Publication type
FT ranked journal articleAuthor
Manigart, SophieLockett, Andy
Meuleman, Miguel
Wright, Mike
Landström, Hans
Bruining, Hans
Desbrières, Philippe
Hommel, Ulrich
Publication Year
2006Journal
Entrepreneurship: Theory and PracticePublication Volume
30Publication Issue
2Publication Begin page
131Publication End page
153
Metadata
Show full item recordAbstract
Financial theory, access to deal flow, selection, and monitoring skills are used to explain syndication in venture capital firms in six European countries. In contrast with U.S. findings, portfolio management motives are more important for syndication than individual deal management motives. Risk sharing, portfolio diversification, and access to larger deals are more important than selection and monitoring of deals. This holds for later stage and for early stage investors. Value adding is a stronger motive for syndication for early stage investors than for later stage investors, however. Nonlead investors join syndicates for the selection and value‐adding skills of the syndicate partners.Knowledge Domain/Industry
Accounting & Financeae974a485f413a2113503eed53cd6c53
10.1111/j.1540-6520.2006.00115.x