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Explaining venture capital firms' syndication behavior: a longitudinal study

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  • De Clercq, D.

    ()

  • Dimov, Dimo P.

    (Vlerick Leuven Gent Management School)

Abstract

Using a unique methodological approach, we examine factors related to venture capital firms’ (VCFs’) involvement in syndication. We argue that VCFs’ investment strategy matters in terms of the extent to which VCFs engage in syndication. We test several hypotheses pertaining to VCFs’ 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.

Suggested Citation

  • 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.
  • Handle: RePEc:vlg:vlgwps:2004-18
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    File URL: http://www.vlerick.be/en/2653-VLK/version/default/part/AttachmentData/data/vlgms-wp-2004-18.pdf
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    1. Lewis, William W., 2004. "The Power of Productivity," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226476766.
    2. Wiersema,Margarethe & Bowen, Harry P., 2005. "Corporate international diversification: the impact of foreign competition, industry globalization and product diversification," Vlerick Leuven Gent Management School Working Paper Series 2005-6, Vlerick Leuven Gent Management School.
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