Changing the Business Model: Effects of Venture Capital Firms and Outside CEOs on Portfolio Company Performance
研究风险投资公司参与程度对大幅改变商业模式的年轻企业绩效的影响，发现参与越深绩效越好，且风险投资公司的相关经验和引入外部CEO能增强这种正面效应。
This study extends extant research on business model change by examining the impact of venture capital firms ( VCFs ) on the performance of young ventures that have substantially changed their business model. The analysis, using a unique dataset of 163 venture capital‐backed portfolio companies ( PFCs ), reveals a positive relationship between the scope of VCF involvement and PFC performance. Furthermore, the VCFs ' experience with business model change and the recruitment of an outside CEO to the PFC both increase the positive impact of VCF involvement. These findings have implications for theory and practice. Copyright © 2014 Strategic Management Society.