The placement of nominee director as a controlling mechanism in venture capital investment

The placement of nominee director as a controlling mechanism in venture capital investment

Within the context of venture capital financing, the high level of investment risk combined with the absence of collateral have forced many venture capitalists to perform a strict evaluation process in establishing the requirement for full information disclosure and implementing continuous monitori...

Full description

Saved in:
Bibliographic Details
Main Author: Hisham, Mohammad
Format: Thesis
Language:eng
eng
Published: 2014
Subjects:
HG Finance
Online Access:https://etd.uum.edu.my/4522/1/s92938.pdf
https://etd.uum.edu.my/4522/7/s92938_abstract.pdf
Tags: Add Tag
No Tags, Be the first to tag this record!
id my-uum-etd.4522
record_format uketd_dc
institution Universiti Utara Malaysia
collection UUM ETD
language eng
eng
advisor Minai, Mohd Sobri
Lucky, Essuh Ossai-lgwe
topic HG Finance
spellingShingle HG Finance
Hisham, Mohammad
The placement of nominee director as a controlling mechanism in venture capital investment
description Within the context of venture capital financing, the high level of investment risk combined with the absence of collateral have forced many venture capitalists to perform a strict evaluation process in establishing the requirement for full information disclosure and implementing continuous monitoring on their investee firms. However, the absence of representatives from the venture capital company on the investee firm's board of directors has been cited to significantly impact venture capitalist endeavors to protect their investment interests. Venture capitalists have claimed that this absence has exposed their business to the possibility of having agency problem and triggered management conflicts with their investee firms. Hypothesizing that a nominee director may affect the venture relationship between venture capitalists and their investee firms, this study utilizes a cross-sectional survey research design. The questionnaires were distributed to all identified Malaysian venture capital companies through the mailing procedure. Of the 44 surveys distributed, a total of 35 sets was returned, generating a response rate of 79.55%. The main test results revealed an unexpected finding because the presence of a nominee director insignificantly influenced the venture relationship between the venture capitalists and their investees. Further results showed that the controlling mechanism through the placement of a nominee director failed to moderate the influence of managerial factors, namely Deal Origination and Screening, Evaluating Venture Proposal, Contracting and Deal Structuring, Monitoring and Post Investment Activities and Risk Management with respect to management conflicts. The results prove that the placement of nominee director in Malaysia did not serve as a moderating factor between venture capitalists and their investee firms. Further study should concentrate on other controlling factors and examine whether they could reduce the possibility of conflict occurrence in venture cooperation.
format Thesis
qualification_name other
author Hisham, Mohammad
author_facet Hisham, Mohammad
author_sort Hisham, Mohammad
title The placement of nominee director as a controlling mechanism in venture capital investment
title_short The placement of nominee director as a controlling mechanism in venture capital investment
title_full The placement of nominee director as a controlling mechanism in venture capital investment
title_fullStr The placement of nominee director as a controlling mechanism in venture capital investment
title_full_unstemmed The placement of nominee director as a controlling mechanism in venture capital investment
title_sort placement of nominee director as a controlling mechanism in venture capital investment
granting_institution Universiti Utara Malaysia
granting_department Othman Yeop Abdullah Graduate School of Business
publishDate 2014
url https://etd.uum.edu.my/4522/1/s92938.pdf
https://etd.uum.edu.my/4522/7/s92938_abstract.pdf
_version_ 1747827752186150912
