Explaining venture capital firms' syndication behavior: a longitudinal study
Using a unique methodological approach, we examine factors related to venture capital firmsâ€™ (VCFsâ€™) involvement in syndication. We argue that VCFsâ€™ investment strategy matters in terms of the extent to which VCFs engage in syndication. We test several hypotheses pertaining to VCFsâ€™ syndication behavior based on a longitudinal data set of realized strategies of 200 U.S.-based VCFs over a twelve-year period. Overall, we find support for both knowledge-based and financial arguments for why VCFs engage in syndication. We discuss our results and provide avenues for future research.
|Date of creation:||21 Oct 2004|
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