You can't make an omelette without breaking eggs: the impact of venture capitalists on executive turnover

Diana Heger and Tereza Tykvová

No 07-003, ZEW Discussion Papers from ZEW - Leibniz Centre for European Economic Research

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.

Keywords: Venture Capital; Executive Turnover (search for similar items in EconPapers)
JEL-codes: G24 G32 (search for similar items in EconPapers)
Date: 2007
New Economics Papers: this item is included in nep-bec and nep-ent
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:zewdip:5490

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