Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/19966 
Year of Publication: 
2004
Series/Report no.: 
Papers on Entrepreneurship, Growth and Public Policy No. 2104
Publisher: 
Max Planck Institute for Research into Economic Systems, Jena
Abstract: 
This study examines empirically the syndication of equity by multiple venture capitalists in Germany. Following the literature, there are mainly two competing views as to why venture capitalists syndicate investments. First, syndication can be viewed as a means of risk-sharing. Second, venture capitalists may provide important productive resources to firms, capital and information. We test hypotheses based on these two aspects. The results show that the syndication of equity and the number of venture capitalists involved cannot be fully explained by firm characteristics like size, age or industry affiliation. Although syndicated investments do not differ significantly in stock-market performance, they show significantly higher growth rates.
Subjects: 
Zusammenschluss von Kapitalgebern
Venture Capital
Human Capital
Syndication
Firm Performance
JEL: 
G24
G32
Document Type: 
Working Paper

Files in This Item:
File
Size
384.67 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.