Specialization and Success: Evidence from Venture Capital

Journal of Economics and Management Strategy - Tập 18 Số 3 - Trang 817-844 - 2009
Paul A. Gompers1, Anna Kovner2, Josh Lerner3
1Harvard Business School Soldiers Field Road Boston, MA 02163 [email protected]
2Federal Reserve Bank of New York 33 Liberty Street New York, NY 10045 [email protected]
3Entrepreneurship and Finance Units Harvard Business School Rock Center 214 Soldiers Field Road Boston, MA 02163 and NBER [email protected]

Tóm tắt

This paper examines how organizational structure affects behavior and outcomes, studying the performance of different types of venture capital organizations. We find a strong positive relationship between the degree of specialization by individual venture capitalists at a firm and its success. When the individual investment professionals are highly specialized themselves, the marginal effect of increasing overall firm specialization is much weaker. The poorer performance by generalists appears to be due to both an inefficient allocation of funding across industries and poor selection of investments within industries. Venture capital organizations with more experience tend to outperform those with less experience.

Từ khóa


Tài liệu tham khảo

10.1016/j.jfineco.2004.06.003

10.1016/j.jfineco.2004.03.006

10.1093/rfs/hhp012

10.1086/508313

10.1093/jleo/ewn003

10.1016/j.jfineco.2006.12.002

Gompers P.A., 2004, The Venture Capital Cycle

10.1111/j.1540-6261.2005.00780.x

10.1111/j.1540-6261.2007.01207.x

10.1111/j.1540-6261.2007.01222.x

10.1111/0022-1082.00200

Scharfstein D.S. 1998 “The Dark Side of Internal Capital Markets II: Evidence from Diversified Conglomerates ” National Bureau of Economic Research Working Paper 6352.

10.1111/0022-1082.00299

Sorensen M. 2008 “Learning by Investing: Evidence from Venture Capital ” Columbia University Working Paper.

10.1111/j.1540-6261.1997.tb03810.x

Thông tin
Thông tin xuất bản

Journal of Economics and Management Strategy

Tập 18 Số 3

817-844

Thông tin tác giả