Upper echelons and portfolio strategies of venture capital firms |
| |
| Authors: | Holger Patzelt Dodo zu Knyphausen-Aufseß Heiko T Fischer |
| |
| Institution: | aMax Planck Institute of Economics, Kahlaische Str. 10, 07745 Jena, Germany;bChair of Strategic Leadership and Global Management, Technische Universität Berlin, Straße des 17. Juni 135, 10623 Berlin, Germany;cChair for Human Resources and Organization Theory, University of Bamberg, Feldkirchenstraße 21, 96045 Bamberg, Germany |
| |
| Abstract: | In this study we analyze how the composition of the top management team (TMT) influences the portfolio strategy choice in venture capital (VC) organizations. We develop a model of risk perception to investigate how education and experience of TMT members impact whether VC organizations invest with a focus on early stage ventures or not, specialize or diversify across industries, and invest with a broad or narrow geographic scope.Evaluation of data on TMTs and portfolio strategies of 136 European VC firms revealed that VC firms with higher proportions of TMT members with science/engineering education and entrepreneurial experience more likely invest with an early stage focus. Furthermore, TMTs with more management education diversify their portfolios more across industries. Finally, the more international experience TMT members of VC organizations have, the broader the geographic scope of investees. We discuss the implications of our findings for the VC literature. |
| |
| Keywords: | Top management team Education Experience Early stage focus Portfolio diversification Geographic scope |
| 本文献已被 ScienceDirect 等数据库收录！ |
|
