The power of syndication: the innovation output of venture capital investments in the United States

IF 3.9 3区管理学 Q2 MANAGEMENT

Management International Review Pub Date : 2023-01-01 DOI:10.59876/a-6r7m-ahrf

Fatima Shuwaikh, Joakim Dias

引用次数: 0

Abstract

This paper demonstrates the impact of the participation of corporate venture capital (CVC) funds and independent venture capital (IVC) funds in syndicated investments. We examine the dynamics of the impact of these syndications and the channels (industry fit and location fit) that improve innovation effectiveness. Based on the main sample of 5182 US. funded companies between 1998 and 2017, there is strong evidence of an existing superiority of CVC engagement in syndications (CVC/IVC) that can further boost the innovation output contribution. Additionally, the results show that industry and location fit augment the innovation output of the entrepreneurial companies.

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辛迪加的力量:美国风险投资的创新产出

本文论证了企业风险投资基金和独立风险投资基金参与银团投资的影响。我们研究了这些财团和渠道(行业契合度和位置契合度)对提高创新效率的影响动态。根据5182美国的主要样本。强有力的证据表明，CVC参与辛迪加(CVC/IVC)存在优势，可以进一步提高创新产出贡献。此外，产业和区位的匹配对创业企业的创新产出有显著的促进作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Management International Review MANAGEMENT-

CiteScore

6.50

自引率

11.60%

发文量

期刊介绍： Management International Review publishes research-based articles that reflect significant advances in the key areas of International Management. Its target audience consists of scholars in International Business Administration. Management International Review is a double-blind refereed journal that aims at the advancement and dissemination of research in the fields of International Management. The scope of the journal comprises International Business, Cross-Cultural Management, and Comparative Management. The journal publishes research that builds or extends International Management theory so that it can contribute to International Management practice. Management International Review welcomes both theoretical and empirical work. Original papers are invited that are based on a solid theoretical basis and a rigorous methodology. In the area of empirical studies, the journal publishes both quantitative and qualitative research. To be published in Management International Review, a paper must make strong contributions and highlight the significance of those contributions to the field of International Management. The editors are especially interested in manuscripts that break new ground rather than papers that make only incremental contributions. Management International Review publishes articles and research notes. Every year, six issues are published. On average, two of these issues are Focused Issues, which concentrate on a specific subfield of International Management.