Geographic, Network, and Competitor Social Cues: Evidence from U.S. Venture Capitalists Internationalization Decisions
Geographic, Network, and Competitor Social Cues: Evidence from U.S. Venture Capitalists Internationalization Decisions
复制标题
地理、网络和竞争对手的社交线索：来自美国风险投资家国际化决策的证据
DOI：
10.1002/sej.1247
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发表时间：
2017
影响因子：
6.3
通讯作者：
Sharon F. Matusik
中科院分区：
文献类型：
--
作者：
Siddharth Vedula;Sharon F. Matusik
研究总结
我们研究了社会线索如何在不确定的情况下推动战略决策，特别是在美国风险投资公司首次国际化决策的背景下。我们比较了以下线索的相对影响：（a）地理位置邻近的公司，（b）财团合作伙伴，以及（c）与焦点公司投资相同行业的风险投资。从 1990 年到 2012 年的 23 年期间，我们发现来自地理位置相近的同行的线索很重要，而财团合作伙伴的行动在推动焦点公司国际化决策方面发挥着重要但较小的作用。类似的、企业特有的非本地（但国内）投资形式的经验削弱了地理位置邻近的同行的影响。我们的发现对于社会线索信息的性质如何影响模仿决策具有重要意义。
管理总结
美国风险投资行业在过去二十年中迅速全球化，但海外投资的决定仍然具有高度不确定性，特别是对于没有全球经验的公司而言。我们研究了此类初始国际化决策在多大程度上受社会线索驱动，比较了来自以下方面的社会线索的相对影响：（a）地理位置邻近的公司，（b）财团合作伙伴，以及（c）与焦点公司投资相同行业的风险投资。我们发现，地理位置相近的同行的外国投资决策影响最大，而银团合作伙伴的行动则发挥较小的作用。对于具有类似非本地（但国内）投资形式经验的公司来说，地理位置邻近的同行的影响也较弱。版权所有 © 2017 战略管理学会
Research summary
We examine how social cues drive strategic decision making under uncertainty, specifically in the context of U.S. VC firms’ first internationalization decisions. We compare the relative impacts of cues from: (a) geographically proximal firms, (b) syndicate partners, and (c) VCs investing in the same industries as the focal firm. Over the 23-year period from 1990 to 2012, we find that cues from geographically proximal peers are important, while syndicate partner actions play a significant but smaller role in driving focal firm internationalization decisions. Analogous, firm-specific experience in the form of nonlocal (but domestic) investing attenuates the effect of geographically proximal peers. Our findings have important implications on how the nature of information from social cues affects imitation decisions.
Managerial summary
The U.S. venture capital industry has globalized rapidly over the past two decades, but the decision to invest abroad is still a highly uncertain one, particularly for firms with no prior global experience. We examine the extent to which such initial internationalization decisions are driven by social cues, comparing the relative impacts of social cues from: (a) geographically proximal firms, (b) syndicate partners, and (c) VCs investing in the same industries as the focal firm. We find that the foreign investment decisions of geographically proximal peers have the strongest impact, while syndicate partner actions play a smaller role. The impacts of geographically proximal peers are also weaker for firms that have analogous experience, in the form of nonlocal (but domestic) investing. Copyright © 2017 Strategic Management Society