风险资本驱动的高层管理变动是否促进了私营企业的企业创新？

IF 3.6 2区经济学 Q1 BUSINESS, FINANCE

Journal of Banking & Finance Pub Date : 2025-02-01 DOI:10.1016/j.jbankfin.2024.107353

Qianqian Yu

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引用次数: 0

摘要

通过使用表格d中手工收集的关于风险投资（VC）支持的私营公司高管的数据，我表明，风险投资驱动的高层管理变动导致创新的数量和质量显著提高，这可能通过新的管理团队雇佣更多、更高质量的发明家来实现。我的证据表明，创始人的更替和非创始人管理的变化都与创新的增强有关。此外，增加具有一般管理技能的高层管理人员可以促进创新，而更换具有先前技术背景的管理人员则不会。最后，高层管理人员的变化导致私营企业采用剥削性（而不是探索性）创新搜索策略。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Do venture capital-driven top management changes enhance corporate innovation in private firms?

Using hand-collected data from Form Ds on executives in venture capital (VC)-backed private firms, I show that VC-driven top management changes lead to a significantly greater quantity and quality of innovation, which potentially occurs through new management teams hiring more and higher quality inventors. My evidence demonstrates that both founder replacements and non-founder management changes are associated with enhanced innovation. Further, adding top managers with general managerial skills enhances innovation, whereas changing managers with a prior technical background does not. Finally, top management changes lead to the adoption of an exploitative (rather than explorative) innovation search strategy by private firms.

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来源期刊

Journal of Banking & Finance Multiple-

CiteScore

6.40

自引率

5.40%

发文量

262

期刊介绍： The Journal of Banking and Finance (JBF) publishes theoretical and empirical research papers spanning all the major research fields in finance and banking. The aim of the Journal of Banking and Finance is to provide an outlet for the increasing flow of scholarly research concerning financial institutions and the money and capital markets within which they function. The Journal''s emphasis is on theoretical developments and their implementation, empirical, applied, and policy-oriented research in banking and other domestic and international financial institutions and markets. The Journal''s purpose is to improve communications between, and within, the academic and other research communities and policymakers and operational decision makers at financial institutions - private and public, national and international, and their regulators. The Journal is one of the largest Finance journals, with approximately 1500 new submissions per year, mainly in the following areas: Asset Management; Asset Pricing; Banking (Efficiency, Regulation, Risk Management, Solvency); Behavioural Finance; Capital Structure; Corporate Finance; Corporate Governance; Derivative Pricing and Hedging; Distribution Forecasting with Financial Applications; Entrepreneurial Finance; Empirical Finance; Financial Economics; Financial Markets (Alternative, Bonds, Currency, Commodity, Derivatives, Equity, Energy, Real Estate); FinTech; Fund Management; General Equilibrium Models; High-Frequency Trading; Intermediation; International Finance; Hedge Funds; Investments; Liquidity; Market Efficiency; Market Microstructure; Mergers and Acquisitions; Networks; Performance Analysis; Political Risk; Portfolio Optimization; Regulation of Financial Markets and Institutions; Risk Management and Analysis; Systemic Risk; Term Structure Models; Venture Capital.