全球智库信息集成服务系统(G2TT): Board Dynamics over the Startup Life Cycle

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w27769
来源ID	Working Paper 27769
	Board Dynamics over the Startup Life Cycle
	Michael Ewens; Nadya Malenko
发表日期	2020-09-14
出版年	2020
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 ; Financial Institutions ; Corporate Finance
URL	https://www.nber.org/papers/w27769
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/585470
推荐引用方式 GB/T 7714	Michael Ewens,Nadya Malenko. Board Dynamics over the Startup Life Cycle. 2020.