نقش مهم گروه مدیریت سرمایه انسانی در بازارهای سرمایه: مدارک و اسناد برای سرمایه اولیه
|کد مقاله||سال انتشار||تعداد صفحات مقاله انگلیسی||ترجمه فارسی|
|703||2010||18 صفحه PDF||سفارش دهید|
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Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Business Venturing, Volume 25, Issue 1, January 2010, Pages 155-172
This paper examines whether the human capital of first-time venture capital fundmanagement teams can predict fund performance and finds that it can. I find that fund management teams with more task-specific human capital, as measured by more managers having past experience as venture capitalists and by more managers having past experience as executives at start-up companies, manage funds with greater fractions of portfolio company exits. I also find that fund management teams with more industry-specific human capital in strategy and management consulting and, to a lesser extent, engineering and non-venture finance manage funds with greater fractions of portfolio company exits. Perhaps counter-intuitively, I find that fund management teams that have more general human capital in business administration, as measured by more managers having MBAs, manage funds with lower fractions of portfolio company exits. Overall, measures of task- and industry-specific human capital are stronger predictors of fund performance than are measures of general human capital.
A central question in the financial economics literature is whether there are differences in the abilities of investment managers exhibit superior investment performance (e.g., Fama, 1970). A central question in the management and strategy literature is how top management teams affect a firm’s decisions and subsequent performance (e.g., Hambrick and Mason, 1984). Fundamentally related to both of these literatures is the labor and organizational economics literature on human capital (e.g., Becker, 1964). While there is a large empirical management literature that investigates the role of human capital on organizational outcomes (e.g., Beckman and O’Reilly, 2007; Bertrand and Schoar, Bertrand and Schoar, , 2003, Gimeno et al., 1997, Pennings et al., 1998 and Wiersema and Bantel, , 1992), there is comparatively little research in financial economics on the role that human capital plays in explaining differences in investment performance, despite a fairly large empirical literature which looks for predictability in investment performance more generally (e.g. Brown and Goetzmann, , 1995, Elton et al., 1993 and Jensen, 1968).2 This is surprising since making and managing investments is a research- and information-based activity which requires a large amount of human effort. A natural place to look for evidence that differences in investor human capital, or skill, predict investment performance is professionally managed investment vehicles, such as mutual funds, hedge funds and venture capital and private equity funds. The researcher can often observe the identities of the managers of these investment vehicles as well as measures of investment performance of these variables. This paper investigates the role the human capital of venture capital fund management teams plays in predicting the performance of venture capital funds. The paper’s contributions are fourfold. First, I contribute to the financial economics literature on investment performance predictability. Additionally, because I focus on fund-level performance I am able to examine whether human capital measures which predict the performance of first-time funds also predict whether a follow-on fund is raised, enabling one test of whether human capital differences can explain persistence in venture capital fund performance documented in previous work. Second, I am able to test several new hypotheses about how the human capital of top management teams affects firm performance. In particular, I test new hypotheses about how two types of specific human capital, which I call task-specific and industry-specific human capital, are related to first-time venture capital fund performance. The hypotheses I test are related to those tested in a recent study by Dimov and Shepherd (2005) which examines the influence of general and specific, broadly defined, human capital on the performance of venture capital firms. Because I collect a different set of manager biographical variables, I test a different, more nuanced, set of hypotheses about the roles of specific and general human capital types, such as task- and industry-specific human capital, in venture capital fund performance. Third, my larger data sample allows me to control for a variety of other factors that may influence venture capital fund performance in order to more accurately assess the influence of management team human capital on fund performance. In so doing, I am able to test a number of previously tested secondary hypotheses about the impact of non-human capital measures on venture capital fund performance in a more recent sample of venture capital funds. Finally, by focusing my analysis on first-time venture capital funds, I generate some novel statistics on the education and employment histories of venture capitalists who form first- time funds and how these venture capitalists join together in teams. Understanding who forms first-time funds and what determines which funds succeed is important not only for investors seeking to invest in such funds but also for understanding which types of venture capitalists may be needed to create a successful venture capital market in regions where such markets are nascent or nonexistent. The rest of the paper is structured as follows. Section 3 discusses the hypotheses to be tested and the theoretical literature motivating them. Section 4 introduces the data and describes the characteristics of venture capitalists raising first-time funds. Section 5 presents the empirical analysis and the main findings. Section 6 discusses the main findings and suggests future directions for research. Section 7 concludes.
نتیجه گیری انگلیسی
Supplementing data on first-time venture capital funds and their portfolio companies with data on the educational and work histories of the venture capitalists managing these funds, this paper investigated several hypotheses about the impact of task-specific, industry-specific and general human capital of top management teams on venture capital fund performance, as measured both by the fraction of a fund’s portfolio companies that exit via IPO or acquisition and by the ability of a fund management team to raise a follow-on fund. Measures of task-specific and industry-specific human capital obtained by work experience better predict venture capital fund performance than do measures of general human capital obtained through education. In particular, task-specific human capital related to both the tasks of venture investing and managing a start-up company are two of the strongest predictors of superior fund performance. Industry-specific human capital also plays a role in explaining venture capital fund performance. In particular, venture capital fund management teams with more industry-specific human capital in management consulting manage better performing funds. Fund management teams with more industry-specific human capital in science and engineering manage better performing funds when a greater fraction of a fund’s investments are in high-tech industries. Fund management teams with more industry-specific human capital in non-venture finance manage better performing funds when a greater fraction of a fund’s investments are later stage investments, when access to alternative capital markets is more important. Perhaps counter-intuitively, I find that fund management teams with more MBAs perform less well than others. This paper provides novel tests of the impact of human capital in top management teams on the performance of firms. In addition, this paper provides new statistics on the types of venture capitalists who form first-time funds and how they join together in top managements teams. The analysis in this paper provides robust evidence that human capital plays a role in explaining investment performance in venture capital markets.