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

[21] Private Debt and the Role of Venture Capital and Private Equity Sponsors
Buchner, Axel
Espenlaub, Susanne
Khurshed, Arif
Mohamed, Abdulkadir
MANAGEMENT SCIENCE, 2024, 70 (01) : 372 - 395
[22] Governance Mechanisms and Family Firms
Chrisman, James J.
Chua, Jess H.
Le Breton-Miller, Isabelle
Miller, Danny
Steier, Lloyd P.
ENTREPRENEURSHIP THEORY AND PRACTICE, 2018, 42 (02) : 171 - 186
[23] Shareholders' Rights and the Effect of the Origin of Venture Capital Firms on the Underpricing of US IPOs
Chahine, Salim
Saade, Samer
CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW, 2011, 19 (06) : 601 - 621
[24] Venture Capital and Corporate Governance in the Newly Public Firm
Hochberg, Yael V.
REVIEW OF FINANCE, 2012, 16 (02) : 429 - 480
[25] Access to venture capital in Africa: the role of public institutions and corporate governance
Benali, Mimoun
El Ghalfiki, Jawad
INTERNATIONAL JOURNAL OF BUSINESS PERFORMANCE MANAGEMENT, 2021, 22 (2-3) : 257 - 272
[26] Private Firms and Corporate Governance: An Integrated Economic and Management Perspective
Lorraine Uhlaner
Mike Wright
Morten Huse
Small Business Economics, 2007, 29 : 225 - 241
[27] The relationship between governance structure and risk management approaches in Japanese venture capital firms
Yoshikawa, T
Phan, PH
Linton, J
JOURNAL OF BUSINESS VENTURING, 2004, 19 (06) : 831 - 849
[28] GOVERNANCE IMPLICATIONS OF ATTRACTING EXTERNAL EQUITY INVESTORS IN PRIVATE FAMILY FIRMS
Neckebrouck, Jeroen
Meuleman, Miguel
Manigart, Sophie
ACADEMY OF MANAGEMENT PERSPECTIVES, 2021, 35 (01) : 25 - 44
[29] Firm family firms: Current debates of corporate governance in family firms
Aguilera, Ruth V.
Crespi-Cladera, Rafel
JOURNAL OF FAMILY BUSINESS STRATEGY, 2012, 3 (02) : 66 - 69
[30] Striving to improve investment efficiency among Chinese firms: does the role of venture capital matter?
Wang, Jinbo
Ran, Maosheng
Li, Yi
CHINESE MANAGEMENT STUDIES, 2023, 17 (04) : 851 - 882

← 1 2 3 4 5 →