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

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