The relationship among ownership, board compensation, venture capitalists, and the quest for value within healthcare IPOs: An agency perspective.

摘要

This study is concerned with two general aspects of new healthcare ventures that go public: (a) characteristics related to ownership interests and (b) venture capitalists. The venture capital/entrepreneur dyad presents two key risks that must be managed: (a) the new venture's business risk and (b) the new venture's agency risk. The study proposes that venture capital involvement and specific characteristics associated with the healthcare venture's ownership, specifically at the board level, help alleviate both of these risks and lead to wealth creation as measured by return on equity, return on assets, and economic value added.