The influence of experiential,inherited and external knowledge on the internationalization of venture capital firms |
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| Authors: | Sofie De Prijcker Sophie Manigart Mike Wright Wouter De Maeseneire |
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| Institution: | 1. Department of Accountancy and Corporate Finance, Ghent University, Kuiperskaai 55E, Ghent, Belgium;2. Department of Accounting and Finance, Vlerick Leuven Ghent Management School, Reep 1, Ghent, Belgium;3. Center for Management Buyout Research, Innovation and Entrepreneurship Division, Imperial College Business School, South Kensington, London SW7 2AZ, United Kingdom;1. University of Glasgow, Adam Smith Business School, University Avenue, Glasgow G12 8QQ, UK;2. Department of Business Administration, School of Economics, Aristotle University of Thessaloniki, Thessaloniki, Greece;3. Förbom Properties, Tikanmaankatu 76, 21210 Raisio, Finland;1. School of Business, Society and Engineering, Mälardalen University College, Västerås, Sweden;2. Department of Business Studies, Uppsala University, Uppsala, Sweden;1. Universidad Adolfo Ibáñez, Escuela de Negocios, Av Diagonal Las Torres 2640, Peñalolén, Santiago, 7941169, Chile;2. Washington and Lee University, Williams School of Commerce, Economics and Politics, 204W. Washington St, Lexington, VA 24450, United States;3. University of Colorado-Boulder, Leeds School of Business, 419 UCB, Boulder, CO 80309, United States;1. School of Business, Management and Economics, Room 304, Jubilee Building, University of Sussex, Falmer, Brighton BN1 9SL, United Kingdom;2. School of Business and Management, Queen Mary, University of London, Mile End Road, London E1 4NS, United Kingdom |
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| Abstract: | This paper examines the effect of different types of international knowledge accumulation on the internationalization of venture capital firms, as a particular type of professional service firms. We distinguish between experiential knowledge acquired through previous activities, inherited knowledge through the management team and external knowledge through network partners. Hypotheses are developed for both the likelihood and the number of cross-border investments. The hand collected dataset comprises a combination of survey and archival data on a unique sample of 110 venture capital firms from five different European countries. Analyses indicate a positive effect of experiential and inherited knowledge on internationalization, but external knowledge has limited impact. Intense international contacts even decrease international activities. Together, these results highlight the importance of experiential and inherited knowledge to overcome information asymmetries inherent in the internationalization of professional service firms, and of venture capital firms in particular. |
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