Building on corporate governance life cycle theory, this study aims to enrich the understanding of the influence of corporate governance on post-IPO performance of R&D intensive newly public firms. The findings of this study reveal that corporate governance is an essential factor for determining the long run post-IPO performance. Promoters who retained controlling ownership in the post-IPO period and board independence are positively associated with the firm’s performance. Yet, a promoter’s involvement in management can have adverse influence on the firm’s performance. The outcome of the hypotheses draws support at the interplay of agency, stewardship, and resource dependence theory. The novelty of this study prevails in understanding the impact of corporate governance at the nexus of industrial and institutional contexts together.

中文翻译：

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探索公司治理对研发密集型新上市公司上市后绩效的影响

本研究以公司治理生命周期理论为基础，旨在丰富公司治理对研发密集型新上市公司IPO后绩效影响的理解。本研究的结果表明，公司治理是决定首次公开募股后长期绩效的重要因素。发起人在首次公开募股后保留控股权和董事会独立性与公司业绩呈正相关。然而，发起人参与管理可能会对公司的业绩产生不利影响。这些假设的结果得到了代理、管理和资源依赖理论相互作用的支持。这项研究的新颖之处在于理解公司治理在工业和制度背景下的影响。