风险资本支持的创业企业创始人-CEO 薪酬与选拔

IF 7.6 1区经济学 Q1 BUSINESS, FINANCE

Journal of Finance Pub Date : 2024-08-22 DOI:10.1111/jofi.13383

MICHAEL EWENS, RAMANA NANDA, CHRISTOPHER STANTON

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引用次数: 0

摘要

我们从理论上证明，风险资本（VC）支持的创业对高收入潜在创始人的吸引力的一个关键决定因素是开发初创企业初始产品的预期时间。这是因为创始人兼首席执行官的现金报酬会在产品开发后大幅增加，从而减轻创始人在初创企业诞生之初所面临的不可分散风险。与该模型预测的创业人才供应可能受到最大限制的情况一致，我们发现，技术冲击对各行业产品开发预期时间的不同改变，可以解释进入风险投资支持的创业企业的速度和个人特征的变化。

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Founder-CEO Compensation and Selection into Venture Capital-Backed Entrepreneurship

We show theoretically that a critical determinant of the attractiveness of venture capital (VC)-backed entrepreneurship for high-earning potential founders is the expected time to develop a startup's initial product. This is because founder-CEOs' cash compensation increases substantially after product development, alleviating the nondiversifiable risk that founders face at startup birth. Consistent with the model's predictions of where the supply of entrepreneurial talent is likely to be most constrained, we find that technological shocks differentially altering the expected time to product across industries can explain changes in both the rate of entry and characteristics of individuals selecting into VC-backed entrepreneurship.

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来源期刊

Journal of Finance Multiple-

CiteScore

12.90

自引率

2.50%

发文量

期刊介绍： The Journal of Finance is a renowned publication that disseminates cutting-edge research across all major fields of financial inquiry. Widely regarded as the most cited academic journal in finance, each issue reaches over 8,000 academics, finance professionals, libraries, government entities, and financial institutions worldwide. Published bi-monthly, the journal serves as the official publication of The American Finance Association, the premier academic organization dedicated to advancing knowledge and understanding in financial economics. Join us in exploring the forefront of financial research and scholarship.