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| Author: | Lehmann, E.E. |
| Title: | Does venture capital syndication spur employment growth and shareholder value? Evidence from German IPO data |
| Journal: | Small business economics
2006 : JUN, VOL. 26:5, p. 455-464 |
| Index terms: | venture capital human capital employment shareholder value initial public offerings companies Germany |
| Freeterms: | performance |
| Language: | eng |
| Abstract: | In this paper, syndication (hereafter as: synd.) of equity by multiple venture capitalists (here as: v-capts.) in Germany is empirically examined. There are mainly two competing views as to why v-capts. syndicate investments: 1. synd. can be viewed as a means of risk-sharing, 2. v-capts. may provide important productive resources to firms, that is, capital and information. These two aspects are used to test hypotheses. It is shown that the synd. of equity and the number of v-capts. involved cannot be fully explained by firm characteristics like size, age, or industry affiliation. In spite of investments do not show significant difference in stock-market performance, they do show significantly higher growth rates. |
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