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| Tekijä: | Fitza, M. Matusik, S.F. Mosakowski, E. |
| Otsikko: | Do VCs matter? The importance of owners on performance variance in start-up firms |
| Lehti: | Strategic Management Journal
2009 : APR, VOL. 30:4, p. 387-404 |
| Asiasana: | new enterprise venture capital companies small business company performance investments |
| Vapaa asiasana: | ownership |
| Kieli: | eng |
| Tiivistelmä: | This paper explores the effect of owners on firm performance in a new context, that of venture capital firms (VCs) and the start-up firms in which they invest. It is estimated that start-up-specific, owner (VC), and year effects account for significant variance in performance (26.3 percent, 11.2 percent and 3.7 percent, respectively). Industry and investment stage effects are not statistically different from zero. Provided is an analysis separating the owner effect into two components: i. a selection component impacting investment, and ii. a management component explaining significant variance in performance. By exploring the owner effect in a different institutionalized form of governance, that of the start-up and its relationship to VC owners, the study also contributes to an understanding of the 'ownership' effect in the strategy literature. |
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