Wu, CY-H and Hsu, H-H (2018) Founders and board structure: Evidence from UK IPO firms. International Review of Financial Analysis, 56. C. pp. 19-31. ISSN 1057-5219
Abstract
This study investigates whether a company's founders affect the combination of executive, grey and independent directors on its board at the time of initial public offering (IPO) in the UK. Particularly, we analyse how venture capitalists are associated with board structure in founder-managed and non-founder-managed firms. We find that UK IPO firms managed by founders tend to have more executive directors. Further, they are more likely to stack non-executive directors with more independent directors relative to grey directors. Venture capital ownership is not significantly associated with board structure at the IPO stage. However, further evidence suggests that venture capital ownership is negatively related to the percentage of executive directors and positively related to the percentage of grey directors in the founder-managed firms.
Metadata
Item Type: | Article |
---|---|
Authors/Creators: |
|
Copyright, Publisher and Additional Information: | © 2017 Elsevier Inc. This is an author produced version of a paper published in International Review of Financial Analysis. Uploaded in accordance with the publisher's self-archiving policy. |
Keywords: | Corporate governance; Founders; Board structure; Venture capitalists IPO |
Dates: |
|
Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Business (Leeds) > Accounting & Finance Division (LUBS) (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 02 May 2019 11:47 |
Last Modified: | 14 Jun 2019 00:40 |
Status: | Published |
Publisher: | Elsevier |
Identification Number: | 10.1016/j.irfa.2017.12.002 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:145589 |
Download
Filename: Founders and Board Structure - Evidence from UK IPO Firms.pdf
Licence: CC-BY-NC-ND 4.0