The Regional Supply of Venture Capital - Can Syndication overcome Bottlenecks?

Arbeitspapier

We investigate whether the supply of venture capital (VC) is driven by spatial proximity between a VC company and the portfolio firm. Our analysis is based on information about VC investments in Germany between 2004 and 2009. We find that possible problems caused by the geographic distance to a portfolio firm seem to be overcome by syndication of investments with one of the VC firms located close to the investment. Our analysis does, however, suggest that short geographic distance between an investor and the investment has an increasing effeon the probability for syndication as well as on the number of firms that join the syndicate. Hence, local VC suppliers may assume a role of an anchor connecting the regional economy to more distant parts of the industry.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Jena Economic Research Papers ; No. 2010,069

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies ; Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance ; Firm Behavior: Theory ; New Firms; Startups ; Size and Spatial Distributions of Regional Economic Activity
• Thema: venture capital ; syndication ; geographic proximity ; start-up financing ; equity gap ; Risikokapital ; Entfernung ; Unternehmensgründung ; Finanzierung ; Region ; Kapitalbeteiligungsgesellschaft ; Deutschland

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Fritsch, Michael ; Schilder, Dirk
• Ereignis: Veröffentlichung
• (wer): Friedrich Schiller University Jena and Max Planck Institute of Economics
• (wo): Jena
• (wann): 2010

Weitere Informationen

• Handle: http://hdl.handle.net/10419/56877
• Letzte Aktualisierung: 10.03.2025, 11:43 MEZ