The power of syndicates : evidence from Venture Capital Investments in the United States
Autor(a) principal: | |
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Data de Publicação: | 2021 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.14/35320 |
Resumo: | The way that Venture Capital is able to optimize its contribution towards the benefit of the venture has been debated for numerous years. Some authors show the competitive edge of the Corporate Venture Capital (CVC) with complementary assets while others suggest that Independent Venture Capital (IVC) offers other decisive attributes like strategy formulation and networking. Additionally, current literature also discusses the impact of creating a syndicate and of being within the same industry and location. Therefore, this dissertation studies the optimal setting a venture should have in regard to their investor in order to maximize its innovation output. Understanding what type of investor to have (CVC vs IVC) and the proximity to it in terms of industry and location, could play a paramount role. Based on the main sample of 1022 ventures between 1990 and 2019, there is strong evidence of an existing superiority of CVC compared to IVC. The syndicate can further boost the innovation output contribution when it is composed by more than twelve members. The regressions also show that having industry and geographical proximity augments the innovation output of the venture. To give additional support to the current findings, the sample was transformed into a Pre- and Post-IPO period. The results were similar to the ones before, except the geographic location that only is significant in a Post-IPO period. To solidify the conclusions, various regressions were done with different timeframes and different SIC restrictions. The findings were consistent with the original regressions. |
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The power of syndicates : evidence from Venture Capital Investments in the United StatesInnovation outputIndependent Venture CapitalCorporate Venture CapitalSyndicatesPublic VenturesR&DLocation fitIndustry fitRendimento da inovaçãoCapital de Risco Independente (CRI)Capital de Risco Corporativo (CRC)SindicatosEmpresas (startups) públicasP&DProximidade geográficaCompatibilidade tecnológicaDomínio/Área Científica::Ciências Sociais::Economia e GestãoThe way that Venture Capital is able to optimize its contribution towards the benefit of the venture has been debated for numerous years. Some authors show the competitive edge of the Corporate Venture Capital (CVC) with complementary assets while others suggest that Independent Venture Capital (IVC) offers other decisive attributes like strategy formulation and networking. Additionally, current literature also discusses the impact of creating a syndicate and of being within the same industry and location. Therefore, this dissertation studies the optimal setting a venture should have in regard to their investor in order to maximize its innovation output. Understanding what type of investor to have (CVC vs IVC) and the proximity to it in terms of industry and location, could play a paramount role. Based on the main sample of 1022 ventures between 1990 and 2019, there is strong evidence of an existing superiority of CVC compared to IVC. The syndicate can further boost the innovation output contribution when it is composed by more than twelve members. The regressions also show that having industry and geographical proximity augments the innovation output of the venture. To give additional support to the current findings, the sample was transformed into a Pre- and Post-IPO period. The results were similar to the ones before, except the geographic location that only is significant in a Post-IPO period. To solidify the conclusions, various regressions were done with different timeframes and different SIC restrictions. The findings were consistent with the original regressions.Tem sido debatido durante vários anos qual o perfil ideal que os fundos de Capital de Risco têm de ter de forma a conseguirem maximizar a sua contribuição em termos de inovação para as startups. Certos autores mostram a vantagem competitiva do Capital de Risco Corporativo (CRC) com os ativos complementares, enquanto outros sugerem que o Capital de Risco Independente (CRI) oferece outros atributos decisivos, como formulação de estratégia e networking. Além disso, a literatura atual também discute o possível impacto da criação de um sindicato e de se encontrar dentro do mesmo setor e localização. Desta forma, esta dissertação estuda o cenário ideal que uma startup deve ter em relação ao seu investidor, a fim de maximizar o rendimento da sua inovação. Com base na amostra de 1022 startups entre 1990 e 2019, há fortes evidências de uma superioridade por parte da CRC em relação ao CRI em termos de inovação das startups. Adicionalmente, um sindicato, quando composto por mais de doze membros, aumenta ainda mais a contribuição para a inovação. As regressões também mostram que ter compatibilidade tecnológica e proximidade geográfica maximiza a produção de inovação do empreendimento. Para dar suporte adicional aos resultados, a amostra foi convertida em outras duas: Pré e Pós-IPO. Os resultados foram semelhantes aos anteriores, excepto a proximidade geográfica que só tem impacto relevante num período Pós-IPO. Estes resultados são robustos, o que significa que quando os períodos de tempo são alterados e/ou as restrições de SIC são diferentes, os resultados são idênticos.Shuwaikh, Fátima HussienVeritati - Repositório Institucional da Universidade Católica PortuguesaDias, Joakim Zebulon Börrén2021-09-29T13:59:03Z2021-01-272021-012021-01-27T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/35320TID:202656560enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-07-12T17:40:49Zoai:repositorio.ucp.pt:10400.14/35320Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:28:40.918355Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
