Factors influencing the choice between founder versus non-founder CEOs for IPO firms

被引：75

作者：

Jain, Bharat A. ^{[1
]}

Tabak, Filiz ^{[1
]}

机构：

[1] Towson Univ, Coll Business & Econ, Towson, MD 21252 USA

来源：

JOURNAL OF BUSINESS VENTURING | 2008年 / 23卷 / 01期

关键词：

initial public offerings; founder CEOs; venture capital involvement; governance structure;

D O I：

10.1016/j.jbusvent.2005.11.001

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Despite the innate advantage founder CEOs have by virtue of their founding vision, organizational influence, positive image, and ownership stakes to lead their firms at their initial public offering (IPO), extant empirical evidence indicates that between a third to half of IPO firms go public with non-founder CEOs at the helm. Relatively little however, is known regarding factors that influence the choice of founder versus non-founder CEO for firms issuing IPOs. This study examines the impact of factors such as founder characteristics, size of founding team, governance structure, ownership structure, top management team independence, venture capitalist influence, and the demand for equity financing on the probability of founder CEO at IPO. (C) 2006 Elsevier Inc. All rights reserved.

引用

页码：21 / 45

页数：25

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