The Effects of Public Venture Capital Investments on Corporate Governance: Evidence From IPO Firms in Emerging Markets

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Please use this identifier to cite or link to this item: https://ir.lib.ncu.edu.tw/handle/987654321/105884

Title:	The Effects of Public Venture Capital Investments on Corporate Governance: Evidence From IPO Firms in Emerging Markets
Authors:	盧佳琪;CHEN, JENGFANG;LIAO, WOODY M.;LU, CHIACHI
Contributors:	管理學院會計研究所
Keywords:	Accounting methods;Accruals;Board of directors;Board structures;Capital;Capital investments;Companies;Controlling ownership;Corporate governance;Earnings;Earnings management;Emerging markets;Financial statements;Governance;Initial public offering;Initial public offerings;Investments;IPO;Markets;Public venture capital investments;Stockholders;Studies;Supervisors;Taiwan;Venture capital
Date:	2012-03-01
Issue Date:	2026-04-23 12:59:06 (UTC+8)
Publisher:	Wiley-Blackwell Publishing Ltd;Melbourne, Australia: Blackwell Publishing Asia
Abstract:	摘要： This study examines the impact of public venture capital (hereafter PVC) investments on corporate governance of initial public offering (hereafter IPO) firms in emerging markets. Using data collected from Taiwan PVC investments during 1996–2005, we analyse three corporate governance features in IPO firms: earnings management, board characteristics, and excess control by controlling shareholders. We find that PVC‐backed firms use fewer accounting accruals in their IPO financial statements than non‐PVC‐backed firms. This result suggests that PVC‐backed IPO firms engage in less earnings management than non‐PVC‐backed IPO firms. We also find PVC‐backed firms tend to set up their boards with fewer non‐independent directors and supervisors at IPO. This result indicates that PVC‐backed IPO firms have better board structures than non‐PVC‐backed IPO firms. Finally, we find that controlling shareholders are less likely to exert excess control in PVC‐backed firms than in non‐PVC‐backed firms. Overall, our results indicate that PVC investments add value to new IPO firms not only in financing their capital needs but also in creating better corporate governance structures in emerging markets. 出版者： Melbourne, Australia: Blackwell Publishing Asia 出版日期： 2012-03 出處： Abacus, 2012-03, Vol.48 (1), p.86-103 資源來源： EBSCOhost Business Source Premier 版權： 2012 The Authors. © 2012 Accounting Foundation, The University of Sydney 版權： Copyright Blackwell Publishing Ltd. Mar 2012 識別號： ISSN: 0001-3072 識別號： EISSN: 1467-6281 識別號： DOI: 10.1111/j.1467-6281.2012.00358.x 識別號： CODEN: ABACAF
Appears in Collections:	[Research institute of accounting ] journal & Dissertation

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