Importance of spatial proximity between venture capital investors and investees in Germany

被引：53
|
作者：
Lutz, Eva [1 ,2 ]
Bender, Marko [1 ,2 ]
Achleitner, Ann-Kristin [1 ,2 ]
Kaserer, Christoph [1 ,3 ]
机构：
[1] Tech Univ Munich, TUM Business Sch, Ctr Entrepreneurial & Financial Studies, D-80333 Munich, Germany
[2] Tech Univ Munich, TUM Business Sch, KfW Endowed Chair Entrepreneurial Finance, D-80333 Munich, Germany
[3] Tech Univ Munich, TUM Business Sch, Dept Financial Management & Capital Markets, D-80333 Munich, Germany
来源：
JOURNAL OF BUSINESS RESEARCH | 2013年 / 66卷 / 11期
关键词：
Venture capital; High growth venture; Spatial proximity; Entrepreneurial finance; SYNDICATION; INVESTMENT; PORTFOLIO; FIRMS; DETERMINANTS; PREFERENCES; NETWORK; MARKET; RISKS;
D O I：
10.1016/j.jbusres.2012.04.016
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Based on 1182 dyads of venture capitalists and German portfolio companies involved in a financing round between 2002 and 2007, the study here examines the importance of spatial proximity between investors and investees in a dense economy. Analysis of this data shows that the probability of a financing relationship decreases by 8% if the journey time increases by one standard deviation. For deals involving very small or very large investment sums, and for less experienced venture capitalists and lead investors, spatial proximity is particularly important. The results suggest that even in economies with a dense infrastructure such as Germany spatial proximity between investor and investee impacts the likelihood of an investment. (C) 2012 Published by Elsevier Inc.
引用
收藏
页码：2346 / 2354
页数：9
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