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Characteristics Of Board Of Directors And Performance Of Gem Listed Companies From The Perspective Of Venture Capital Participation

Author

Listed:
  • Yuan Yang

    (Zhejiang University)

  • Yi Pan

    (Zhejiang University)

  • Bingkun Yang

    (Zhejiang University)

  • Wenli Huang

    (Zhejiang University)

Abstract

This paper uses a difference-in-difference model to study the impact of venture capital (VC) participation on board characteristics. Our sample includes companies listed on the growth enterprise market (GEM) on China’s Shenzhen stock exchange over the period 2009 to 2014. Our measure of board characteristics is chief executive officer (CEO) duality, the scale of the board of directors, and the proportion of independent directors. Our empirical analysis reveals the following findings: the VC-backed GEM-listed companies are more inclined to choose the mode of CEO duality and contain a large board of directors and a high proportion of independent directors. These characteristics, we find, are conducive to improving company performance.

Suggested Citation

  • Yuan Yang & Yi Pan & Bingkun Yang & Wenli Huang, 2019. "Characteristics Of Board Of Directors And Performance Of Gem Listed Companies From The Perspective Of Venture Capital Participation," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 22(3), pages 287-310, October.
    • Handle: RePEc:idn:journl:v:22:y:2019:i:3c:p:287-310
    DOI: https://doi.org/10.21098/bemp.v22i3.1094
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    More about this item

    Keywords

    Venture capital; Difference-in-differences model; Board characteristics; Company performance;
    All these keywords.

    JEL classification:

    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage

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