Venture Capitalists’ Decision to Syndicate

By Sophie Manigart, Andy Lockett, Miguel Meuleman, Mike Wright, H. Landström, H. Bruining, Ph Desbrieres, U. Hommel. 2006

271 citations recorded by the source corpus.

Subfields: Accounting, Management of Technology and Innovation

View Paper: https://www.semanticscholar.org/paper/cc2e6359245e93bb3901c5d3b545ff529062c10c

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

1. Mike Wright
2. Dimo Dimov
3. Sophie Manigart
4. Miguel Meuleman
5. J. Brinckmann
6. Gary Dushnitsky
7. Markus M. Mäkelä
8. Markku V. J. Maula

In Management of Technology and Innovation

1. Mike Wright
2. J. Brinckmann
3. Dimo Dimov
4. Sophie Manigart
5. Andy Lockett
6. Gary Dushnitsky
7. Miguel Meuleman
8. Marc Gruber

Citations in the corpus

• Does acquiring venture capital pay off for the funded firms? A meta-analysis on the relationship between venture capital investment and funded firm financial performance (2013, background): “Moreover, they can hedge themselves against risks resulting from uncertainty by diversifying and syndicating their investments at the portfolio level (Lockett and Wright, 2001; Manigart et al., 2006).”
• "In pursuit of the real deal": A longitudinal study of VC decision making (2011, background): “…has been discussed in terms of syndication and managing overall portfolio risk (Bygrave, 1987; Lockett and Wright, 2001; Manigart, Lockett, Meuleman, Wright, Landstrom, Bruining, Desbrieres, and Hommel, 2006), there is little mention of this important issue in the VC decision making literature.”
• The interplay of need and opportunity in venture capital investment syndication (2010, background): “In addition, reciprocity in syndication often provides a mechanism for accessing promising deals in the future (Lerner, 1994; Manigart et al., 2006; Sorenson and Stuart, 2001) and thus reduces uncertainty about the quality of future portfolios.”
• The role of venture capital in the emerging entrepreneurial finance ecosystem: future threats and opportunities (2019, background): “According to pecking order theory, after the choice of internal financing represented by the “insider seed money” coming from the entrepreneurs and the “family and friends tranche”, venture capital has – since its origins in the aftermath of the end of World War II – been the dominant source of earl”
• Agency, Strategic Entrepreneurship, and the Performance of Private Equity–Backed Buyouts (2009, unknown): “This might have a positive impact on the performance of syndicated transactions (Manigart et al., 2006).”
• Partner Selection Decisions in Interfirm Collaborations: The Paradox of Relational Embeddedness (2010, background): “Syndication is a common feature of early stage venture capital (VC) and later stage PE backed buyout investments both in the USA and in Europe (De Clercq and Dimov, 2008; De Clercq et al., 2008; Manigart et al., 2006; Sorenson and Stuart, 2001, 2008; Wright and Lockett, 2003).”
• Attracting cross-border venture capital: the role of a local investor (2008, background): “Similarly, studies on venture capital syndication (Lerner 1994, Lockett and Wright 2001, Manigart et al. 2006) and valueadded (MacMillan et al. 1989, Sapienza 1992, Sapienza et al. 1996) have focused on domestic investments and syndicates.”
• Determinants of Cross-Border Venture Capital Investments in Emerging and Developed Economies: The Effects of Relational and Institutional Trust (2015, unknown): “…specifically the growing tendency for foreign VCs to team up in a syndicate with domestic partners to take advantage of their local expertise and to ensure interaction (Lerner 1994; Mowery et al. 1996; Dai and Nahata 2013; Manigart et al. 2002, 2006; Nahata et al. 2013; Sorenson and Stuart 2008).”
• A Review and Road Map of Entrepreneurial Equity Financing Research: Venture Capital, Corporate Venture Capital, Angel Investment, Crowdfunding, and Accelerators (2017, background): “Venture capitalists also use syndication as a way to mitigate risk (Manigart et al., 2006).”
• Governmental venture capital in Europe: Screening and certification (2016, background): “In this way, we control for the fact that syndicated deals may be more successful than standalone deals because of the value of a “second opinion” (Lerner 1994b; Brander et al. 2002; Manigart et al. 2006).”