Mitchell Centre seminar series
| Dates: | 9 February 2022 |
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| Times: | 16:00 - 17:00 |
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| What is it: | Seminar |
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| Organiser: | School of Social Sciences |
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Dimitris Christopoulos
Heriot-Watt University
Syndication networks of venture capital deals: Identifying predictors of corporate survival
We look at syndication in the venture capital industry. Investments conducted by syndicates are believed to have better chances success, measured by the survival probability of portfolio companies or by successful exits. Using a novel and large dataset, covering several countries, our analysis shows that the strength of network ties of investors is associated with the success of portfolio companies in Europe. We also find that there are differences in the association of network centrality with survival between different financing rounds, the former being more important in early-stage investments and in the first round of financing. Finally, we show a strong association of network ties of investors with sales growth of portfolio companies, before and after the deal, consistently with both selection and value-added channels. We explicitly account for endogeneity in the formation of syndicates and show that the results hold if we control for network properties of venture firms.
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G6
Humanities Bridgeford Street
Manchester
