Does syndication with local venture capitalists moderate the effects of geographical and institutional distances?

Publikation: Beiträge in ZeitschriftenZeitschriftenaufsätzeForschungbegutachtet

Authors

Venture capitalists (VCs) face additional risks and costs when they invest in firms located in geographically remote countries or in countries whose institutions differ substantially from those in their home countries. Our study considers foreign VCs ' prospect of overcoming these investment obstacles as a rationale for syndicating with local VCs from the investment countries. Through such syndication, foreign VCs may obtain easier access to investment opportunities, improve the risk allocation and face lower information costs. Using a novel dataset of worldwide deals, we draw a diametrically opposed picture for the two kinds of distance: our results lend support to the conjecture that the obstacles of great institutional distance cannot be overcome with the help of a local VC, whereas those of great geographical distance can.
OriginalspracheEnglisch
ZeitschriftJournal of International Management
Jahrgang20
Ausgabenummer4
Seiten (von - bis)406-420
Anzahl der Seiten15
ISSN1075-4253
DOIs
PublikationsstatusErschienen - 01.12.2014

DOI

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  4. Academic Committee of the China’s Research Center for Economic Transition an der Beijing University of Technology (Externe Organisation)
  5. MFA ConAccount Conference 2012
  6. Verantwortung und Umweltverhalten
  7. Teaching and Learning Innovation Expo - 2009
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  11. Leuphana Universität Lüneburg (Organisation)
  12. Mathematisches Kolloquium - 2006
  13. Open Innovation Mindset and School Leadership: How Innovations can be successfully implemented at schools
  14. 13th Annual Conference of the Association for Public Economic Theory - PET12
  15. Lehrerfortbildung 2012
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  22. IEEE Global Engineering Education Conference - EDUCON 2012
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  24. Copenhagen Business School
  25. 6th International Pragmatics Conference - IPrA 1998
  26. 6th Wulkow Meeting of Directors of Language Centres in Higher Education in Europe
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