Syndication through social embeddedness: A comparison of foreign, private and state-owned venture capital (VC) firms

Jar Der Luo, Ke Rong*, Kunhao Yang, Rong Guo, Ya Qi Zou

*この研究の対応する著者

研究成果: Article査読

19 被引用数 (Scopus)

抄録

This paper explores the different syndication behavior in various types of Chinese venture capitals (VC), in particular it focuses on foreign, private-owned and state-owned VC firms and these firms’ behavior when faced with institutional uncertainties. Mixed methods data analysis was conducted using the Simuton database of 1,173 VC firms and snowball interviews were also conducted in the Chinese state-owned and private-owned VCs as well as foreign VCs. Findings indicate foreign VC investors are more willing to build much denser relationships than those of Chinese state-owned and private VC firms in order to overcome the uncertainty. This result provides additional evidence that adopting close relationships or a guanxi-based (informal social network) strategy does not only depend on cultural issues such as East Asian culture, but also on high institutional uncertainty. Furthermore, this paper develops four propositions on how VC firms establish syndication influenced by high institutional uncertainty. Finally, the conclusion and discussion sections put forward implications to VC companies about how informal social networks facilitate the internationalization process and growth in foreign markets.

本文言語English
ページ(範囲)499-527
ページ数29
ジャーナルAsia Pacific Journal of Management
36
2
DOI
出版ステータスPublished - 2019 6月 15
外部発表はい

ASJC Scopus subject areas

  • ビジネスおよび国際経営
  • 経済学、計量経済学および金融学(その他)
  • 戦略と経営

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