Looking for complementarities. Within-industry diversification and geographic diversification of Venture Capital Firms

References

• Anokhin, S., D. Örtqvist, S. Thorgren, and J. Wincent. 2011. “Corporate Venturing Deal Syndication and Innovation: The Information Exchange Paradox.” Long Range Planning 44 (2): 134–151. doi:10.1016/j.lrp.2010.12.005.
   Web of Science ®Google Scholar
• Arthur, B. 1994. Increasing Returns and Path Dependence in the Economy. Ann Arbor: University of Michigen Press.
   Google Scholar
• Audretsch, D. B., and M. P. Feldman. 1996. “R & D Spillovers and the Geography of Innovation and Production.” The American Economic Review 86 (3): 630–640. https://www.jstor.org/stable/2118216.
   Web of Science ®Google Scholar
• Barbiroli, G., and A. Focacci. 2005. “Product Diversification in the Computer Industry: A Structural Analysis.” Technovation 25 (9): 947–970. doi:10.1016/j.technovation.2004.02.010.
   Web of Science ®Google Scholar
• Baum, J. A. C., T. Calabrese, and B. S. Silverman. 2000. “Don’t Go It Alone: Alliance Networks and Startups’ Perform- Ance in Canadian Biotechnology.” Strategic Management Journal 21: 267–294.
   Web of Science ®Google Scholar
• Baum, J. A. C., and B. S. Silverman. 2004. “Picking Winners or Building Them? Alliance, Intellectual, and Human Capital as Selection Criteria in Venture Financing and Performance of Biotechnology Startups.” Journal of Business Venturing 19 (3): 411–436. doi:10.1016/S0883-9026(03)00038-7.
   Web of Science ®Google Scholar
• Bellavitis, C., D. S. Kamuriwo, and U. Hommel. 2019. “Mitigation of Moral Hazard and Adverse Selection in Venture Capital Financing: The Influence of the Country’s Institutional Setting.” Journal of Small Business Management 57 (4): 1328–1349. doi:10.1111/jsbm.12391.
   Web of Science ®Google Scholar
• Ben Letaifa, S., and Y. Rabeau. 2013. “Too Close to Collaborate? How Geographic Proximity Could Impede Entrepreneurship and Innovation.” Journal of Business Research 66 (10): 2071–2078. doi:10.1016/j.jbusres.2013.02.033.
   Web of Science ®Google Scholar
• Berglund, H. 2011. “Early Stage Venture Capital Investing: Comparing California and Scandinavia.” Venture Capital 13 (2): 119–145. doi:10.1080/13691066.2011.558366.
   Google Scholar
• Birke, D. 2009. “The Economics of Networks: A Survey of the Empirical Literature.” Journal of Economic Surveys 23 (4): 762–793. doi:10.1111/j.1467-6419.2009.00578.x.
   Web of Science ®Google Scholar
• Blois, K. 1971. “Vertical Quasi Integration.” The Journal of Industrial Economics 20: 253–272.
   Web of Science ®Google Scholar
• Bottazzi, L., M. Da Rin, and T. Hellmann. 2008. “Who are the Active Investors?. Evidence from Venture Capital.” Journal of Financial Economics 89 (3): 488–512. doi:10.1016/j.jfineco.2007.09.003.
   Web of Science ®Google Scholar
• Bottazzi, L., M. Da Rin, T. Hellmann, and J. S. Mill. 2016. “The Importance of Trust for Investment : Evidence from Venture Capital.” The Review of Financial Studies 29 (9): 2283–2318.
   Web of Science ®Google Scholar
• Brahm, F., and J. Tarziján. 2015. “Toward an Integrated Theory of the Firm: The Interplay Between Internal Organization and Vertical Integration.” Strategic Management Journal, Early View, strategic Management Journal, Early View. doi:10.1002/smj.
   Google Scholar
• Brander, J., R. Amit, and W. Antweiler. 2002. “Venture- Capital Syndication: Improved Venture Selection Vs. the Value-Added Hypothesis.” Journal of Economics and Management Strategy 11 (3): 423–452.
   Web of Science ®Google Scholar
• Bureau vanDijk. n.d. https://Orbis.Bvdinfo.Com/.
   Google Scholar
• Campa, J. M., and S. Kedia. 2002. “Explaining the Diversification Discount.” The Journal of Finance 57 (4): 1731–1762. doi:10.2307/3094522.
