Abstract: Prior research has shown that top managers' marketing background significantly affects firm performance.  Meanwhile ,firm performance is also impacted by external stakeholders such as equity investors.  In this way, will the marketing background of investment firm's top management teams ( TMTs) influence the performance of the start-ups being invested?  Based on a data set covering the information of investment firms and the start-ups being invested in China, this research explores the effect of investment firm’s TMTs’ marketing background on start-ups performance.  We find that the percentage of top managers with marketing background in investment firm's TMTs has a positive effect on the investment returns of the start-ups.  Furthermore, this effect is moderated by the industry and development stage of the start-ups.  Specifically, investment firm's TMTs' marketing background has a more pronounced positive effect on the start-ups in emerging industries than those in established industries.  The positive influence of investment firm's TMTs' marketing background is more prominent on start-ups in the A round, compared with start-ups after the B round.  Overall, this research not only broadens the relevant literature on marketing executives and entrepreneural management, but also provides instructions for investment firms, start-ups, and policymakers.

Key words: investment firm's top managers , marketing background , start-ups , rate of return