Buchner, A., Helbing, P., Mohamed, A. et al. (1 more author) (2025) Does the same investment team create value? Evidence from venture capital syndication. Small Business Economics. ISSN 0921-898X
Abstract
We study the effect of repeated venture capital (VC) syndication on VC investment performance. We posit that repeated syndication is positively associated with stagnant investment returns but negatively associated with high investment returns. Using a large dataset from 1985 through 2017, we find support for our intuition. Additionally, our results show that periods of recession accentuate the positive (negative) relationship between repeated syndication and stagnant (high) investment returns. These findings are robust after addressing sample selection and endogeneity concerns. Our study provides nuanced insights into the performance implications of having the same investment teams in the context of VC syndications.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © The Author(s) 2025. This is an open access article under the terms of the Creative Commons Attribution License (CC-BY 4.0), which permits unrestricted use, distribution and reproduction in any medium, provided the original work is properly cited. |
Keywords: | Recession, Repeated collaboration, Syndication, Venture capital |
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: | 20 May 2025 09:16 |
Last Modified: | 17 Jun 2025 14:07 |
Status: | Published online |
Publisher: | Springer |
Identification Number: | 10.1007/s11187-025-01058-7 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:226851 |