   Web of Science ®Google Scholar
• Chang, E. P. C., J. J. Chrisman, and F. W. Kellermanns. 2011. “The Relationship Between Prior and Subsequent New Venture Creation in the United States: A County Level Analysis.” Journal of Business Venturing 26 (2): 200–211. doi:10.1016/j.jbusvent.2009.05.001.
   Web of Science ®Google Scholar
• Chang, S., B. Kogut, and J.-S. Yang. 2016. “Global Diversification Discount and Its Discontents: A Bit of Self-Selection Makes a World of Difference.” Strategic Management Journal 37 (11): 2254–2274. doi:10.1002/smj.2574.
   Web of Science ®Google Scholar
• Chen, K., Y. Liu, and Q. Chen. 2009. “How Much Does History Matter? An Analysis of the Geographic Distribution of Venture Capital Investment in the US Biotechnology Industry.” The Industrial Geographer 6 (2): 31–55.
   Google Scholar
• Collewaert, V., and T. A. Khoury. 2021. “The View of Angels from Above : Angel Governance.” Academy of Management Perspectives 35 (1): 9–24.
   Web of Science ®Google Scholar
• Cressy, R., A. Malipiero, and F. Munari. 2014. “Does VC Fund Diversification Pay Off? An Empirical Investigation of the Effects of VC Portfolio Diversification on Fund Performance.” International Entrepreneurship and Management Journal 10 (1): 139–163. doi:10.1007/s11365-011-0218-8.
   Web of Science ®Google Scholar
• Daft, R., and R. H. Lengel. 1986. “Organizational Information Requirements, Media Richness and Structural Design.” Management Science 32: 554–571.
   Web of Science ®Google Scholar
• Daft, R., and K. Weick. 1984. “Toward a Model of Organizations as Interpretation Systems.” Academy of Management Review 9: 284–295.
   Web of Science ®Google Scholar
• Dalal, A. 2022. “Meta-Analysis of Determinants of Venture Capital Activity.” Entrepreneurial Business and Economics Review 10 (1): 113–128. doi:10.15678/EBER.2022.100108.
   Web of Science ®Google Scholar
• Eccles, R. G. 1981. “The Quasi-Firm in the Construction Industry.” Journal of Economic Behavior & Organization 2: 335–357.
   Web of Science ®Google Scholar
• Economides, N. 1996. “The Economics of Networks.” International Journal of Industrial Organization 14 (September 1994): 673–699.
   Google Scholar
• Eisenmann, T. R. 2006. “Internet Companies’ Growth Strategies: Determinants of Investment Intensity and Long-Term Performance.” Strategic Management Journal 27: 1183–1204. doi:10.1002/smj.
   Web of Science ®Google Scholar
• Engel, J. S. 2015. “Global Clusters of Innovation: Lessons from Silicon Valley.” California Management Review 57 (2): 36–65. doi:10.1525/cmr.2015.57.2.36.
   Web of Science ®Google Scholar
• Feldman, M. P. 1994. The Geography of Innovation. Dordrecht: Kluwer.
   Google Scholar
• Funk, R. J. 2014. ”Making the Most of Where You Are: Geography, Networks, and Innovation in Organizations.” Academy of Management Journal 57 (1): 193–222. doi:10.5465/amj.2012.0585.
   Web of Science ®Google Scholar
• Gandal, N. 1995. “Competing Compatibility Standards and Network Externalities in the PC Software Market.” The Review of Economics and Statistics 77 (4): 599–608.
   Web of Science ®Google Scholar
• Gan, L., and M. Hernandez. 2012. “Making Friends with Your Neighbors? Agglomeration and Tacit Collusion in the Lodging Industry.” The Review of Economics and Statistics 1–67. doi:10.1162/REST_a_00289.
   Web of Science ®Google Scholar
• Gao, L. S. 2011. “Portfolio Industry Strategy in Venture Capital Investments.” The Journal of Private Equity 14 (2): 59–72.
   Google Scholar
• Gary, M. S. 2005. “Implementation Strategy and Performance Outcomes in Related Diversification.” Strategic Management Journal 26 (7): 643–664. doi:10.1002/smj.468.
   Web of Science ®Google Scholar
• Gilding, M. 2008. “‘The Tyranny of Distance’: Biotechnology Networks and Clusters in the Antipodes.” Research Policy 37 (6–7): 1132–1144. doi:10.1016/j.respol.2008.04.004.
