{"title":"早期创业公司的外部董事","authors":"Buvaneshwaran Venugopal, Vijay Yerramilli","doi":"10.2139/ssrn.3320010","DOIUrl":null,"url":null,"abstract":"We document substantial variation across startups in whether and when they appoint outside directors, and the type of directors they appoint. The startup-director match depends on professional connections and individual experience profiles. Early-stage investors are more likely to serve as outside directors when there is a local scarcity of directors. Outside directors leverage their professional connections to attract new investors, directors, top executives, and potential acquirers for startups. Overall, presence of an early-stage outside director is associated with better funding outcomes and higher probability of exit through IPO, although presence of an investor-director makes exit via acquisition more likely.","PeriodicalId":416291,"journal":{"name":"IO: Firm Structure","volume":"25 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2019-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"5","resultStr":"{\"title\":\"Outside Directors at Early-Stage Startups\",\"authors\":\"Buvaneshwaran Venugopal, Vijay Yerramilli\",\"doi\":\"10.2139/ssrn.3320010\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We document substantial variation across startups in whether and when they appoint outside directors, and the type of directors they appoint. The startup-director match depends on professional connections and individual experience profiles. Early-stage investors are more likely to serve as outside directors when there is a local scarcity of directors. Outside directors leverage their professional connections to attract new investors, directors, top executives, and potential acquirers for startups. Overall, presence of an early-stage outside director is associated with better funding outcomes and higher probability of exit through IPO, although presence of an investor-director makes exit via acquisition more likely.\",\"PeriodicalId\":416291,\"journal\":{\"name\":\"IO: Firm Structure\",\"volume\":\"25 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2019-01-21\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"5\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"IO: Firm Structure\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3320010\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"IO: Firm Structure","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3320010","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
We document substantial variation across startups in whether and when they appoint outside directors, and the type of directors they appoint. The startup-director match depends on professional connections and individual experience profiles. Early-stage investors are more likely to serve as outside directors when there is a local scarcity of directors. Outside directors leverage their professional connections to attract new investors, directors, top executives, and potential acquirers for startups. Overall, presence of an early-stage outside director is associated with better funding outcomes and higher probability of exit through IPO, although presence of an investor-director makes exit via acquisition more likely.