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Small fish, big fish: the performance effects of the relative standing in partners' affiliate portfolios

Özmel, Ümit and Güler, Işın (2015) Small fish, big fish: the performance effects of the relative standing in partners' affiliate portfolios. Strategic Management Journal, 36 (13). pp. 2039-2057. ISSN 0143-2095 (Print) 1097-0266 (Online)

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Official URL: http://dx.doi.org/10.1002/smj.2332

Abstract

This study examines whether the value a venture derives from an affiliation depends on its relative standing in the portfolio of all affiliations held by its partner. Relative standing refers to how thenventure ranks among other ventures in the partner’s portfolio with respect to expected returns. The relative standing of a venture in its partner’s portfolio influences the venture’s access to the partner’s resources and the venture’s performance. We also argue that a venture’s relative standing becomes more important to performance when the partner has a larger portfolio or higher status. In addition to a field study, we test the effect of a venture’s relative standing in a venture capital portfolio on its exit likelihood, controlling for endogeneity. We find support for our hypotheses.

Item Type:Article
Uncontrolled Keywords:relative standing;affiliation portfolios;venture capital;portfolio size;status
Subjects:UNSPECIFIED
ID Code:26296
Deposited By:Işın Güler
Deposited On:12 Dec 2014 15:57
Last Modified:24 Dec 2015 18:04

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