Looking for complementarities. Within-industry diversification and geographic diversification of Venture Capital Firms

IF 2.8 4区管理学 Q2 BUSINESS, FINANCE

Venture Capital Pub Date : 2022-11-02 DOI:10.1080/13691066.2022.2139206

Johannes M. Lehner

引用次数: 0

Abstract

ABSTRACT Research on Venture Capitalists' (VCs) industrial diversification is supplemented with the notion of diversification along an industry’s value chain. VCs are hypothesized to create a portfolio of complementary investments along the value chain, accompanied by low geographic diversification. Further, VCs specializing in an industry with network externalities are predicted to devote relatively more investments to this industry, followed by an increased propensity for diversification along the value chain. This, subsequently, will result in less geographic diversification. The hypotheses are supported through a study on VCs in the US and Europe. Contributions to the literature on VCs, diversification, geographic agglomeration and network effects are discussed.

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寻找互补性。风险投资公司的行业内多元化和地域多元化

摘要对风险资本家产业多元化的研究补充了产业价值链多元化的概念。假设风险投资在价值链上创造了一个互补的投资组合，伴随着低地域多样化。此外，预计专门从事具有网络外部性的行业的风险投资公司将向该行业投入相对更多的投资，随后将增加沿价值链多样化的倾向。因此，这将导致地域多样化的减少。这些假设通过对美国和欧洲风险投资的研究得到了支持。讨论了对风险投资、多元化、地理集聚和网络效应的文献贡献。

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

Venture Capital BUSINESS, FINANCE-

CiteScore

4.10

自引率

16.70%

发文量

期刊介绍： Venture Capital publishes cutting edge research-based papers from academics and practitioners on all aspects of private equity finance such as: •institutional venture capital •informal venture capital •corporate venture capital •public sector venture capital •community venture capital It also covers all aspects of the venture capital process from investment decision to exit, including studies on: •investment patterns •investment decision-making •investment performance •realisation of investment value exit routes (including the relationship with junior capital markets such as NASDAQ, EASDAQ, AIM and Nouvelle March). •economic impact and public policy