Determinants of Cross-Border Syndication: Cultural Barriers, Legal Context, and Learning

Babson College Entrepreneurship Research Conference (BCERC) 2008

Frontiers of Entrepreneurship Research 2008

14 Pages Posted: 5 Mar 2009

See all articles by Miguel Meuleman

Miguel Meuleman

Vlerick Business School; University of Nottingham

Mike Wright

Nottingham University Business School

Abstract

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.

Keywords: Entrepreneurship

JEL Classification: M13

Suggested Citation

Meuleman, Miguel and Wright, Mike, Determinants of Cross-Border Syndication: Cultural Barriers, Legal Context, and Learning. Babson College Entrepreneurship Research Conference (BCERC) 2008, Frontiers of Entrepreneurship Research 2008, Available at SSRN: https://ssrn.com/abstract=1348206

Miguel Meuleman (Contact Author)

Vlerick Business School ( email )

Reep 1
Gent, 9000
Belgium
0032(0)92109770 (Phone)
0032(0)92109790 (Fax)

University of Nottingham

University Park
Nottingham, NG8 1BB
United Kingdom

Mike Wright

Nottingham University Business School ( email )

Jubilee Campus
Wollaton Road
Nottingham, NG8 1BB
United Kingdom
+44 115 951 5257 (Phone)
+44 115 951 5204 (Fax)

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