You have free access to this content
Board Structure and Survival of New Economy IPO Firms
Article first published online: 20 JAN 2012
DOI: 10.1111/j.1467-8683.2011.00906.x
© 2012 Blackwell Publishing Ltd
Additional Information
How to Cite
Chancharat, N., Krishnamurti, C. and Tian, G. (2012), Board Structure and Survival of New Economy IPO Firms. Corporate Governance: An International Review, 20: 144–163. doi: 10.1111/j.1467-8683.2011.00906.x
Publication History
- Issue published online: 20 JAN 2012
- Article first published online: 20 JAN 2012
REFERENCES
- 2009. Asking directors about their dual role. Unpublished working paper, University of Queensland.
- & 2007. A theory of friendly boards. Journal of Finance, 62: 217–250.
- , , & 2005. The association between outside directors, institutional investors and the properties of management earnings forecasts. Journal of Accounting Research, 43: 343–376.
- , , & 2002. Competing risks as a multi-state model. Statistical Methods in Medical Research, 11: 203–215.
- & 1986. The new corporate directors: Insights for board members and executives. New York: Wiley.
- , , , & 2008. Managerial agents watching other agents: Multiple agency conflicts regarding underpricing in IPO firms. Academy of Management Journal, 51: 277–294.
- ASX 2003. Principles of good corporate governance and best practice recommendations. Sydney: ASX Corporate Governance Council.
- & 2004. The effects of experience, ownership, and knowledge on IPO survival: Empirical evidence from Germany, Discussion Paper, The Entrepreneurship, Growth and Public Policy Group, Jena, Germany.
- & 2007. Are powerful CEOs beneficial to post-IPO survival in high technology industries?: An empirical investigation. The Journal of High Technology Management Research, 18: 31–42.
- 2002. Why a board? Group decision making in corporate governance. Vanderbilt Law Review, 55: 1–55.
- , , , & 1990. The role of venture capital in the creation of public companies: Evidence from the going-public process. Journal of Financial Economics, 27: 447–471.
- & 2003. IPO prospectus information and subsequent performance. Financial Review, 38: 369–397. Direct Link:
- & 2002. The non-correlation between board independence and long term firm performance. Journal of Corporation Law, 27: 231–274.
- , , & 2003. What's my line? A comparison of industry classification schemes for capital market research. Journal of Accounting Research, 41: 745–774.
- & 2004. Alternative perspectives on independence of directors. Corporate Governance: An International Review, 12: 325–336.
- , , & 1997. Leadership structure: Separating the CEO and chairman of the board. Journal of Corporate Finance, 3: 189–220.
- & 1992. Do outside directors monitor managers? Evidence from tender offer bids. Journal of Financial Economics, 32: 195–221.
- , , & 2006. Corporate investment and asset price dynamics: Implications for SEO event studies and long-run performance. Journal of Finance, 61: 1009–1034.
- , , & 2001. Signaling firm value through board structure: An investigation of initial public offerings. Entrepreneurship: Theory & Practice, 26: 33–50.
- , , & 2007. Industry classification and return comovement. Financial Analysts Journal, 63: 56–70.
- , , & 2008. When the going gets tough: Board capital and survival of new economy IPO firms. 21st Australasian Finance and Banking Conference 2008 Paper. Available at SSRN: http://ssrn.com/abstract=1253171
- 2008. Board size and the variability of corporate performance. Journal of Financial Economics, 87: 157–176.
- & 2007. Patents and the survival of internet-related IPOs, Working Paper, National Bureau of Economic Research, Cambridge, MA.
- , , & 2008. Boards: Does one size fit all? Journal of Financial Economics, 87: 329–356.
- 2004. One man two hats – What's all the commotion! Working Paper, Baruch College.
- & 1994. Bankruptcy and corporate governance: The impact of board composition and structure. Academy of Management Journal, 37: 1603–1617.
- , , , & 1999. Number of directors and financial performance: A meta-analysis. Academy of Management Journal, 42: 674–686.
- & 2003. Financial characteristics of Australian initial public offerings from 1994 to 1999. Applied Economics, 35: 1599–1607.
- , , & 2007. The board of directors and firm survival: Evidence from the internet shakeout, Working Paper, Johnson Graduate School of Business, Cornell University, New York.
- , , & 2010. When are outside directors effective? Journal of Financial Economics, 96: 195–214.
- 1989. Making fast strategic decisions in high-velocity environments. Academy of Management Journal, 32: 543–577.
- 2007. Does one hat fit all? The case of corporate leadership. Journal of Management and Governance, 11: 239–259.
- , , & 2011. The costs of intense board monitoring. Journal of Financial Economics, 101: 160–181.
- & 1983. Separation of ownership and control. Journal of Law and Economics, 26: 327–349.
- & 1994. CEO duality as a double-edged sword: How boards of directors balance entrenchment avoidance and unity of command. Academy of Management Journal, 37: 1079–1108.
- & 2004. Effects of social capital and power on surviving transformational change: The case of initial public offerings. Academy of Management Journal, 47: 463–481.
- & 1993. Additional evidence on the association between the investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Accounting and Economics, 16: 125–160.
- , , & 2006. Corporate governance and corporate survival, Working Paper, University of Texas at Dallas.
- 1996. Grandstanding in the venture capital industry. Journal of Financial Economics, 42: 133–156.
- , , & 1994. Research notes and communication: The effects of board size and diversity on strategic change. Strategic Management Journal, 15: 241–250.
- & 2008. A theory of board control and size. Review of Financial Studies, 21: 1797–1832.
- , , & 1997. The survival of initial public offerings in the aftermarket. Journal of Financial Research, 20: 93–110.
- & 1998. Endogenously chosen boards of directors and their monitoring of the CEO. The American Economic Review, 88: 96–118.
