Board structure and survival of new economy IPO firms

Article

Chancharat, Nongnit, Krishnamurti, Chandrasekhar and Tian, Gary. 2012. "Board structure and survival of new economy IPO firms." Corporate Governance (Oxford): an international review. 20 (2), pp. 144-163. https://doi.org/10.1111/j.1467-8683.2011.00906.x
Article Title

Board structure and survival of new economy IPO firms

ERA Journal ID33012
Article CategoryArticle
AuthorsChancharat, Nongnit (Author), Krishnamurti, Chandrasekhar (Author) and Tian, Gary (Author)
EditorsJudge, William
Journal TitleCorporate Governance (Oxford): an international review
Journal Citation20 (2), pp. 144-163
Number of Pages20
Year2012
PublisherJohn Wiley & Sons
Place of PublicationOxford, United Kingdom
ISSN0964-8410
1467-8683
Digital Object Identifier (DOI)https://doi.org/10.1111/j.1467-8683.2011.00906.x
Web Address (URL)http://onlinelibrary.wiley.com/doi/10.1111/j.1467-8683.2011.00906.x/full
Abstract

Research Question/Issue: This study examines the relevance of currently accepted best practice recommendations regarding board structure on the survival likelihood of new economy initial public offering companies. We argue that industry context determines governance outcomes.
Research Findings/Insights: We study 125 Australian new economy firms listed between 1994 and 2002. Each firm is tracked until the end of 2007 for monitoring their survival. We find that board independence is associated with an increase in the likelihood of corporate survival. We also find that the benefits of board independence increase at a decreasing rate.
Theoretical/Academic Implications: The standard best practice recommendation of board independence stems from the monitoring role of directors and is based on agency theory. The results from our study suggest that the recommendation regarding board independence does not work well for new economy firms. While the agency theory based model implies a monotonic relation between board independence and performance, our research suggests that the relationship is nonlinear. This variation occurs because of increased monitoring costs faced by outsiders due to higher information asymmetry and complexity of new economy firms. Our empirical results suggest that inside directors play a complementary role to outsiders in mitigating firm failure.
Practitioner/Policy Implications: Our research offers insights to policy makers who are interested in setting best practice standards regarding board structure. Our research suggests that firm/industry characteristics play a crucial role in determining the optimal board structure. In firms/industries where outsiders face significantly higher information processing costs, insiders can play a valuable complementary role to outsiders in enhancing the effectiveness of the board. Thus future hard or soft regulations related to board structure should consider industry context.

Keywordscorporate governance; board structure; survival analysis; new economy firms; informational asymmetry
ANZSRC Field of Research 2020350202. Finance
350799. Strategy, management and organisational behaviour not elsewhere classified
380203. Economic models and forecasting
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Byline AffiliationsKhon Kaen University, Thailand
School of Accounting, Economics and Finance
University of Wollongong
Institution of OriginUniversity of Southern Queensland
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