Abstract
This study examines how venture capital (VC) firms' network centrality affects investment performance across developed and emerging markets. Using a comprehensive dataset spanning 2000-2023, our results confirm the positive effect of centrality on performance in developed countries, but we find that the effect is limited in emerging economies. We then propose an Effective Centrality measure that amplifies connections with developed-market firms. By incorporating cross-border knowledge spillovers from developed to emerging markets, the Effective Centrality measure demonstrates an equally substantial positive influence on performance in emerging markets. This study highlights the importance of network positioning and cross-border collaborations in improving VC performance. These insights contribute to the literature on VC research, emphasizing the interplay between local and international dynamics in syndication investments and their implications for global VC investments.