Effects of Executive Characteristics and Venture Capital Involvement on Board Composition and Share Ownership in IPO Firms*
结合代理理论、资源基础观和高阶理论，研究了影响IPO公司董事会选择和股权结构的因素，发现高管经验与权力会降低董事会独立性和非执行董事的激励，而风险投资家的持股则对董事会独立性有负面影响。
Combining the agency perspective, resource‐based view and upper echelon research, this paper examines factors affecting board selection and share ownership in initial public offerings (IPOs). In line with socio‐cognitive and behavioural research, it shows that board independence, cognitive capacity and the incentives of non‐executive directors are negatively associated with the experience and power of executive directors, and that large‐block share ownership is positively associated with the intensity and diversity of non‐executives' experience. However, the retained equity by venture capitalists negatively affects board independence and non‐executive directors' interests. The paper suggests a number of avenues for a future contextual analysis of the board development process in ‘threshold’ firms.