Resources access needs and capabilities as mediators of the relationship between VC firm size and syndication |
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Authors: | Ernst Verwaal Hans Bruining Mike Wright Sophie Manigart Andy Lockett |
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Institution: | (1) Strategic Management, RSM Erasmus University, Burg. Oudlaan 50, Rotterdam, MN 3062 PA, The Netherlands |
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Abstract: | Drawing from the resource-based view and transaction costs economics, we develop a theoretical framework to explain why small
and large firms face different levels of resource access needs and resource access capabilities, which mediate the relationship
between firm size and hybrid governance. Employing a sample of 317 venture capital firms, drawn across six European countries,
we empirically assess our framework in the context of venture capital syndication. We estimate a path model using structural
equation modeling and find, consistent with our theoretical framework, mediating effects of different types of resource access
needs and resource access capabilities between VC firm size and syndication frequency. These findings advance the small business
literature by highlighting the trade-offs that size imposes on firms that seek to manage their access to external resources
through hybrid governance strategies. |
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