Venture capital firms (VCs) must simultaneously manage a range of relationships with investors, investees, prospective buyers, and co-investors who frequently exert divergent influences on when investments should be exited. The greater weight of one particular relationship can lead a VC to exit an investment earlier than would maximize returns for that investment. In this study, we utilize a global sample to examine how VC firms' investment duration decisions are shaped by firm-specific and environmental factors. Our findings suggest that VCs are less patient and exit faster when they have less experience, invest in more institutionally challenged host countries, or are foreign and invested in an emerging economy. Importantly, while co-investing with other VCs increases patience in advanced economies, this effect disappears in emerging economies.

中文翻译：

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风险投资投资期限的多机构观点：机构、外国和联盟的作用

风险投资公司 (VC) 必须同时管理与投资者、被投资方、潜在买家和共同投资者的一系列关系，他们经常对何时退出投资施加不同的影响。某一特定关系的权重越大，可能导致 VC 更早地退出投资，而不是最大化该投资的回报。在本研究中，我们利用全球样本来检验风险投资公司的投资期限决策如何受到公司特定和环境因素的影响。我们的研究结果表明，当风险投资公司经验较少、投资于制度上面临更多挑战的东道国或投资于新兴经济体时，他们的耐心和退出速度会更快。重要的是，虽然与其他风险投资公司共同投资可以增加发达经济体的耐心，