Board Dynamics over the Startup Life Cycle

We are grateful to Rustam Abuzov, Aymeric Bellon, Audra Boone, Brian Broughman, Aycan Corum, Matthew Denes, Ofer Eldar, Rüdiger Fahlenbrach, Brian Gibbons, Erik Gordon, Will Gornall, Camille Hebert, Peter Iliev, Arthur Korteweg, Marie Lambert, Jonathan Macey, Andrey Malenko, Daniel Metzger, Salvatore Miglietta, Ramana Nanda, Oghenovo Obrimah, Enrico Perotti, Elizabeth Pollman, Uday Rajan, Sven Riethmueller, Merih Sevilir, Per Strömberg, Tarik Umar, Fei Xie, and conference and seminar participants at the Private Equity Research Symposium, PCOB Workshop on Entrepreneurship and Finance, Corporate Governance Conference at Drexel University, AFA, EFA, SFS Cavalcade, FIRS, MFA, NFA, Advances in VC and PE Research Online Workshop, SDU Finance Workshop, Owners as Strategists Conference, ENTFIN Conference, Greater Boston Corporate Governance Workshop, seminar participants at BI Norwegian Business School, Caltech, Clemson, CMU, Colorado State, Columbia, EDHEC, ESSEC, FRB of Richmond, FIU, Frankfurt School of Finance & Management, Georgia State, HKU, Indiana, INSEAD, Lehigh, LSU, Lund University, McGill, MSU, Northwestern, Oxford, Penn State, Rice, SMU, Stockholm School of Economics, Tsinghua University, University of Amsterdam, UIUC, UNC-Chapel Hill, UIBE, Michigan, University of Mississippi, Oregon, Pittsburgh, UNSW, Virtual Corporate Finance seminar, Yale, and Yeshiva for helpful comments, and to Simran Khurana, Jiajie Xu, Shiyu Zhang, and Luman Zuo for research assistance. We thank the Private Capital Research Institute (PCRI) for access to the certificates of incorporation data. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• The Internet Appendix is available here

• September 1, 2020
• January 13, 2022