HOW POTENTIAL KNOWLEDGE SPILLOVERS BETWEEN VENTURE CAPITALISTS' ENTREPRENEURIAL PROJECTS AFFECT THE SPECIALIZATION AND DIVERSIFICATION OF VC FUNDS WHEN VC EFFORT HAS VALUE
- Title
- HOW POTENTIAL KNOWLEDGE SPILLOVERS BETWEEN VENTURE CAPITALISTS' ENTREPRENEURIAL PROJECTS AFFECT THE SPECIALIZATION AND DIVERSIFICATION OF VC FUNDS WHEN VC EFFORT HAS VALUE
- Author
- 강형구
- Keywords
- venture capital; diversifi cation; specialization; VC post-investment effort; knowledge spillover
- Issue Date
- 2011-09
- Publisher
- WILEY-BLACKWELL
- Citation
- STRATEGIC ENTREPRENEURSHIP JOURNAL, Vol.5, No.3 [2011], p227-246
- Abstract
- Research concerning diversification and specialization of venture capital funds typically does not consider how a VC's effort might influence performance of different portfolios. We develop a model that analyzes VC effort when there is the potential for cross-sectional and/or serial knowledge spillover among projects. The model generates two implications concerning VC effort and performance. First, VC post-investment effort is a nonmonotonic function of performance shocks, especially for diversified VCs. Second, greater cross-sectional and serial knowledge spillovers improve the performance of specialization relative to diversification, and shape how the number of decision stages in a project affects portfolio choice.
- URI
- https://onlinelibrary.wiley.com/doi/abs/10.1002/sej.115http://hdl.handle.net/20.500.11754/40478
- ISSN
- 1932-4391
- DOI
- 10.1002/sej.115
- Appears in Collections:
- GRADUATE SCHOOL OF BUSINESS[S](경영전문대학원) > ETC
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