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Concentrating Too Hard? Foreign and Corporate Venture Capital Involvement in Syndicates

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  • Sarah Park
  • Joseph A. Lipuma
  • Sewon Sharon Park

Abstract

We investigate the relationship between investment of corporate venture capital (CVC) and foreign venture capital (FVC), and the concentration of investors involved in a financing round. As forms of venture capital distinct from independent venture capital, CVC and FVC can offer different value to new ventures. However, having FVC or CVC investors in the syndicate can also pose additional risks to other investors. We find that a corporate venture capital or a foreign venture capital affiliation is related to lower concentration of investors. Our results suggest that the investors evaluate not only the venture but also their syndicate partners in determining their relative share of round investment.

Suggested Citation

  • Sarah Park & Joseph A. Lipuma & Sewon Sharon Park, 2019. "Concentrating Too Hard? Foreign and Corporate Venture Capital Involvement in Syndicates," Journal of Small Business Management, Taylor & Francis Journals, vol. 57(2), pages 327-342, April.
    • Handle: RePEc:taf:ujbmxx:v:57:y:2019:i:2:p:327-342
    DOI: 10.1111/jsbm.12322
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    Cited by:

    1. Criaco, Giuseppe & Naldi, Lucia, 2024. "A chip off the old block: Founders' prior experience and the geographic diversification of export sales in international new ventures," Journal of Business Venturing, Elsevier, vol. 39(1).
    2. Nico Lehnertz & Carolin Plagmann & Eva Lutz, 2022. "Why deep pockets make great borrowers: an empirical analysis of venture loans," Journal of Business Economics, Springer, vol. 92(9), pages 1431-1453, November.

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