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 :
ISBN 13 :
Total Pages : 51 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Venture Capital and Corporate Governance in the Newly Public Firm by : Yael V. Hochberg

Download or read book Venture Capital and Corporate Governance in the Newly Public Firm written by Yael V. Hochberg and published by . This book was released on 2016 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Venture Capital, Corporate Governance, and Firm Value

Author : Maik Kleinschmidt
Publisher : Springer Science & Business Media
ISBN 13 : 3835095498
Total Pages : 310 pages
Book Rating : 4.8/5 (35 download)

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Book Synopsis Venture Capital, Corporate Governance, and Firm Value by : Maik Kleinschmidt

Download or read book Venture Capital, Corporate Governance, and Firm Value written by Maik Kleinschmidt and published by Springer Science & Business Media. This book was released on 2007-11-09 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: Maik Kleinschmidt explores the determinants of venture capitalists’ influence as well as their impact on the corporate governance of portfolio companies and analyses the influence of corporate governance on the companies’ firm value. His findings support the hypothesis that venture capitalists improve the corporate governance of their portfolio companies and that their abilities determine their impact. Moreover, they show the positive impact of good corporate governance on some measures for firm value.

Strategic Alliances and Corporate Governance in Newly Public Firms

Author : Vladimir I. Ivanov
Publisher :
ISBN 13 :
Total Pages : 61 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Strategic Alliances and Corporate Governance in Newly Public Firms by : Vladimir I. Ivanov

Download or read book Strategic Alliances and Corporate Governance in Newly Public Firms written by Vladimir I. Ivanov and published by . This book was released on 2008 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine IPOs of startups backed by corporate venture capitalists (CVCs) and the propensity of CVC parents to establish strategic alliance with these startup firms. We investigate the differences in the governance structures of venture capital (VC) backed IPO firms. A major difference in objectives between CVCs and traditional venture capitalists (TVCs) is that CVCs often invest for strategic reasons and their parent firms frequently enter into various forms of strategic business relations with their portfolio firms which persist well beyond the IPO. We argue that such strategic alliances can have a significant impact on the governance structure of CVC backed firms, both when they go public and in the following years. Using a sample of VC backed IPOs, we evaluate several hypotheses concerning a CVC's role in the corporate governance of newly public firms. We find that strategic CVC backed IPOs have weaker CEOs and a larger proportion of independent directors on their boards and compensation committees compared to a matched sample of TVC backed IPO firms. CVC backed IPO firms also have a higher frequencies of staggered boards and forced CEO turnovers. Comparing the corporate governance of IPO firms having strategic alliances with CVC parents with TVC backed IPOs with outside strategic alliances, we find strategic CVC investors have a mean ownership stake of 16.4% compared to 2.2% for outside strategic partners and the strategic CVCs hold significantly more board seats than other strategic alliance partners, both pre- and post-IPO. Finally, these two subsamples of IPO issuers have similar frequencies of takeover defenses.

Venture Capital and Private Equity Contracting

Author : Douglas J. Cumming
Publisher : Academic Press
ISBN 13 : 0080917542
Total Pages : 786 pages
Book Rating : 4.0/5 (89 download)

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Book Synopsis Venture Capital and Private Equity Contracting by : Douglas J. Cumming

Download or read book Venture Capital and Private Equity Contracting written by Douglas J. Cumming and published by Academic Press. This book was released on 2009-04-02 with total page 786 pages. Available in PDF, EPUB and Kindle. Book excerpt: Other books present corporate finance approaches to the VC/PE industry, but many key decisions require an understanding of the ways that law and economics work together. Venture Capital and Private Equity Contracting is better than straight corporate finance textbooks because it offers broad perspectives and principles that enable readers to deduce the economic implications of specific contract terms. This approach avoids the common pitfalls of implying that contractual terms apply equally to firms in any industry anywhere in the world. Explores the economic implications of contract terms for start-up firms in various industries Pairs international data with explanations and examples about differences in VC and PE national and regional markets Contains sample contracts, including limited partnership agreements, term sheets, shareholder agreements, and subscription agreements Presents international datasets on limited partnership agreements between institutional investors and VC and PE funds

Venture Capital and the Corporate Governance of Chinese Listed Companies

Author : Lin Zhang
Publisher : Springer Science & Business Media
ISBN 13 : 1461412811
Total Pages : 126 pages
Book Rating : 4.4/5 (614 download)

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Book Synopsis Venture Capital and the Corporate Governance of Chinese Listed Companies by : Lin Zhang

