Pioneering excellence or fleeing mediocracy? Why venture capital firms internationalize

IF 5.7 2区管理学 Q1 BUSINESS

Global Strategy Journal Pub Date : 2023-05-07 DOI:10.1002/gsj.1482

Harald Kollmann, Jakob Müllner, Jonas Puck

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引用次数: 0

Abstract

Research Summary

Theories and empirical evidence on the competitive motives for VC internationalization are unclear and contradictory. In our study, we adopt a performance feedback perspective to explain VC firms' motives to venture abroad. We leverage unique peer-performance data on 295 VC funds and 2954 VC investments and find support for our hypotheses that performance below (a) peer, (b) historical, or (c) market aspiration levels drives VCs exodus to (a) foreign and (b) more distant markets. Our study complements theories on internationalization with an organization ecology perspective that acknowledges internationalization as an attempt at adaptation triggered by poor performance.

Managerial Summary

Venture capitalists (VC) are not just owners, but take an active role in shaping their portfolio companies' strategies. This causes them to favor investments in their geographic and psychic proximity to allow hands-on business development. Nevertheless, the share of cross-border investments by VCs has risen steadily in past years. Our research shows that this internationalization is not solely driven by pioneering and successful VCs but oftentimes by VCs struggling to achieve performance levels. This notion of internationalization by the weakest has important firm-level consequences.

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追求卓越还是逃离平庸？为什么风险投资公司国际化

关于风险投资国际化竞争动机的理论和实证证据并不清晰且相互矛盾。在我们的研究中，我们采用绩效反馈的视角来解释风险投资公司海外投资的动机。我们利用295家风投基金和2954家风投投资的独特同行业绩数据，找到了支持我们假设的证据，即低于(a)同行、(b)历史或(c)市场期望水平的业绩促使风投公司外流到(a)国外和(b)更遥远的市场。我们的研究从组织生态学的角度对国际化理论进行了补充，认为国际化是一种由不良绩效引发的适应尝试。风险资本家（VC）不仅仅是所有者，而且在塑造其投资组合公司的战略方面发挥着积极的作用。这使得他们倾向于在他们的地理位置和精神上接近的地方投资，以允许实际的业务发展。尽管如此，风险投资在跨境投资中的份额在过去几年中稳步上升。我们的研究表明，这种国际化不仅仅是由先锋和成功的风投推动的，而且往往是由努力达到绩效水平的风投推动的。这种由最弱企业进行国际化的概念在企业层面具有重要的影响。

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

Global Strategy Journal MANAGEMENT-

CiteScore

14.20

自引率

11.80%

发文量

期刊介绍： The Global Strategy Journal is a premier platform dedicated to publishing highly influential managerially-oriented global strategy research worldwide. Covering themes such as international and global strategy, assembling the global enterprise, and strategic management, GSJ plays a vital role in advancing our understanding of global business dynamics.