Dependent or independent? The performance contribution of board members in Italian venture backed firms

Abstract

In this paper we tested the relationship between the IRR and the corporate governance choices of 87 Italian closed-end funds for the management of 698 private equity operations carried out from 1999 to 2003. In particular, we looked for information about the role of independent directors and their ability to stimulate firm growth and the closed-end funds final return, compared with the performance of dependent directors. We found no differences in the performance of venture-backed firms due to the presence of independent members in the board of directors, and concluded that this does not influence final results

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