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THE IMPACT OF BOARD COMPOSITION AND TOP MANAGEMENT TEAM OWNERSHIP STRUCTURE ON POST-IPO PERFORMANCE IN YOUNG ENTREPRENEURIAL FIRMS.
Abstract
Challenging agency theory prescriptions for board composition, we contend that the boards of young firms that have recently gone public are best comprised of a majority of original top management team (TMT) members, rather than independent outsiders. We argue that such board members possess valuable tacit knowledge of the firms and their entrepreneurial visions and are in the best position to provide oversight. We additionally argue that outsiders should provide resources that firms' TMTs might use to execute their strategies, rather than monitor the TMTs. Our results from 1996-97 data on 524 initial public offerings support our contentions.
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Cites
Sample Selection Bias as a Specification Error
Heckman, J. J. (1979) · Econometrica · doi:10.2307/1912352 · Cited by 28,779
The Market for "Lemons": Quality Uncertainty and the Market Mechanism
Akerlof, G. A. (1970) · The Quarterly Journal of Economics · doi:10.2307/1879431 · Cited by 23,016
Power in Top Management Teams: Dimensions, Measurement, and Validation
Finkelstein, S. (1992) · Academy of Management Journal · doi:10.5465/256485 · Cited by 2,389
The relation between group cohesiveness and performance: An integration.
Mullen, B., & Copper, C. (1994) · Psychological Bulletin · doi:10.1037/0033-2909.115.2.210 · Cited by 1,398
The role of venture capital in the creation of public companies
Barry, C. B., Muscarella, C. J., Peavy, J. W., & Vetsuypens, M. R. (1990) · Journal of Financial Economics · doi:10.1016/0304-405x(90)90064-7 · Cited by 1,167
The Dynamics of Interorganizational Coordination
de Ven, A. H. V., & Walker, G. (1984) · Administrative Science Quarterly · doi:10.2307/2392941 · Cited by 532
Cited by
Appuhami, R., & Bhuyan, M. (2015) · Managerial Auditing Journal · doi:10.1108/maj-04-2014-1022 · Cited by 100
Integration of non‐market and market activities in cross‐border mergers and acquisitions
Ahammad, M. F., Tarba, S. Y., Frynas, J. G., & Scola, A. (2017) · British Journal of Management · doi:10.1111/1467-8551.12228 · Cited by 64
Metadata
- Authors
- KROLL, M., & WALTERS, B. A.
- Venue
- Academy of Management Journal
- Publisher
- Academy of Management
- Published
- 2007-10-01
- Volume
- 50
- Issue
- 5
- Pages
- 1198-1216
- ISSN
- 0001-4273 (ISSN-L)
- 1948-0989
- OpenAlex
- W2029478267
- Cited by
- 268
- References
- 6
- FWCI
- 34.03
- Type
- journal article
- Language
- en
- Open access
- closed
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- CoChat. (2026). Citation check: THE IMPACT OF BOARD COMPOSITION AND TOP MANAGEMENT TEAM OWNERSHIP STRUCTURE ON POST-IPO PERFORMANCE IN YOUNG ENTREPRENEURIAL FIRMS. https://app.cochat.ai/papers/10.2307/20159920
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- KROLL, M., & WALTERS, B. A. (2007). THE IMPACT OF BOARD COMPOSITION AND TOP MANAGEMENT TEAM OWNERSHIP STRUCTURE ON POST-IPO PERFORMANCE IN YOUNG ENTREPRENEURIAL FIRMS. Academy of Management Journal. https://doi.org/10.2307/20159920
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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