- & 2003. Board of directors as an endogenously determined institution. Federal Reserve Bank of New York Economic Policy Review, 9: 1–20.
- , , , & 2001. Market sentiment, media hype and the underpricing of initial public offerings: The case of Australian technology IPOs, Working Paper, School of Accounting, University of New South Wales.
- 2005. Pay without performance and the managerial power hypothesis: A comment. Journal of Corporation Law, 30: 703–713.
- , , & 1995. Differential information and the underpricing of initial public offerings: Australian evidence. Accounting & Finance, 35: 87–105. Direct Link:
- & 1999. The life cycle of initial public offering firms. Journal of Business Finance & Accounting, 26: 1281–1307.
- & 2000. Does the presence of venture capitalists improve the survival profile of IPO firms? Journal of Business Finance & Accounting, 27: 1139–1176.
- 1986. Agency costs of free cash flow, corporate finance and takeovers. American Economic Review, 76: 323–329.
- 1993. The modern industrial revolution, exit, and the failure of internal control systems. The Journal of Finance, 48: 831–880.
- & 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3: 305–360.
- , , & 1996. Board of directors: A review and research agenda. Journal of Management, 22: 409–438.
- & 1991. Antecedents and outcomes of decision speed in different environmental contexts. Academy of Management Journal, 34: 449–463.
- & 1992. Institutional and strategic choice perspectives on board involvement in the strategic decision process. Academy of Management Journal, 35: 766–794.
- , , & 2007. Corporate governance and board composition: Diversity and independence of Australian boards. Corporate Governance: An International Review, 15: 194–207.
- & 2001. The success and failure of dotcoms: A multi-method survival analysis. Minneapolis: Information and Decision Sciences, Carlson School of Management, University of Minnesota.
- & 2007. Duration of internet firms: A semiparametric Cox and Bayesian survival analysis, Working Paper, Carlson School of Management, University of Minnesota.
- , , & 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: 1198–1216.
- & 2008. Who monitors the monitor? The effect of board independence on executive compensation and firm value. Review of Financial Studies, 21: 1371–1401.
- & 2008. The survival of initial public offerings in Australia, Working Paper, Curtin University of Technology.
- & 2004. Corporate governance and financial distress: Evidence from Taiwan. Corporate Governance: An International Review, 12: 378–388.
- , , & 2009. Determinants of the size and structure of corporate boards: 1935–2000. Financial Management Journal, 38: 747–780.
- & 1977. Informational asymmetries, financial structure, and financial intermediation. Journal of Finance, 32: 371–387.
- , , & 2011. Change of governance in the organization value chain: The case of high-tech industries in Taiwan. Corporate Governance: An International Review, 19: 169–182.
- , , & 2008. The determinants of board structure. Journal of Financial Economics, 87: 308–328.
- & 1992. A modest proposal for improved corporate governance. Business Lawyer, 1: 59–77.
- & 1991. Venture capitalist certification in initial public offerings. Journal of Finance, 46: 879–903.
- 1977. Determinants of corporate borrowing. Journal of Financial Economics, 5: 147–175.
- OECD 2001. The new economy: Beyond the hype. Final report on the OECD Growth Project, Organisation for Economic Co-operation and Development, Paris.
- 2003. Bankruptcy and voluntary liquidation: Evidence for new firms in East and West Germany after unification, Discussion paper no. 03-72, ZEW, Centre for European Economic Research, London.
- 2005. Determinants of board size and composition: A theory of corporate boards. Journal of Financial and Quantitative Analysis, 40: 283–306.
- & 1991. CEO duality and organizational performance: A longitudinal analysis. Strategic Management Journal, 12: 155–160.
- 1991. The long-run performance of initial public offerings. Journal of Finance, 46: 3–27.
- 2005. The Sarbanes-Oxley Act and the making of quack corporate governance. Yale Law Review, 114: 1521–1611.
- & 1986. The architecture of economic systems: Hierarchies and polyarchies. American Economic Review, 76: 716–727.
- & 1991. The quality of managers in centralized versus decentralized organizations. Quarterly Journal of Economics, 106: 289–295.
- & 2004. Sorting things out: Valuation of new firms in uncertain markets. Strategic Management Journal, 25: 167–186.
- 1993. Unit initial public offerings: A form of staged financing. Journal of Financial Economics, 34: 199–229.
- 2001. Forecasting bankruptcy more accurately: A simple hazard model. Journal of Business, 74: 101–124.
- & 1992. The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Financial Economics, 32: 263–292.
- & 2006. Information control, career concerns, and corporate governance. Journal of Finance, 61: 1845–1896.
- Standard and Poor's 2002. Understanding GICS. New York: Standard and Poor's.
- & 1985. Board efficiency and effectiveness. In E. Mattar & M. Balls (Eds.), Handbook for corporate directors: 12.1–12.10. New York: McGraw-Hill.
- & 1996. Predicting the performance of initial public offerings: Should human resource management be in the equation? Academy of Management Journal, 39: 891–919.
- 2002. Predicting survival of high technology initial public offering firms. The Journal of High Technology Management Research, 13: 127–141.
- , , & 1995. An examination of survival rates of newly listed firms in Australia. Research in Finance, 12: 217–229.
- & 2006. Managerial ownership structure and IPO survivability. Journal of Management and Governance, 10: 59–75.
- 1996. Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40: 185–212.

1467-8683/asset/corg_left.gif?v=1&s=43695cbb74fed8ebf41b25e1176bd8a3a8bd0355)
1467-8683/asset/corg_centre.gif?v=1&s=e228047e33475cd4d2003cd257d7c746edb2ffda)
1467-8683/asset/corg_right.gif?v=1&s=09e38d40a7b60b2cb0604598924b720314f10e4b)
