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A close look at the contingencies of founders’ effect on venture performance
Industrial and Corporate Change ( IF 2.878 ) Pub Date : 2020-06-12 , DOI: 10.1093/icc/dtaa015
Luca Grilli 1 , Paul H Jensen 2 , Samuele Murtinu 3 , Haemin Dennis Park 4
Affiliation  

Abstract
Studies show that founders’ industry-specific experience is beneficial to venture performance. However, we know little on the contingencies associated with such an effect. Using a panel dataset of 338 Italian high-tech ventures, we find that founders’ industry-specific experience positively affects venture performance. However, changes in the top management team (TMT) during the initial phases of the venture’s life weaken the positive relationship between founders’ industry-specific experience and venture performance, whereas founders’ functional heterogeneity does not. We further find evidence of substitution effects between founders’ human and social capital affecting venture performance, such that the effect of founders’ industry-specific experience on venture performance is attenuated when a subset of founders had common background prior to founding their venture.


中文翻译:

仔细研究创始人对风险绩效的影响

摘要
研究表明,创始人的特定行业经验对风险投资绩效有利。但是,我们对与这种效果相关的意外情况了解甚少。通过使用338家意大利高科技企业的面板数据,我们发现创始人的特定行业经验对企业绩效产生了积极影响。但是,在企业生命初期,高层管理团队(TMT)的变动会削弱创始人的行业特定经验与企业绩效之间的积极关系,而创始人的职能异质性却不会。我们进一步发现,创始人的人力和社会资本之间的替代效应会影响企业的业绩,
更新日期:2020-06-12
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