Competition and Specialization in the VC Market: A Non-monotonic Relationship

被引：0

作者：

Cabolis, Christos ^{[1
]}

Dai, Mian ^{[2
]}

Serfes, Konstantinos ^{[2
]}

机构：

[1] IMD, Chemin Beller 23, CH-1001 Lausanne, Switzerland

[2] Drexel Univ, Sch Econ, 3220 Market St, Philadelphia, PA 19104 USA

来源：

REVIEW OF INDUSTRIAL ORGANIZATION | 2023年 / 62卷 / 03期

关键词：

Venture capital market; Stage specialization; VC market competition; DIVISION-OF-LABOR; VENTURE CAPITALISTS; DIVERSIFICATION; FIRMS; ENTREPRENEURS; INVESTMENT; IMPACT; EXTENT; POLICY; MONEY;

D O I：

10.1007/s11151-023-09898-x

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We investigate the relationship between competition and stage specialization in the venture capital (VC) markets. A typical successful entrepreneurial company goes through multiple stages of VC investments; but an average VC firm specializes and participates only in a subset of these stages. We hypothesize that a VC firm's decision to stage-specialize (or not) poses a trade-off between business expansion and competition mitigation. Both effects are influenced by the intensity of competition. Consistent with a prediction of the theoretical model, we find robust empirical evidence for a non-monotonic relationship-an inverted-U shape-between competition and stage specialization in the U.S VC markets between 1980 and 2012. This result is novel and can have interesting managerial and policy implications.

引用

页码：241 / 269

页数：29

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