Systemic Risk or Not?
Thibeault, André
Thibeault, André
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Publication Type
Journal article
Editor
Supervisor
Publication Year
2009
Journal
The Financial Executive Quarterly
Book
Publication Volume
Publication Issue
47
Publication Begin page
23
Publication End page
26
Publication NUmber of pages
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Abstract
Drawing from the resource-based view and transaction costs economics, we develop a theoretical framework to explain why small and large firms face different levels of resource access needs and resource access capabilities, which mediate the relationship between firm size and hybrid governance. Employing a sample of 317 venture capital firms, drawn across six European countries, we empirically assess our framework in the context of venture capital syndication. We estimate a path model using structural equation modeling and find, consistent with our theoretical framework, mediating effects of different types of resource access needs and resource access capabilities between VC firm size and syndication frequency. These findings advance the small business literature by highlighting the trade-offs that size imposes on firms that seek to manage their access to external resources through hybrid governance strategies.
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Keywords
Strategic Management for Financial Services Firms, Strategic Management, Financial Services Management, Financial Services Management