Verwaal, Ernst, Bruining, Hans, Wright, Mike, Manigart, Sophie and Lockett, Andy. (2010) Resources access needs and capabilities as mediators of the relationship between VC firm size and syndication. Small Business Economics, Vol.34 (No.3). pp. 277-291. ISSN 0921-898X

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Abstract

Drawing from the resource-based view and transaction costs economics, we develop a theoretical framework to explain why small and large firms face different levels of resource access needs and resource access capabilities, which mediate the relationship between firm size and hybrid governance. Employing a sample of 317 venture capital firms, drawn across six European countries, we empirically assess our framework in the context of venture capital syndication. We estimate a path model using structural equation modeling and find, consistent with our theoretical framework, mediating effects of different types of resource access needs and resource access capabilities between VC firm size and syndication frequency. These findings advance the small business literature by highlighting the trade-offs that size imposes on firms that seek to manage their access to external resources through hybrid governance strategies.

Item Type:	Journal Article
Subjects:	H Social Sciences > HF Commerce
Divisions:	Faculty of Social Sciences > Warwick Business School > Centre for Small & Medium-Sized Enterprises Faculty of Social Sciences > Warwick Business School > Entrepreneurship, Innovation & Management Faculty of Social Sciences > Warwick Business School
Journal or Publication Title:	Small Business Economics
Publisher:	Springer New York LLC
ISSN:	0921-898X
Date:	2010
Volume:	Vol.34
Number:	No.3
Number of Pages:	15
Page Range:	pp. 277-291
Identification Number:	10.1007/s11187-008-9126-x
Status:	Peer Reviewed
Publication Status:	Published
Access rights to Published version:	Open Access
URI:	http://wrap.warwick.ac.uk/id/eprint/44580

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