   Web of Science ®Google Scholar
• Gompers, P. A. 1995. “Optimal Investment, Monitoring, and the Staging of Venture Capital.” The Journal of Finance 50 (5): 1461–1489. doi:10.1111/j.1540-6261.1995.tb05185.x.
   Web of Science ®Google Scholar
• Grinyer, P. H., M. Yasai-Ardekani, and S. Al-Bazzaz. 1980. “Strategy, Structure, the Environment, and Financial Performance in 48 United Kingdom Companies.” The Academy of Management Journal 23 (2): 193–220. doi:10.2307/255427.
   Web of Science ®Google Scholar
• Guler, I., and M. F. Guillen. 2010. ”Home Country Networks and Foreign Expansion: Evidence from the Venture Capital Industry.” Academy of Management Journal 53 (2): 390–410. doi:10.5465/amj.2010.49389027.
   Web of Science ®Google Scholar
• Gupta, A., and H. Sapienza. 1992. “Determinants of Venture Capital Firms’ Preferences Regarding the Industry Diversity and Geographic Scope of Their Investments.” Journal of Business Venturing 7 (5): 347.362.
   Web of Science ®Google Scholar
• Hashai, N. 2015. “Within-Industry Diversification and Firm Performance-An S-Shaped Hypothesis.” Strategic Management Journal 36: 1378–1400. doi:10.1002/smj.
   Web of Science ®Google Scholar
• Hassan, A. E., and D. Leece. 2007. “Agency and Information Problems in Venture Capital Markets: An Empirical Study of the Information Needs of U.K. Investors and the Demand for Accounting Information.” Journal of Private Equity 10 (2): 93–112. http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=24736948&site=ehost-live
   Google Scholar
• Hausman, J. A. 1978. “Specification Tests in Econometrics.” Econometrica 46 (6): 1251–1271. doi:10.2307/1913827.
   Web of Science ®Google Scholar
• Inderst, R., and H. M. Mueller. 2009. “Early-Stage Financing and Firm Growth in New Industries.” Journal of Financial Economics 93 (2): 276–291. doi:10.1016/j.jfineco.2008.07.004.
   Web of Science ®Google Scholar
• Investeurope. 2007. “Sectoral Classification.” http://www.investeurope.eu/research/activity-data/data-methodology/
   Google Scholar
• Jia, N., and K. J. Mayer. 2015. “Political Hazards and Firm’s Geographic Concentration.” Strategic Management Journal. doi:10.1002/smj.
   Web of Science ®Google Scholar
• Karnani, A., and B. Wernerfelt. 1985. “Multiple Point Competition.” Strategic Management Journal 6 (1): 87–96. doi:10.1002/smj.4250060107.
   Web of Science ®Google Scholar
• Katz, M. L., and C. Shapiro. 1985. “Network Externalities, Competition and Compatibility.” The American Economic Review 75 (3): 424–440.
   Web of Science ®Google Scholar
• Kenney, M., D. Patton, S. E. Geography, N. Apr, M. Kenney, and D. Patton. 2005. “Entrepreneurial Geographies : Support Networks in Three High-Technology Industries.” Economic Geography 81 (2): 201–228.
   Web of Science ®Google Scholar
• Knill, A. 2009. “Should Venture Capitalists Put All Their Eggs in One Basket? Diversification versus Pure-Play Strategies in Venture Capital.” Financial Management 38 (3): 441–486.
   Web of Science ®Google Scholar
• Kolympiris, C., and N. Kalaitzandonakes. 2013. “Geographic Scope of Proximity Effects Among Small Life Sciences Firms.” Small Business Economics 40 (4): 1059–1086. doi:10.1007/s11187-012-9441-0.
   Web of Science ®Google Scholar
• Kolympiris, C., N. Kalaitzandonakes, and D. Miller. 2011. “Spatial Collocation and Venture Capital in the US Biotechnology Industry.” Research Policy 40 (9): 1188–1199. doi:10.1016/j.respol.2011.05.022.
   Web of Science ®Google Scholar
• Koza, M. P., and A. Y. Lewin. 1998. “The Co-Evolution of Strategic Alliances. (Vol 9, Pg 260, 1998).” Organization Science 9 (6): 755.