Download or read book Venture Capital and the Corporate Governance of Chinese Listed Companies written by Lin Zhang and published by Springer Science & Business Media. This book was released on 2011-10-20 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: State-controlled listed companies have always dominated Chinese stock markets. As a result of the rampant scandals related to them, there have been voluminous academic efforts to explore their corporate governance, underpinned by agency costs. However, these studies have yet to examine the phenomenon from the perspective of venture capital and adaptive efficiency. During the last ten years, despite China’s remarkable progress in the development of its venture capital market, its domestic venture capital has been marginalized by American competitors. Given the different performance between them, the author contends that the corporate governance system of Chinese state-controlled listed companies has hampered the performance of the institutional factors which are responsible for the prosperity of American venture capital in Chinese venture capital markets. With the practice of American venture capital as the mirror, he empirically demonstrates that Chinese domestic venture capital lacks the four factors related to the success of their American counterparts: large and independent funding, application of incentive mechanisms, efficient exit channels, and a high risk tolerance level. More importantly, these defects as a whole are closely linked to the corporate governance of state-controlled listed companies. Considering the potential negative consequences on economic and social development, the author identifies policy reforms underway to harmonize agency costs and adaptive efficiency.

Financing the New Economy

Author : Colin P. Mayer
Publisher :
ISBN 13 :
Total Pages : 24 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis Financing the New Economy by : Colin P. Mayer

Download or read book Financing the New Economy written by Colin P. Mayer and published by . This book was released on 2001 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Corporate Governance and Responsible Investment in Private Equity

Author : Simon Witney
Publisher : Cambridge University Press
ISBN 13 : 1108627668
Total Pages : 241 pages
Book Rating : 4.1/5 (86 download)

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Book Synopsis Corporate Governance and Responsible Investment in Private Equity by : Simon Witney

Download or read book Corporate Governance and Responsible Investment in Private Equity written by Simon Witney and published by Cambridge University Press. This book was released on 2021-01-07 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: Private equity-backed companies are ubiquitous and economically significant. Consequently, the corporate governance of these companies matters to all of us, and – not surprisingly – is coming under increasing scrutiny. Simon Witney, a practicing private equity lawyer, positions private equity portfolio companies within existing academic theory and examines the laws that apply to them in the UK. He analyses the actual governance frameworks that are put in place and identifies problems created by the legal rules – as well as the market's solutions to them. This book not only explains why these governance mechanisms are established, but also what they are expected to achieve. Witney suggests that private equity owners have both the incentives and the capability to focus on responsible investment practices. Good governance, he argues, is a critical success factor for the private equity industry.

Corporate Governance, Professionalisation and Performance of IPO Firms

Author : Rolf Christian Thiess
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (89 download)

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Book Synopsis Corporate Governance, Professionalisation and Performance of IPO Firms by : Rolf Christian Thiess

Download or read book Corporate Governance, Professionalisation and Performance of IPO Firms written by Rolf Christian Thiess and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Combining agency theory and the resource-dependence perspective as well as signalling theory, this thesis examines the role venture capitalists (VCs) and founders play with respect to both structural board characteristics and board capital in terms of experience and prestige and whether these are linked to performance. It claims that VCs and founders shape the governance system of the firms going public and are influential in the professionalisation of the ventures especially in terms of human and social capital of its board of directors. It also argues that the board of directors represents a signal of firm quality in the initial public offering (IPO) market and should thus be linked to performance. Similarly, according to the venture capital certification hypothesis, being funded by VCs signals a firm's quality and potential. In order to assess these claims, this thesis employs a unique sample of matched venturecapital- backed and non-venture-capital-backed entrepreneurial IPOs that floated either on the London Stock Exchange's Official List or the Alternative Investment Market (AIM). Extending previous research this thesis employs more fine-grained measures and introduces new conceptually relevant variables in the analysis. The findings indicate that VCs and founders are influential in shaping corporate governance of IPO-stage ventures both from an agency and resource-provision perspective. Findings from the examination of governance and professionalisation characteristics with respect to IPO short-run performance (underpricing) indicate that it may the involvement of prestigious auditors that signal firm quality while a founder bias discount seems to exist. While evidence is found that VC involvement (and to a lesser extent director/board characteristics) is related to post-IPO market performance, this seems to depend on the time period following the IPO examined, whereas auditor prestige shows a positive association in all of these time periods.

New Living Cases on Corporate Governance

Author : Martin Hilb
Publisher : Springer Nature
ISBN 13 : 3030486060
Total Pages : 103 pages
Book Rating : 4.0/5 (34 download)

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Book Synopsis New Living Cases on Corporate Governance by : Martin Hilb

Download or read book New Living Cases on Corporate Governance written by Martin Hilb and published by Springer Nature. This book was released on 2021-01-26 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt: This unique open access book features a selection of Living Cases on Corporate Governance, which were developed and compiled by chairpersons, members of the board of directors, and CEOs in various countries, working in close collaboration with prominent researchers. Each Living Case addresses a current issue that a given company or institution needs to resolve. For every Case, the goal is formulated by the researcher, in consultation with the client. The participants of internal or external board seminars, or university students, then work in teams to analyze the problem, develop an innovative and feasible solution, and summarize the most important lessons learned.

