A copy of this work was available on the public web and has been preserved in the Wayback Machine. The capture dates from 2015; you can also visit the original URL.
The file type is application/pdf
.
Executive Replacement in Venture Capital-Backed Startups
2014
Social Science Research Network
We show that venture capitalists add value in struggling startups by replacing executives. Augmenting a large database of entrepreneurial firm executives with handcollected join/departure dates, we characterize firms that failed to raise their next round of financing within an expected window as "living dead." Executives are approximately three times as likely to be replaced in struggling startups and especially by investors who hold greater board influence and high portfolio performance. Using
doi:10.2139/ssrn.2520648
fatcat:qbcnrx2htrfazaos5optkpn2me