   Web of Science ®Google Scholar
• Lahiri, N., and S. Narayanan. 2013. “Vertical Integration, Innovation, and Alliance Portfolio Size: Implications for Firm Performance.” Strategic Management Journal 34: 1042–1064. doi:10.1002/smj.
   Web of Science ®Google Scholar
• Lee, C.-H., N. Venkatraman, and H. Tanriverdi. 2010. “Complementary-Based Hypercompetition in the Software Industry: Theory and Empirical Test, 1990-2002.” Strategic Management Journal 1456 (July): 1431–1456. doi:10.1002/smj.
   Google Scholar
• Lerner, J. 1995. “Venture Capitalists and the Oversight of Private Firms.” The Journal of Finance 50 (1): 301–318.
   Web of Science ®Google Scholar
• Li, S. X., and R. Greenwood. 2004. “The Effect of Within-Industry Diversification on Firm Performance: Synergy Creation, Multi-Market Contact and Market Structuration.” Strategic Management Journal 25 (12): 1131–1153. doi:10.1002/smj.418.
   Web of Science ®Google Scholar
• Lindgaard Christensen, J. 2007. “The Development of Geographical Specialization of Venture Capital.” European Planning Studies 15 (6): 817–833. doi:10.1080/09654310701232137.
   Web of Science ®Google Scholar
• Lindsey, L. 2008. “Blurring Firm Boundaries: The Role of Venture Capital in Strategic Alliances.” The Journal of Finance 63 (3): 1137–1168. doi:10.1111/j.1540-6261.2008.01354.x.
   Web of Science ®Google Scholar
• Luke, R. D., J. W. Begun, and D. D. Pointer. 1989. “Quasi Firms: Strategic Interorganizational Forms in the Health Care Industry.” Academy of Management Review 14 (1): 9–19. http://www.ncbi.nlm.nih.gov/pubmed/10303205
   PubMed Web of Science ®Google Scholar
• Lutz, E., M. Bender, A. K. Achleitner, and C. Kaserer. 2013. “Importance of Spatial Proximity Between Venture Capital Investors and Investees in Germany.” Journal of Business Research 66 (11): 2346–2354. doi:10.1016/j.jbusres.2012.04.016.
   Web of Science ®Google Scholar
• Macmillan, I. C., D. M. Kulow, and R. Khoylian. 1989. “Venture Capitalists’ Involvement in Their Investments: Extent and Performance.” Journal of Business Venturing 4 (1): 27–47. doi:10.1016/0883-9026(89)90032-3.
   Web of Science ®Google Scholar
• Makarevich, A. 2018. “Ties of Survival: Specialization, Inter-Firm Ties, and Firm Failure in the U.S. Venture Capital Industry.” Journal of Business Research 86 (February): 153–165. doi:10.1016/j.jbusres.2018.02.001.
   Google Scholar
• Marshall, A. 1898. Principles of Economics. London: MacMillan.
   Google Scholar
• Matusik, S. F., and M. A. Fitza. 2012. “Diversification in the Venture Capital Industry: Leveraging Knowledge Under Uncertainty.” Strategic Management Journal 33: 407–426. doi:10.1002/smj.
   Web of Science ®Google Scholar
• Maula, M. V. J., E. Autio, and G. C. Murray. 2009. “Corporate Venture Capital and the Balance of Risks and Rewards for Portfolio Companies.” Journal of Business Venturing 24 (3): 274–286. doi:10.1016/j.jbusvent.2008.10.012.
   Web of Science ®Google Scholar
• McCann, B. T., and T. B. Folta. 2008. “Location Matters: Where We Have Been and Where We Might Go in Agglomeration Research.” Journal of Management 34 (3): 532–565. doi:10.1177/0149206308316057.
   Web of Science ®Google Scholar
• Milgrom, P., and J. Roberts. 1995. “Complementarities and Fit. Strategy, Structure in Manufacturing.” Journal of Accounting and Economics 19 (2–3): 179–208.
   Web of Science ®Google Scholar
• Miloud, T., A. Aspelund, and M. Cabrol. 2012. “Startup Valuation by Venture Capitalists: An Empirical Study.” Venture Capital 14 (2–3): 151–174. doi:10.1080/13691066.2012.667907.
   Google Scholar
• Minniti, M. 2005. “Entrepreneurship and Network Externalities.” Journal of Economic Behavior & Organization 57 (1): 1–27. doi:10.1016/j.jebo.2004.10.002.
