Abstracts
Abstract
This paper demonstrates the impact of the participation of corporate venture capital (CVC) funds and independent venture capital (IVC) funds in syndicated investments. We examine the dynamics of the impact of these syndications and the channels (industry fit and location fit) that improve innovation effectiveness. Based on the main sample of 5182 US. funded companies between 1998 and 2017, there is strong evidence of an existing superiority of CVC engagement in syndications (CVC/IVC) that can further boost the innovation output contribution. Additionally, the results show that industry and location fit augment the innovation output of the entrepreneurial companies.
Keywords:
- Innovation,
- Independent Venture Capital,
- Corporate Venture Capital,
- Syndicates,
- Location Fit,
- Industry Fit
Résumé
Cet article démontre l’impact de la participation des fonds de capital-risque d'entreprise (CVC) et des fonds de capital-risque indépendants (IVC) dans les investissements syndiqués. Nous examinons la dynamique de l’impact de ces syndications et les canaux (ajustement industriel et ajustement géographique) qui améliorent l’efficacité de l’innovation. Basé sur l’échantillon un échantillon de 5182 entreprises américaines financées entre 1998 et 2017, nous démontrons une supériorité des engagements de CVC dans les syndications (CVC/IVC) qui peut encore stimuler la contribution à la production d'innovation. De plus, les résultats montrent que l’adéquation entre l’industrie et l’emplacement géographique augmente la production d’innovation des entreprises entrepreneuriales.
Mots-clés :
- innovation,
- capital-risque indépendant,
- capital-risque d'entreprise,
- syndication,
- adéquation géographique,
- adéquation sectorielle
Resumen
Este artículo demuestra el impacto de la participación de fondos de capital de riesgo corporativo (CVC) y fondos de capital de riesgo independiente (IVC) en inversiones sindicadas. Examinamos la dinámica del impacto de estas sindicaciones y los canales (ajuste industrial y Location fit and industry fit mechanisms ajuste geográfico) que mejoran la eficiencia de la innovación. Basado en la muestra principal compuesta por 5182 EE. UU. Empresas que fueron financiadas entre 1998 y 2017, existen pruebas fehacientes de la superioridad de la participación de los CVC en las sindicaciones (CVC/IVC), lo cual puede impulsar aún más la contribución a la producción de innovación. Además, los resultados muestran que la combinación industria-ubicación aumenta la producción de innovación de las empresas emprendedoras.
Palabras clave:
- innovación,
- capital riesgo independiente,
- capital riesgo corporativo,
- sindicatos,
- location fit,
- industry fit
Appendices
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