The Effect of Board Turnover on the Long-term Performance of Start-ups

• Main Authors: Tu, Ming Jhe, 涂銘哲
• Other Authors: 李文傑
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/89582969652585182003

碩士 === 國立政治大學 === 經濟學系 === 104 === In this research, board turnover is hypothesized as key factors to influence performance of startups. Based on a uniquely contructed dataset recording key information of invested companies, ventural capitals and National Development Fund(NDF) in Taiwan, we create some new variables to this dataset, board turnover, and quantify the effect of board turnover on invested companies’ long-term performance. Our empirical results show that board turnover acts negatively towards invested companies’ long term performance. Besides, by using educational linkage between invested companies and venture capitals as control variables, there is also strong negative relation between board turnover and long-term performance. We thus conclude unstable board members will influence companies’ long-term performance despite of alleviating information asymmertry.