The Board Value Protection Function in Young, Mature and Family Firms
研究了董事会价值保护功能如何随企业生命周期和所有者动机变化，发现年轻企业中该功能重要性随年龄下降，成熟企业中上升，且在家族企业中效应更强。
Abstract Next to value creation, the value protection function of the Board of Directors is a widely accepted fact. Nevertheless, the current literature struggles to show a positive impact of the Board Value Protection (BVP) on firm performance. We use the decision rights model of board functions and argue the difference between board member roles (insider vs independent) and functions, to isolate the BVP from other director functions. By using the German context as a natural setting, we can isolate the BVP and show how it evolves with the firm lifecycle and owner motivations. Based on a sample of 446 initial public offerings (IPOs) from 1995 to 2015, our results show that the importance of BVP in young firms decreases with age, increases in mature firms and that this effect is stronger in family firms.