Founders and board structure: Evidence from UK IPO firms |
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| Institution: | 1. Hull University Business School, University of Hull, Hull HU6 7RX, United Kingdom;2. Durham University Business School, Durham University, Durham DH1 3LB, United Kingdom;1. China''s Management Accounting Research & Development Center & School of Accountancy, Central University of Finance and Economics, 39 South College Road, Haidian District, Beijing 100081, China;2. Business School, University of Edinburgh, 29 Buccleuch Place, Edinburgh EH8 9JS, UK;3. School of Government Audit, Nanjing Audit University, Nanjing, China;4. School of Economics and Management, Beihang University, 37 Xueyan Road, Haidian District, Beijing 100191, China;1. Chair of Corporate Finance, University of Hohenheim, Wollgrasweg 49, 70599 Stuttgart, Germany;2. ZEW Mannheim, L 7, 1, 68161 Mannheim, Germany |
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| Abstract: | This study investigates whether a company's founders affect the combination of executive, grey and independent directors on its board at the time of initial public offering (IPO) in the UK. Particularly, we analyse how venture capitalists are associated with board structure in founder-managed and non-founder-managed firms. We find that UK IPO firms managed by founders tend to have more executive directors. Further, they are more likely to stack non-executive directors with more independent directors relative to grey directors. Venture capital ownership is not significantly associated with board structure at the IPO stage. However, further evidence suggests that venture capital ownership is negatively related to the percentage of executive directors and positively related to the percentage of grey directors in the founder-managed firms. |
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