An Empirical Study on Firm Performance and Governance in New Ventures

摘要

New ventures governance mechanisms are different from others.In this paper,we attempt to investigate the relationship between various corporate governance mechanisms and performance based on the view of stakeholders in new ventures.Using the empirical data of small and medium listed companies in China in 2006,we observe that frequencies of the board meetings,CEO pay,if the senior managers'stock ownership is at least 5% but not over 25% of total shares outstanding,transparency of financial reporting,and the size of new venture are positively associated with new venture performance,while the change of CEO,stock intensive ratio,current stock ratio,and debt ratio are negatively associated with new venture performance.