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| Author: | Filatotchev, I. Wright, M. Arberk, M. |
| Title: | Venture capitalists, syndication and governance in initial public offerings |
| Journal: | Small business economics
2006 : MAY, VOL. 26:4, p. 337-350 |
| Index terms: | entrepreneurship venture capital initial public offerings companies United Kingdom |
| Language: | eng |
| Abstract: | This paper examines the development of effective boards in venture capital (as: VC) -backed initial public offerings (IPOs). It is argued that VC-backed IPOs suffer from 2 sets of agency costs related to principal (here as: prn.) -agent and prn.-prn. relationships btw. the founders and members of the VC syndicate (as: synd/synds). Based on a sample of 293 entrepreneurial IPOs in the U.K., it is shown among others that VC synds. invest in relatively more risky firms. VC-backed IPOs have more independent boards than IPOs with no VC involvement, with board independence being higher in syndicated VC-backed firms. |
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