EconPapers    
Economics at your fingertips  
 

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: G32 G24 (search for similar items in EconPapers)
Date: 2007
New Economics Papers: this item is included in nep-bec and nep-ent
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
https://www.econstor.eu/bitstream/10419/24553/1/dp07003.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:zbw:zewdip:5490

Access Statistics for this paper

More papers in ZEW Discussion Papers from ZEW - Leibniz Centre for European Economic Research Contact information at EDIRC.
Bibliographic data for series maintained by ZBW - Leibniz Information Centre for Economics ().

 
Page updated 2020-03-29
Handle: RePEc:zbw:zewdip:5490