The effects of venture capital network centrality on earnings management, profitability, and stock price during lockup of IPOs : evidence in the US market
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2022
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2565
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eng
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159 leaves
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b215500
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This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
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National Institute of Development Administration. Library and Information Center
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Yosavee Niranvichaiya (2022). The effects of venture capital network centrality on earnings management, profitability, and stock price during lockup of IPOs : evidence in the US market. Retrieved from: https://repository.nida.ac.th/handle/662723737/6585.
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The effects of venture capital network centrality on earnings management, profitability, and stock price during lockup of IPOs : evidence in the US market
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Abstract
This study investigates the effect of network centrality, which is a key important measure in social science for the level of connection and influence each actor has in the network, of the venture capital firm (VC), on earnings management level, choice of earnings management, subsequence economics performance, and long-term stock return of the VC-backed portfolio companies. The results of the study suggest that companies backed by VCs with higher network centrality level, or being more “centralized”, is more likely to use accrual-based earnings management, more likely to have higher subsequence economic performance, as measure by the difference in future return-on-assets, and is more likely to have a better long-term stock return, as indicated by higher buy-and-hold abnormal return.
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Thesis (Ph.D. (Economics))--National Institute of Development Administration, 2022