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

被引：16

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 50 条

[1] The Effects of Venture Capitalists on the Governance of Firms
Bonini, Stefano
Alkan, Senem
Salvi, Antonio
CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW, 2012, 20 (01) : 21 - 45
[2] Family firm governance and working capital management policy
Hong, Liu
Jain, Bharat A.
Shao, Yingying
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2024, 95
[3] Governance Structure and Firm Performance in Private Family Firms
Che, Limei
Langli, John Christian
JOURNAL OF BUSINESS FINANCE & ACCOUNTING, 2015, 42 (9-10) : 1216 - 1250
[4] Venture capital, corporate governance, and financial stability of IPO firms
Liao, Woody M.
Lu, Chia-Chi
Wang, Hsuan
EMERGING MARKETS REVIEW, 2014, 18 : 19 - 33
[5] Dividends and family governance practices in private family firms
Michiels, Anneleen
Voordeckers, Wim
Lybaert, Nadine
Steijvers, Tensie
SMALL BUSINESS ECONOMICS, 2015, 44 (02) : 299 - 314
[6] Financial constraints in family firms and the role of venture capital
Croce A.
Martí J.
Economia e Politica Industriale, 2017, 44 (1) : 119 - 144
[7] Management Innovation in Chinese Private Firms: The Effects of Resource-Based Advantage and Family Governance
Wang Yagang
Cao Chunhui
PROCEEDINGS OF THE 4TH INTERNATIONAL CONFERENCE ON PRODUCT INNOVATION MANAGEMENT, VOLS I AND II, 2009, : 844 - 850
[8] Innovation in newly public firms: The influence of government grants, venture capital, and private equity
Shinkle, George A.
Suchard, Jo-Ann
AUSTRALIAN JOURNAL OF MANAGEMENT, 2019, 44 (02) : 248 - 281
[9] Venture capital and private equity investors, governance, and success of IPOs: Evidence from India
Gogineni, Sridhar
Upadhyay, Arun
JOURNAL OF FINANCIAL RESEARCH, 2023, 46 (02) : 437 - 468
[10] Family firms in entrepreneurial finance: The case of corporate venture capital
Amore, Mario Daniele
Murtinu, Samuele
Pelucco, Valerio
JOURNAL OF BANKING & FINANCE, 2025, 172

← 1 2 3 4 5 →