The power of syndicates : evidence from Venture Capital Investments in the United States |
title |
The power of syndicates : evidence from Venture Capital Investments in the United States |
spellingShingle |
The power of syndicates : evidence from Venture Capital Investments in the United States Dias, Joakim Zebulon Börrén Innovation output Independent Venture Capital Corporate Venture Capital Syndicates Public Ventures R&D Location fit Industry fit Rendimento da inovação Capital de Risco Independente (CRI) Capital de Risco Corporativo (CRC) Sindicatos Empresas (startups) públicas P&D Proximidade geográfica Compatibilidade tecnológica Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
title_short |
The power of syndicates : evidence from Venture Capital Investments in the United States |
title_full |
The power of syndicates : evidence from Venture Capital Investments in the United States |
title_fullStr |
The power of syndicates : evidence from Venture Capital Investments in the United States |
title_full_unstemmed |
The power of syndicates : evidence from Venture Capital Investments in the United States |
title_sort |
The power of syndicates : evidence from Venture Capital Investments in the United States |
author |
Dias, Joakim Zebulon Börrén |
author_facet |
Dias, Joakim Zebulon Börrén |
author_role |
author |
dc.contributor.none.fl_str_mv |
Shuwaikh, Fátima Hussien Veritati - Repositório Institucional da Universidade Católica Portuguesa |
dc.contributor.author.fl_str_mv |
Dias, Joakim Zebulon Börrén |
dc.subject.por.fl_str_mv |
Innovation output Independent Venture Capital Corporate Venture Capital Syndicates Public Ventures R&D Location fit Industry fit Rendimento da inovação Capital de Risco Independente (CRI) Capital de Risco Corporativo (CRC) Sindicatos Empresas (startups) públicas P&D Proximidade geográfica Compatibilidade tecnológica Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
topic |
Innovation output Independent Venture Capital Corporate Venture Capital Syndicates Public Ventures R&D Location fit Industry fit Rendimento da inovação Capital de Risco Independente (CRI) Capital de Risco Corporativo (CRC) Sindicatos Empresas (startups) públicas P&D Proximidade geográfica Compatibilidade tecnológica Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
description |
The way that Venture Capital is able to optimize its contribution towards the benefit of the venture has been debated for numerous years. Some authors show the competitive edge of the Corporate Venture Capital (CVC) with complementary assets while others suggest that Independent Venture Capital (IVC) offers other decisive attributes like strategy formulation and networking. Additionally, current literature also discusses the impact of creating a syndicate and of being within the same industry and location. Therefore, this dissertation studies the optimal setting a venture should have in regard to their investor in order to maximize its innovation output. Understanding what type of investor to have (CVC vs IVC) and the proximity to it in terms of industry and location, could play a paramount role. Based on the main sample of 1022 ventures between 1990 and 2019, there is strong evidence of an existing superiority of CVC compared to IVC. The syndicate can further boost the innovation output contribution when it is composed by more than twelve members. The regressions also show that having industry and geographical proximity augments the innovation output of the venture. To give additional support to the current findings, the sample was transformed into a Pre- and Post-IPO period. The results were similar to the ones before, except the geographic location that only is significant in a Post-IPO period. To solidify the conclusions, various regressions were done with different timeframes and different SIC restrictions. The findings were consistent with the original regressions. |
publishDate |
2021 |
dc.date.none.fl_str_mv |
2021-09-29T13:59:03Z 2021-01-27 2021-01 2021-01-27T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
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masterThesis |
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publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.14/35320 TID:202656560 |
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TID:202656560 |
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eng |
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openAccess |
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