springer, vol. 7(1), pages 26-56, March. [Downloadable!] (restricted)
  12. D. De Clercq & D. P. Dimov, 2004. "Explaining venture capital firms’ syndication behavior: A longitudinal study," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 04/279, Ghent University, Faculty of Economics and Business Administration. [Downloadable!]
  13. Carola Jungwirth & Petra Moog, 2004. "Closing the gap or enlarging the pool: How venture capitalist differ in their syndication motives," Working Papers 0023, University of Zurich, Institute for Strategy and Business Economics (ISU). [Downloadable!]
  14. Lanfang Wang & Susheng Wang, 2009. "Convertibles and milestones in staged financing," Journal of Economics and Finance, Springer, vol. 33(2), pages 189-221, April. [Downloadable!] (restricted)
  15. Casamatta, Catherine & Haritchabalet, Carole, 2007. "Experience, Screening and Syndication in Venture Capital Investments," IDEI Working Papers 443, Institut d'Économie Industrielle (IDEI), Toulouse. [Downloadable!]
    Other versions:
  16. Cumming, Douglas & Johan, Sofia, 2006. "Corporate social responsibility: domestic and international private equity institutional investment," Discussion Paper 2, Tilburg University, Tilburg Law and Economic Center. [Downloadable!]
    Other versions:
  17. Christian Hopp & Finn Rieder, 2004. "What drives Venture Capital Syndication," Finance 0412023, EconWPA, revised 12 Jan 2006. [Downloadable!]
  18. S. Manigart & A. Lockett & M. Meuleman & M. Wright & H. Landström & H. Bruining & P. Desbrières & U. Hommel, 2004. "Why Do Venture Capital Companies Syndicate?," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 04/226, Ghent University, Faculty of Economics and Business Administration. [Downloadable!]
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