메뉴 건너뛰기




Volumn 21, Issue 1, 2013, Pages 153-179

The effects of management-board ties on IPO performance

Author keywords

Alignment of interest; Entrenchment; Family tie; IPO performance; Q analysis; Social tie

Indexed keywords


EID: 84875244742     PISSN: 09291199     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jcorpfin.2013.02.001     Document Type: Article
Times cited : (70)

References (62)
  • 1
    • 33846194158 scopus 로고    scopus 로고
    • A theory of friendly boards
    • Adams R., Ferreira D. A theory of friendly boards. J. Financ. 2007, 62:217-250.
    • (2007) J. Financ. , vol.62 , pp. 217-250
    • Adams, R.1    Ferreira, D.2
  • 2
    • 0036001864 scopus 로고    scopus 로고
    • Social capital: prospects for a new concept
    • Adler P.S., Kwon S.-W. Social capital: prospects for a new concept. Acad. Manag. Rev. 2002, 27:17-40.
    • (2002) Acad. Manag. Rev. , vol.27 , pp. 17-40
    • Adler, P.S.1    Kwon, S.-W.2
  • 3
    • 0142250311 scopus 로고    scopus 로고
    • Entrenchment and severance pay in optimal governance structures
    • Almazen A., Suarez J. Entrenchment and severance pay in optimal governance structures. J. Financ. 2003, 58:519-547.
    • (2003) J. Financ. , vol.58 , pp. 519-547
    • Almazen, A.1    Suarez, J.2
  • 4
    • 0142219280 scopus 로고    scopus 로고
    • Founding-family ownership and firm performance: evidence from the S&P 500
    • Anderson R.C., Reeb D.M. Founding-family ownership and firm performance: evidence from the S&P 500. J. Financ. 2003, 58:1301-1328.
    • (2003) J. Financ. , vol.58 , pp. 1301-1328
    • Anderson, R.C.1    Reeb, D.M.2
  • 7
    • 85050840234 scopus 로고
    • Kinship as a factor affecting Cantonese economic adaptation in the United States
    • Barnett M.L. Kinship as a factor affecting Cantonese economic adaptation in the United States. Hum. Organ. 1960, 19:40-46.
    • (1960) Hum. Organ. , vol.19 , pp. 40-46
    • Barnett, M.L.1
  • 8
    • 77958406983 scopus 로고
    • Corporate governance and the board of directors: performance effects of changes in board composition
    • Baysinger B., Butler H.N. Corporate governance and the board of directors: performance effects of changes in board composition. J. Law Econ. Org. 1985, 1:101-124.
    • (1985) J. Law Econ. Org. , vol.1 , pp. 101-124
    • Baysinger, B.1    Butler, H.N.2
  • 10
    • 78651418529 scopus 로고    scopus 로고
    • Does regulation substitute or complement governance?
    • Becher D.A., Frye M.B. Does regulation substitute or complement governance?. J. Bank. Financ. 2011, 35:73-751.
    • (2011) J. Bank. Financ. , vol.35 , pp. 73-751
    • Becher, D.A.1    Frye, M.B.2
  • 12
    • 33747731479 scopus 로고    scopus 로고
    • The role of family in family firms
    • Bertrand M., Schoar A. The role of family in family firms. J. Econ. Perspect. 2006, 20:73-96.
    • (2006) J. Econ. Perspect. , vol.20 , pp. 73-96
    • Bertrand, M.1    Schoar, A.2
  • 13
    • 0037702976 scopus 로고    scopus 로고
    • The non-correlation between board independence and long-term firm performance
    • Bhagat S., Black B. The non-correlation between board independence and long-term firm performance. J. Corp. Law 2002, 27:231-273.
    • (2002) J. Corp. Law , vol.27 , pp. 231-273
    • Bhagat, S.1    Black, B.2
  • 14
    • 34249892837 scopus 로고    scopus 로고
    • The determinants of corporate board size and composition: an empirical analysis
    • Boone A.L., Field L.C., Karpoff J.M., Raheja C.R. The determinants of corporate board size and composition: an empirical analysis. J. Financ. Econ. 2007, 85:66-101.
