TMT Departures and Post-IPO Outside Director Additions: Implications for Young IPO Firms’ Survival and Performance
研究年轻IPO公司中，IPO前高管团队成员的离职会损害公司生存与绩效，且当IPO后增加更多外部董事时，这种负面效应更强。
We draw on resource-based logic to argue that relatively stable TMTs and boards are beneficial for young IPO firms because of the need to maintain and develop valuable firm-specific capabilities and psychological attachment of pre-IPO TMTs. Using panel data from 272 young IPO firms, we find that pre-IPO TMT member exits negatively affect young IPO firms’ survival and performance. This negative effect is greater when more post-IPO outside directors are added. We also find that the above interaction is positively and negatively associated with survival and performance when TMT ownership declines substantially and when firms have a founder CEO, respectively.