Venture capital and the professionalization of start-up firms: Empirical evidence
成果类型：
Article
署名作者：
Hellmann, T; Puri, M
署名单位：
Stanford University; National Bureau of Economic Research
刊物名称：
JOURNAL OF FINANCE
ISSN/ISSBN：
0022-1082
DOI：
10.1111/1540-6261.00419
发表日期：
2002
页码：
169-197
关键词：
摘要：
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 adversarial and those mutually agreed to. The evidence suggests that venture capitalists play roles over and beyond those of traditional financial intermediaries.