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Published in: Small Business Economics 4/2021

22-08-2019

Prior ties, investor role, and venture capital syndication

Authors: Jing Wu, He Li, Ling Liu, Yun Xu

Published in: Small Business Economics | Issue 4/2021

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Abstract

Prior literature recognized the importance of members’ prior ties on venture capital (VC) syndicated investments and uncovered investors’ different roles, in separate streams of research. This study bridges these two relevant but disjoint streams by examining how different roles’ prior ties affect VC syndicated investments. We consider the difference between leaders and followers, as well as their prior ties to the VC network and to the target investee. Our empirical analysis of the Chinese VC market demonstrates that VC investors’ prior ties have stronger influences for followers in VC syndicate formation than those for leaders. This research sheds lights on the understanding of different mechanisms of VC syndicate formation for different roles.

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Literature
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Metadata
Title
Prior ties, investor role, and venture capital syndication
Authors
Jing Wu
He Li
Ling Liu
Yun Xu
Publication date
22-08-2019
Publisher
Springer US
Published in
Small Business Economics / Issue 4/2021
Print ISSN: 0921-898X
Electronic ISSN: 1573-0913
DOI
https://doi.org/10.1007/s11187-019-00251-9

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