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Understanding global flows of venture capital: Human networks as the “carrier wave” of globalization

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  • Ravi Madhavan

    (Katz Graduate School of Business, University of Pittsburgh, Pittsburgh, USA)

  • Akie Iriyama

    (School of Management, State University of New York at Buffalo, Buffalo, USA)

Abstract

Industry participants and observers view venture capital as fundamentally a local business. However, recent data show an increasing share of US venture capital investments flowing overseas. We suggest that cross-border venture capital flows are associated with the formation of “transnational technical communities” (TTCs), groups of immigrants active in both home- and host-country technical networks. Our results highlight the role of human networks as a mechanism of industry globalization, and support the view that TTCs are emerging economic actors in their own right.

Suggested Citation

  • Ravi Madhavan & Akie Iriyama, 2009. "Understanding global flows of venture capital: Human networks as the “carrier wave” of globalization," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 40(8), pages 1241-1259, October.
  • Handle: RePEc:pal:jintbs:v:40:y:2009:i:8:p:1241-1259
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    Citations

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    Cited by:

    1. Lin, Xiaohua & Yang, Xiyan, 2017. "From human capital externality to entrepreneurial aspiration: Revisiting the migration-trade linkage," Journal of World Business, Elsevier, vol. 52(3), pages 360-371.
    2. Papastamatelou Julie & Busch Rainer & Ötken Begüm & Okan Elif Y. & Gassemi Karim, 2016. "Effects of Network Capabilities on Firm Performance across Cultures," International Journal of Management and Economics, De Gruyter Open, vol. 49(1), pages 79-105, March.
    3. Martinez, Candace & Cummings, Michael E. & Vaaler, Paul M., 2015. "Economic informality and the venture funding impact of migrant remittances to developing countries11Please contact Paul M. Vaaler regarding this paper. This research benefitted from a presentation at ," Journal of Business Venturing, Elsevier, pages 526-545.
    4. repec:bla:ecopol:v:29:y:2017:i:2:p:91-117 is not listed on IDEAS
    5. Li, Ji & Chu, Chris W.L. & Wang, Xinran & Zhu, Hong & Tang, Guiyao & Chen, Yuanyi, 2012. "Symbiotic ownership, cultural alignment, and firm performance: A test among international strategic alliances," International Business Review, Elsevier, vol. 21(6), pages 987-997.
    6. Larrañeta, Bárbara & Zahra, Shaker A. & González, José Luis Galán, 2012. "Enriching strategic variety in new ventures through external knowledge," Journal of Business Venturing, Elsevier, vol. 27(4), pages 401-413.
    7. Tykvová, Tereza & Schertler, Andrea, 2014. "Does Syndication With Local Venture Capitalists Moderate the Effects of Geographical and Institutional Distance?," Journal of International Management, Elsevier, vol. 20(4), pages 406-420.
    8. Gammelgaard, Jens & McDonald, Frank & Stephan, Andreas & Tüselmann, Heinz & Dörrenbächer, Christoph, 2012. "The impact of increases in subsidiary autonomy and network relationships on performance," International Business Review, Elsevier, vol. 21(6), pages 1158-1172.
    9. Gao, Lan & Liu, Xiaohui & Zou, Huan, 2013. "The role of human mobility in promoting Chinese outward FDI: A neglected factor?," International Business Review, Elsevier, vol. 22(2), pages 437-449.
    10. Cumming, Douglas & Zhang, Yelin, 2016. "Alternative investments in emerging markets: A review and new trends," Emerging Markets Review, Elsevier, vol. 29(C), pages 1-23.

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