Khurshed, A, Mohamed, A orcid.org/0000-0002-2974-9467, Schwienbacher, A et al. (1 more author) (2020) Do venture capital firms benefit from international syndicates? Journal of International Business Studies, 51 (6). pp. 986-1007. ISSN 0047-2506
Abstract
This paper examines the benefits of syndicating with foreign venture capital (VC) firms for domestic VC firms in emerging markets. We find that the VC firms that are domestic to their invested companies and previously syndicated with foreign partners invest proportionately more frequently in riskier ventures. After gaining syndication experience with foreign VC firms, a larger number of their portfolio companies are successfully exited, thereby suggesting improved performance. We hypothesize that this outcome is due to the organizational learning effects. While the previous research has shown benefits for foreign VC firms, our results show that domestic VC firms also benefit from international syndication through improved investments.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2020 Academy of International Business. All rights reserved. This is an author produced version of a paper published in Journal of International Business Studies. Uploaded in accordance with the publisher's self-archiving policy. |
Keywords: | organizational learning; venture capital; syndication; cross-border investments |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Business (Leeds) > Accounting & Finance Division (LUBS) (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 08 Jan 2020 15:15 |
Last Modified: | 01 Jan 2021 01:38 |
Status: | Published |
Publisher: | Palgrave Macmillan UK |
Identification Number: | 10.1057/s41267-019-00296-8 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:155354 |