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Title:You can't make an omelette without breaking eggs: the impact of venture capitalists on executive turnover PDF Logo
Authors:Heger, Diana
Tykvová, Tereza
Issue Date:2007
Series/Report no.:ZEW Discussion Papers 07-003
Abstract:We present evidence on venture capitalists? (VCs) impact on turnover of executives for a sample of nearly 47,000 German high-tech start-ups between 1995 and 2004. We confirm that the presence of VCs increases the probability of a change in the initial executive team. Additionally, we take a closer look on the subsample of venturebacked firms. We find that a small distance between the VCs and the companies they finance and a larger total stake in the company owned by VCs increase the probability of changes in the initial executive teams.
Subjects:Venture Capital
Executive Turnover
JEL:G32
G24
Document Type:Working Paper
Appears in Collections:ZEW Discussion Papers
Publikationen von Forscherinnen und Forschern des ZEW

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