Heger, Diana; Tykvová, Tereza - In: Journal of Corporate Finance 15 (2009) 5, pp. 613-625
We investigate the impact of venture capitalists on the turnover of executives within a sample of nearly 46,500 German high-tech start-up companies founded between 1995 and 2004. We confirm that the presence of VCs increases the chances that the company will change the structure of its initial...