Corporate venture capital syndication and relationships in syndication networks

Braune, Eric (INSEEC Lyon (France)) ; Sahut, Jean-Michel (School of Management Fribourg, HES-SO // University of Applied Sciences Western Switzerland)

In the industry of venture capital, the majority of investments in startups are realized in the form of syndica tion by venture capitalists (VCs), which diversify thus their risk and maximize their profits. Corporations also invest in startups with VCs, but often for different reasons. They rather seek to acquire information on the marketable innovations or new tech nologies. Their growing weight (17% of total investment in venture capital in 2015, against 8% in 2010) puts the question of the determinants of their investments. So, we investigate how their relations with VCs and their relationships in syndication netwo rks influence their decisions of investment. Using data of corporate venture capital (CVC) investments by US corporations between 2001 and 2013, we analyze their expenditure of CVC following their position in syndication networks, and their financial resou rces. The GMM models used show that the annual amount of CVC expenditures of these companies depends on the number of their relations of co - financing and their cash - flows of the previous year, and also their preceding investments. On the other hand, their previous centrality in the networks of syndication is not significant, contrary to the social network theory, which stipulates that prior central positions in syndication networks significantly explain future network positions of corporate venture capitalists.

Type de conférence:
full paper
Economie et Services
Adresse bibliogr.:
Hammamet, Tunisia, 30-31 May et 1st June 2016
Hammamet, Tunisia
30-31 May et 1st June 2016
28 p.
Publié dans
Proccedings of the 15th conférence annuelle de l'Association Internationale du Management Stratégique (AIMS) 2016
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 Notice créée le 2016-10-31, modifiée le 2018-12-20

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