CHARACTERISTICS OF BOARD OF DIRECTORS AND PERFORMANCE OF GEM LISTED COMPANIES FROM THE PERSPECTIVE OF VENTURE CAPITAL PARTICIPATION

CHARACTERISTICS OF BOARD OF DIRECTORS AND PERFORMANCE OF GEM LISTED COMPANIES FROM THE PERSPECTIVE OF VENTURE CAPITAL PARTICIPATION

Using the difference-in-differences (DID) model and taking the sample of companies listed from 2009 to 2014 on the Growth Enterprises Market (GEM) of the Shenzhen Stock Exchange in China, this paper studies the impact of Venture Capital (VC) participation on board characteristics, which is measured...

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Main Authors: Yuan Yang, Yi Pan, Binku Yang, Wenli Huang
Format: Article
Language:Indonesian
Published: Bank Indonesia 2019-10-01
Series:Bulletin Ekonomi Moneter dan Perbankan
Online Access:https://www.bmeb-bi.org/index.php/BEMP/article/view/1094
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spelling doaj-b3c9b88929ca417385347e93ed6dde442020-11-25T01:10:55ZindBank IndonesiaBulletin Ekonomi Moneter dan Perbankan1410-80462460-91962019-10-0122331135010.21098/bemp.v22i3.10941094CHARACTERISTICS OF BOARD OF DIRECTORS AND PERFORMANCE OF GEM LISTED COMPANIES FROM THE PERSPECTIVE OF VENTURE CAPITAL PARTICIPATIONYuan Yang0Yi Pan1Binku Yang2Wenli Huang3Zhejiang UniversityZhejiang UniversityZhejiang UniversityChina Academy of Financial Research, Zhejiang University of Finance & EconomicsUsing the difference-in-differences (DID) model and taking the sample of companies listed from 2009 to 2014 on the Growth Enterprises Market (GEM) of the Shenzhen Stock Exchange in China, this paper studies the impact of Venture Capital (VC) participation on board characteristics, which is measured by the chief executive officer (CEO) duality, the scale of the board of directors and the proportion of independent directors, and it also studies how the board characteristics influence the company performance. The findings are as follows: VC-backed GEM listed companies are more inclined to choose the mode of CEO duality and to have a larger board of directors and a higher proportion of independent directors, all of which are conducive to improving company performance.https://www.bmeb-bi.org/index.php/BEMP/article/view/1094
collection DOAJ
language Indonesian
format Article
sources DOAJ
author Yuan Yang
Yi Pan
Binku Yang
Wenli Huang
spellingShingle Yuan Yang
Yi Pan
Binku Yang
Wenli Huang
CHARACTERISTICS OF BOARD OF DIRECTORS AND PERFORMANCE OF GEM LISTED COMPANIES FROM THE PERSPECTIVE OF VENTURE CAPITAL PARTICIPATION
Bulletin Ekonomi Moneter dan Perbankan
author_facet Yuan Yang
Yi Pan
Binku Yang
Wenli Huang
author_sort Yuan Yang
title CHARACTERISTICS OF BOARD OF DIRECTORS AND PERFORMANCE OF GEM LISTED COMPANIES FROM THE PERSPECTIVE OF VENTURE CAPITAL PARTICIPATION
title_short CHARACTERISTICS OF BOARD OF DIRECTORS AND PERFORMANCE OF GEM LISTED COMPANIES FROM THE PERSPECTIVE OF VENTURE CAPITAL PARTICIPATION
title_full CHARACTERISTICS OF BOARD OF DIRECTORS AND PERFORMANCE OF GEM LISTED COMPANIES FROM THE PERSPECTIVE OF VENTURE CAPITAL PARTICIPATION
title_fullStr CHARACTERISTICS OF BOARD OF DIRECTORS AND PERFORMANCE OF GEM LISTED COMPANIES FROM THE PERSPECTIVE OF VENTURE CAPITAL PARTICIPATION
title_full_unstemmed CHARACTERISTICS OF BOARD OF DIRECTORS AND PERFORMANCE OF GEM LISTED COMPANIES FROM THE PERSPECTIVE OF VENTURE CAPITAL PARTICIPATION
title_sort characteristics of board of directors and performance of gem listed companies from the perspective of venture capital participation
publisher Bank Indonesia
series Bulletin Ekonomi Moneter dan Perbankan
issn 1410-8046
2460-9196
publishDate 2019-10-01
description Using the difference-in-differences (DID) model and taking the sample of companies listed from 2009 to 2014 on the Growth Enterprises Market (GEM) of the Shenzhen Stock Exchange in China, this paper studies the impact of Venture Capital (VC) participation on board characteristics, which is measured by the chief executive officer (CEO) duality, the scale of the board of directors and the proportion of independent directors, and it also studies how the board characteristics influence the company performance. The findings are as follows: VC-backed GEM listed companies are more inclined to choose the mode of CEO duality and to have a larger board of directors and a higher proportion of independent directors, all of which are conducive to improving company performance.
url https://www.bmeb-bi.org/index.php/BEMP/article/view/1094
work_keys_str_mv AT yuanyang characteristicsofboardofdirectorsandperformanceofgemlistedcompaniesfromtheperspectiveofventurecapitalparticipation
AT yipan characteristicsofboardofdirectorsandperformanceofgemlistedcompaniesfromtheperspectiveofventurecapitalparticipation
AT binkuyang characteristicsofboardofdirectorsandperformanceofgemlistedcompaniesfromtheperspectiveofventurecapitalparticipation
AT wenlihuang characteristicsofboardofdirectorsandperformanceofgemlistedcompaniesfromtheperspectiveofventurecapitalparticipation
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