CHARACTERISTICS OF BOARD OF DIRECTORS AND PERFORMANCE OF GEM LISTED COMPANIES FROM THE PERSPECTIVE OF VENTURE CAPITAL PARTICIPATION release_npfrpgbbmzd6pa343jpwtcno3y

by Yuan Yang, Yi Pan, Binku Yang, Wenli Huang

Abstract

Using the difference-in-differences (DID) model and taking the sample of companies listed from 2009 to 2014 on the Growth Enterprises Market (GEM) of the Shenzhen Stock Exchange in China, this paper studies the impact of Venture Capital (VC) participation on board characteristics, which is measured by the chief executive officer (CEO) duality, the scale of the board of directors and the proportion of independent directors, and it also studies how the board characteristics influence the company performance. The findings are as follows: VC-backed GEM listed companies are more inclined to choose the mode of CEO duality and to have a larger board of directors and a higher proportion of independent directors, all of which are conducive to improving company performance.
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Published in Buletin Ekonomi Moneter dan Perbankan by Bank Indonesia, Central Banking Research Department
ISSN-L 2460-9196
Volume 22
Page(s) 311-350
Release Date 2019-10-31
Container Type journal
Publisher Bank Indonesia, Central Banking Research Department

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Date   2019-10-31
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ISSN-L:  2460-9196
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