201
Views
1
CrossRef citations to date
0
Altmetric
Research Article

Board diversity and post-IPO performance: the case of technology start-ups

& ORCID Icon
Received 14 Aug 2021, Accepted 10 Feb 2023, Published online: 21 Feb 2023

References

  • Aggarwal, V. A., and D. H. Hsu. 2009. “Modes of Cooperative R&D Commercialization by Start-Ups.” Strategic Management Journal 30 (8): 835–864.
  • Agrawal, A., and C. R. Knoeber. 1996. “Firm Performance and Mechanisms to Control Agency Problems Between Managers and Shareholders.” Journal of Financial and Quantitative Analysis 31 (3): 377–397.
  • Aiken, L. S., S. G. West, and R. R. Reno. 1991. Multiple Regression: Testing and Interpreting Interactions. Sage.
  • Anderson, R. C., D. M. Reeb, A. Upadhyay, and W. Zhao. 2011. “The Economics of Director Heterogeneity.” Financial Management 40 (1): 5–38.
  • Barber, B. M., and J. D. Lyon. 1997. “Detecting Long-Run Abnormal Stock Returns: The Empirical Power and Specification of Test Statistics.” Journal of Financial Economics 43 (3): 341–372.
  • Blau, P. M. 1977. Inequality and Heterogeneity: A Primitive Theory of Social Structure (Vol. 7). New York: Free Press.
  • Brau, J. C., and S. E. Fawcett. 2006. “Initial Public Offerings: An Analysis of Theory and Practice.” The Journal of Finance 61 (1): 399–436.
  • Brav, A., and P. A. Gompers. 1997. “Myth or Reality? The Long-Run Underperformance of Initial Public Offerings: Evidence from Venture and Nonventure Capital-Backed Companies.” The Journal of Finance 52 (5): 1791–1821.
  • Carpenter, M. A., T. G. Pollock, and M. M. Leary. 2003. “Testing a Model of Reasoned Risk-Taking: Governance, the Experience of Principals and Agents, and Global Strategy in High-Technology IPO Firms.” Strategic Management Journal 24 (9): 803–820.
  • Carter, R. B., F. H. Dark, and A. K. Singh. 1998. “Underwriter Reputation, Initial Returns, and the Long-Run Performance of IPO Stocks.” The Journal of Finance 53 (1): 285–311.
  • Carter, R., and S. Manaster. 1990. “Initial public Offerings and Underwriter Reputation.” The Journal of Finance 45 (4): 1045–1067.
  • Chen, L. Y., J. H. Lai, S. C. Chang, and Y. S. Hung. 2018. “Organisational Form and the Economic Impacts of Innovation: The Case of Patent Grant Announcements.” Technology Analysis & Strategic Management 30 (9): 1070–1083.
  • Chen, H., and M. Zheng. 2021. “IPO Underperformance and the Idiosyncratic Risk Puzzle.” Journal of Banking & Finance 131: 106–190.
  • Coles, J. L., N. D. Daniel, and L. Naveen. 2008. “Boards: Does One Size Fit All?” Journal of financial economics 87 (2): 329–356.
  • Dai, Y., J. C. Goodale, G. Byun, and F. Ding. 2018. “Strategic Flexibility in New High-Technology Ventures.” Journal of Management Studies 55 (2): 265–294.
  • Damanpour, F. 2010. “An Integration of Research findings of Effects of firm Size and Market Competition on Product and Process Innovations.” British Journal of Management 21 (4): 996–1010.
  • Ettredge, M. L., C. Li, Q. Wang, and Y. Xu. 2021. “Executive Board Member Financial Expertise and IPO Performance.” Accounting Horizons 35 (1): 47–64.
  • Evans, J. S. 1991. “Strategic Flexibility for High Technology Maneuvers: A Conceptual Framework.” Journal of Management Studies 28 (1): 69–89.
  • Field, L., M. Lowry, and A. Mkrtchyan. 2013. “Are Busy Boards Detrimental?” Journal of Financial Economics 109 (1): 63–82.
  • Hambrick, D. C., M. A. Geletkanycz, and J. W. Fredrickson. 1993. “Top Executive Commitment to the Status Quo: Some Tests of Its Determinants.” Strategic Management Journal 14 (6): 401–418.
  • Hambrick, D. C., and P. A. Mason. 1984. “Upper Echelons: The Organization as a Reflection of Its Top Managers.” Academy of Management Review 9 (2): 193–206.
