Venture Capital Syndicate Diversity: Three Types and their Effects on Performance

벤처 캐피탈 신디케이트의 다양성: 세 가지 범주와 성과에 미치는 영향

  • Received : 2018.01.01
  • Accepted : 2018.04.05
  • Published : 2018.04.30


This study investigates the relationship between venture capital (hereafter, VC) syndicate diversity and the IPO performance of an entrepreneurial company backed by the syndicate. Specifically, focusing on three types of diversity within a VC syndicate, which are aligned with Harrison and Klein's seminal categorization in 2007 (i.e., separation, variety, and disparity), this study suggests their distinct effects on performance. Two stage least square analyses with 1,127 VC syndicate investments made by 6,268 VC firms strongly supported the hypotheses. The results showed that that capacity diversity decreases the performance and that expertise diversity and network diversity increase it.

본 연구는 벤처캐피탈 신디케이트의 다양성과 그 신디케이트가 지원하는 벤처 기업의 IPO 사이의 관계에 대해 조사하였다. 구체적으로는 Harrison and Klein의 다양성에 대한 세 가지 분류(Separation, Variety, and Disparity)를 기반으로 하여, 벤처캐피탈 신디케이트에 적용되는 세 가지 종류의 다양성(Capacity diversity, Expertise diversity, Network diversity)을 제시한 뒤, 각 다양성이 성과에 미치는 효과를 분석하였다. 이를 검증하기 위하여 6,268개의 벤처캐피탈에 의한 1,127건의 벤처캐피탈 신디케이트 투자를 2단계 최소 자승법을 통하여 분석 한 결과, 제시된 가설 모두를 유의미하게 지지하는 것으로 나타났다. 세 다양성 중에서, Capacity다양성의 경우 성과를 감소시키지만, Expertise 다양성과 Network 다양성은 성과를 향상시키는 것으로 드러났다.



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