Venture Capital And Corporate Governance In The Newly Public Firm
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Venture Capital and Corporate Governance in the Newly Public Firm
Author | : Yael V. Hochberg |
Publisher | : |
Total Pages | : 51 |
Release | : 2016 |
Genre | : |
ISBN | : |
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I examine the effects of venture capital backing on the corporate governance of the entrepreneurial firm at the time of transition from private to public ownership. Using a selection model framework that instruments for venture backing with variations in the supply of venture capital, I conduct three sets of tests comparing corporate governance in venture- and non-venture-backed IPO firms. Venture-backed firms have lower levels of earnings management, more positive reactions to the adoption of shareholder rights agreements, and more independent board structures than similar non-venture-backed firms, consistent with better governance. These effects are not common to all pre-IPO large shareholders.
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