Publication type
Working paperAuthor
Manigart, SophieLockett, Andy
Meuleman, Miguel
Wright, Mike
Landström, Hans
Bruining, Hans
Desbrières, Philippe
Hommel, Ulrich
Publication Year
2002Publication Issue
20Publication Number of pages
38
Metadata
Show full item recordAbstract
Financial theory, resource-based theory and access to deal flow are used to explain syndication practices among European venture capital (VC) firms. The desire to share risk and increase portfolio diversification is a more important motive for syndication than the desire to access additional intangible resources or deal flow. Access to resources is, however, more important for non-lead than for lead investors. When resource-based motives are more important, the propensity to syndicate increases. Syndication intensity is higher for young VC firms and for VC firms, specialised in a specific investment stage. Finally, syndication strategies are similar across European countries, but differ from North American strategies.Knowledge Domain/Industry
Accounting & FinanceEntrepreneurship