Shin, Sangyoon
(2014)
Composite Structural Advantage in Venture Capital Syndicates: The Role of Diversity and Lead Firm Reputation.
Doctoral Dissertation, University of Pittsburgh.
(Unpublished)
Abstract
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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Details
| Item Type: |
University of Pittsburgh ETD
|
| Status: |
Unpublished |
| Creators/Authors: |
|
| ETD Committee: |
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| 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 |
| URI: |
http://d-scholarship.pitt.edu/id/eprint/22867 |
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