The Board Value Protection Function in Young, Mature and Family Firms
作者： Marcel Hülsbeck , Michele Meoli , Silvio Vismara
关键词: Insider 、 Microeconomics 、 Value (economics) 、 Decision rights 、 Context (language use) 、 Initial public offering 、 Function (engineering) 、 Business 、 Sample (statistics) 、 German
摘要: Next to value creation, the protection function of Board Directors is a widely accepted fact. Nevertheless, current literature struggles show positive impact Value Protection (BVP) on firm performance. We use decision rights model board functions and argue difference between member roles (insider vs independent) functions, isolate BVP from other director functions. By using German context as natural setting, we can how it evolves with lifecycle owner motivations. Based sample 446 initial public offerings (IPOs) 1995 2015, our results that importance in young firms decreases age, increases mature this effect stronger family firms.
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