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Venture Capital Reputation, Post-IPO Performance and Corporate Governance
C. N. V. Krishnan Case Western Reserve University - Department of Banking & Finance Vladimir I. Ivanov US SEC Ronald W. Masulis Vanderbilt University - Owen Graduate School of Management; Vanderbilt University - School of Law; University of New South Wales - Australian School of Business Ajai K. Singh Case Western Reserve University - Department of Banking & Finance Journal of Financial and Quantitative Analysis (JFQA), Forthcoming AFA 2008 New Orleans Meetings Paper ECGI - Finance Working Paper No. 265/2009 Abstract: We examine the association of a venture capital (VC) firm’s reputation with the post-IPO long-run performance of its portfolio firms. We find that VC reputation, measured by the past market share of VC-backed IPOs, has significant positive associations with long-run firm performance measures. While more reputable VCs initially select better quality firms, more reputable VCs continue to be associated with superior long-run performance, even after controlling for VC selectivity. We find more reputable VCs exhibit more active post-IPO involvement in the corporate governance of their portfolio firms and this continued VC involvement positively influences post-IPO firm performance.
Keywords: Venture capital, Reputation, Initial Public Offerings, Post-IPO long-run performance, Post-IPO VC shareholdings and directorships, Corporate governance JEL Classifications: G24 Accepted Paper SeriesDate posted: June 22, 2006 ; Last revised: February 09, 2010Suggested CitationContact Information
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