The role of top management team human capital in venture capital markets: Evidence from first-time funds

Journal of Business Venturing

Volumn 25, Issue 1, 2010, Pages 155-172

  Zarutskie, Rebecca ^a  

^a DUKE UNIVERSITY   (United States)

Author keywords

First time funds; Human capital; Investment management; Venture capital

Indexed keywords

EID: 70449671737     PISSN: 08839026     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jbusvent.2008.05.008     Document Type: Article

References (48)

1. Amason A.C., Shrader R.C., and Tompson G.H. Newness and novelty: relating top management team characteristics to new venture performance. Journal of Business Venturing 21 (2006) 125-148
2. Amit R., Brander J., and Zott C. Why do venture capital firms exit? Theory and Canadian evidence. Journal of Business Venturing 13 (1998) 441-466
3. Bantel K.A., and Jackson S.E. Top management and innovations in banking: does the compositions of the top team make a difference?. Strategic Management Journal 10 (1989) 107-124
4. Barney J.B. Firm resources and sustained competitive advantage. Journal of Management 17 (1991) 99-120
5. Beckman C., Burton M.D., and O'Reilly C. Early teams: the impact of team demography on VC financing and going public. Journal of Business Venturing 22 (2007) 147-173
6. Becker G.S. Human capital: a theoretical and empirical evidence, with special reference to education (1964), Columbia University Press, New York
7. Bertrand M., and Schoar A. Managing with style: the effect of managers on corporate policy. Quarterly Journal of Economics 118 (2003) 1169-1208
8. Boecker W. Strategic change: the influence of managerial characteristics and organizational growth. Academy of Management Journal 40 (1997) 152-170
9. Botazzi, Laura, Da Rin, Marco and Hellmann, Thomas, 2007. Who are the active investors? Evidence from venture capital. Journal of Financial Economics, forthcoming.
10. Brown S., and Goetzmann W. Performance persistence. Journal of Finance 50 (1995) 679-698
11. Bygrave W.D. Syndicated investments by venture capital firms: a networking perspective. Journal of Business Venturing 2 (1987) 139-154
12. Chevalier J., and Ellison G. Are some mutual fund managers better than others? Cross-sectional patterns in behavior and performance. Journal of Finance 54 (1999) 875-899
13. Chowdhury S. Demographic diversity for building an effective entrepreneurial team: is it important?. Journal of Business Venturing 19 (2005) 55-79
14. Cochrane J. The risk and return of venture capital. Journal of Financial Economics 75 (2005) 3-52
15. Dimov D.P., and De Clercq D. Venture capital investment strategy and portfolio failure rate: a longitudinal study. Entrepreneurship Theory and Practice 30 (2006) 207-223
16. Dimov D.P., and Shepherd D.A. Human capital theory and venture capital firms: exploring "home runs" and "strike outs. Journal of Business Venturing 20 (2005) 1-21
17. Dimov D.P., Shepherd D.A., and Sutcliffe K.M. Requisite expertise, firm reputation and status in venture capital investment allocation decisions. Journal of Business Venturing 22 (2007) 481-502
18. Elton E., Gruber M., Das S., and Hlavka M. Efficiency with costly information: a re-interpretation of evidence from managed portfolios. Review of Financial Studies 6 (1993) 1-21
19. Fama E. Efficient capital markets: a review of theory and empirical work. Journal of Finance 25 (1970) 383-417
20. Finkelstein S., and Hambrick D.C. Strategic Leadership: Top Executives and their Effects on Organizations (1996), West Publishing Company, Minneapolis, MN
21. Finkelstein S., and Hambrick D.C. Top management team tenure and organizational outcomes: the moderating role of strategic discretion. Administrative Science Quarterly 35 (1990) 484-503
22. Gibbons R., and Waldman M. Task-specific human capital. American Economic Review 94 (2004) 203-207
23. Gibbons R., and Waldman M. A theory of wage and promotion dynamics inside firms. Quarterly Journal of Economics 114 (1999) 1321-1358
24. Gimeno J., Folta T.B., Cooper A.C., and Woo C.Y. Survival of the fittest? Entrepreneurial human capital and the persistence of underperforming firms. Administrative Science Quarterly 42 (1997) 750-783
25. Golec J. The effects of mutual fund managers' characteristics on their portfolio performance, risk and fees. Financial Services Review 5 (1996) 133-148
26. Gompers P., and Lerner J. Money chasing deals? The impact of fund inflows on private equity valuations. Journal of Financial Economics 55 (2000) 281-325
27. Gompers P., and Lerner J. The venture capital revolution. Journal of Economic Perspectives 15 (2001) 145-168
28. Gorman M., and Sahlman W. What do venture capitalists do?. Journal of Business Venturing 4 (1989) 231-248
29. Gupta A.K., and Sapienza H.J. Determinants of venture capital firms' preferences regarding the industry diversity and geographic scope of their investments. Journal of Business Venturing 7 (1992) 347-362
30. Hambrick D.C., and Mason P.A. Upper echelons: the organization as a reflection of its top managers. Academy of Management Review 9 (1984) 193-206
31. Hellmann T., and Puri M. Venture capital and the professionalization of start-up firms: empirical evidence. Journal of Finance 57 (2002) 169-197
32. Hochberg Y., Ljungqvist A., and Lu Y. Who you know matters: venture capital networks and investment performance. Journal of Finance 62 (2007) 251-301
33. Hwang M., Quigley J., and Woodward S. An index for venture capital, 1987-2003. Contributions to Economic Analysis and Policy 4 (2005) 1-32
34. Jensen M. The performance of mutual funds in the period 1945-1964. Journal of Finance 23 (1968) 389-416
35. Kaplan S., and Schoar A. Private equity performance: Returns, persistence and capital flows. Journal of Finance 60 (2005) 1791-1823
36. Kaplan S., and Stromberg P. Venture capitalists as principals: contracting, screening, and monitoring. American Economic Review 91 (2001) 426-430
37. Kletzer L. Returns to seniority after permanent job loss. American Economic Review 79 (1989) 536-543
38. Lazear E.P. A jobs-based analysis of labor markets. American Economic Review Papers and Proceedings 85 (1995) 260-265
39. Lerner J. Venture capitalists and the oversight of private firms. Journal of Finance 50 (1995) 301-318
40. Miller D. Stale in the saddle: CEO tenure and the match between organization and environment. Management Science 37 (1991) 34-52
41. Neal D. Industry-specific human capital: evidence from displaced workers. Journal of Labor Economics 13 (1995) 653-677
42. Pennings J.M., Lee K., and van Witteloostuijn A. Human capital, social capital and firm dissolution. Academy of Management Journal 41 (1998) 425-440
43. Peteraf M.A. The cornerstones of competitive advantage: a resource-based view. Strategic Management Journal 14 (1993) 179-191
44. Phalippou, Ludovic and Gottschalg, Oliver, 2006. The performance of private equity funds. Review of Financial Studies, forthcoming.
45. Rajan R., and Zingales L. The firm as a dedicated hierarchy: a theory of the origins and growth of firms. Quarterly Journal of Economics 116 (2001) 805-852
46. Sapienza H. When do venture capitalists add value?. Journal of Business Venturing 7 (1992) 9-27
47. Wiersema M.F., and Bantel K.A. Top management team demography and corporate strategic change. Academy of Management Journal 35 (1992) 91-121
48. Zingles L. In search of new foundations. Journal of Finance 55 (2000) 1623-1653