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TMT Departures and Post‐IPO Outside Director Additions: Implications for Young IPO Firms’ Survival and Performance

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  • Son Le
  • Mark Kroll
  • Bruce Walters

Abstract

We draw on resource‐based logic to argue that relatively stable TMTs and boards are beneficial for young IPO firms because of the need to maintain and develop valuable firm‐specific capabilities and psychological attachment of pre‐IPO TMTs. Using panel data from 272 young IPO firms, we find that pre‐IPO TMT member exits negatively affect young IPO firms’ survival and performance. This negative effect is greater when more post‐IPO outside directors are added. We also find that the above interaction is positively and negatively associated with survival and performance when TMT ownership declines substantially and when firms have a founder CEO, respectively.

Suggested Citation

  • Son Le & Mark Kroll & Bruce Walters, 2017. "TMT Departures and Post‐IPO Outside Director Additions: Implications for Young IPO Firms’ Survival and Performance," Journal of Small Business Management, Taylor & Francis Journals, vol. 55(1), pages 149-169, January.
    • Handle: RePEc:taf:ujbmxx:v:55:y:2017:i:1:p:149-169
    DOI: 10.1111/jsbm.12245
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    Cited by:

    1. Zuluaga Arango, Paula & Rincón, Diego Useche & RojasBerrio, Sandra Patricia, 2023. "Relevancia, evolución y tendencias de la supervivencia empresarial. Una revisión de literatura en finanzas," Revista Tendencias, Universidad de Narino, vol. 24(1), pages 252-278, January.

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