Venture capital risk, start-ups and innovation: the syndication of venture capital investments recipe

Capital-risque, start-ups et innovation: la recette du financement par syndication

Jonathan Labbé ()
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Jonathan Labbé: CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine, IAE Nancy - IAE Nancy School of Management - UL - Université de Lorraine

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Abstract: This study presents the effects of the syndication of venture capital investments, on start-ups innovation. For this purpose, we have built a database of 315 deals carried out in 96 companies over a ten-year period. This study attempts to characterize the importance of the role of resources and the competitive advantage they confer to companies. By using the level of research and development (R&D) expenditure and patent applications as a measure of innovation, we highlight several results. Using a dynamic panel approach, we observe that the use of syndication financing tends to "optimize" the effects on the innovation of start-ups.

Keywords: Capital-Investissement; Syndication; Innovation; Gouvernance; Venture capital; Governance; Start-ups (search for similar items in EconPapers)
Date: 2020-11-12
New Economics Papers: this item is included in nep-cfn, nep-ent and nep-sbm
Note: View the original document on HAL open archive server: https://hal.science/hal-03000103
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Published in 19ème conférence internationale de gouvernance, Conférences de l’ Association Internationale de Gouvernance, Nov 2020, Clermont-Ferrand, France

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03000103

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