Governance Structures of Initial Public Offerings in Australia

Chander Shekhar · Geof P Stapledon

23 citations0/0 files storedCorporate Governance An International Review

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Corporate Finance and Governance Private Equity and Venture Capital Family Business Performance and Succession

Abstract

We study the relationship between venture capital financing, CEO ownership, compensation structure, and board structures for a group of Australian IPO firms. Results suggest that board structures are influenced by the industry the firm is in, and presence of venture capitalists results in a larger board with a higher number of outside directors. CEOs in non VC‐backed firms own a significantly higher fraction of firm shares, and CEO ownership is negatively related to both board size and outside blockholders. VC‐backed firms are significantly more likely to disclose information about CEO compensation packages, but the relationship between actual board size and structure and disclosure is insignificant. Finally, we also find that venture capital backing significantly decreases the time to change‐in‐status for firms, whereby firms cease to exist as independent entities.

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References

1983Separation of Ownership and Control 1993The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems 1996Higher market valuation of companies with a small board of directors 1996Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders 1990The structure and governance of venture-capital organizations 1991The Effects of Board Composition and Direct Incentives on Firm Performance 1995Executive compensation structure, ownership, and firm performance 2007The determinants of board structure☆

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