| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP15024
|
| DP15024 Board dynamics over the startup life cycle |
| Michael Ewens; Nadya Malenko
|
| 发表日期 | 2020-08-08
|
| 出版年 | 2020
|
| 语种 | 英语
|
| 摘要 | Venture capital (VC) backed firms face neither the regulatory requirements nor a major separation of ownership and control of their public peers. These differences suggest that independent directors could play a unique role on private firm boards. This paper explores the dynamics of VC-backed startup boards using novel data on director entry, exit, and characteristics. We document new facts about board composition, allocation of control, and dynamics, and examine the roles of independent directors. At formation, a typical board is entrepreneur-controlled. Independent directors join the median board after the second financing, when board control becomes shared, with independent directors holding the tie-breaking vote between entrepreneurs and VCs. At later stages, control switches to VCs and independent director characteristics change. These patterns are consistent with independent directors playing both a mediating and advising role over the startup life cycle, and thus representing another potential source of value-add to startup performance. |
| 主题 | Financial Economics
|
| 关键词 | Venture capital
Corporate governance
Board of directors
Independent directors
Allocation of control
Mediation role
|
| URL | https://cepr.org/publications/dp15024-7
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/544110
|
推荐引用方式
GB/T 7714 |
Michael Ewens,Nadya Malenko. DP15024 Board dynamics over the startup life cycle. 2020.
|
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
