Characteristics of Board of Directors and Performance of GEM-Listed Companies from The Perspective of Venture Capital Participation

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Characteristics of Board of Directors and Performance of GEM-Listed Companies from The Perspective of Venture Capital Participation

Yuan Yang, Yi Pan - Nama Orang; Bingkun Yang - Nama Orang; Wenli Huang - Nama Orang;

This paper uses a difference-in-difference model to study the impact of venture capital (VC) participation on board characteristics. Our sample includes companies listed on the growth enterprise market (GEM) on China's Shenzhen stock exchange over the period 2009 to 2014. Our measure of board characteristics is chief executive officer (CEO) duality, the scale of the board of directors, and the proportion of independent directors. Our empirical analysis reveals the following findings: the VC-backed GEM- listed companies are more inclined to choose the mode of CEO duality and contain a large board of directors and a high proportion of independent directors. These characteristics, we find, are conducive to improving company performance.
Keywords: Venture capital; Difference-in-differences model; Board characteristics; Company performance.

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Judul Seri: Bulletin of Monetary Economics and Banking
No. Panggil: Rak Ekonomi Bul. Econ Banking/V.22/3-4/2019
Penerbit: Jakarta : Bank Indonesia Institute., 2019
Deskripsi Fisik: Hal. 287-310
Bahasa: English
ISBN/ISSN: 14108046
Klasifikasi: NONE
Tipe Isi: -
Tipe Media: -
Tipe Pembawa: -
Edisi: Vol. 22 No.3
Subjek: Kinerja Keuangan, Akuisisi
Info Detail Spesifik: -
Pernyataan Tanggungjawab: Yuan Yang, Yi Pan, Bingkun Yang, Wenli Huang

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