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

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題名:	The Effects of Public Venture Capital Investments on Corporate Governance: Evidence From IPO Firms in Emerging Markets
作者:	盧佳琪;CHEN, JENGFANG;LIAO, WOODY M.;LU, CHIACHI
貢獻者:	管理學院會計研究所
關鍵詞:	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
日期:	2012-03-01
上傳時間:	2026-04-23 12:59:06 (UTC+8)
出版者:	Wiley-Blackwell Publishing Ltd;Melbourne, Australia: Blackwell Publishing Asia
摘要:	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
顯示於類別:	[會計研究所 ] 期刊論文

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