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Venture Capital Reputation, Post-IPO Performance and Corporate GovernanceC. N. V. KrishnanCase Western Reserve University - Department of Banking & Finance Vladimir I. IvanovUS Securities & Exchange Commission Ronald W. MasulisUniversity of New South Wales - Australian School of Business; European Corporate Governance Institute (ECGI); Financial Research Network (FIRN) Ajai K. SinghCase Western Reserve University - Department of Banking & Finance December 1, 2009 Journal of Financial and Quantitative Analysis (JFQA), Forthcoming 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.
Number of Pages in PDF File: 56 Keywords: Venture capital, Reputation, Initial Public Offerings, Post-IPO long-run performance, Post-IPO VC shareholdings and directorships, Corporate governance JEL Classification: G24, G34, L33, M13 Accepted Paper SeriesDate posted: June 22, 2006 ; Last revised: September 8, 2011Suggested CitationContact Information
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