Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/335532 
Year of Publication: 
2025
Citation: 
[Journal:] Small Business Economics [ISSN:] 1573-0913 [Volume:] 65 [Issue:] 4 [Publisher:] Springer US [Place:] New York, NY [Year:] 2025 [Pages:] 2331-2360
Publisher: 
Springer US, New York, NY
Abstract: 
We study the effect of repeated venture capital (VC) syndication on VC investment performance. We posit that repeated syndication is positively associated with stagnant investment returns but negatively associated with high investment returns. Using a large dataset from 1985 through 2017, we find support for our intuition. Additionally, our results show that periods of recession accentuate the positive (negative) relationship between repeated syndication and stagnant (high) investment returns. These findings are robust after addressing sample selection and endogeneity concerns. Our study provides nuanced insights into the performance implications of having the same investment teams in the context of VC syndications.
Subjects: 
Recession
Repeated collaboration
Syndication
Venture capital
JEL: 
G11
G24
G01
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article
Document Version: 
Published Version

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