Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/185873
Authors: 
Hopp, Christian
Year of Publication: 
2007
Citation: 
[Journal:] Swiss Journal of Economics and Statistics [ISSN:] 2235-6282 [Volume:] 143 [Year:] 2007 [Issue:] 3 [Pages:] 239-260
Publisher: 
Springer, Heidelberg
Abstract: 
This paper analyses the Determinants of Venture Capital Staging and Syndication in Switzerland. I find that among the different affiliations of VC investors in Switzerland especially independent investors make more extensive use of staged capital infusions. Moreover, the results suggest that staging is employed as a tool for mitigating risks in VC financing. In addition, I find that Syndication can serve as an entrance strategy for foreign VC providers. Furthermore, I find evidence that firms, which realize the benefit of staging, do also become conscious of the value added in financing Start Ups by involving partners. Consequently, VC firms that make use of staging are also more open to syndication. With respect to the value-added of Co-Investment behavior, I show that syndication positively impacts the success rate of a VC provider, whereas VC firms that are more locally embedded do exhibit lower success rates for their investment portfolio.
Subjects: 
Venture Capital
Entrepreneurship
Syndication
JEL: 
G24
G31
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

Files in This Item:
File
Size
220.14 kB





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