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Financial intermediaries can choose the extent to which they want to be active in- vestors, providing valuable services like advice, support and corporate governance. We examine the determinants of the decision to become an active financial inter- mediary using a hand-collected dataset on European venture capital deals. We find organizational specialization to be a key driver. Venture firms which are independent and focused on venture capital alone get more involved with their companies. The hu- man capital of venture partners is another key driver of active financial intermediation. Venture firms whose partners' have prior business experience or a scientifi ce ducation provide more support and governance. These results have implications for prevailing views of financial intermediation, which largely abstract from issues of specialization and human capital.

Active Financial Intermediation: Evidence on the Role of Organizational Specialization and Human Capital