    • (2007) J. Financ. Econ. , vol.85 , pp. 66-101
    • Boone, A.L.1    Field, L.C.2    Karpoff, J.M.3    Raheja, C.R.4
  • 15
    • 84989082201 scopus 로고
    • Board control and CEO compensation
    • Boyd B.K. Board control and CEO compensation. Strateg. Manag. J. 1994, 15:335-344.
    • (1994) Strateg. Manag. J. , vol.15 , pp. 335-344
    • Boyd, B.K.1
  • 16
    • 0007193104 scopus 로고    scopus 로고
    • Myth or reality? The long-run underperformance of initial public offerings: evidence from venture and nonventure capital-backed companies
    • Brav A., Gompers P.A. Myth or reality? The long-run underperformance of initial public offerings: evidence from venture and nonventure capital-backed companies. J. Financ. 1997, 52:1791-1821.
    • (1997) J. Financ. , vol.52 , pp. 1791-1821
    • Brav, A.1    Gompers, P.A.2
  • 17
    • 0001588711 scopus 로고
    • Cooptive corporate actor networks: a reconsideration of interlocking directorates involving American manufacturing
    • Burt R. Cooptive corporate actor networks: a reconsideration of interlocking directorates involving American manufacturing. Admin. Sci. Q. 1980, 25:557-582.
    • (1980) Admin. Sci. Q. , vol.25 , pp. 557-582
    • Burt, R.1
  • 18
    • 84936628790 scopus 로고
    • Social contagion and innovation: cohesion versus structural equivalence
    • Burt R. Social contagion and innovation: cohesion versus structural equivalence. Am. J. Sociol. 1987, 92:1287-1335.
    • (1987) Am. J. Sociol. , vol.92 , pp. 1287-1335
    • Burt, R.1
  • 19
    • 0013174918 scopus 로고    scopus 로고
    • Structural holes versus network closure as social capital
    • Hawthorne, Aldine de Gruyter, New York, N. Lin, K. Cook, R.S. Burt (Eds.)
    • Burt R.S. Structural holes versus network closure as social capital. Social Capital: Theory and Research 2001, Hawthorne, Aldine de Gruyter, New York. N. Lin, K. Cook, R.S. Burt (Eds.).
    • (2001) Social Capital: Theory and Research
    • Burt, R.S.1
  • 20
    • 0002624840 scopus 로고    scopus 로고
    • On persistence in mutual fund performance
    • Carhart M.M. On persistence in mutual fund performance. J. Financ. 1997, 52:57-82.
    • (1997) J. Financ. , vol.52 , pp. 57-82
    • Carhart, M.M.1
  • 21
    • 20444450835 scopus 로고    scopus 로고
    • Information asymmetry and investor valuation of IPOs: top management team legitimacy as a capital market signal
    • Cohen B.D., Dean T.J. Information asymmetry and investor valuation of IPOs: top management team legitimacy as a capital market signal. Strateg. Manag. J. 2005, 26:683-690.
    • (2005) Strateg. Manag. J. , vol.26 , pp. 683-690
    • Cohen, B.D.1    Dean, T.J.2
  • 23
    • 84965934833 scopus 로고
    • An empirical examination of ownership structure in family and professionally managed firms
    • Daily C.M., Dollinger M.J. An empirical examination of ownership structure in family and professionally managed firms. Fam. Bus. Rev. 1992, 5:117-136.
    • (1992) Fam. Bus. Rev. , vol.5 , pp. 117-136
    • Daily, C.M.1    Dollinger, M.J.2
  • 26
    • 1842711871 scopus 로고    scopus 로고
    • Generalized blockmodeling of two-mode network data
    • Doreian P., Batagelj V., Ferligoj A. Generalized blockmodeling of two-mode network data. Soc. Networks 2004, 26:29-53.
