The Moderating Effect of Organizational Characteristics the Relationship between Managerial Backgrounds of Korean Venture Capitalists and Their Investment Strategies

Abstract

Abstract The purpose of this study was to investigate the effects of the managerial background of Korean venture capitalists on investment decision strategies and explore how the organizational characteristics of the venture capitals where they work influence the relationship between their managerial background and investment decision strategies. For this purpose, this study used the database of investments and returns of venture funds where Korea Venture Investment Corporation has participated. In additon, this study performed a hierarchical regression analysis based on the research model with Statistical Package for the Social Sciences software, version 24.0. In the results of this study, first, venture capitalists with output or greater investment experience tend to pursue a strategy of investing in the early-stage venture companies or investing in specialized industries. Second, the more investment resources their venture capitals have, the weaker these relationships are.