Resources access needs and capabilities as mediators of the relationship between VC firm size and syndication
基于资源基础观和交易成本经济学，研究了风险投资公司规模如何通过资源获取需求和能力的中介作用影响联合投资频率，对理解中小企业资源获取策略有参考价值。
Drawing from the resource-based view and transaction costs economics, we develop a theoretical framework to explain why small and large firms face different levels of resource access needs and resource access capabilities, which mediate the relationship between firm size and hybrid governance. Employing a sample of 317 venture capital firms, drawn across six European countries, we empirically assess our framework in the context of venture capital syndication. We estimate a path model using structural equation modeling and find, consistent with our theoretical framework, mediating effects of different types of resource access needs and resource access capabilities between VC firm size and syndication frequency. These findings advance the small business literature by highlighting the trade-offs that size imposes on firms that seek to manage their access to external resources through hybrid governance strategies.