   Web of Science ®Google Scholar
• Molina-Morales, F. X., P. M. Garcia-Villaverde, and G. Parra-Requena. 2014. “Geographical and Cognitive Proximity Effects on Innovation Performance in SMEs: A Way Through Knowledge Acquisition.” International Entrepreneurship and Management Journal 10 (2): 231–251. doi:10.1007/s11365-011-0214-z.
   Web of Science ®Google Scholar
• Moore, C. B., G. T. Payne, R. G. Bell, and J. L. Davis. 2015. “Institutional Distance and Cross-Border Venture Capital Investment Flows.” Journal of Small Business Management 53 (2): 482–500. doi:10.1111/jsbm.12079.
   Web of Science ®Google Scholar
• Neffke, F., and M. Henning. 2013. “Skill Relatedness and Firm Diversification.” Strategic Management Journal 34: 297–316. doi:10.1002/smj.
   Web of Science ®Google Scholar
• Ozmel, U., J. Reuer, and R. Gulati. 2012. “Signals Across Multiple Networks: How Venture Capital and Alliance Networks Affect Interorganizational Collaboration.” Academy of Management Journal 56 (3): 852–866. doi:10.5465/amj.2009.0549.
   Web of Science ®Google Scholar
• Palich, L. E., L. B. Cardinal, and C. C. Miller. 2000. “Curvilinearity in the Diversification-Performance Linkage: An Examination of Over Three Decades of Research.” Strategic Management Journal 21 (2): 155–174. doi:10.1002/(SICI)1097-0266(200002)21:2<155:AID-SMJ82>3.0.CO;2-2.
   Web of Science ®Google Scholar
• Pe’Er, A., I. Vertinsky, and T. Keil. 2016. “Growth and Survival: The Moderation Effects of Local Agglomeration and Local Market Structure.” Strategic Management Journal 564 (August 2014): 541–564. doi:10.1002/smj.
   Google Scholar
• Plummer, L. A., and Z. J. Acs. 2014. “Localized Competition in the Knowledge Spillover Theory of EntrepreneurshipIn Journal of Business Venturing.” 29. doi:10.1016/j.jbusvent.2012.10.003.
   Google Scholar
• Podoynitsyna, K., M. Song, H. van der Bij, and M. Weggeman. 2013. “Improving New Technology Venture Performance Under Direct and Indirect Network Externality Conditions.” Journal of Business Venturing 28 (2): 195–210. doi:10.1016/j.jbusvent.2012.04.004.
   Web of Science ®Google Scholar
• Potters, J., and S. Suetens. 2009. “Cooperation in Experimental Games of Strategic Complements and Substitutes.” The Review of Economic Studies 76 (3): 1125–1147. doi:10.1111/j.1467-937X.2009.00548.x.
   Web of Science ®Google Scholar
• Powell, W. W., D. R. White, J. Owen-Smith, and K. W. Koput. 2005. “Network Dynamics and Field Evolution : The Growth of Interorganizational Collaboration in the Life Sciences.” The American Journal of Sociology 110 (4): 1132–1205.
   Web of Science ®Google Scholar
• Rawley, E., and T. S. Simcoe. 2010. “Diversification, Diseconomies of Scope, and Vertical Contracting: Evidence from the Taxicab Industry.” Management Science 56 (9): 1534–1550. doi:10.1287/mnsc.1100.1207.
   Web of Science ®Google Scholar
• Robins, J. A., and M. F. Wiersema. 2003. “The Measurement of Corporate Portfolio Strategy: Analysis of the Content Validity of Related Diversification Indexes.” Strategic Management Journal 24 (1): 39–59. doi:10.1002/smj.282.
   Web of Science ®Google Scholar
• Rothaermel, F. T., and D. L. Deeds. 2004. “Exploration and Exploitation Alliances in Biotechnology: A System of New Product Development.” Strategic Management Journal 25 (3): 201–221. doi:10.1002/smj.376.
   Web of Science ®Google Scholar
• Rumelt, R. 1982. “Diversification Strategy and Profitability.” Strategic Management Journal 3 (4): 359–369. doi:10.1002/smj.4250030407.
