This paper examines the development of effective boards in venture capital (VC)-backed initial public offerings. It argues that VC-backed IPOs suffer from two sets of agency costs which are related to principal–agent and principal–principal relationships between the founders and members of...

Purpose – The paper seeks to present a novel conceptual framework that integrates the strategic dynamics of the firm with changes in its governance systems. Design/methodology/approach – The agency research agenda is extended to include other corporate governance roles, such as resource and...

Purpose – The purpose of this study is to examine the character of any market response to the appointment of outside directors. The main propositions tested are: whether the stock market responds unconditionally to these appointments or whether the market response is conditional on the degree...

Purpose – The purpose of this paper is to investigate whether R&D spending influences the association between the cash compensation of boards of directors and relative performance evaluation (hereafter RPE). Design/methodology/approach Design/methodology/approach – The empirical modelling of...

Purpose – The purpose of this paper is to empirically study the relationship between informed trading and overall corporate governance mechanisms. Design/methodology/approach – A broad range of governance characteristics are used to measure the governance structure of firms in the Toronto...

Purpose – The purpose of this paper is to report on the study of the two acquisitions of Telecom Italia carried out by Olivetti and Pirelli in the last decade, to evaluate how changes in ownership structure and corporate governance affected minority protection. Design/methodology/approach –...

Suggests that the process of transition and the hardening of the budget constraint in the former centrally‐planned economies of Eastern Europe recreates the link between an effective exchange process and business performance. Points out that this in itself creates the potential for marketing...

This paper presents an account of the environment faced by entrepreneurs in Russia. In section one we give a brief introduction to the country which is followed by the overview of a public policy on small and medium enterprises in the next section. The current state of SMEs and some...