Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/120337
|
Title: | 公司董監事席次變動對IPO的影響 Board Member Turnover and Business Milestone |
Authors: | 葉祖昀 Yeh, Tsu-Yun |
Contributors: | 王信實 李文傑 Wang, Shinn-Shyr Lee, Wen-Chieh 葉祖昀 Yeh, Tsu-Yun |
Keywords: | 教育連結 董監事席次變動 新創公司 創業投資 國發基金 Educational link Board member turnover New venture Venture capital National development fund |
Date: | 2018 |
Issue Date: | 2018-10-01 12:23:39 (UTC+8) |
Abstract: | In the paper, we are going to figure out what factor has the most significant influence on firm’s performance. Based on the pervious definition of educational link method, there are additional variables about changes on board and management team members. The result shows that the higher rate the members change, the better chance of IPO firms has. In other words, the changes of board and team members have a significantly positive effect on firms’ performance. Before going public, firms would like to reform their team structure to make the funding easier. It implied that it is also very crucial for firms to hire better human capital. As firms become greater and greater, they can attract more and more talented people to work for them so that it will increase the possibility to go public. |
Reference: | 1. Akerlof, G. A. (1970). The market for" lemons": Quality uncertainty and the market mechanism. The quarterly journal of economics, 488-500.
2. Bai, C. E., Hsieh, C. T., & Song, Z. M. Crony Capitalism with Chinese Characteristics.
3. Barber, B. M., & Lyon, J. D. (1996). Detecting abnormal operating performance: The empirical power and specification of test statistics. Journal of financial Economics, 41(3), 359-399.
4. Barry, C. B., Muscarella, C. J., Peavy, J. W., & Vetsuypens, M. R. (1990). The role of venture capital in the creation of public companies: Evidence from the going-public process. Journal of Financial economics, 27(2), 447-471.
5. Boot, Arnoud W A and Thakor, Anjan V (1993). Security Design. Journal of Finance, 48(4): 1349-78.
6. Brav, A., & Gompers, P. A. (1997). Myth or reality? The long - run underperformance of initial public offerings: evidence from venture and nonventure capital-backed companies. The Journal of Finance, 52(5), 1791-1821.
7. Bunkanwanicha, P., & Wiwattanakantang, Y. (2009). Big business owners in politics. Review of Financial Studies, 22(6), 2133-2168.
8. Carleton, W.T., and I.A. Cooper. (1976). Estimation and Uses of the Term Structure of Interest Rates. Journal of Finance, 31: 1067-1083.
9. Claessens, S., Feijen, E., & Laeven, L. (2008). Political connections and preferential access to finance: The role of campaign contributions. Journal of Financial Economics, 88(3), 554-580.
10. Cohen L., Frazzini A., Malloy C. (2008). The small world of investing: Board connections and mutual fund returns. Journal of Political Economy 116(5)951- 979.
11. Cooper, M. J., Gulen, H., & Ovtchinnikov, A. V. (2010). Corporate political contributions and stock returns. The Journal of Finance, 65(2), 687-724.
12. Eckbo, B. E. (Ed.). (2008). Handbook of Empirical Corporate Finance SET (Vol. 1). Elsevier.
13. Faccio, M. (2006). Politically-connected firms. American Economic Review,
14. Fama, E. F., & French, K. R. (1992). The cross-section of expected stock returns. The Journal of Finance, 47(2), 427-465.
15. Fisman, R. (2001). Estimating the value of political connections. American
Economic Review, 1095-1102.
16. Goldman, E., Rocholl, J., & So, J. (2009). Do politically connected boards affect
firm value? Review of Financial Studies, 22(6), 2331-2360.
17. Gompers, P. A. (1995). Optimal investment, monitoring, and the staging of
venture
capital. The journal of finance, 50(5), 1461-1489.
18. Gompers, P. A. (1996). Grandstanding in the venture capital industry. Journal of
Financial economics, 42(1), 133-156.
19. Grossman, S. J., & Hart, O. D. (1986). The costs and benefits of ownership: A theory of vertical and lateral integration. The Journal of Political Economy, 691- 719.