   Web of Science ®Google Scholar
• Ryu, W., B. T. McCann, and J. J. Reuer. 2018. “Geographic Co-Location of Partners and Rivals: Implications for the Design of R&D Alliances.” Academy of Management Journal 61 (3): 945–965. doi:10.5465/amj.2016.0416.
   Web of Science ®Google Scholar
• Sahlman, W. A. 1990. “The Structure and Governance of Venture-Capital Organizations.” Journal of Financial Economics 27 (2): 473–521. doi:10.1016/0304-405X(90)90065-8.
   Web of Science ®Google Scholar
• Sakhartov, A. V. 2017. “Economies of Scope, Resource Relatednes, and the Dynamics of Corporate Diversification.” Strategic Management Journal 238: 2168–2188. doi:10.1002/smj.
   Google Scholar
• Saxenian, A. 1994. Regional Advantage: Culture and Competition in Silicon Valley and Route 128. doi:10.1017/CBO9781107415324.004.
   Google Scholar
• Scherlis, D. R., and W. A. Sahlman. 1987. “Method for Valuing High-Risk, Long-Term Investments: The ‘Venture Capital Method‘.” Harvard Business School Cases 1–52.
   Google Scholar
• Schilling, M. A. 2002. “Technology Success and Failure in Winner-Take-All Markets: The Impact of Learning Orientation, Timing, and Network Externalities.” Academy of Management Journal 45 (2): 387–398. doi:10.2307/3069353.
   Web of Science ®Google Scholar
• Schilling, M. A., and C. C. Phelps. 2007. “Interfirm Collaboration Networks: The Impact of Large Scale Network Structure on Firm Innovation.” Management Science 53 (7): 1113–1126.
   Web of Science ®Google Scholar
• Sorenson, O., T. E. Stuart, S. American, and N. May. 2001. “Syndication Networks and the Spatial Distribution of Venture Capital Investments.” The American Journal of Sociology 106 (6): 1546–1588.
   Web of Science ®Google Scholar
• Subhash, K. B. 2007. “Geography of Venture Capital Financing: A Global Perspective.” The Journal of Wealth Management 20 (Spring): 13–28.
   Google Scholar
• Tanriverdi, H., and L. Chi-Hyon. 2008. “Within-Industry Diversification and Firm Performance in the Presence of Network Externalities: Evidence from the Software Industry.” Academy of Management Journal 51 (2): 381–397. doi:10.5465/amj.2008.31767300.
   Web of Science ®Google Scholar
• Tarhuni, N., and G. J. Black. 2016. “Venture Monitor 3 Q 2016.”
   Google Scholar
• Taylor, S., and A. Spicer. 2007. “Time for Space: A Narrative Review of Research on Organizational Spaces.” International Journal of Management Reviews 9 (4): 325–346. doi:10.1111/j.1468-2370.2007.00214.x.
   Web of Science ®Google Scholar
• Thams, Y., M. J. Alvarado-Vargas, and W. Newburry. 2016. “Geographical Diversification as a Predictor of MNC Reputations in Their Home Nations.” Journal of Business Research 69 (8): 2882–2889. doi:10.1016/j.jbusres.2015.12.057.
   Web of Science ®Google Scholar
• Wade, J. 1995. “Dynamics of Organizational Communities and Technological Bandwagons: An Empirical Investigation of Community Evolution in the Microprocessor Market.” Strategic Management Journal 16 (S1): 111–133. doi:10.1002/smj.4250160920.
   Google Scholar
• Wan, W. P., R. E. Hoskisson, J. C. Short, and D. W. Yiu. 2011. “Resource-Based Theory and Corporate Diversification: Accomplishments and Opportunities.” Journal of Management 37 (5): 1335–1368. doi:10.1177/0149206310391804.
   Web of Science ®Google Scholar
• Wooldridge, J. M. 2010. Econometric Analysis of Cross Section and Panel Data. Cambridge, Mass: MIT Press.
   Google Scholar
• Yang, Y., V. K. Narayanan, and D. M. De Carolis. 2014. ”The Relationship Between Portfolio Diversification and Firm Value: The Evidence from Corporate Venture Capital Activity.” Strategic Management Journal 35: 1993–2011. doi:10.1002/smj.
   Google Scholar
• Zhang, P. 2014. “Understanding Diversification Strategy in Venture Capital Market.” Entrepreneurship Research Journal 4 (3): 277–296. doi:10.1515/erj-2013-0058.
   Web of Science ®Google Scholar