spelling my-uum-etd.45222022-05-23T01:31:30Z The placement of nominee director as a controlling mechanism in venture capital investment 2014 Hisham, Mohammad Minai, Mohd Sobri Lucky, Essuh Ossai-lgwe Othman Yeop Abdullah Graduate School of Business Othman Yeop Abdullah Graduate School of Business HG Finance Within the context of venture capital financing, the high level of investment risk combined with the absence of collateral have forced many venture capitalists to perform a strict evaluation process in establishing the requirement for full information disclosure and implementing continuous monitoring on their investee firms. However, the absence of representatives from the venture capital company on the investee firm's board of directors has been cited to significantly impact venture capitalist endeavors to protect their investment interests. Venture capitalists have claimed that this absence has exposed their business to the possibility of having agency problem and triggered management conflicts with their investee firms. Hypothesizing that a nominee director may affect the venture relationship between venture capitalists and their investee firms, this study utilizes a cross-sectional survey research design. The questionnaires were distributed to all identified Malaysian venture capital companies through the mailing procedure. Of the 44 surveys distributed, a total of 35 sets was returned, generating a response rate of 79.55%. The main test results revealed an unexpected finding because the presence of a nominee director insignificantly influenced the venture relationship between the venture capitalists and their investees. Further results showed that the controlling mechanism through the placement of a nominee director failed to moderate the influence of managerial factors, namely Deal Origination and Screening, Evaluating Venture Proposal, Contracting and Deal Structuring, Monitoring and Post Investment Activities and Risk Management with respect to management conflicts. The results prove that the placement of nominee director in Malaysia did not serve as a moderating factor between venture capitalists and their investee firms. Further study should concentrate on other controlling factors and examine whether they could reduce the possibility of conflict occurrence in venture cooperation. 2014 Thesis https://etd.uum.edu.my/4522/ https://etd.uum.edu.my/4522/1/s92938.pdf text eng public https://etd.uum.edu.my/4522/7/s92938_abstract.pdf text eng public other Universiti Utara Malaysia Abbasi, M.Z. (2009) . Legal Analysis of Agency Theory: An inquiry into the nature of corporation. International Journal of Law and Management, 51 (6), 401-420. Achleitner, A.K., Engel, N. & Reiner, U. (2013). The performance of venture capital investments: Do investors overreact?, Review of Financial Economics. 22(1), 20-35. Admati, A.R. & Pfleiderer, P. (1994). Robust financial contracting and the role of venture capitalists. The Journal of Finance, XLIX(2), 371-402. Aggarwal, R. (2010). Independent directors: time to introspect, suspect, respect-an Indian perspective. Journal of Indian Business Research, 2(2), 123-132. Aguiar, F., Becker, A. & Miller, L. (2013). Whose impartiality? An experimental study of veiled stakeholders, involved spectators and detached observers. Economics and Philosophy, 29(2), 155-174. Ahadiat, A. & Ehrenreich, K. (1996). Regulatory audit functions and auditorcontractor relationships. Managerial Auditing Journal, 11 (6), 4-10. Aizenman, J. & Kendall, J. (2012) . The internationalization of venture capital. Journal of Economic Studies, 39(5), 488-511. Allen, S.A. & Hevert, K.T. (2007). Venture capital investing by information technology companies: Did it pay?. Journal of Business Venturing, 22(2), 262-282. Al-Najjar, B. & Hussainey, K. (2009) . The association between dividend payout and outside directorships. Journal of Applied Accounting Research, 10(1), 4-19. Alperovych, Y. & Hubner, G. (2011). Explaining returns on venture capital backed companies: Evidence from Belgium. Research in International Business and Finance, 25(3), 277-295. Alsos, G.A., Hytti, U. & Ljunggren, E. (2011). Stakeholder theory approach to technology incubators. International Journal of Entrepreneurial Behaviour & Research, 17(6), 607-625. Alvarez, S.A. (2007) . Entrepreneurial rents and the theory of the Firm. Journal of Business Venturing. 22 (3), 427-442. Amason, A.C., Thompson, K.R., Hochwarter, W.A. & Harrison, A.W. (1995). Conflict: An important dimension in successful management teams. Organizational Dynamics, 24(2), 20-35. Amason, A.C. & Sapienza, H.J. (1997). The effects of top management team size and interaction norms on cognitive and affective conflict. Journal of Management, 23(4), 495-516. Anderson, J.C. & Gerbing, D. W. (1988). Structural equation modeling in practice: A review and recommended two-step approach. Psychological Bulletin, 103, 411-423. Andrieu, G. & Groh, A.P. (2012). Entrepreneurs' financing choice between independent and bank-affiliated venture capital firms. Journal of Corporate Finance, 18(5), 1143-1167. Andrieu, G. (2013) . The impact of the affiliation of venture capital firms: A survey. Journal of Economic Surveys, 27(2), 234-246. Annamalai, T.R. & Deshrnukh, A. (2011). Venture capital and private equity in India: An analysis of investments and exits. Journal of Indian Business Research, 3(1), 6-21. Aripin, N., Tower, G. & Taylor, G. (2011). Insights on the diversity of financial ratios communication. Asian Review of Accounting, 19(1), 