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Recycled CEOs and Managerial Ability : = Do Venture Backed Companies Have a Comparative Advantage?

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Recycled CEOs and Managerial Ability :/
Reminder of title:	Do Venture Backed Companies Have a Comparative Advantage?
Author:	Manley, Sydnee C.
Description:	1 online resource (109 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 80-09, Section: A.
Contained By:	Dissertations Abstracts International80-09A.
Subject:	Recycling. -
Online resource:	click for full text (PQDT)
ISBN:	9781392002797

Recycled CEOs and Managerial Ability : = Do Venture Backed Companies Have a Comparative Advantage?
Manley, Sydnee C.

Recycled CEOs and Managerial Ability :Do Venture Backed Companies Have a Comparative Advantage? - 1 online resource (109 pages)

Source: Dissertations Abstracts International, Volume: 80-09, Section: A.

Thesis (Ph.D.)--The University of Mississippi, 2018.

Includes bibliographical references

This dissertation examines the relationship between experienced chief executive officers (CEOs), venture capital support, and company performance. Much of the success of venture backed companies is attributed to the reputation, monitoring, and networking of venture capitalists (Hochberg, Ljungqvist, and Lu 2007; Katz 2009). One crucial task of venture capitalists, or any stakeholder, is to find talented executives to lead their companies. However, finding quality CEOs for young growth companies with a relatively short financial history can be a difficult endeavor. Venture capitalists may have a comparative advantage in this area because they network within the venture capital industry to " recycle" CEOs (De Carvalho, Calomiris, and de Matos 2008). In other words, venture capitalists network to hire CEOs who already have CEO experience at a different venture backed company. This provides venture capitalists with a unique opportunity to hire serial CEOs with venture capital industry specific experience. Therefore, this study considers the following research questions: RQ1: Are recycled CEOs of higher ability than other CEOs? RQ2: Do recycled CEOs have a positive relationship to future firm performance? To address this question, I use a hand collected sample of serial CEOs (CEOs with prior CEO experience), and recycled CEOs (serial CEOs of venture backed companies) to examine their relationship with managerial ability and future firm performance. Although there is literature to support the positive association between CEOs and firm performance (Demerjian et al. 2012; Demerjian, Lev, Lewis, and McVay 2013), little analysis of recycled CEOs is available. Using various univariate and multivariable tests, I find evidence that recycled CEOs have a positive association to future managerial ability and provide incremental explanatory power over venture backing with respect to future management quality and firm profitability. These findings provide evidence that venture capital success may be due in part to the ability of the CEOs set in place to lead the company and not just to venture capitalist oversight.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9781392002797Subjects--Topical Terms:

1466020
Recycling.
Subjects--Index Terms:

Managerial abilityIndex Terms--Genre/Form:

554714
Electronic books.

Recycled CEOs and Managerial Ability : = Do Venture Backed Companies Have a Comparative Advantage?
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520 $a This dissertation examines the relationship between experienced chief executive officers (CEOs), venture capital support, and company performance. Much of the success of venture backed companies is attributed to the reputation, monitoring, and networking of venture capitalists (Hochberg, Ljungqvist, and Lu 2007; Katz 2009). One crucial task of venture capitalists, or any stakeholder, is to find talented executives to lead their companies. However, finding quality CEOs for young growth companies with a relatively short financial history can be a difficult endeavor. Venture capitalists may have a comparative advantage in this area because they network within the venture capital industry to " recycle" CEOs (De Carvalho, Calomiris, and de Matos 2008). In other words, venture capitalists network to hire CEOs who already have CEO experience at a different venture backed company. This provides venture capitalists with a unique opportunity to hire serial CEOs with venture capital industry specific experience. Therefore, this study considers the following research questions: RQ1: Are recycled CEOs of higher ability than other CEOs? RQ2: Do recycled CEOs have a positive relationship to future firm performance? To address this question, I use a hand collected sample of serial CEOs (CEOs with prior CEO experience), and recycled CEOs (serial CEOs of venture backed companies) to examine their relationship with managerial ability and future firm performance. Although there is literature to support the positive association between CEOs and firm performance (Demerjian et al. 2012; Demerjian, Lev, Lewis, and McVay 2013), little analysis of recycled CEOs is available. Using various univariate and multivariable tests, I find evidence that recycled CEOs have a positive association to future managerial ability and provide incremental explanatory power over venture backing with respect to future management quality and firm profitability. These findings provide evidence that venture capital success may be due in part to the ability of the CEOs set in place to lead the company and not just to venture capitalist oversight.
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