Do Human Capital and Fund Characteristics Drive Follow-Up Behaviour of Early Stage High-Tech Vcs?

Posted: 10 Nov 2009

See all articles by Mirjam Knockaert

Mirjam Knockaert

Vlerick Business School

Andy Lockett

Nottingham University Business School (NUBS)

Bart Clarysse

ETH Zürich

Mike Wright

Nottingham University Business School

Date Written: 2006

Abstract

Human capital and fund characteristics both impactfollow-up behavior of venture capital (VC) firms. However, little research hasexamined the relationship between human capital and fund characteristics andthe ways in which they impact follow-up activities.The conceptual issuesrelated to VC and the impact of human capital and fund characteristics on VCare discussed through examination of past research, resulting in the creationof several hypotheses. To assess these hypotheses, a stratified sample (n=68) of early-stagehigh-tech VC firms from seven European regions (UK, France, Belgium, theNetherlands, Germany, Sweden, Finland) yields data for thestudy.According to the study's findings, human capital acts as the mostsignificant predictor of value-adding activities.Investment managers bothwith more diverse portfolios and with captive funds were less likely to engagein value-adding activities. (AKP)

Keywords: Fund characteristics, High technology industries, Experience, Startups, Venture capital firms, Human capital, Venture capital, Supervision, Value maximization, Performance evaluation

Suggested Citation

Knockaert, Mirjam and Lockett, Andy and Clarysse, Bart and Wright, Mike, Do Human Capital and Fund Characteristics Drive Follow-Up Behaviour of Early Stage High-Tech Vcs? (2006). International Journal of Technology Management, Vol. 34, Issue 1-2, p. 7-27 2006. Available at SSRN: https://ssrn.com/abstract=1503215

Mirjam Knockaert (Contact Author)

Vlerick Business School ( email )

Library
REEP 1
Gent, BE-9000
Belgium

Andy Lockett

Nottingham University Business School (NUBS) ( email )

Jubilee Campus
Wollaton Road
Nottingham, NG8 1BB
United Kingdom

Bart Clarysse

ETH Zürich ( email )

Zürichbergstrasse 18
8092 Zurich, CH-1015
Switzerland

Mike Wright

Nottingham University Business School ( email )

Jubilee Campus
Wollaton Road
Nottingham, NG8 1BB
United Kingdom
+44 115 951 5257 (Phone)
+44 115 951 5204 (Fax)

Here is the Coronavirus
related research on SSRN

Paper statistics

Abstract Views
395
PlumX Metrics