“…For example, from the perspective of finance theory, VC syndication has been viewed as a means to share risk and avoid uncertainty through investment portfolio diversification [22]; from the knowledge-based view, internal knowledge development and external knowledge accessed through inter-firm relationships were crucial drivers of VC syndication [23]; and from the resource-based view, VC syndication enables access to complementary assets, financial resources, and network resources [24,25]. Therefore, the motives of VC syndication are generally considered as corporate actions of reducing risks, obtaining resources, accessing future deals, and adding value [8,22,26]. Despite the growing attention and fruitful literature on the antecedents of VC syndication, there are still potential gaps left for overlooked factors that may influence VC syndication.…”