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Venture capital syndicate networks: the determinants of interconnectedness

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  • Schilder, Dirk

Abstract

Dieser Artikel untersucht die Venture Capital (VC) Syndizierungsnetzwerke in Deutschland und inwieweit bestimmte Charakteristika der beteiligten VC Gesellschaften die Vernetzung der Investoren beeinflussen. Der verwendete Datensatz besteht aus 300 VC Investitionen und deren Investoren aus den Jahren 2004 und 2005. Die Analyse macht deutlich, dass das Alter der VC Gesellschaften einen dichotomen Einfluss auf die Syndizierungsnetzwerke hat - negativ für sehr junge und sehr alte Gesellschaften, ansonsten positiv. Es kann jedoch kein Unterscheid zwischen öffentlichen und privaten VC Investoren in Bezug auf die Anzahl der Netzwerkverbindungen der Financiers festgestellt werden. Die Untersuchung zeigt keine Anzeichen für geographische oder regionale Einflüsse auf die Anzahl der Syndizierungspartner einer VC Gesellschaft im Netzwerk. --

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Bibliographic Info

Paper provided by TU Bergakademie Freiberg, Faculty of Economics and Business Administration in its series Freiberg Working Papers with number 2007,03.

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Date of creation: 2007
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Handle: RePEc:zbw:tufwps:200703

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Keywords: Venture Capital; Syndizierung; Netzwerke;

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References

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  1. David Mcglue, 2002. "The funding of venture capital in Europe: Issues for public policy," Venture Capital, Taylor & Francis Journals, vol. 4(1), pages 45-58, January.
  2. Andy Lockett & Mike Wright, 1999. "The syndication of private equity: Evidence from the UK," Venture Capital, Taylor & Francis Journals, vol. 1(4), pages 303-324, October.
  3. Bygrave, William D., 1988. "The structure of the investment networks of venture capital firms," Journal of Business Venturing, Elsevier, vol. 3(2), pages 137-157.
  4. Sapienza, Harry J. & Manigart, Sophie & Vermeir, Wim, 1996. "Venture capitalist governance and value added in four countries," Journal of Business Venturing, Elsevier, vol. 11(6), pages 439-469, November.
  5. Gompers, Paul A, 1995. " Optimal Investment, Monitoring, and the Staging of Venture Capital," Journal of Finance, American Finance Association, vol. 50(5), pages 1461-89, December.
  6. James A. Brander & Raphael Amit & Werner Antweiler, 2002. "Venture-Capital Syndication: Improved Venture Selection vs. The Value-Added Hypothesis," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 11(3), pages 423-452, 09.
  7. Walter Powell & Kenneth Koput & James Bowie & Laurel Smith-Doerr, 2002. "The Spatial Clustering of Science and Capital: Accounting for Biotech Firm-Venture Capital Relationships," Regional Studies, Taylor & Francis Journals, vol. 36(3), pages 291-305.
  8. Lerner, Josh, 1995. " Venture Capitalists and the Oversight of Private Firms," Journal of Finance, American Finance Association, vol. 50(1), pages 301-18, March.
  9. Joshua Lerner, 1994. "The Syndication of Venture Capital Investments," Financial Management, Financial Management Association, vol. 23(3), Fall.
  10. Mike Wright & Andy Lockett, 2003. "The Structure and Management of Alliances: Syndication in the Venture Capital Industry," Journal of Management Studies, Wiley Blackwell, vol. 40(8), pages 2073-2102, December.
  11. Michael Fritsch & Dirk Schilder, 2008. "Does venture capital investment really require spatial proximity? An empirical investigation," Environment and Planning A, Pion Ltd, London, vol. 40(9), pages 2114-2131, September.
  12. Lockett, Andy & Wright, Mike, 2001. "The syndication of venture capital investments," Omega, Elsevier, vol. 29(5), pages 375-390, October.
  13. Dirk De Clercq & Dimo Dimov, 2004. "Explaining venture capital firms' syndication behaviour: A longitudinal study," Venture Capital, Taylor & Francis Journals, vol. 6(4), pages 243-256, October.
  14. Paul Gompers & Josh Lerner, 2001. "The Venture Capital Revolution," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 145-168, Spring.
  15. Yael V. Hochberg & Alexander Ljungqvist & Yang Lu, 2007. "Whom You Know Matters: Venture Capital Networks and Investment Performance," Journal of Finance, American Finance Association, vol. 62(1), pages 251-301, 02.
  16. Gompers, Paul A., 1996. "Grandstanding in the venture capital industry," Journal of Financial Economics, Elsevier, vol. 42(1), pages 133-156, September.
  17. Bygrave, William D., 1987. "Syndicated investments by venture capital firms: A networking perspective," Journal of Business Venturing, Elsevier, vol. 2(2), pages 139-154.
  18. Douglas J. Cumming, 2006. "The Determinants of Venture Capital Portfolio Size: Empirical Evidence," The Journal of Business, University of Chicago Press, vol. 79(3), pages 1083-1126, May.
  19. Schilder, Dirk, 2006. "Public venture capital in Germany: task force or forced task?," Freiberg Working Papers 2006,12, TU Bergakademie Freiberg, Faculty of Economics and Business Administration.
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Cited by:
  1. Schmidt, Marko & Grigoleit, Jens & Nippa, Michael, 2009. "Die Auswirkungen der Unternehmenstransparenz auf den Erfolg börsenorientierter Kapitalgesellschaften in Deutschland - Eine Darstellung des aktuellen Forschungsstandes," Freiberg Working Papers 2009,01, TU Bergakademie Freiberg, Faculty of Economics and Business Administration.

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