Venture capital, corporate governance, and financial stability of IPO firms

被引：19

作者：

Liao, Woody M. ^{[1
]}

Lu, Chia-Chi ^{[2
,3
]}

Wang, Hsuan ^{[4
]}

机构：

[1] Univ Calif Riverside, Grad Sch Management, Riverside, CA 92521 USA

[2] Natl Cent Univ, Grad Inst Accounting, Jhongli 32001, Tao Yuan County, Taiwan

[3] Natl Cent Univ, Dept Finance, Jhongli 32001, Tao Yuan County, Taiwan

[4] Yuan Ze Univ, Coll Management, Jhongli, Taiwan

来源：

EMERGING MARKETS REVIEW | 2014年 / 18卷

关键词：

Corporate governance; Excess control; Venture capital investments; Financial stability; Initial public offerings; OWNERSHIP; BOARD; DETERMINANTS; CREATION;

D O I：

10.1016/j.ememar.2013.11.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study investigates the effects of venture capital investments on corporate governance and financial stability of IPO-firms in the emerging markets. We find that VC-backed firms have less agency problems related to excess control than non-VC-backed firms at the time of IPO, and venture capitalists are more likely to improve the excess control problem in firms with weak-governance-structure than those with strong-governance-structure. We also find that VC-backed firms are less likely to encounter financial difficulty than non-VC-backed firms. Taken together, VC investments play a role in mitigating excess control and providing positive financial stability in the emerging markets. (C) 2013 Elsevier BM. All rights reserved.

引用

页码：19 / 33

页数：15

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