    • (2004) Soc. Networks , vol.26 , pp. 29-53
    • Doreian, P.1    Batagelj, V.2    Ferligoj, A.3
  • 27
    • 0000589270 scopus 로고
    • Agency problems and residual claims
    • Fama E., Jensen M. Agency problems and residual claims. J. Law Econ. 1983, 26:327-349.
    • (1983) J. Law Econ. , vol.26 , pp. 327-349
    • Fama, E.1    Jensen, M.2
  • 29
    • 84955771318 scopus 로고
    • Q-analysis and the structure of friendship networks
    • Freeman L.C. Q-analysis and the structure of friendship networks. Int. J. Man Mach. Stud. 1980, 12:367-378.
    • (1980) Int. J. Man Mach. Stud. , vol.12 , pp. 367-378
    • Freeman, L.C.1
  • 31
    • 0030240848 scopus 로고    scopus 로고
    • Grandstanding in the venture capital industry
    • Gompers P.A. Grandstanding in the venture capital industry. J. Financ. Econ. 1996, 42:133-156.
    • (1996) J. Financ. Econ. , vol.42 , pp. 133-156
    • Gompers, P.A.1
  • 32
    • 34548779885 scopus 로고    scopus 로고
    • The board of directors as a social network: a new perspective
    • Harris D.A., Helfat C.E. The board of directors as a social network: a new perspective. J. Manag. Inq. 2007, 16:228-237.
    • (2007) J. Manag. Inq. , vol.16 , pp. 228-237
    • Harris, D.A.1    Helfat, C.E.2
  • 33
    • 4043122542 scopus 로고    scopus 로고
    • Regulation and the evolution of corporate boards: monitoring, advising, or window dressing?
    • Helland E., Sykuta M. Regulation and the evolution of corporate boards: monitoring, advising, or window dressing?. J. Law Econ. 2004, 47:167-193.
    • (2004) J. Law Econ. , vol.47 , pp. 167-193
    • Helland, E.1    Sykuta, M.2
  • 34
    • 68749100630 scopus 로고    scopus 로고
    • Does religion matter in corporate decision making in America?
    • Hilary G., Hui K.W. Does religion matter in corporate decision making in America?. J. Financ. Econ. 2009, 93:455-473.
    • (2009) J. Financ. Econ. , vol.93 , pp. 455-473
    • Hilary, G.1    Hui, K.W.2
  • 35
    • 0038957559 scopus 로고
    • "Dirty hands" versus "clean models": is sociology in danger of being seduced by economics?
    • Hirsch P.M., Michaels S., Friedman R. "Dirty hands" versus "clean models": is sociology in danger of being seduced by economics?. Theory Soc. 1987, 16:317-336.
    • (1987) Theory Soc. , vol.16 , pp. 317-336
    • Hirsch, P.M.1    Michaels, S.2    Friedman, R.3
  • 36
    • 67449106320 scopus 로고    scopus 로고
    • It pays to have friends
    • Hwang B.H., Kim S. It pays to have friends. J. Financ. Econ. 2009, 93:138-158.
    • (2009) J. Financ. Econ. , vol.93 , pp. 138-158
    • Hwang, B.H.1    Kim, S.2
  • 37
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance, and takeovers
    • Jensen M.C. Agency costs of free cash flow, corporate finance, and takeovers. Am. Econ. Rev. 1986, 76:323-329.
    • (1986) Am. Econ. Rev. , vol.76 , pp. 323-329
    • Jensen, M.C.1
  • 38
    • 44649197264 scopus 로고
    • Theory of the firm: managerial behavior, agency costs and ownership structure
    • Jensen M.C., Meckling W.H. Theory of the firm: managerial behavior, agency costs and ownership structure. J. Financ. Econ. 1976, 3:305-360.
