Human capital theory and venture capital firms: exploring “home runs” and “strike outs” |
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| Institution: | 1. Imperial College, Imperial College Business School, London, South Kensington, London SW7 2AZ, United Kingdom;2. Desautels Faculty of Management, McGill University, Montreal, Canada;3. Foster School of Business, University of Washington, Seattle, WA 98185, USA;1. Vlerick Business School, Reep 1, BE-9000 Gent, Belgium;2. Imperial College Business School, United Kingdom;3. Aalto University, Department of Industrial Engineering and Management, PO Box 15500, FI 0076 Aalto, Finland;4. Center for Management Buy-out Research, Imperial College Business School, 46 Exhibition Road, London SW7 2AZ, United Kingdom;5. ETH Zurich, Switzerland;1. University of Duisburg-Essen, Department of Economics and Business Administration, Germany;2. University of Hohenheim, Faculty of Business, Economics and Social Sciences, Wollgrassweg 49, 70599 Stuttgart, Germany;3. University of Hohenheim, Faculty of Business, Economics and Social Sciences, Germany;1. Vlerick Business School, Reep 1, 9000 Gent, Belgium;2. Ghent University, Reep 1, 9000 Gent, Belgium;3. Imperial College Business School and Ghent University, South Kensington Campus, London SW7 2AZ, United Kingdom;1. Department of Managerial Economics, Strategy and Innovation, KU Leuven, Naamsestraat 69, B-3000 Leuven, Belgium;2. UNU MERIT, Maastricht University, Maastricht, The Netherlands;3. Grenoble Ecole de Management, Department of Management, Technology and Strategy, 38000, Grenoble, France;4. Department of Organization and Strategy, School of Business and Economics, Maastricht University, P.O. Box 616, 6200 MD Maastricht, The Netherlands |
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| Abstract: | Using a human capital perspective, we investigated the relationship between the education and experience of the top management teams of venture capital firms (VCFs) and the firms' performance. We found that although general human capital had a positive association with the proportion of portfolio companies that went public initial public offering (IPO)], specific human capital did not. However, we did find that specific human capital was negatively associated with the proportion of portfolio companies that went bankrupt. Interestingly, some findings were contrary to expectations from a human capital perspective, specifically the relationship between general human capital and the proportion of portfolio companies that went bankrupt. Future research is suggested. |
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