How and When Investment Horizons Determine Venture Capital Firms’ Attention Breadth to Portfolio Companies
研究发现风险投资公司对每家投资组合公司的关注广度随预期投资期限呈倒U型变化，且受投资期限分散度和联合投资者数量影响。
This study develops and tests a theory about the antecedents of venture capital firms’ (VCs’) attention breadth to their portfolio companies (PFCs). We find that VCs expand their attention breadth but only up to a certain level of expected investment horizons for each PFC, after which attention breadth narrows. We also find that this inverted U-shaped relationship is contingent upon the VC investment horizon dispersion and the number of co-investors in a given PFC. Our research advances the entrepreneurship and venture capital literature and provides novel insight into the broader literature on investment horizons and strategic alliances.