Host country network,industry experience,and international alliance formation: Evidence from the venture capital industry |
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| Institution: | 1. DICGIM—Managerial and Economics Division, Università degli Studi di Palermo, 90128 Palermo, Italy;2. Cass Business School, City University London, 106 Bunhill Row, EC1Y 8TZ London,United Kingdom;1. Hohenheim University, Chair of Corporate Finance, Wollgrasweg 49, 70599 Stuttgart, Germany;2. ZEW Mannheim, Department of International Finance and Financial Management, Germany;3. Leuphana University, Nord/LB Chair of Integrated Financial Risk Management, Scharnhorststr. 1, 21335 Lüneburg, Germany;4. University of Groningen, Faculty of Economics and Business, The Netherlands |
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| Abstract: | Integrating resource dependence and social network theories, we investigate how foreign firms’ position in alliance network in host country influences their further allying with firms from the host and home countries. We introduce network centrality as a factor that influences two competing forces in alliance formation: willingness and attractiveness. Furthermore, we argue that foreign firms suffering from a low network centrality may find it easier to enhance their network position if they have industry experience. Our analysis of data on US venture capital firms’ investment in China supports our theoretical framework. Theoretical and managerial implications of our findings are discussed. |
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| Keywords: | International alliance formation Network centrality Venture capital Industry experience Resource dependence theory Social network theory |
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