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Composite Structural Advantage in Venture Capital Syndicates: The Role of Diversity and Lead Firm Reputation

Shin, Sangyoon (2014) Composite Structural Advantage in Venture Capital Syndicates: The Role of Diversity and Lead Firm Reputation. Doctoral Dissertation, University of Pittsburgh. (Unpublished)

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Instead of focusing on individual network attributes, such as centrality or constraint, and their respective effects on performance, this study investigates the overall advantage that results from holding a network position (i.e., composite structural advantage) and its effect on performance at the syndicate level. Specifically, in the context of venture capital syndication, it investigates a syndicate’s composite structural advantage and suggests its positive effect on syndicate performance. Moreover, this study examines two moderating factors to this relationship. Composite structural advantage diversity within a syndicate is suggested to weaken the positive effect, while the lead venture capital firm’s reputation is proposed to strengthen it. Two-stage least squares analyses, with 1,137 venture capital syndicate investments, confirmed the predicted effect of composite structural advantage and the negative effect of composite structural advantage diversity on the relationship. However, the lead venture capital firm reputation showed the opposite result from the expectation. The reputation weakened the positive effect of composite structural advantage on performance, as did composite structural advantage diversity.


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Item Type: University of Pittsburgh ETD
Status: Unpublished
CreatorsEmailPitt UsernameORCID
Shin, Sangyoonsas240@pitt.eduSAS240
ETD Committee:
TitleMemberEmail AddressPitt UsernameORCID
Committee ChairMadhavan, Ravindranath rmadhavan@katz.pitt.eduRAM115
Committee MemberCohen, Susansuecohen@katz.pitt.eduSUECOHEN
Committee MemberPollock,
Committee MemberPrescott, John prescott@katz.pitt.eduPRESCOTT
Committee MemberYe, Feifeifeifeiye@pitt.eduFEIFEIYE
Date: 25 September 2014
Date Type: Publication
Defense Date: 7 August 2014
Approval Date: 25 September 2014
Submission Date: 2 September 2014
Access Restriction: 1 year -- Restrict access to University of Pittsburgh for a period of 1 year.
Number of Pages: 99
Institution: University of Pittsburgh
Schools and Programs: Joseph M. Katz Graduate School of Business > Business Administration
Degree: PhD - Doctor of Philosophy
Thesis Type: Doctoral Dissertation
Refereed: Yes
Uncontrolled Keywords: Composite structural advantage, venture capital syndication, diversity, reputation, and network advantage
Date Deposited: 25 Sep 2014 19:40
Last Modified: 15 Nov 2016 14:23


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