This file is part of IDEAS, which uses RePEc data


[ Papers | Articles | Software | Books | Chapters | Authors | Institutions | JEL Classification | NEP reports | Search | New papers by email | Author registration | Rankings | Volunteers | FAQ | Blog | Help! ]

Transaction costs, behavioral uncertainty and the formation of interfirm cooperations: Syndication in the UK private equity market

Author info | Abstract | Publisher info | Download info | Related research | Statistics
Author Info
M. MEULEMAN ()
S. MANIGART ()
A. LOCKETT
M. WRIGHT

Additional information is available for the following registered author(s):

Abstract

Empirical results on the relationship between uncertainty and interfirm cooperation are conflicting. To address this puzzle, we distinguish between two different sources of uncertainty: primary and behavioral uncertainty. We hypothesize that the effect of primary uncertainty on interfirm cooperation is moderated by the behavioral uncertainty associated with an exchange partner. Evidence from the formation of investment syndicates in the management buyout market shows that for high levels of behavioral uncertainty, there is a negative effect of primary uncertainty on interfirm cooperation, whereas for low levels of behavioral uncertainty there is a positive effect. Implications for theory and research are suggested.

Download Info
To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://www.FEB.UGent.be/nl/Ondz/wp/Papers/wp_06_359.pdf
File Format: application/pdf
File Function:
Download Restriction: no

Publisher Info
Paper provided by Ghent University, Faculty of Economics and Business Administration in its series Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium with number 06/359.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length: 51 pages
Date of creation: Jan 2006
Date of revision:
Handle: RePEc:rug:rugwps:06/359

Contact details of provider:
Postal: Hoveniersberg 4, B-9000 Gent
Phone: ++ 32 (0) 9 264 34 61
Fax: ++ 32 (0) 9 264 35 92
Web page: http://www.feb.ugent.be/
More information through EDIRC

For technical questions regarding this item, or to correct its listing, contact: (Nathalie Verhaeghe).

Related research
Keywords: transaction cost economics; uncertainty; interorganizational strategy; social capital; reputation;

This paper has been announced in the following NEP Reports:

References listed on IDEAS
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. Black, Bernard S. & Gilson, Ronald J., 1998. "Venture capital and the structure of capital markets: banks versus stock markets," Journal of Financial Economics, Elsevier, vol. 47(3), pages 243-277, March. [Downloadable!] (restricted)
  2. Megginson, William L & Weiss, Kathleen A, 1991. " Venture Capitalist Certification in Initial Public Offerings," Journal of Finance, American Finance Association, vol. 46(3), pages 879-903, July. [Downloadable!] (restricted)
  3. Mike Wright, 1998. "Venture Capital and Private Equity: A Review and Synthesis," Journal of Business Finance & Accounting, Blackwell Publishing, vol. 25(5&6), pages 521-570. [Downloadable!] (restricted)
  4. Lerner, Josh & Schoar, Antoinette, 2004. "The illiquidity puzzle: theory and evidence from private equity," Journal of Financial Economics, Elsevier, vol. 72(1), pages 3-40, April. [Downloadable!] (restricted)
    Other versions:
  5. Joshua Lerner, 1994. "The Syndication of Venture Capital Investments," Financial Management, Financial Management Association, vol. 23(3), Fall.
  6. Telser, L G, 1980. "A Theory of Self-enforcing Agreements," Journal of Business, University of Chicago Press, vol. 53(1), pages 27-44, January. [Downloadable!] (restricted)
  7. James A. Brander & Raphael Amit & Werner Antweiler, 2002. "Venture-Capital Syndication: Improved Venture Selection vs. The Value-Added Hypothesis," Journal of Economics & Management Strategy, Blackwell Publishing, vol. 11(3), pages 423-452, 09. [Downloadable!] (restricted)
  8. Pegaret Pichler & William Wilhelm, 2001. "A Theory of the Syndicate: Form Follows Function," OFRC Working Papers Series 2001fe05, Oxford Financial Research Centre. [Downloadable!]
  9. Gorman, Michael & Sahlman, William A., 1989. "What do venture capitalists do?," Journal of Business Venturing, Elsevier, vol. 4(4), pages 231-248, July. [Downloadable!] (restricted)
  10. Admati, Anat R & Pfleiderer, Paul, 1994. " Robust Financial Contracting and the Role of Venture Capitalists," Journal of Finance, American Finance Association, vol. 49(2), pages 371-402, June. [Downloadable!] (restricted)
  11. Sahlman, William A., 1990. "The structure and governance of venture-capital organizations," Journal of Financial Economics, Elsevier, vol. 27(2), pages 473-521, October. [Downloadable!] (restricted)
  12. Pegaret Pichler, 2001. "A Theory of the Syndicate: Form Follows Function," Journal of Finance, American Finance Association, vol. 56(6), pages 2237-2264, December. [Downloadable!] (restricted)
Full references

Statistics
Access and download statistics

Did you know? You too can volunteer with RePEc.

This page was last updated on 2009-11-30.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.