Template-Type: ReDIF-Paper 1.0
Author-Name: Bruining, J.
Author-Name-Last: Bruining
Author-Name-First: Hans
Author-Name: Verwaal, E.
Author-Name-Last: Verwaal
Author-Name-First: Ernst
Author-Name: Lockett, A.
Author-Name-Last: Lockett
Author-Name-First: Andy
Author-Name: Wright, D.M.
Author-Name-Last: Wright
Author-Name-First: Mike
Author-Person: pwr24
Author-Name: Manigart, S.
Author-Name-Last: Manigart
Author-Name-First: Sophie
Title: Firm Size Effects on Venture Capital Syndication: The Role of Resources and Transaction Costs
Abstract: 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.
Creation-Date: 2005-12-13
File-URL: https://repub.eur.nl/pub/7160/ERS%202005%20077%20STR.pdf
File-Format: application/pdf
Series: RePEc:ems:eureri
Number: ERS-2005-077-STR
Classification-JEL: D21, D8, G2, G24, G3, L20, M
Keywords: Firm Size, Resource-Based View, Syndication Networks, Transaction Cost Theory, Venture Capital
Handle: RePEc:ems:eureri:7160