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...

Using a sample of 863 offerings on the ChiNext Market in China from 2009 through 2020, we explore the roles of the board of directors as well as the moderating effects played by venture capitalists on IPO underpricing. We find that board reputation and board members’ experiences could lower...