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Venturing into the unknown with strangers: Substitutes of relational embeddedness in cross-border partner selection in venture capital syndicates

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Title: Venturing into the unknown with strangers: Substitutes of relational embeddedness in cross-border partner selection in venture capital syndicates
Authors: Meuleman, M
Jaaskelainen, M
Maula, MVJ
Wright, M
Item Type: Journal Article
Abstract: Syndicating with prior partners through relationally embedded ties may be widespread, but not always optimal when investing across borders especially if few prior partners operate in the focal market. However, the substitutes of relational embeddedness for trust creation in cross-border partner selection are poorly understood. We develop and test a model of how relational embeddedness interacts with structural embeddedness and legal and normative institutions and how relational embeddedness and these three substitutes jointly affect cross-border partner selection in venture capital syndicates. We test the hypotheses in the context of cross-border venture capital syndication in 12 European countries. Our findings based on a case-control analysis suggest that although relational embeddedness is a key driver of future partnering, structural embeddedness and trust generating institutions such as high quality legal frameworks and industry associations facilitate cross-border partnering and diminish the need to rely on relationally embedded ties in cross-border partner selection.
Issue Date: 18-Jan-2017
Date of Acceptance: 4-Jan-2017
URI: http://hdl.handle.net/10044/1/50882
DOI: https://dx.doi.org/10.1016/j.jbusvent.2017.01.001
ISSN: 0883-9026
Publisher: Elsevier
Start Page: 131
End Page: 144
Journal / Book Title: Journal of Business Venturing
Volume: 32
Issue: 2
Copyright Statement: © 2017 Elsevier Ltd. All rights reserved. This manuscript is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/
Keywords: Social Sciences
Business
Business & Economics
Cross-border venture capital
Syndication
Embeddedness
Institutions
Partner selection
INTERNATIONAL-BUSINESS
STRATEGIC ALLIANCES
EMERGING ECONOMIES
LONGITUDINAL ANALYSIS
MARKET UNCERTAINTY
SOCIAL-STRUCTURE
TRUST
PERFORMANCE
ORGANIZATIONS
NETWORKS
1503 Business And Management
1505 Marketing
1502 Banking, Finance And Investment
Business & Management
Publication Status: Published
Appears in Collections:Imperial College Business School



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