The syndication of venture capital investments in Europe: Evidence from five european countries

Philippe Desbrières (), Sophie Manigart, Andy Lockett, Miguel Meuleman and Hans Landström

Working Papers FARGO from Université de Bourgogne - Latec/Fargo (Research center in Finance,organizational ARchitecture and GOvernance)

Abstract: Financial theory, resource-based theory and deal flow generation are used to explain syndication practices among venture capitalists in Belgium, France, The Netherlands, Sweden and the UK. Similar motives drive syndication in the five countries:the desire to share risk and increase portfolio diversification is more important than the desire to access additional intangible resources or deal flow. When resource-based motives are more important, however, the propensity to syndicate increases. Syndication practices are more important in young venture capital (VC) firms and in VC firms with more portfolio companies.

Keywords: venture capital; investment; syndication (search for similar items in EconPapers)
JEL-codes: G24 G34 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cfn, nep-com, nep-eec, nep-ent and nep-mfd
Date: 2002-12
Note: article à paraître dans Frontiers of Entrepreneurship Research
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Forthcoming in Frontiers of Entrepreneurship Research

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