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| The Impact of Membership Turnover of Network Community on Venture Capital Firms’ Investment Performance |
| SHI Guoping，CHEN Demian，DANG Xinghua，XUE Chaokai |
| 1.Tongji University, Shanghai, China; 2.Xi’an University of Technology, Xi’an, China |
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Abstract Based on network community perspective, this paper studies the impact of membership turnover of venture capital network community on VCs investment performance. Using data from CVSource Database during the period from 2000 to 2014, the results show that the membership turnover of network community has an inverted U-shaped effect on VCs investment performance. In other words, VCs have highest investment performance when membership turnover is moderate. VCs located in the core of network community can benefit more from moderate membership turnover than those on the periphery, and make their investment performance better. VCs located in network with lower global network reach can benefit more from moderate membership turnover than those in network with higher global network reach, and make their investment performance better.
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Received: 07 November 2018
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