- Consulting Editors
- [UNTITLED]
- Contributors
- Introduction
- The Capital Flow from Institutional Investors to Entrepreneurs
- Venture Capital and the Financial Crisis: An Empirical Study across Industries and Countries
- Venture Capital Reputation
- Keys to Fundraising Success in Nascent Venture Capital Firms
- Corporate Venture Capital in the Twenty-First Century: an Integral Part of Firms' Innovation Toolkit
- Corporate Venture Capital: From Venturing to Partnering
- Vipe Financing: Venture (Capital) Investments in Public Equity
- Philanthropic Venture Capital From A Global Perspective: Definition and Investment Strategy
- Venture Capital Before The First Dollar: Deal Origination, Screening, and Evaluation
- Capital Structure Determinants In Growth Firms Accessing Venture Funding
- Venture Capital Staging: Domestic Versus Foreign Vc-Led Investments
- Follow-On Financing of Venture Capital–Backed Companies
- Performance Implications of Venture Capital Syndication Networks
- Valuing Common and Preferred Shares in Venture Capital Financing
- Required Rates of Return and Financial Contracting for Entrepreneurial Ventures
- Financial Contracting in U.S. Venture Capital: Overview and Empirical Evidence
- Time-Inconsistent Preferences and Venture Capital Contracting
- Syndication of Vc Investments, Governance, and Contract Design
- Venture Capital in Germany: The Role of Venture Capital Firms' Experience, Ownership Structure, and Agency Problems
- Venture Capital Law Firms: An Analysis of Equity Investments and Networks
- From Ideas to Products: Financing Innovation and Getting Access to Innovation
- The Impact of Venture Capital on Innovation
- What Drives the Top Line?: Determinants of Sales Revenue in Private Venture–Backed Firms
- Value Added by Angel Investors through Postinvestment Involvement: Exploratory Evidence and Ownership Implications
- The Impact of Venture Capital on the Long-Term Performance of IPO Firms: Evidence from Korea
- Regional Impact of Venture Capital
- Spread, Scope, and Scale in Venture Capital Globalization: A Clustered Globalization Model
- The Development of Venture Capital: Macroeconomic, Political, and Legal Determinants
- A Comparative Analysis of Venture Capital Investment In the United States and Europe
- The Role of Geographic Proximity in Venture Capital
- Geography and Venture Capital Investment in the United States, 1995–2009
- The Role of Government, Venture Capital, and Banks in Closing Liquidity Gaps in the SME Sector of an Emerging Market
- Index
Abstract and Keywords
This article provides a theoretical and empirical analysis of syndication of venture capital (VC) investments, governance, and contract design based on evidence from the European venture capital market. The article is organized as follows. It first explores the potential consequences of different sources of funding on corporate governance, then discusses the approaches of different VC types to corporate governance. It examines the main motives and costs of syndication, and translates this reasoning into the implications of different syndicate structures on corporate governance and contract design. It then describes the data set and the descriptive statistics and considers the potential selection effects of different syndicates of portfolio firms. Finally, it investigates the impact of syndicate structures on contract design.
Keywords: European venture capital market, funding, corporate governance, syndication, syndicate structures
Azin Sharifzadeh is senior consultant at Ernst & Young. She graduated at Frankfurt University where she also received a PhD in economics in 2010. Her research interest lies generally in corporate governance and industrial economics with a focus on private equity, venture capital, and contract design.
Uwe Walz is professor of economics at the University of Frankfurt/Main. He graduated from the University of Tübingen where he also received a PhD in economics. His main research focuses on venture capital, private equity, entrepreneurial finance, and contract theory, as well as on the economics of network industries. He has published recently in the Journal of International Business Studies, the Journal of Business Venturing, the Journal of Economics and Management Strategy, as well as the Review of Finance.
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- Consulting Editors
- [UNTITLED]
- Contributors
- Introduction
- The Capital Flow from Institutional Investors to Entrepreneurs
- Venture Capital and the Financial Crisis: An Empirical Study across Industries and Countries
- Venture Capital Reputation
- Keys to Fundraising Success in Nascent Venture Capital Firms
- Corporate Venture Capital in the Twenty-First Century: an Integral Part of Firms' Innovation Toolkit
- Corporate Venture Capital: From Venturing to Partnering
- Vipe Financing: Venture (Capital) Investments in Public Equity
- Philanthropic Venture Capital From A Global Perspective: Definition and Investment Strategy
- Venture Capital Before The First Dollar: Deal Origination, Screening, and Evaluation
- Capital Structure Determinants In Growth Firms Accessing Venture Funding
- Venture Capital Staging: Domestic Versus Foreign Vc-Led Investments
- Follow-On Financing of Venture Capital–Backed Companies
- Performance Implications of Venture Capital Syndication Networks
- Valuing Common and Preferred Shares in Venture Capital Financing
- Required Rates of Return and Financial Contracting for Entrepreneurial Ventures
- Financial Contracting in U.S. Venture Capital: Overview and Empirical Evidence
- Time-Inconsistent Preferences and Venture Capital Contracting
- Syndication of Vc Investments, Governance, and Contract Design
- Venture Capital in Germany: The Role of Venture Capital Firms' Experience, Ownership Structure, and Agency Problems
- Venture Capital Law Firms: An Analysis of Equity Investments and Networks
- From Ideas to Products: Financing Innovation and Getting Access to Innovation
- The Impact of Venture Capital on Innovation
- What Drives the Top Line?: Determinants of Sales Revenue in Private Venture–Backed Firms
- Value Added by Angel Investors through Postinvestment Involvement: Exploratory Evidence and Ownership Implications
- The Impact of Venture Capital on the Long-Term Performance of IPO Firms: Evidence from Korea
- Regional Impact of Venture Capital
- Spread, Scope, and Scale in Venture Capital Globalization: A Clustered Globalization Model
- The Development of Venture Capital: Macroeconomic, Political, and Legal Determinants
- A Comparative Analysis of Venture Capital Investment In the United States and Europe
- The Role of Geographic Proximity in Venture Capital
- Geography and Venture Capital Investment in the United States, 1995–2009
- The Role of Government, Venture Capital, and Banks in Closing Liquidity Gaps in the SME Sector of an Emerging Market
- Index
