This study examines how national culture influences the likelihood and rate of buyouts among R&D equity alliances and joint ventures in the biotechnology industry. We hypothesize that the interaction of specific national culture attributes and cultural differences between alliance partners bear upon: a) the amount of endogenous uncertainty surrounding the potential integration of the target fir...

This study examines the antecedents of explorative and exploitative learning from external corporate ventures. We compare different forms of external corporate venturing, namely corporate venture capital investments, alliances, joint ventures, and acquisitions, as alternative avenues for interorganizational learning. Furthermore, we test the effects of multiple relational characteristics on the...

Construction joint ventures have attracted a lot of research interest over the last two decades. Joint venturing can allow participating companies to rapidly change the scale or scope of their businesses. However, joint ventures are often regarded as a risky business. The construction industry is associated with high degrees of risk in the nature of its business activities, operational environm...

The aim of this paper is to investigate the factors influencing the choice between establishing a wholly-owned subsidiary (WOS) or entering into a joint venture (JV) as made by Catalan manufacturing firms investing abroad. The validity of certain key transaction-cost hypotheses in this case is tested using binomial logistic regression. Results indicate that a Catalan manufacturing firm is more ...

Drawing on a novel dataset of worldwide venture capital deals, we investigate how venture capitalists (VCs) overcome the complexity of investing in geographically and institutionally distant regions. Our results indicate that syndicating with local VCs is a common way for foreign VCs to gain deal access, overcome the complexity of investing in distant regions and offset their lack of within-cou...

I develop a continuous-time model of reputation in which a privatelyinformed seller, such as a startup, tries to court a forward-looking buyer, such as a venture capitalist (VC). The VC learns gradually about the startup’s quality, high or low, through exogenous news and can adopt at any time. The startup can exit or privately upgrade its quality at any time. I discover two novel kinds of reput...

In this paper, we extend information economics to the literature on R&D alliance partner selection by showing the different ways in which venture capitalists (VCs) shape entrepreneurial ventures’ partner selection decisions for R&D collaborations. Specifically, we advance the argument that affiliations with VCs can play a dual role in reducing the risk of adverse selection for R&D collaboration...

This study examines the valiie relevance of miindated disclosures by UK firms of the investor-finn share o{ liabilities of equily-aecounled ass(x:iaie and joint venture inveslecs. It does so for the six years following the intrtxluction of FRS 9: AssovUiWs ami Join! Ventures, which forced a substantial increase in such disclosures by UK firms. Since ihe increased disclosure requirements were pa...

This study empirically evaluates the certification and value-added roles of reputable venture capitalists (VCs). Using a novel sample of entrepreneurial start-ups with multiple financing offers, I analyze financing offers made by competing VCs at the first professional round of start-up funding, holding characteristics of the start-up fixed. Offers made by VCs with a high reputation are three t...