Transforming the management and governance of private family firms: The role of venture capital

被引：19

作者：

Chemmanur, Thomas J. ^{[1
]}

Hu, Gang ^{[2
]}

Wu, Chaopeng ^{[3
]}

Wu, Shinong ^{[3
]}

Yan, Zehao ^{[4
]}

机构：

[1] Boston Coll, Carroll Sch Management, Fulton Hall 336, Chestnut Hill, MA 02467 USA

[2] Hong Kong Polytech Univ, Sch Accounting & Finance, Hung Hom, Kowloon, M1038,Li Ka Shing Tower, Hong Kong, Peoples R China

[3] Xiamen Univ, Sch Management, Xiamen 361005, Peoples R China

[4] Xiamen Univ, Inst Financial & Accounting Studies, Xiamen 361005, Peoples R China

来源：

JOURNAL OF CORPORATE FINANCE | 2021年 / 66卷

基金：

中国国家自然科学基金;

关键词：

Private family firms; Corporate governance; Venture capital; Top management changes; CORPORATE GOVERNANCE; OWNERSHIP; PERFORMANCE; MARKET; CERTIFICATION; ACQUISITIONS; INVESTMENT;

D O I：

10.1016/j.jcorpfin.2020.101828

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We analyze the role of venture capitalists (VCs) in transforming the management and governance of China?s private family firms. We show, causally, that VC-backed family firms are more likely than non-VC backed family firms to experience departures of family members from top management positions and decreases in the separation between family control rights and cash-flow rights; these effects are stronger when VCs have greater equity ownership or board representation. We show that these changes in top management and governance in family firms are associated with higher IPO firm valuations and better post-IPO long run stock returns.

引用

页数：25

共 67 条

[1] Founding-family ownership and firm performance: Evidence from the S&P 500 [J].

Anderson, RC ;

Reeb, DM .

JOURNAL OF FINANCE, 2003, 58 (03) :1301-1328

[2]

Anderson RC, 2004, ADMIN SCI QUART, V49, P209

[3] Founders, heirs, and corporate opacity in the United States [J].

Anderson, Ronald C. ;

Duru, Augustine ;

Reeb, David M. .

JOURNAL OF FINANCIAL ECONOMICS, 2009, 92 (02) :205-222

[4] Corporate governance and firm value: evidence from the Korean financial crisis [J].

Baek, JS ;

Kang, JK ;

Park, KS .

JOURNAL OF FINANCIAL ECONOMICS, 2004, 71 (02) :265-313

[5] Underwriter networks, investor attention, and initial public offerings [J].

Bajo, Emanuele ;

Chemmanur, Thomas J. ;

Simonyan, Karen ;

Tehranian, Hassan .

JOURNAL OF FINANCIAL ECONOMICS, 2016, 122 (02) :376-408

[6] The determinants of board structure at the initial public offering [J].

Baker, M ;

Gompers, PA .

JOURNAL OF LAW & ECONOMICS, 2003, 46 (02) :569-598

[7] The Effect of Family Control on Firm Value and Performance: Evidence from Continental Europe [J].

Barontini, Roberto ;

Caprio, Lorenzo .

EUROPEAN FINANCIAL MANAGEMENT, 2006, 12 (05) :689-723

[8] IPOs versus Acquisitions and the Valuation Premium Puzzle: A Theory of Exit Choice by Entrepreneurs and Venture Capitalists [J].

Bayar, Onur ;

Chemmanur, Thomas J. .

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, 2011, 46 (06) :1755-1793

[9] Inside the family firm: The role of families in succession decisions and performance. [J].

Bennedsen, Morten ;

Nielsen, Kasper Meisner ;

Perez-Gonzalez, Francisco ;

Wolfenzon, Daniel .

QUARTERLY JOURNAL OF ECONOMICS, 2007, 122 (02) :647-691

[10] The Impact of Venture Capital Monitoring [J].

Bernstein, Shai ;

Giroud, Xavier ;

Townsend, Richard R. .

JOURNAL OF FINANCE, 2016, 71 (04) :1591-1622

← 1 2 3 4 5 6 7 →