Why do European Venture Capital Companies syndicate?

Sophie Manigart, Andy Lockett, Miguel Meuleman, Mike Wright, Hans Landstrm, Hans Bruining, Philippe Desbrières and Ulrich Hommel
Additional contact information
Ulrich Hommel: Vlerick Leuven Gent Management School

Vlerick Leuven Gent Management School Working Paper Series from Vlerick Leuven Gent Management School

Abstract: Financial theory, resource-based theory and access to deal flow are used to explain syndication practices among European venture capital (VC) firms. The desire to share risk and increase portfolio diversification is a more important motive for syndication than the desire to access additional intangible resources or deal flow. Access to resources is, however, more important for non-lead than for lead investors. When resource-based motives are more important, the propensity to syndicate increases. Syndication intensity is higher for young VC firms and for VC firms, specialised in a specific investment stage. Finally, syndication strategies are similar across European countries, but differ from North American strategies.

Pages: 38 pages
Date: 2002-10-15
New Economics Papers: this item is included in nep-com, nep-eec and nep-ent
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://www.vlerick.com/en/2892-VLK/version/default ... vlgms-wp-2002-20.pdf (application/pdf)
Our link check indicates that this URL is bad, the error code is: 404 Not Found (http://www.vlerick.com/en/2892-VLK/version/default/part/AttachmentData/data/vlgms-wp-2002-20.pdf [301 Moved Permanently]--> https://www.vlerick.com/en/2892-VLK/version/default/part/AttachmentData/data/vlgms-wp-2002-20.pdf)

Related works:
Working Paper: Why Do European Venture Capital Companies Syndicate? (2002)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:vlg:vlgwps:2002-20

Access Statistics for this paper

More papers in Vlerick Leuven Gent Management School Working Paper Series from Vlerick Leuven Gent Management School Contact information at EDIRC.
Bibliographic data for series maintained by Isabelle Vandenbroere ().