文献类型：期刊文献

英文题名：Dialect Distance and Venture Capital Risk-Taking: Evidence From China

作者：Li, Jianjun[1];Wu (George), Ji[2];Huang, Tairan Kevin[3];Guo, Yu[4]

机构：[1]East China Univ Sci & Technol, Sch Business, Shanghai, Peoples R China;[2]Massey Univ, Sch Econ & Finance, Massey Business Sch, Auckland, New Zealand;[3]Univ Wollongong, Fac Business & Law, Sch Business, Wollongong, Australia;[4]Shanghai Lixin Univ Accounting & Finance, Accounting Sch, Shanghai, Peoples R China

年份：2025

卷号：65

期号：5

起止页码：4352

外文期刊名：ACCOUNTING AND FINANCE

收录：;WOS:【SSCI(收录号:WOS:001547848900001)】；

语种：英文

外文关键词：culture difference; dialect distance; risk-taking; venture capital

摘要：This study investigates how dialect distance affects venture capital (VC) firms' risk-taking behaviour in China. Using data from 29,208 investment rounds between 2000 and 2018, we find that longer dialect distance reduces VC investment in early-stage portfolio companies due to strengthening information asymmetry concerns and building trust barriers. However, the negative effect is weakened by factors such as VC managers' experience, high-speed rail connectivity, regional quality of law enforcement, joint investments, central network position, and higher portfolio company patent activity. Our results highlight dialect distance as a significant obstacle to cross-regional VC investments in China.