    • (1976) J. Financ. Econ. , vol.3 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 39
    • 0003068184 scopus 로고
    • Conflicts that plague family business
    • (March-April)
    • Levinson R.E. Conflicts that plague family business. Harv. Bus. Rev. 1971, 49:90-98. (March-April).
    • (1971) Harv. Bus. Rev. , vol.49 , pp. 90-98
    • Levinson, R.E.1
  • 40
    • 38149046493 scopus 로고    scopus 로고
    • The determinants of board structure
    • Linck J., Netter J., Yang T. The determinants of board structure. J. Financ. Econ. 2008, 87:208-328.
    • (2008) J. Financ. Econ. , vol.87 , pp. 208-328
    • Linck, J.1    Netter, J.2    Yang, T.3
  • 41
    • 0036108222 scopus 로고    scopus 로고
    • Why don't issuers get upset about leaving money on the table in IPOs?
    • Loughran T., Ritter J. Why don't issuers get upset about leaving money on the table in IPOs?. Rev. Financ. Stud. 2002, 15:413-443.
    • (2002) Rev. Financ. Stud. , vol.15 , pp. 413-443
    • Loughran, T.1    Ritter, J.2
  • 42
    • 6344270172 scopus 로고    scopus 로고
    • Why has IPO underpricing increased over time?
    • Loughran T., Ritter J.R. Why has IPO underpricing increased over time?. Financ. Manag. 2004, 33:5-37.
    • (2004) Financ. Manag. , vol.33 , pp. 5-37
    • Loughran, T.1    Ritter, J.R.2
  • 43
    • 0346331568 scopus 로고    scopus 로고
    • Is the IPO pricing process efficient?
    • Lowry M., Schwert G.W. Is the IPO pricing process efficient?. J. Financ. Econ. 2004, 71:3-26.
    • (2004) J. Financ. Econ. , vol.71 , pp. 3-26
    • Lowry, M.1    Schwert, G.W.2
  • 44
    • 84936823713 scopus 로고
    • Core discussion networks of Americans
    • Marsden P.V. Core discussion networks of Americans. Am. Sociol. Rev. 1987, 52:122-131.
    • (1987) Am. Sociol. Rev. , vol.52 , pp. 122-131
    • Marsden, P.V.1
  • 47
    • 0042343634 scopus 로고    scopus 로고
    • The persistence of founder influence: management, ownership, and performance effects at initial public offering
    • Nelson T. The persistence of founder influence: management, ownership, and performance effects at initial public offering. Strat. Mgmt. J. 2003, 24:707-724.
    • (2003) Strat. Mgmt. J. , vol.24 , pp. 707-724
    • Nelson, T.1
  • 48
    • 0142163012 scopus 로고    scopus 로고
    • Chinese business enterprise as inter-family partnership: a comparison with the Japanese case
    • Prentice Hall, Nordic Institute of Asian Studies, C. Bun (Ed.)
    • Numazaki I. Chinese business enterprise as inter-family partnership: a comparison with the Japanese case. Chinese Business Networks: State, Economy and Culture 2000, 152-175. Prentice Hall, Nordic Institute of Asian Studies. C. Bun (Ed.).
    • (2000) Chinese Business Networks: State, Economy and Culture , pp. 152-175
    • Numazaki, I.1
  • 49
    • 34548599794 scopus 로고    scopus 로고
    • A caution regarding rules of thumb for variance inflation factors
    • O'Brien R. A caution regarding rules of thumb for variance inflation factors. Qual. Quant. 2007, 41:673-690.
    • (2007) Qual. Quant. , vol.41 , pp. 673-690
    • O'Brien, R.1
  • 51
    • 84989072165 scopus 로고
    • CEO duality and organizational performance: a longitudinal analysis
    • Rechner P.L., Dalton D.R. CEO duality and organizational performance: a longitudinal analysis. Strateg. Manag. J. 1991, 12:155-160.
