http://repub.eur.nl/res/aut/2893/ List of Publications en http://repub.eur.nl/static-eur/img/logo.png http://repub.eur.nl http://repub.eur.nl/res/pub/13874/ 2010-04-01T00:00:00Z Drawing from the resource-based view and transaction costs economics, we develop a theoretical framework to explain why small and large firms face different levels of resource access needs and resource access capabilities, which mediate the relationship between firm size and hybrid governance. Employing a sample of 317 venture capital firms, drawn across six European countries, we empirically assess our framework in the context of venture capital syndication. We estimate a path model using structural equation modeling and find, consistent with our theoretical framework, mediating effects of different types of resource access needs and resource access capabilities between VC firm size and syndication frequency. These findings advance the small business literature by highlighting the trade-offs that size imposes on firms that seek to manage their access to external resources through hybrid governance strategies. http://repub.eur.nl/res/pub/16853/ 2009-06-01T00:00:00Z Syndicates are a form of inter-firm alliance in which two or more private equity firms invest together in an investee firm and share a joint pay-off, and are an enduring feature of the leveraged buyout (LBO) and private equity industry. This study examines the relationship between syndication and agency costs at the investor-investee level, and the extent to which the reputation and the network position of the lead investor mediate this relationship. We examine this relationship using a sample of 1,122 buyout investments by 80 private equity companies in the UK between 1993 and 2006. Our findings show that where agency costs are highest, and hence ex-post monitoring by the lead investor is more important, syndication is less likely to occur. The negative relationship between agency costs and syndication, however, is alleviated by the reputation and network position of the lead investor firm. http://repub.eur.nl/res/pub/15697/ 2009-03-01T00:00:00Z In this paper we examine how incentives for collaboration shape collaborative behavior and researcher productivity in the context of EU-funded research networks. EU-funded research networks require researchers to collaborate as a condition for securing research funding. The presence of research funding, therefore, may influence collaborative behavior. Our approach involves isolating the effects of funding, collaboration and previous collaborations (prior to funding) on research output, and examining how the pattern of collaboration affects research productivity over time. Employing a panel of 294 researchers in 39 EU research networks over a 15-year period we find that while the impact of funding on productivity is generally positive the overall impact of collaboration within the funded networks is weak. When we delineate between pre-, during- and post-funding periods, however, we find some important differences. During the period of funding, collaboration did not lead to an increase in research production. In the post-funding period we find that although the number of collaborations decreases within the network, the impact of collaboration on productivity is positive and significant. Our findings suggest that collaborations formed to capitalize on funding opportunities, while not effective in enhancing researcher productivity in the short run, may be an important promoter of effective collaborations in the longer run. http://repub.eur.nl/res/pub/7160/ 2005-12-13T00:00:00Z The present paper examines firm size effects on the decision of venture capital firms to participate in a venture capital investment syndication network. The authors submit that firm size effects in venture capital syndication are dependent on resource acquisition motives and transaction cost considerations. Analysis of 317 venture capital firms in 6 European countries reveals a curve linear relationship between firm size and venture capital syndication participation. We also find positive and negative moderating effects of firm size. The implication of our findings is that there are both advantages and disadvantages in syndicated investment for the smaller and larger venture capitalist. http://repub.eur.nl/res/pub/252/ 2002-11-04T00:00:00Z Financial theory, resource-based theory and access to deal flow are used to explain syndication practices among European venture capital (VC) firms. The desire to share risk and increase portfolio diversification is a more important motive for syndication than the desire to access additional intangible resources or deal flow. Access to resources is, however, more important for non-lead than for lead investors. When resource-based motives are more important, the propensity to syndicate increases. Syndication intensity is higher for young VC firms and for VC firms, specialised in a specific investment stage. Finally, syndication strategies are similar across European countries, but differ from North American strategies. http://repub.eur.nl/res/pub/211/ 2002-07-02T00:00:00Z Multivariate statistical analysis is utilized to explore the association between firm strategies, contributions made by venture capitalists and incentives for owners and employees and three exporting variables in a stratified random sample of 147 management buyouts and buyins. Firms focusing upon a diversified product/ service range and/or advertising were significantly more likely to be exporters. Firms focusing upon product/ service quality and financial efficiency and those with high proportions of employees receiving performance related pay were significantly less likely to be exporters. Manufacturing firms and firms focusing upon a diversified product/ service range and/or advertising were significantly more likely to report high percentages of sales exported. Variations in the proportion of sales exported over time were associated with strategies focused upon product/service quality and a diversified product/ service range.