Do venture capitalists give founders their walking papers?

Journal of Corporate Finance

Volumn 15, Issue 5, 2009, Pages 613-625

  Heger, Diana ^a   Tykvová, Tereza ^a  

^a CENTRE FOR EUROPEAN ECONOMIC RESEARCH ZEW   (Germany)

Author keywords

Executive turnover; Venture capital

Indexed keywords

EID: 70349866655     PISSN: 09291199     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jcorpfin.2009.07.001     Document Type: Article

References (24)

1. Aghion P., and Bolton P. An incomplete contracts approach to financial contracting. Review of Economic Studies 59 (1992) 473-494
2. Almus M., Engel D., and Prantl S. The Mannheim Foundation Panels of the Centre for European Economic Research (ZEW (2000) Discussion Paper 00-02, ZEW-Dokumentation
3. Baker M., and Gompers P.A. The determinants of board structure at the initial public offering. Journal of Law and Economics 66 (2003) 569-598
4. Bergemann D., and Hege U. Venture capital financing, moral hazard, and learning. Journal of Banking and Finance 22 (1998) 703-735
5. Boone A.L., Field L.C., Karpoff J.M., and Raheja C.G. The determinants of corporate board size and composition: an empirical analysis. Journal of Financial Economics 85 1 (2007) 66-101
6. Chan Y., Siegel D., and Thakor A.V. Learning, corporate control and performance requirements in venture capital contracts. International Economic Review 31 2 (1990) 365-381
7. Cumming D.J., Fleming G., and Schwienbacher A. Financial intermediaries, ownership structure and the provision of venture capital to smes: evidence from Japan. Small Business Economics 31 (2008) 59-92
8. Engel D. Venture capital für junge Unternehmen (2004), Nomos-Verlag
9. Engel D., and Steil F. Dienstleistungsneugründungen in Baden-Württemberg (1999), Arbeitsbericht der Akademie für Technikfolgenabschätzung Discussion Paper 139
10. Engel D., and Heger D. Direct Intervention of Public Venture Capital Companies in the German VC Market: A Microeconometric Based Answer (2006) mimeo
11. Greene W. Econometric Analysis. 5 ed. (2003), Prentice Hall
12. Grupp H., Jungmittag A., Schmoch U., and Legler H. Hochtechnologie 2000: Neudefinition der Hochtechnologie Für Die Berichterstattung Zur Technologischen Leistungsfähigkeit Deutschlands: Gutachten Für Das Bundesforschungsministerium (Bmbf) (2000), Fraunhofer ISI und NIW, Karlsruhe
13. Hellmann T.F. The allocation of control rights in venture capital contracts. Rand Journal of Economics 29 (1998) 57-76
14. Hellmann T.F., and Puri M. Venture capital and the professionalization of start-up firms: empirical evidence. Journal of Finance 57 (2002) 169-197
15. Hochberg Y. Venture capital and corporate governance in the newly public firm (2008), Kellogg School of Management, Northwestern University, Evanston Discussion paper
16. Kaplan S.N., and Strömberg P. Characteristics, contracts and actions: evidence from venture capitalist analyses. Journal of Finance 59 5 (2004) 2177-2210
17. Lerner J. Venture capitalists and the oversight of private firms. Journal of Finance 50 (1995) 301-316
18. Nerlinger E. Standorte und Entwicklung junger innovativer Unternehmen: Empirische Ergebnisse für West-Deutschland. 27 ed. (1998), ZEW Wirtschaftsanalysen, Mannheim, Baden-Baden
19. Rosenstein J., Bruno A.V., Bygrave W.D., and Taylor N.T. The CEO, venture capitalists, and the board. Journal of Business Venturing 8 (1993) 99-113
20. Sahlman W.A. The structure and governance of venture capital organizations. Journal of Financial Economics 27 (1990) 473-521
21. Sorensen M. How smart is smart money? A two-sided matching model of venture capital. Journal of Finance 62 6 (2007) 2725-2762
22. Sorenson O., and Stuart T. Syndication networks and the spatial distribution of venture capital investments. American Journal of Sociology 106 (2001) 1546-1588
23. Staiger D., and Stock J.H. Instrumental variables regression with weak instruments. Econometrica 65 3 (1997) 557-586
24. Tykvová T. What do economists tell us about venture capital contracts?. Journal of Economic Surveys 21 1 (2007) 65-89