Resources access needs and capabilities as mediators of the relationship between VC firm size and syndication
Verwaal, Ernst Bruining, Hans Wright, Mike Manigart, Sophie Lockett, Andy
Verwaal, Ernst
Bruining, Hans
Wright, Mike
Manigart, Sophie
Lockett, Andy
Citations
Altmetric:
Publication Type
Journal article with impact factor
Editor
Supervisor
Publication Year
2010-04
Journal
Small Business Economics
Book
Publication Volume
34
Publication Issue
3
Publication Begin page
277
Publication End page
291
Publication Number of pages
Collections
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.
Research Projects
Organizational Units
Journal Issue
Keywords
3502 Banking, Finance and Investment, 35 Commerce, Management, Tourism and Services, 3507 Strategy, Management and Organisational Behaviour