Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
1017294 | Journal of Business Research | 2013 | 7 Pages |
Abstract
Drawing on the behavioral agency perspective and entrepreneurship literature, we examine the impact of board configuration at the time of an IPO on top management team (TMT) firm-specific human capital, and firm performance in young IPO firms. The results show that the ratio of outside directors at the time of an IPO has a positive relationship with the attrition of TMT firm-specific human capital in the first two years following the IPO. Outside directors' industry- and firm-specific experiences negatively moderate this relationship. Finally, our study provides evidence that TMT firm-specific human capital attrition negatively affects subsequent firm performance.
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Authors
Son A. Le, Mark J. Kroll, Bruce A. Walters,