The syndication of venture capital investments in Europe: Evidence from five european countries
Philippe Desbrières (),
Miguel Meuleman and
Working Papers CREGO from Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations
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
Note: article à paraître dans Frontiers of Entrepreneurship Research
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Forthcoming in Frontiers of Entrepreneurship Research
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Angèle Renaud, CREGO, 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France
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