Abstract
This paper aims to understand how the involvement of venture capitalists (VCs) affects alliance formation and alliance characteristics in entrepreneurial firms. Specifically, we examine the linkages between VCs and the likelihood, number, type and geographic characteristics of the strategic alliances implemented by entrepreneurial firms. We draw from a sample that allows us to compare VC- backed firms against their counterparts with fewer concerns tied to endogeneity biases than previous studies. While our results show that both the statistical and the economic significance of VCs’ contribution to alliance formation are sizable, the types of partnerships and partner characteristics are indifferent for VC- and non-VC-backed firms alike. A number of implications are discussed.
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