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Venture Capital as Human Resource Management

Antonio Geldson de Carvalho, Charles Calomiris and João Amaro de Matos

No 11350, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Venture capitalists add value to portfolio firms by obtaining and transferring information about senior managers across firms over time. Information transfer occurs on a significant scale and takes place both among a single venture capitalist%u2019s portfolio firms and between different venture capitalists%u2019 firms via a network of venture capitalists, which venture capitalists use to locate and relocate managers. Cross-sectional differences are associated with differences in the intensity with which venture capitalists network. The observable factors relevant in explaining the intensity with which venture capitalists network include: 1) the value of the information transmitted through the network, 2) the riskiness of the activities of portfolio firms, 3) the size of the venture capital fund, 4) the degree of difficulty in enticing executives to manage portfolio firms, and 5) the reputation of the venture capitalist for successfully recycling managers. These factors reflect costs and benefits to venture capitalists of participating in the network.

JEL-codes: G14 G24 J23 (search for similar items in EconPapers)
Date: 2005-05
New Economics Papers: this item is included in nep-bec, nep-ent and nep-fin
Note: CF DAE LS
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Published as de Carvalho, Antonio Gledson & Calomiris, Charles W. & de Matos, João Amaro, 2008. "Venture capital as human resource management," Journal of Economics and Business, Elsevier, vol. 60(3), pages 223-255.

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