Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/322089 
Erscheinungsjahr: 
2025
Schriftenreihe/Nr.: 
JRC Working Papers on Corporate R&D and Innovation (CoRDI) No. 2/2025
Verlag: 
European Commission, Joint Research Centre (JRC), Seville
Zusammenfassung: 
Using deal-level micro data from the Dealroom database, we construct a dynamic co-investment syndication network to examine the influence of cultural proximity and geospatial proximity between investors and start-ups, as well as the network position of global VC firms on investment decisions in European-based start-ups. By applying a linear probability regression model with highdimensional fixed effects over the period 2015-2022, we confirm that both cultural and spatial proximity significantly facilitate VC investment. Moreover, our analysis reveals that a prominent network position - characterized by how well-connected (degree centrality) and how influential (Katz centrality) within the co-investment network- substantially enhances VC investments on account of the facilitated sharing of information, contacts, and resources among investors. Furthermore, our findings reveal that small-world networks, characterized by high clustering coefficients, facilitate investments in distant start-ups, helping to overcome spatial constraints-an aspect largely overlooked in the literature. Small-world syndication networks foster trust among members, complementing each other through differentiation and specialization in industrial knowledge and local markets, potentially altering risk-averse behaviour and enabling investments that transcend geographical boundaries.
Creative-Commons-Lizenz: 
cc-by Logo
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
754.57 kB





Publikationen in EconStor sind urheberrechtlich geschützt.