Government-industry Cooperation Can Enhance the Venture Capital Process

Author : United States. General Accounting Office
Publisher :
ISBN 13 :
Total Pages : 130 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Government-industry Cooperation Can Enhance the Venture Capital Process by : United States. General Accounting Office

Download or read book Government-industry Cooperation Can Enhance the Venture Capital Process written by United States. General Accounting Office and published by . This book was released on 1982 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Startup Boards

Author : Brad Feld
Publisher : John Wiley & Sons
ISBN 13 : 1118516826
Total Pages : 237 pages
Book Rating : 4.1/5 (185 download)

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Book Synopsis Startup Boards by : Brad Feld

Download or read book Startup Boards written by Brad Feld and published by John Wiley & Sons. This book was released on 2013-12-09 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: An essential guide to understanding the dynamics of a startup's board of directors Let's face it, as founders and entrepreneurs, you have a lot on your plate—getting to your minimum viable product, developing customer interaction, hiring team members, and managing the accounts/books. Sooner or later, you have a board of directors, three to five (or even seven) Type A personalities who seek your attention and at times will tell you what to do. While you might be hesitant to form a board, establishing an objective outside group is essential for startups, especially to keep you on track, call you out when you flail, and in some cases, save you from yourself. In Startup Boards, Brad Feld—a Boulder, Colorado-based entrepreneur turned-venture capitalist—shares his experience in this area by talking about the importance of having the right board members on your team and how to manage them well. Along the way, he shares valuable insights on various aspects of the board, including how they can support you, help you understand your startup's milestones and get to them faster, and hold you accountable. Details the process of choosing board members, including interviewing many people, checking references, and remembering that there should be no fear in rejecting a wrong fit Explores the importance of running great meetings, mixing social time with business time, and much more Recommends being a board member yourself at some other organization so you see the other side of the equation Engaging and informative, Startup Boards is a practical guide to one of the most important pieces of the startup puzzle.

International Corporate Governance

Author : Kose John
Publisher : Emerald Group Publishing
ISBN 13 : 178560354X
Total Pages : 281 pages
Book Rating : 4.7/5 (856 download)

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Book Synopsis International Corporate Governance by : Kose John

Download or read book International Corporate Governance written by Kose John and published by Emerald Group Publishing. This book was released on 2015-10-01 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in Financial Economics, volume 18, will present research on corporate governance both in the US and globally. The volume will aim at providing a deeper understanding of corporate governance practices, trends, innovations and challenges using international data.

Governance of Ventures

Author : Michael Hilb
Publisher :
ISBN 13 : 3258441650
Total Pages : 115 pages
Book Rating : 4.2/5 (584 download)

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Book Synopsis Governance of Ventures by : Michael Hilb

Download or read book Governance of Ventures written by Michael Hilb and published by . This book was released on 2022 with total page 115 pages. Available in PDF, EPUB and Kindle. Book excerpt: In times of disruption, venturing becomes a key source of value creation. As new opportunities emerge and existing models fade, entrepreneurs, corporates and investors are eager to explore and exploit those opportunities. Venture governance, i. e. defining, implementing and following a fit-for-purpose model to provide direction and control in the best interest of all stakeholders, plays a crucial role in enabling and ensuring entrepreneurial value creation. This book presents twelve perspectives on the governance of ventures, bringing together viewpoints from both practitioners and academics. It provides practical insights, introduces new perspectives and invites the reader - whether a member of a venture board, an entrepreneur or an investor - to reflect on their own approaches to venture governance.

Ownership and Value Creation

Author : Rolf H. Carlsson
Publisher : Wiley
ISBN 13 : 9780471632191
Total Pages : 0 pages
Book Rating : 4.6/5 (321 download)

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Book Synopsis Ownership and Value Creation by : Rolf H. Carlsson

