벤처 캐피털리스트의 전략적 포지션과 성장: 수평적 포지션과 수직적 포지션의 통합적 고찰Market Position and Growth: Integration of Vertical and Horizontal Positions of Venture Capitalists
- Other Titles
- Market Position and Growth: Integration of Vertical and Horizontal Positions of Venture Capitalists
- Authors
- 김지은; 김언수; 김영규
- Issue Date
- 2019
- Publisher
- 한국벤처창업학회
- Keywords
- 벤처 캐피털리스트; 벤처 성과; 스페셜리스트; 니치; 지위; 포지션; Venture Capitalists; Firm Performance; Specialist; Niche-width; Status; Position
- Citation
- 벤처창업연구, v.14, no.6, pp.131 - 141
- Indexed
- KCI
- Journal Title
- 벤처창업연구
- Volume
- 14
- Number
- 6
- Start Page
- 131
- End Page
- 141
- URI
- https://scholar.korea.ac.kr/handle/2021.sw.korea/69439
- DOI
- 10.16972/apjbve.14.6.201912.131
- ISSN
- 1975-7557
- Abstract
- This paper investigates a relationship between a market position of a venture capitalist(i.e.,VC) and its subsequent performance. Although a VC firm may perform better if it occupies a narrow niche(e.g.,specialist), which allows the firm to attain deep insider knowledge and build an identity as an industry expert, a firm may perform better if it has a broader niche(e.g.,generalist), which gives the firm access to more diverse information and opportunities and to effectively spread out potential risks. Given that accesses to valuable information and chances are critical for success in venture capital industry, we hypothesize that venture capitalists with broad niche width are more likely to grow in the future and analyze 26-year data on US venture capital industry. We found that, in general, a firm can enjoy the advantage of having a broad niche. However, the return to having a broad niche varies depending on its status within the market: a return greater for low- status than high-status VC firms. Our finding suggests that explorative efforts may be more rewarding for low-status VC firms.
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Collections - Korea University Business School > Department of Business Administration > 1. Journal Articles
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