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.
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页数：25
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