Download or read book Ownership and Value Creation written by Rolf H. Carlsson and published by Wiley. This book was released on 2001-02-08 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Who owns the modern company? And how should owners behave? Rolf H. Carlsson brings a fresh eye and historical depth to the issue of ownership, management and value creation that every firm and its owners must consider." Frances Cairncross, Management Editor, The Economist "Rolf H. Carlsson gives a valuable historical review and illustrates with cases how active ownership has played an important role in company development...gives...interesting views on where corporate governance is heading and...advice on how to make it work well." Percy Barnevik, Chairman of ABB, AstraZeneca, Investor, and Sandvik; Director (non-exec.) of GM "The nuanced and rich analysis of ownership competence which can be found in Rolf H. Carlsson's book goes far beyond the traditional debate and provides truly interesting and valuable insights for investors, industrialists, entrepreneurs, and owners both in the private and the public sectors." Richard Normann, Professor, Chairman of SMG "Rolf H. Carlsson (analyses the) process...of (creating) long-term shareholder value...in which our model for corporate governance is key, and provides valuable insights into our approach to business." Marcus Wallenberg, CEO, Investor AB "Rolf H. Carlsson's...book on ownership (has been) eagerly awaited by the governance community. Carlsson is uniquely able to illumine those areas in which Swedish corporate structuring has been ahead of the world. It is a book that we all look forward to reading." Robert A. G. Monks, Principal, Lens Investment Management "Carlsson...outlines a powerful frame of reference and analytical tools to address issues of value creation and the role of active owners. This book is a significant contribution to the all-important issues of corporate governance. I was intrigued and pleased to read it." Richard H. Koppes, Jones Day and Stanford Law School; former General Counsel, CalPERS "...adds new perspectives by highlighting the demanding challenges of globalisation. A remarkable new book on the crucial issues of ownership and corporate governance." Dr R. Marsch-Barner, Senior Counsel, Deutsche Bank AG "This innovative book puts the spotlight on those who have the ultimate responsibility for corporate governance, the owners. It provides useful insight into the ways of effective ownership." Professor Jay W. Lorsch, Harvard Business School

Venture Capital and the Finance of Innovation

Author : Andrew Metrick
Publisher : John Wiley and Sons
ISBN 13 : 1118137884
Total Pages : 1153 pages
Book Rating : 4.1/5 (181 download)

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Book Synopsis Venture Capital and the Finance of Innovation by : Andrew Metrick

Download or read book Venture Capital and the Finance of Innovation written by Andrew Metrick and published by John Wiley and Sons. This book was released on 2011-06-15 with total page 1153 pages. Available in PDF, EPUB and Kindle. Book excerpt: This useful guide walks venture capitalists through the principles of finance and the financial models that underlie venture capital decisions. It presents a new unified treatment of investment decision making and mark-to-market valuation. The discussions of risk-return and cost-of-capital calculations have been updated with the latest information. The most current industry data is included to demonstrate large changes in venture capital investments since 1999. The coverage of the real-options methodology has also been streamlined and includes new connections to venture capital valuation. In addition, venture capitalists will find revised information on the reality-check valuation model to allow for greater flexibility in growth assumptions.

Corporate Governance and Initial Public Offerings

Author : Alessandro Zattoni
Publisher : Cambridge University Press
ISBN 13 : 110701686X
Total Pages : 613 pages
Book Rating : 4.1/5 (7 download)

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Book Synopsis Corporate Governance and Initial Public Offerings by : Alessandro Zattoni

Download or read book Corporate Governance and Initial Public Offerings written by Alessandro Zattoni and published by Cambridge University Press. This book was released on 2012-03-22 with total page 613 pages. Available in PDF, EPUB and Kindle. Book excerpt: A major international study on corporate governance and Initial Public Offerings (IPOs) in twenty-one countries.

Venture Capital and the Corporate Governance of Chinese Listed Companies

Author : Lin Zhang
Publisher : Springer
ISBN 13 : 9783030675714
Total Pages : 0 pages
Book Rating : 4.6/5 (757 download)

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Book Synopsis Venture Capital and the Corporate Governance of Chinese Listed Companies by : Lin Zhang

Download or read book Venture Capital and the Corporate Governance of Chinese Listed Companies written by Lin Zhang and published by Springer. This book was released on 2024-11-14 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the last ten years, China has made remarkable progress in the development of its venture capital market; however, Chinese domestic venture capital has been marginalized by American competitors. Using American venture capital as a mirror, this book empirically demonstrates that Chinese domestic venture capital lacks the four factors related to the success of their American counterparts: large and independent funding, application of incentive mechanisms, efficient exit channels, and a high-risk tolerance level. More importantly, the author shows how these defects are closely linked to the corporate governance of state-controlled listed companies. Featuring updated data and new developments since the publication of the first edition in 2012, with a focus on corporate social responsibility and the stakeholder-oriented model in Chinese small- and medium-sized enterprises (SMEs), this new edition demonstrates the negative economic and social impact of corporate governance of Chinese state-controlled listed companies and identifies potential policy reforms to harmonize agency costs and adaptive efficiency. This book is great for researchers, scholars, students, and policymakers interested in corporate governance of Chinese venture capital markets.