Exchanges of innovation resources inside venture capital portfolios

• 成果类型: Article
• 署名作者: Gonzalez-Uribe, Juanita
• 署名单位: University of London; London School Economics & Political Science
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2019.05.017
• 发表日期: 2020
• 页码: 144-168
• 关键词: Venture capital portfolios; Innovation resources; State pension funds

摘要

I explore the prevalence of exchanges of innovation resources inside venture capital portfolios. I show that after companies join investors' portfolios, several proxies of exchanges between them and portfolio companies (relative to matched nonportfolio companies) increase by an average of 60%. The increase holds when joining events are plausibly exogenous and when VCs' bargaining power and potential conflicts of interest are low. Three novel mechanisms are supported: carve-outs, spawning, and recycling, whereby entrepreneurs divest innovation units, start new ventures, and reuse assets in other portfolio companies, respectively. Results suggest that returns to innovation are higher in venture capital portfolios. (C) 2019 Elsevier B.V. All rights reserved.