The influence of the V/III ratio of carbon-doped p-GaAs on current gain and its thermal stability in InGaP/GaAs heterojunction bipolar transistors (HBTs) was studied. We have grown p-GaAs bulk layers and InGaP/GaAs HBTs at a growth temperature of 620 °C with V/III ratios between 0.35 and 25 employing CBrCl3 as a carbon source using a mass production metal–organic chemical vapor deposition instrument. We have found that a V/III ratio of 0.7 showed high current gain; however, the V/III ratio of 0.7 degrades under thermal annealing. On the other hand, a V/III ratio of 25 represents a significant improvement in thermal stability. Time resolved photo-luminescence revealed that the lifetime for the V/III ratio of 0.7 decreased with increasing annealing time, while the lifetime for the V/III ratio of 25 remained unchanged. These results suggest that current gain degradation for the V/III ratio of 0.7 is caused by the creation of recombination centers in the base layer.