Understanding global flows of venture capital: Human networks as the carrier wave'' of globalization

• 成果类型: Article
• 署名作者: Madhavan, Ravi; Iriyama, Akie
• 署名单位: Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; State University of New York (SUNY) System; University at Buffalo, SUNY
• 刊物名称: JOURNAL OF INTERNATIONAL BUSINESS STUDIES
• ISSN/ISSBN: 0047-2506
• DOI: 10.1057/jibs.2009.6
• 发表日期: 2009
• 页码: 1241-1259
• 关键词: venture capital; cross-border capital flows; transnational technical communities; GLOBALIZATION; immigration; networks

摘要

Industry participants and observers view venture capital as fundamentally a local business. However, recent data show an increasing share of US venture capital investments flowing overseas. We suggest that cross-border venture capital flows are associated with the formation of transnational technical communities'' (TTCs), groups of immigrants active in both home- and host-country technical networks. Our results highlight the role of human networks as a mechanism of industry globalization, and support the view that TTCs are emerging economic actors in their own right. Journal of International Business Studies (2009) 40, 1241-1259. doi: 10.1057/jibs.2009.6