Beyond homophily: Syndication networks in venture capital investments

Abstract

現有文獻借鏡社會鑲嵌理論，認為組織之間網絡源自於熟悉度，但對於相似性的研究相對較少。本研究提出同質性作為網絡形成的機制及其局限性的問題。我們探討了促使組織形成包含異質夥伴之網絡的情境。本研究使用 1980 年至 2003 年美國創投產業 5,350 家投資組合公司的聯合投資網路資料檢驗了我們的論點。研究結果顯示空間不確定性和行為不確定性對於涉及 CVC 和 IVC 的混合聯合投資網路的形成至關重要。當創業投資涉及創投公司和被投資公司之間的大量資訊不對稱時，特別是當存在地理和行業空間時，就會出現空間不確定性。行為不確定性是由於領導創投公司與其合作夥伴之間的資訊不完整問題造成的，這使得人們很難對他人的意圖和行為形成預期。混合網絡形成的可能性與地理空間的存在之間的負向關係，透過領導投資的 IVC 公司和目標公司之間的行業空間的存在來調節。過去的混合網路經驗和大量參與者將透過減少夥伴的行為不確定性來促進混合網路的形成。

Drawing on social embeddedness theory, the existing literature contends that interorganizational networks arise from familiarity, but relatively few studies have studied similarity. In this study, we address the issue of homophily as a mechanism for network formation and its limits. We explore the circumstances that motivate an organization to form a network comprising dissimilar partners. We tested our argument using data on syndication networks for 5,350 portfolio companies in the U.S. venture capital industry from 1980 to 2003. The results provide some evidence that spatial uncertainties and behavioral uncertainties are critical to the formation of a hybrid syndication network involving both CVC and IVC firms. Spatial uncertainties arise when VC investments involve substantial information asymmetries between VC firms and the companies invested in, particularly when there is geographic and industry space. Behavioral uncertainties result from the issue of incomplete information between lead VC firms and their partners, making it difficult to form expectations about another’s intentions and behaviors. The negative relationship between the likelihood of hybrid network formation and the presence of geographic space is moderated by the presence of industry space between lead IVC firms and target companies. Past experience with hybrid networks and a large number of participants will facilitate the formation of a hybrid network by reducing partners’ behavioral uncertainties.