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Dynamic Evolution of Venture Capital Network in Clean Energy Industries Based on STERGM

School of Economics and Management, Xi’an University of Technology, Xi’an 710054, China
International School of Business & Finance, Sun Yat-sen University, Zhuhai 519082, China
Author to whom correspondence should be addressed.
Sustainability 2019, 11(22), 6313;
Received: 11 October 2019 / Revised: 27 October 2019 / Accepted: 6 November 2019 / Published: 11 November 2019
(This article belongs to the Section Economic, Business and Management Aspects of Sustainability)
This paper provides a detailed description of venture capital (VC) investments in clean energy industries in China over the period 2006–2017 and explores the evolution of clean energy industry VC networks through network formation and network dissolution. Results from the separable temporal exponential-family random graph model (STERGM) show that the factors vary in their relative importance for clean energy industry VC network formation and dissolution. Specifically, governmental venture capital (GVC) and geographic proximity have strong impacts on the formation of networks but not on their dissolution. Reputation and structural embeddedness promote the formation of networks and inhibit their dissolution, and cognitive proximity is found to cause network formation while facilitating network dissolution. The results provide practical and theoretical guidance for the network development of VC firms investing in clean energy industries. View Full-Text
Keywords: clean energy; venture capital; syndication; network evolution clean energy; venture capital; syndication; network evolution
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Zhang, C.; Dang, X.; Peng, T.; Xue, C. Dynamic Evolution of Venture Capital Network in Clean Energy Industries Based on STERGM. Sustainability 2019, 11, 6313.

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