Venture capital syndication in times of economic crisis

被引:11
|
作者
De Vries, Geertjan [1 ]
Block, Joern [2 ,3 ]
机构
[1] Erasmus Univ, Erasmus Sch Econ, Dept Appl Econ, POB 1738, NL-3000 DR Rotterdam, Netherlands
[2] Erasmus Univ, Erasmus Sch Econ, Ctr Adv Small Business Econ, NL-3000 DR Rotterdam, Netherlands
[3] Tech Univ Munich, Scholler Chair Technol & Innovat Management, Munich, Germany
关键词
venture capital; syndication; financial crisis; dot-com crisis; innovation; finance; recession; propensity score matching analysis;
D O I
10.1080/13691066.2011.600278
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
This study analyses the effects of the 2000-2001 dot-com crisis and the 2008-2009 financial crisis on venture capital syndication. Using propensity score matching analysis, we show that during the two crises, venture capital firms (VCFs) had a lower tendency to syndicate their investments, and the size of the syndicates was smaller. This effect is found to be stronger for later-stage financing than for early stage financing. We explain the lower propensity to syndicate and the reduction in syndicate size by the existence of fewer exit opportunities for VCFs and a lower supply of funds for the venture capital industry. Implications for VCFs and startup firms are discussed.
引用
收藏
页码:195 / 213
页数:19
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