  • Haynes, K. T., and A. Hillman. 2010. “The Effect of Board Capital and CEO Power on Strategic Change.” Strategic Management Journal 31 (11): 1145–1163.
  • Huang, S., and G. Hilary. 2018. “Zombie Board: Board Tenure and Firm Performance.” Journal of Accounting Research 56 (4): 1285–1329.
  • Jain, B. A., and O. Kini. 1994. “The Post-Issue Operating Performance of IPO Firms.” Journal of Finance, 1699–1726.
  • Jog, V., I. Otchere, and C. Sun. 2019. “Does the Two-Stage IPO Process Reduce Underpricing and Long Run Underperformance? Evidence from Chinese Firms Listed in the U.S.” Journal of International Financial Markets, Institutions & Money 59: 90–105.
  • Kor, Y. Y., and C. Sundaramurthy. 2009. “Experience-Based Human Capital and Social Capital of Outside Directors.” Journal of Management 35 (4): 981–1006.
  • Kroll, M., B. A. Walters, and S. A. Le. 2007. “The Impact of Board Composition and Top Management Team Ownership Structure on Post-IPO Performance in Young Entrepreneurial Firms.” Academy of Management Journal 50 (5): 1198–1216.
  • Lai, J.-H., L.-Y. Chen, and S. Song. 2019. “How Outside Directors’ Human and Social Capital Create Value for Corporate International Investments.” Journal of World Business 54 (2): 93–106.
  • Marquardt, D. W., and R. D. Snee. 1975. “Ridge Regression in Practice.” The American Statistician 29 (1): 3–20.
  • Milliken, F. J., and L. L. Martins. 1996. “Searching for Common Threads: Understanding the Multiple Effects of Diversity in Organizational Groups.” Academy of Management Review 21: 402–433.
  • Monks, R., and N. Minow. 1995. Corporate Governance. Cambridge, MA: Blackwell.
  • Mooney, A., J. Brown, and A. Ward. 2021. “The Effects of Director Tenure on Monitoring and Advising: New Insights from Behavioral Governance and Learning Theories.” Corporate Governance: An International Review 29 (5): 479–495.
  • Pfeffer, J. 1983. “Organizational Demography.” In Research in Organizational Behavior, vol. 5, edited by L. L. Cummings, and B. M. Staw, 299–357. Greenwich, CT: JAi Press.
  • Pfeffer, J., and G. R. Salancik. 1978. The External Control of Organizations: A Resource Dependence Approach. NY: Harper and Row Publishers.
  • Ritter, J. R. 1991. “The Long-Run Performance of Initial Public Offerings.” The Journal of Finance 46 (1): 3–27.
  • Roni, M., J. Jabar, M. R. Muhamad, and M. Murad. 2017. “Sustainable Manufacturing Drivers and Firm Performance: Moderating Effect of Firm Size.” International Journal of Advanced and Applied Sciences 4 (12): 243–249.
  • Stinchcombe, A. L. 2000. “Social Structure and Organizations.” Advances in Strategic Management 17: 229–259.
  • Sundaramurthy, C., and M. Lewis. 2003. “Control and Collaboration: Paradoxes of Governance.” Academy of Management Review 28 (3): 397–415.
  • Sundaramurthy, C., K. Pukthuanthong, and Y. Kor. 2014. “Positive and negative synergies between the CEO's and the Corporate Board's Human and Social Capital: A Study of Biotechnology Firms.” Strategic Management Journal 35 (6): 845–868.
  • Timmerman, T. A. 2000. “Racial Diversity, Age Diversity, Interdependence, and Team Performance.” Small Group Research 31 (5): 592–606.
  • Tupper, C. H., O. Guldiken, and M. Benischke. 2018. “Capital Market Liability of Foreignness of IPO Firms.” Journal of World Business 53 (4): 555–567.
  • Wiklund, J., T. Baker, and D. Shepherd. 2010. “The Age-Effect of Financial Indicators as Buffers Against the Liability of Newness.” Journal of Business Venturing 25 (4): 423–437.
  • Wu, W., and C. Lin. 2010. “Experience, Environment, and Subsidiary Performance in High-Tech MNEs.” Journal of Business Research 63 (12): 1301–1309.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.