| 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 | 2022-01-11 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We explore the dynamics of venture capital (VC)-backed startup boards using novel data on director entry, exit, and characteristics. At formation, a typical board is entrepreneur-controlled. Independent directors join the median board after the second financing, when control becomes shared, and hold a tie-breaking vote. Their presence is particularly likely when the potential for VC-entrepreneur conflicts is higher. 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/dp15024-9 |
| 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/545804 |
| 推荐引用方式 GB/T 7714 | Michael Ewens,Nadya Malenko. DP15024 Board dynamics over the startup life cycle. 2022. |
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