You Can’t Make an Omelette without Breaking Eggs: The Impact of Venture Capitalists on Executive Turnover


Heger, Diana ; Tykvová, Tereza


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URL: http://ub-madoc.bib.uni-mannheim.de/1483
URN: urn:nbn:de:bsz:180-madoc-14837
Document Type: Working paper
Year of publication: 2007
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: G24 G32 ,
Subject headings (SWD): Beteiligungsfinanzierung , Unternehmenskauf , Risikokapital , Kapitalanleger , Spitzentechnologie , Deutschland
Keywords (English): Venture Capital , Executive Turnover
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.
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Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




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Heger, Diana ; Tykvová, Tereza (2007) You Can’t Make an Omelette without Breaking Eggs: The Impact of Venture Capitalists on Executive Turnover. Open Access [Working paper]
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