Theories and empirical evidence on the competitive motives for VC internationalization are unclear and contradictory. In our study, we adopt a performance feedback perspective to explain VC firms' motives to venture abroad. We leverage unique peer-performance data on 295 VC funds and 2954 VC investments and find support for our hypotheses that performance below (a) peer, (b) historical, or (c) market aspiration levels drives VCs exodus to (a) foreign and (b) more distant markets. Our study complements theories on internationalization with an organization ecology perspective that acknowledges internationalization as an attempt at adaptation triggered by poor performance.

中文翻译：

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开拓卓越还是逃离平庸？为什么风险投资公司国际化

关于风险投资国际化的竞争动机的理论和实证证据不明确且相互矛盾。在我们的研究中，我们采用绩效反馈的观点来解释风险投资公司海外投资的动机。我们利用 295 家风险投资基金和 2954 项风险投资的独特同行绩效数据，并为我们的假设提供支持，即绩效低于 (a) 同行，(b) 历史，或 (c) 市场期望水平导致风险投资外流至 (a) 国外和(b) 更远的市场。我们的研究以组织生态学视角补充了国际化理论，该视角承认国际化是一种由不良绩效引发的适应尝试。