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Thalia Anthony, Juanita Sherwood, Harry Blagg and Kieran Tranter
John S. Pearlstein and Robert D. Hamilton
The theory presented suggests that underwriters are both advisors and independent agents in the issuerʼs attempt to send “signals” of quality to investors by making pre-IPO…
Abstract
The theory presented suggests that underwriters are both advisors and independent agents in the issuerʼs attempt to send “signals” of quality to investors by making pre-IPO organizational changes. These pre-IPO gambits are intended to increase IPO proceeds, and preemptively address potential investor concerns that would deter them from subscribing. These organizational changes initially can financially benefit founders, early investors and underwriters. But they can also have a longterm impact that some issuers, especially founders, would prefer to avoid. Utilizing signaling and resource-based power, we find that underwriter power is significantly associated with making pre-IPO gambits and lower levels of underpricing.
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The purpose of this paper is to review the empirical literature on the relationship between the characteristics of the top management teams (TMTs) and the performance of…
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Purpose
The purpose of this paper is to review the empirical literature on the relationship between the characteristics of the top management teams (TMTs) and the performance of entrepreneurial firms.
Design/methodology/approach
A literature review was carried out on 33 empirical studies related to TMTs and performance through analyzing and summarizing the quantitative studies conducted in this area.
Findings
The results of the literature review show that the relationship between TMTs (demographics and heterogeneity) and the performance of entrepreneurial firms is not straightforward and further investigation is still needed in this area.
Practical implications
The author maps the theoretical and empirical research of TMT demographics and heterogeneity in relation to firms’ performance and possible moderators and mediators, which govern the relationship between TMT composition and firms’ performance.
Originality/value
The author presents a detailed future research agenda for the purpose of advancing the theoretical and empirical knowledge on TMT-performance links. The review provides a comprehensive picture of TMT-firms’ performance literature and what should be done to enrich the literature.
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