Determinants of Cross-Border Syndication: Cultural Barriers, Legal Context, and Learning
Vlerick Business School; University of Nottingham
Nottingham University Business School
Babson College Entrepreneurship Research Conference (BCERC) 2008
Frontiers of Entrepreneurship Research 2008
Private equity (PE) has become an increasingly international phenomenon but there is a lack of research that looks at the process by which PE firms invest across borders. We aim to fill this gap in the literature by examining the role of cultural distance, legal context and organizational learning as determinants of cross-border private equity syndication. We examine these issues by studying the international expansion by later-stage UK PE investors into continental Europe over the period 1990 to 2005. Our results indicate that legal context and organizational learning are significantly related to the use of cross-border syndicates. Implications for theory and practice are suggested.
Number of Pages in PDF File: 14
JEL Classification: M13Accepted Paper Series
Date posted: March 5, 2009
© 2013 Social Science Electronic Publishing, Inc. All Rights Reserved.
This page was processed by apollo8 in 0.313 seconds