It's all about timing: : Age-dependent consequences of founder exits and new member additions

• Autores: Christina Günther, Simon Oertel, Peter Walgenbach
• Localización: Entrepreneurship: Theory & Practice, ISSN-e 1540-6520, Vol. 40, Nº. 4, 2016, págs. 843-865
• Idioma: inglés
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• Resumen

  • This article explores the effects of changes in the initial venture team on a firm's failure risk by considering firm age. The results show that founder exits are especially critical for firm survival in the first years of a firm's existence, whereas the entry of a new team member is more beneficial in later years. Further, an investigation of multiple founder exits shows that the time that elapses between two exits has a U-shaped relationship with a firm's hazard risk. Discussing these findings in terms of imprinting and the liability of newness, we contribute to a more comprehensive understanding of venture team dynamics and firm survival.