Venture Capital Reputation, Post-IPO Performance, and Corporate Governance
研究了风险投资机构声誉与其投资组合公司上市后长期绩效的关系，发现声誉高的风投不仅选择更优质的公司，还通过更积极的上市后公司治理参与提升绩效。
Abstract We examine the association of a venture capital (VC) firm’s reputation with the post-initial public offering (IPO) long-run performance of its portfolio firms. We find that VC reputation, measured by the past market share of VC-backed IPOs, has significant positive associations with long-run firm performance measures. While more reputable VCs initially select better-quality firms, more reputable VCs continue to be associated with superior long-run performance, even after controlling for VC selectivity. We find that more reputable VCs exhibit more active post-IPO involvement in the corporate governance of their portfolio firms, and this continued VC involvement positively influences post-IPO firm performance.