20. Ho (2014). Social Network and R&D Productivity of the Venture Invested Entrepreneurial Team: The Case of Educational Network.
21. Hsiang (2015). What Factors Affect New Ventures’ Long-term Performance? - A Case of Educational Network.
22. Huang (2015). Political connections under the IPO process of new ventures: Evidence from Taiwanese venture capital industry
23. Jensen M.C. and Meckling W.H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics 3(4): 305-360.
24. Kaplan, S. N., Sensoy, B. A., & Strömberg, P. (2009). Should investors bet on the jockey or the horse? Evidence from the evolution of firms from early business plans to public companies. The Journal of Finance, 64(1), 75-115.
25. Krishnan, C. N. V., Ivanov, V. I., Masulis, R. W., & Singh, A. K. (2011). Venture
capital reputation, post-IPO performance, and corporate governance. Journal of
Financial and Quantitative Analysis, 46(05), 1295-1333.
26. Lee, P. M., & Wahal, S. (2004). Grandstanding, certification and the underpricing of venture capital backed IPOs. Journal of Financial Economics, 73(2), 375-407.
27. Leuz, C., & Oberholzer-Gee, F. (2006). Political relationships, global financing, and corporate transparency: Evidence from Indonesia. Journal of Financial Economics, 81(2), 411-439.
28. Lin, T. H., & Smith, R. L. (1998). Insider reputation and selling decisions: the unwinding of venture capital investments during equity IPOs. Journal of Corporate
Finance, 4(3), 241-263.
29. Lin (2014) Social Network and the Venture Capital Investment Target: The Case of Educational Network
30. Mahmood, I. P., Zhu, H. and Zajac, E. J., 2011, “Where can capabilities come from? Network ties and capability acquisition in business groups,” Strategic Management Journal, 32, 820–48.Megginson and Weiss.
31. McDonald, M. B. (2014). Politically Connected Analysts.
32. McDonald, R. L. (2013). Contingent capital with a dual price trigger. Journal of
Financial Stability, 9(2), 230-241.
33. Megginson, W. L., & Weiss, K. A. (1991). Venture capitalist certification in initial
public offerings. The Journal of Finance, 46(3), 879-903.
34. Nahata, R. (2008). Venture capital reputation and investment performance.
Journal of Financial Economics, 90(2), 127-151.
35. Petersen, M. A. (2009). Estimating standard errors in finance panel data sets:
Comparing approaches. Review of financial studies, 22(1), 435-480.
36. Ritter, J. R. (1991). The long-run performance of initial public offerings. The journal of finance, 46(1), 3-27.
37. Saxenian A. (1994). Regional Advantage:Culture and Competition in Silicon
Valley and Route 128. Harvard University Press, Cambridge, MA.
38. Saxenian, A. (2002). Brain Circulation and Chinese Chipmakers: The Silicon
Valley-Hsinchu-Shanghai Triangle. Berkeley: University of California at Berkeley.
39. Singh, A. K., Dark, F. H., & Carter, R. B. (1998). Underwriter Reputation, Initial Returns, and the Long-Run Performance of IPO Stocks. The Journal of Finance,
53(1).
40. Y. Chan, D. Siegel, A.V. Thakor (1990). Learning, corporate control and performance requirements in venture capital contracts. International Economic Review, 31, pp. 365–381.
41. Zarutskie, R. (2010). The role of top management team human capital in venture capital markets: Evidence from first-time funds. Journal of Business Venturing, 25(1), 155-172.
|
Description: | 碩士 國立政治大學 應用經濟與社會發展英語碩士學位學程(IMES) 1032660051 |
Source URI: | http://thesis.lib.nccu.edu.tw/record/#G1032660051 |
Data Type: | thesis |
DOI: | 10.6814/THE.NCCU.IMES.008.2018.F06 |
Appears in Collections: | [應用經濟與社會發展英語碩士學位學程 (IMES)] 學位論文
|
Files in This Item:
File |
Size | Format | |
005101.pdf | 8496Kb | Adobe PDF2 | 0 | View/Open |
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|