Heger, Diana; Tykvová, Tereza - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2007
We present evidence on venture capitalists? (VCs) impact on turnover of executives for a sample of nearly 47,000 German high-tech start-ups between 1995 and 2004. We confirm that the presence of VCs increases the probability of a change in the initial executive team. Additionally, we take a...