Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/24553
Authors: 
Heger, Diana
Tykvová, Tereza
Year of Publication: 
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

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