Venture capital syndication and its causal relationship with performance outcomes

Checkley, Matthew; Higón, Dolores Añón; Angwin, Duncan

doi:10.1002/jsc.870

Cited by 5 publications

(6 citation statements)

References 33 publications

(47 reference statements)

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“…In VC investments with an exit via stock market fl otation or initial public off ering (IPO), 44% by volume and 69% by value were syndicated (Checkley et al, 2010;IE Consulting, 2004). In the UK, 27% by volume and 38% by value of VC investments were syndicated during the period 1993-2002.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Th e study of network evolution is prominent (Checkley et al, 2010;Koka et al, 2006). Th e study of network evolution is prominent (Checkley et al, 2010;Koka et al, 2006).…”

Section: Introductionmentioning

confidence: 99%

“…Given the importance of cooperative networks, research has turned to the underlying question of how and why networks change. Th e study of network evolution is prominent (Checkley et al, 2010;Koka et al, 2006). To better understand how cooperative interfi rm networks evolve, this article addresses two interrelated objectives.…”

Section: Introductionmentioning

confidence: 99%

“…In VC investments with an exit via stock market fl otation or initial public off ering (IPO), 44% by volume and 69% by value were syndicated (Checkley et al, 2010;IE Consulting, 2004). I nterfi rm networks improve performance outcomes and higher performance is contagious between cooperating fi rms.…”

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confidence: 99%

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Firm Performance and the Evolution of Cooperative Interfirm Networks: UK Venture Capital Syndication

et al. 2014

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Section: Literature Reviewmentioning

confidence: 99%

“…Th e study of network evolution is prominent (Checkley et al, 2010;Koka et al, 2006). Th e study of network evolution is prominent (Checkley et al, 2010;Koka et al, 2006).…”

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

“…In VC investments with an exit via stock market fl otation or initial public off ering (IPO), 44% by volume and 69% by value were syndicated (Checkley et al, 2010;IE Consulting, 2004). I nterfi rm networks improve performance outcomes and higher performance is contagious between cooperating fi rms.…”

mentioning

confidence: 99%

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Firm Performance and the Evolution of Cooperative Interfirm Networks: UK Venture Capital Syndication

et al. 2014

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“…Particularly, VC preferred to ally with partners which could reduce their market risk and technical risk. According to Checkley, Higon and Angwin (2010) [13] , joint investment strategy could increase the number of IPO withdrawal in VC's portfolio. Diversification in investment industries also benefited to VC performance.…”

Section: Research On Vc Investment Strategymentioning

confidence: 99%

Specialization and performance: Evidence from Chinese venture capital funds

Jiang

Liu

2014

2014 International Conference on Management Science &Amp; Engineering 21th Annual Conference Proceedings

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Venture capital (VC) is honored as the "engine for economic growth". However, Chinese VC funds' investment performance varies from each other greatly. This paper uses the sample of 73 VC funds' investment data from 2001 to 2011 in China, and attempts to examine the impact of specialization strategy on investment performance, especially the industry specialization and stage specialization. By performing correlation analysis, hierarchical regression analyses and robustness test, we finally get the conclusion that: (i) specialization in industry has a remarkable positive impact on VC performance; (ii) the interaction of stage specialization and VC funds' age has a significant negative correlation with VC performance; (iii) performance of the VC funds located in Beijing, Shanghai, Guangzhou and Shenzhen are higher than those in other regions. Finally, some suggestions are provided based on these results.

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Arbitrage between capital sources in entrepreneurial firms: a foreword note

Kianfar¹,

Milana²,

Smith³

2010

Strategic Change

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One of the distinctive features of entrepreneurial fi nance is the notoriously narrow scope of arbitrage between alternative sources of fi nancial capital. Available sources are, in reality, rather few. Th e growth-committed entrepreneurial fi rm in the early stages of its production life, or an old one engaging in a new project, typically relies on a much smaller range of possible fi nancial sources than those of a wellestablished corporate fi rm. While the former typically cannot gain access to externally traded equity and traded debt by appealing to the markets of stocks and securities, the latter can access these markets while benefi ting from a wide range of possible alternatives.Th e particular situation of a growth-committed entrepreneurial fi rm can best be evaluated with reference to the general case of a listed fi rm with full potential access to all capital markets. With reference to the balance sheet structure, a general fi rm's capital can be defi ned as the set of assets whose acquisition is fi nanced by a set of funds and liabilities. Depending on which side of the balance sheet is taken into account, the term 'capital structure' has the meaning of the composition of the fi rm's employed capital (assets) or the composition of fi nancial capital (funds and liabilities) obtained from various sources. Th e structure of assets is primarily determined by technological and productive conditions, while the structure of funds and liabilities is primarily determined for fi nancial reasons.Th e assets can be distinguished as long-lived (fi xed) and short-lived (current) assets, whereas the fi nancial resources can be distinguished as owners' funds and liabilities. Th e most important eff ect of the distribution of fi nancial resources

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Venture capital syndication and its causal relationship with performance outcomes

Abstract: Venture capital firms benefit from frequent and diverse syndication ties; these are causal of increased IPO generation.

Cited by 5 publications

References 33 publications

Firm Performance and the Evolution of Cooperative Interfirm Networks: UK Venture Capital Syndication

Firm Performance and the Evolution of Cooperative Interfirm Networks: UK Venture Capital Syndication

Specialization and performance: Evidence from Chinese venture capital funds

Arbitrage between capital sources in entrepreneurial firms: a foreword note

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