Venture Capital and the Professionalization of Start-Up FirmsEmpirical Evidence 风险投资与初创企业专业化:实证研究.pdf
- 1、本文档共32页,可阅读全部内容。
- 2、原创力文档(book118)网站文档一经付费(服务费),不意味着购买了该文档的版权,仅供个人/单位学习、研究之用,不得用于商业用途,未经授权,严禁复制、发行、汇编、翻译或者网络传播等,侵权必究。
- 3、本站所有内容均由合作方或网友上传,本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺!文档内容仅供研究参考,付费前请自行鉴别。如您付费,意味着您自己接受本站规则且自行承担风险,本站不退款、不进行额外附加服务;查看《如何避免下载的几个坑》。如果您已付费下载过本站文档,您可以点击 这里二次下载。
- 4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等,请点击“版权申诉”(推荐),也可以打举报电话:400-050-0827(电话支持时间:9:00-18:30)。
查看更多
THE JOURNAL OF FINANCE • VOL. LVII, NO. 1 • FEB. 2002
Venture Capital and the Professionalization
of Start-Up Firms:
Empirical Evidence
THOMAS HELLMANN and MANJU PURI*
ABSTRACT
This paper examines the impact venture capital can have on the development of
new firms. Using a hand-collected data set on Silicon Valley start-ups, we find that
venture capital is related to a variety of professionalization measures, such as
human resource policies, the adoption of stock option plans, and the hiring of a
marketing VP. Venture-capital-backed companies are also more likely and faster to
replace the founder with an outside CEO, both in situations that appear adversar-
ial and those mutually agreed to. The evidence suggests that venture capitalists
play roles over and beyond those of traditional financial intermediaries.
IN THIS PAPER, WE SET OUT to empirically examine whether venture capitalists
play a role in the professionalization of start-up companies. We use a unique
hand-collected data set of Silicon Valley start-ups that allows us to observe
aspects of the internal organization of firms. We find that venture capital-
ists play a role at the top of the organization, in terms of replacing the
original founders with an outside CEO. Moreover they seem to influence
developments further down the organization, in terms of playing a role for
the introduction of stock option plans, the hiring of a VP of sales and mar-
keting, and the formulation of human resource policies.
Traditional financial intermediation theory tends to focus on information-
based roles of financial intermediaries, dealing with the alleviation of moral
hazard or adverse selection ~Diamond ~1984!, Fama ~1985!, Stiglitz ~1985!!.
* Hellmann
您可能关注的文档
- The mechanics of undulatory locomotion the mixed kinematic and dynamic case 波动运动力学:混合运动学与动力学案例.pdf
- UNIT OPERATIONS OF CHEMICAL ENGINEERING 化工单元作业.pdf
- Unix系统的安全研究.pdf
- UVM初级开发指南.pdf
- Verification and optimization of aPLC control scheduleAPLC控制计划的验证与优化.pdf
- Writing Academic English 写学术的英语.pdf
- ZYJ7型电动液压转辙机控制电路故障判断与处理.pdf
- 阿特拉斯空压机ga55 使用说明书.pdf
- 安全仪表系统_SIS_在氯碱生产中的应用.pdf
- 帮助病人康复.pdf
- 2010-2023历年福建省泉州第一中学高三上学期期中考试语文试卷(带解析).docx
- 2010-2023历年福建省厦门第一中学高一第二学期期中考试化学试题.docx
- 2010-2023历年福建省“四地六校”下学期第三次联考高一化学试卷(带解析).docx
- 2024年PCB线路板抗氧化线项目可行性研究报告.docx
- 2024年中国LCM液晶显示器市场调查研究报告.docx
- 2024年中国工业特殊胶带市场调查研究报告.docx
- 2024年中国绝缘云母带市场调查研究报告.docx
- 2010-2023历年福建省安溪第一中学高二上学期期中考试语文试卷(带解析).docx
- 2010-2023历年福建泉州市高三第二次质检文综历史试卷(带解析).docx
- 2024年中国二次成型隐蔽电热丝修补用鞍型市场调查研究报告.docx
文档评论(0)