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Are Some Venture Capitalists More Likely Than Others to Replace Founder-CEOs?

Dmitry Khanin, J. Robert Baum, Ofir Turel and Raj V Mahto
The Journal of Private Equity Spring 2009, 12 (2) 19-29; DOI: https://doi.org/10.3905/JPE.2009.12.2.019
Dmitry Khanin
is an assistant professor in the department of management, Steven G. Mihaylo College of Business and Economics, Cal State Fullerton in Fullerton, CA.
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  • For correspondence: dkhanin@fullerton.edu
J. Robert Baum
is an associate professor in the Robert H. Smith School of Business University of Maryland, in College Park, MD.
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  • For correspondence: jrbaum@rhsmth.umd.edu
Ofir Turel
is an associate professor in the department of information systems and decision sciences, Steven G. Mihaylo College of Business and Economics, Cal State Fullerton in Fullerton, CA.
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  • For correspondence: oturel@fullerton.edu
Raj V Mahto
is an assistant professor in the department of finance, The Anderson School of Management, University of New Mexico in Albuquerque, NM.
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  • For correspondence: mahto@mgt.unm.edu
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Abstract

Studies of VCs' investment criteria describe the quality of management team as key determinant of venture financing. We contend, however, that some VCs may be willing to fund ventures headed by poor administrators with the expectation to replace them in the future. We conjecture that VCs with higher risk tolerance, greater involvement in venture governance, and proclivity for trust-based collaboration with coinvestors will be prone to take on financing of robust ventures headed by weak leaders. A survey and interviews with 50 U.S. VCs supported these hypotheses.

TOPICS: Private equity, manager selection, quantitative methods, analysis of individual factors/risk premia

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The Journal of Private Equity
Vol. 12, Issue 2
Spring 2009
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Are Some Venture Capitalists More Likely Than Others to Replace Founder-CEOs?
Dmitry Khanin, J. Robert Baum, Ofir Turel, Raj V Mahto
The Journal of Private Equity Feb 2009, 12 (2) 19-29; DOI: 10.3905/JPE.2009.12.2.019

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Are Some Venture Capitalists More Likely Than Others to Replace Founder-CEOs?
Dmitry Khanin, J. Robert Baum, Ofir Turel, Raj V Mahto
The Journal of Private Equity Feb 2009, 12 (2) 19-29; DOI: 10.3905/JPE.2009.12.2.019
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  • Article
    • Abstract
    • ARE FOUNDER-CEOs REALLY ALL ALIKE? ARE VCs REALLY ALL ALIKE?
    • DATA COLLECTION AND SAMPLE
    • Qualitative Study
    • Quantitative Study: Main Variables
    • ANALYSIS AND RESULTS
    • DISCUSSION AND CONCLUSION
    • REFERENCES
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