It's all about Timing: Age–Dependent Consequences of Founder Exits and New Member Additions
研究了创始人退出和新成员加入对初创企业失败风险的影响，发现创始人退出在早期更致命，而新成员加入在后期更有益；多次退出之间的时间间隔与风险呈U型关系。
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.