Using a dynamic capabilities and resource dependence perspective, we argue that VCs adopt an exit strategy (initial public offering or acquisition) and then engage in resource base adjustments to prepare the firm for the respective exit. We develop hypotheses about the types of resource base adjustments associated with each exit type and then test our hypotheses on a sample of 141 ventures backed by French venture capital firms. Our results reveal distinct differences based on the exit strategy. Theoretical implications and directions for future research are subsequently discussed.
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