Entrepreneurial firms grow up: Board undervaluation, board evolution, and firm performance in newly public firms

Research Summary An initial public offering (IPO) ushers in many changes to the organization's boards of directors, including the installation of a formal and comprehensive board leadership structure. This paper shows that higher board undervaluation , that is, the average degree to which directors' qualifications based on normatively accepted criteria for board leadership are not duly reflected in their appointments to the board chair and...