    • (1991) Strateg. Manag. J. , vol.12 , pp. 155-160
    • Rechner, P.L.1    Dalton, D.R.2
  • 52
    • 79960934529 scopus 로고    scopus 로고
    • Us knows us in the UK: on director networks and CEO Compensation
    • Renneboog L., Zhao Y. Us knows us in the UK: on director networks and CEO Compensation. J. Corp. Financ. 2001, 17:1132-1157.
    • (2001) J. Corp. Financ. , vol.17 , pp. 1132-1157
    • Renneboog, L.1    Zhao, Y.2
  • 54
    • 77952172581 scopus 로고    scopus 로고
    • The role of the interlocking director and board receptivity in the diffusion of practice
    • Shropshire C. The role of the interlocking director and board receptivity in the diffusion of practice. Acad. Manag. Rev. 2010, 33:246-264.
    • (2010) Acad. Manag. Rev. , vol.33 , pp. 246-264
    • Shropshire, C.1
  • 55
    • 84936628183 scopus 로고
    • Friendship in commercial society: eighteenth-century social theory and modern sociology
    • Silver A. Friendship in commercial society: eighteenth-century social theory and modern sociology. Am. J. Sociol. 1990, 95:1474-1504.
    • (1990) Am. J. Sociol. , vol.95 , pp. 1474-1504
    • Silver, A.1
  • 56
    • 0346307687 scopus 로고    scopus 로고
    • Instrumental variables regression with weak instruments
    • Staiger D., Stock J.H. Instrumental variables regression with weak instruments. Econometrica 1997, 65:557-586.
    • (1997) Econometrica , vol.65 , pp. 557-586
    • Staiger, D.1    Stock, J.H.2
  • 57
    • 0030424744 scopus 로고    scopus 로고
    • The sources and consequences of embeddedness for the economic performance of organizations: the network effect
    • Uzzi B. The sources and consequences of embeddedness for the economic performance of organizations: the network effect. Am. Sociol. Rev. 1996, 61:674-698.
    • (1996) Am. Sociol. Rev. , vol.61 , pp. 674-698
    • Uzzi, B.1
  • 58
    • 0031094434 scopus 로고    scopus 로고
    • Social structure and competition in interfirm networks: the paradox of embeddedness
    • Uzzi B. Social structure and competition in interfirm networks: the paradox of embeddedness. Admin. Sci. Q. 1997, 42:35-67.
    • (1997) Admin. Sci. Q. , vol.42 , pp. 35-67
    • Uzzi, B.1
  • 59
    • 33646477423 scopus 로고    scopus 로고
    • How do family ownership, control and management affect firm value?
    • Villalonga B., Amit R. How do family ownership, control and management affect firm value?. J. Financ. Econ. 2006, 80:385-417.
    • (2006) J. Financ. Econ. , vol.80 , pp. 385-417
    • Villalonga, B.1    Amit, R.2
  • 60
    • 0033248829 scopus 로고    scopus 로고
    • Collaboration in the boardroom: behavioral and performance consequences of CEO-board social ties
    • Westphal J.D. Collaboration in the boardroom: behavioral and performance consequences of CEO-board social ties. Acad. Manag. J. 1999, 42:7-24.
    • (1999) Acad. Manag. J. , vol.42 , pp. 7-24
    • Westphal, J.D.1
  • 61
    • 24944455789 scopus 로고
    • Who shall govern? CEO/board power, demographic similarity, and new director selection
    • Westphal J.D., Zajac E.J. Who shall govern? CEO/board power, demographic similarity, and new director selection. Admin. Sci. Q. 1995, 40:60-83.
    • (1995) Admin. Sci. Q. , vol.40 , pp. 60-83
    • Westphal, J.D.1    Zajac, E.J.2
  • 62
    • 84996229399 scopus 로고    scopus 로고
    • Family business research, a strategic reflection
    • Zahra S.A., Sharma P. Family business research, a strategic reflection. Fam. Bus. Rev. 2004, 17:331-346.
    • (2004) Fam. Bus. Rev. , vol.17 , pp. 331-346
    • Zahra, S.A.1    Sharma, P.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.