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| The Impact of Relationship Dependence Among Network Members on Ego-Network Dynamics of Venture Capital:The Moderating Effect of Knowledge Attributes |
| Gao Yuge1,Xie Yongping1,Yang Yanping2 |
| (1.School of Economics and Management, Xidian University, Xi' an 710126,China;2.School of Management, Henan University of Technology, Zhengzhou 450001,China) |
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Abstract As "high-energy capital", venture capital plays an important role in promoting innovation, entrepreneurship and creation, and investment institutions often choose joint investment strategies to mitigate unsystematic risks and exchanging resources. In practice, the ability, demand and resource endowment of investment institutions will change with the passage of time and the accumulation of investment experience, making investment institutions change their network partners and network topology to seek new opportunities and resources, thus bringing the reconstruction of venture capital ego-network. There will be heterogeneous knowledge, information and collisions of new ideas due to the addition of new partners, and thus it is possible to enhance the network advantages of the original focus investment institutions, reduce knowledge homogeneity and redundancy and improve the efficiency and performance of knowledge search and learning of focus organizations. Therefore, it is of great significance to deeply understand the dynamic changes of venture capital ego-network and the logical laws of the changes for improving the performance of investment institutions and guiding the development of venture capital network. But the existing ego-network exploration from the micro perspective focuses on the static perspective, while the research from the dynamic perspective is rare; it is difficult to comprehensively reveal the dynamic change mechanism of venture capital network only from external factors. In addition, the research on the relationship between organizations is ignored. Therefore, this study focuses on the dynamic perspective of ego-network of venture capital at the micro level, this paper explores the impact of relationship dependence among network members on the dynamics of venture capital ego-network based on social network theory and knowledge-based theory, and verifies the moderating effects of knowledge attributes on the relationship between them.#br#This study uses the relevant data from 2010 to 2019 in the Wind database, and obtains a sample of 245 investment institutions with a total of 23 056 investment events. A total of 1 715 ego-networks are constructed for 245 investment institutions in seven window periods, and relevant network indicators are calculated. Finally, the within estimation method and LSDV method are used to conduct empirical analysis on 1 715 ego-networks.#br#The results show that the relationship dependence among network members negatively affects the ego-network growth and diversity of venture capital respectively; the high level of knowledge depth and knowledge breadth further strengthen the negative relationship between network member relationship dependence and ego-network diversity, and play a negative moderating role; knowledge breadth weakens the negative relationship between the relationship dependence among network members and ego-network growth, and plays a positive regulatory role; however, the knowledge depth has not significant moderating effect on the relationship dependence of network members and the ego-network growth of venture capital.#br#The research contributions of this paper are mainly reflected in the following aspects. (1) According to the social network theory, the dependence among organizational members in the network is deconstructed from the perspective of social interaction, which provides a new perspective for the research on dynamic driving factors of venture capital ego-network. Different from previous studies with a focus on the exogenous environmental factors or endogenous individual needs, this study is from the perspective of relationship dependence among organizational members, which not only expands the application of social network theory, but also deepens the understanding of the antecedents of ego-network dynamics. (2) The research on the dynamics of venture capital networks has been expanded from the macro and meso perspectives to the micro ego-network perspective, and it enriches and refines the research results related to venture capital networks. It is also helpful to recognize the changes in the amount and richness of resources brought by the ego-network change of each investment institution from the micro perspective. (3) Combining knowledge-based theory, this study analyzes the changes of network member relationship under the action of the knowledge base. It provides help for in-depth exploration of the antecedents of the evolution of the ego-network, supplements the original theoretical research framework, and makes up for the one-sided research with a focus only on the relationship dependence of network members.#br#
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Received: 13 June 2022
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