Syndication networks and company survival: Evidence from European venture-capital deals

Dimitris Christopoulos, Stefan Köppl and Monika Köppl-Turyna

No 21, Working Papers from Agenda Austria

Abstract: We look at syndication in the venture capital industry. Investments conducted by syndicates are believed to have better chances of being successful, measured by the survival probability of portfolio companies or by successful exits. Using a novel and large dataset, covering several countries, our analysis shows that strong network ties of investors are associated with success of portfolio companies in Europe. We also show that there are differences in the association of network centrality with survival between different financing rounds, the former being more important in early-stage investments. Finally, we show a strong association of network ties of investors with sales growth of portfolio companies, before and after the deal.

Keywords: Venture Capital; Networks; Europe; Investment Syndication (search for similar items in EconPapers)
JEL-codes: G11 G24 M13 (search for similar items in EconPapers)
Date: 2020
New Economics Papers: this item is included in nep-cfn, nep-ent, nep-eur, nep-ino and nep-sbm
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https://www.econstor.eu/bitstream/10419/224137/1/1728979021.pdf (application/pdf)

Related works:
Journal Article: Syndication networks and company survival: evidence from European venture capital deals (2022)
Working Paper: Syndication networks and company survival: Evidence from European venture-capital deals (2021)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:agawps:21

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