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Venture capitalists on boards of mature public firms

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Celikyurt, Ugur
Sevilir, Merih
Shivdasani, Anil

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Venture capitalists (VCs) often serve on the board of mature public firms long after their initial public offering (IPO), even for companies that were not VC-backed at the IPO. Board appointments of VC directors are followed by increases in research and development intensity, innovation output, and greater deal activity with other VC-backed firms. VC director appointments are associated with positive announcement returns and are followed by an improvement in operating performance. Firms experience higher announcement returns from acquisitions of VC-backed targets following the appointment of a VC director to the board. Hence, in addition to providing finance, monitoring and advice for small private firms, VCs play a significant role in mature public firms and have a broader influence in promoting innovation than has been established in the literature.

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Oxford University Press (OUP) inc

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Business, Finance, Economics

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Review of Financial Studies

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10.1093/rfs/hhs096

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