The Persistence of Founder Influence : Management, Ownership, and Performance Effects at Initial Public Offering  

Oleh:

Nelson, Teresa

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Strategic Management Journal vol. 24 no. 8 (2003), page 707-724.
Topik: MANAGEMENT; founder; initial public; offering; top management team; CEO; corporate governance

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: SS30.12 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

The purpose of this research is to apply a conceptual framework to questions of how, why, and when founders participate in the firms that they establish and to empirically test for the persistent influence of the founder on the firm after start - up. A definition of the term "founder" is proposed. Empirical tests compare firms with founder CEOs to theos with non founder CEOs to determine whether governance and ownership relationships are distinguishable at initial public offering (IPO). In addition investor reaction to founder - led firms at IPO is tested. Result suggest that founder influence does persist in governance and ownership arrangements and that the stock market reaction to founder - led firms is higher that for the comparison group, relative to accounting value.

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