68-85. Arosa, B., Iturralde, T. & Maseda, A. (2010). Outsiders on the board of directors and firm performance: Evidence from Spanish non-listed family firms. Journal of Family Business Strategy, 1(4), 236-245. Atorough, P. & Martin, A. (2012). The politics of destination marketing: Assessing stakeholder interaction choice orientations toward a DMO formation, using the thomas-kilmann conflict mode instrument. Journal of Place Management and Development, 5(1), 35-55. Augier, M. & March, J.G. (2008). A retrospective look at a behavioral theory of the firm. Journal of Economic Behavior & Organization, 66(1), 1-6. Autore, D.M. & Kovacs, T. (2010). Equity issues and temporal variation in information asymmetry. Journal of Banking and Finance, 34(1), 12-23. Avgar, A.C. (2010). Negotiated capital: conflict, its resolution, and workplace social capital. International Journal of Conflict Management, 21(3), 236-259. Ayoko, O.B., Konrad, A.M. & Boyle, M.V. (2012). Online work: Managing conflict and emotions for performance in virtual teams. European Management Journal, 30 (2), 156-174. Bae, K.H., Kang, J.K. & Wang, J. (2011). Employee treatment and firm leverage: A test of the stakeholder theory of capital structure. Journal of Financial Economics, 100(1), 130-153. Bagozzi, R.P., Youjae, Y. & Phillips, L.W. (1991). Assessing construct validity in organizational research. Administrative Science Quarterly, 36, 421-458. Barron, P., Kaiser, K. & Pradhan, M. (2009). Understanding variations in local conflict: Evidence and implications from Indonesia. World Development, 37(3), 698-713. Barry, C. (1994). New direction in research on venture capital finance. Financial Management, 23, 3-15. Bartkus, J.R. & Hassan, M.K. (2009). Specialization versus diversification in -venture capital investing. Journal of Financial Regulation and Compliance, 17(2), 134-145. Bartkus, J.R., Hassan, M.K. & Ngene, G. (2013). Does venture capital portfolio size matter?. Studies in Economics and Finance, 30(3), 192-208. Batabyal, A.A. (2012). Project financing, entrepreneurial activity, and investment in the presence of asymmetric information. The North American Journal of Economics and Finance, 23(1), 115-122. Baudry, B. & Chassagnon, V. (2010). The close relation between organization theory and oliver williamson's transaction cost economics: A theory of the firm perspective. Journal of Institutional Economics, 6(4), 477- 503. Bazeman, M.H. & Moore, D. (2009). Judgment in managerial decision making (7th.ed.). United States of America: John Wiley & Sons, Inc. Behrens, J., Patzelt, H., Schweizer, L. & Biirger, R. (2012). Specific managerial human capital, firm age, and venture capital financing of biophannaceutical ventures: A contingency approach. The Journal of High Technology Management Research, 23 (2), 112-121. Bengtsson, O. & Sensoy, B.A. (2011). Investor abilities and financial contracting: Evidence from venture capital. Journal of Financial Intermediation, 20 (4), 477-502. Bennett, R. & Savani, S. (2004). Managing conflict between marketing and other functions within charitable organisations. The Leadership and Organization Development Journal, 25(2), 180-200. Benson, D. & Ziedonis, R.H. (2010). Corporate venture capital and the returns to acquiring portfolio companies. Journal of Financial Economics, 98(3), 478-499. Bergin, E. & Savage, C. (2011). Surviving multiple obligations through stimulation, autonomy, and variation. Journal of Health Organization and Management, 25(4), 455-468. Berglof, E. (1994). A control theory of venture capital finance. Journal of Law, Economics, and Organization, 10, 247-267. Bertoni, F., Colombo, M.G. & Grilli, L. (2011). Venture capital financing and the growth of high-tech start-ups: Disentangling treatment from selection effects. Research Policy, 40(7), 1028-1043. Bienz, C. & Walz, U. (2010). Venture capital exit rights. Journal of Economics..& Management Strategy, 19(4), 1071-1116. Blake, R.R. & Mouton, J.S. (1964). The Managerial Grid. Houston, TX: Gulf. Black, B.S. & Gilson, R.J. (1998). Venture capital and the structure of capital markets: Banks versus stock markets. Journal of Financial Economics, 47, 243-277. Bliss, R. (1999). A venture capital model for transitioning economies: The case of Poland. Venture Capital, 1, 241-57. Bonazzi, L. & Islam, S.M.N. (2007). Agency theory and corporate governance: A study of the effectiveness of board in their monitoring of the CEO. Journal of Modelling in Management, 2(1), 7-23. Boonsathorn, W. (2007). Understanding conflict management styles of Thais and Americans in multinational corporations in Thailand. International Journal of Conflict Management, 18 (3), 196-221. Bornsen, S., Blonigen, J.O. & Plowman, K.D. (2008). Stakeholder theory: Antidote to a drug company's market health? A case study of Synthroid. Journal of Communication Management, 12(1) 5-17. Bose, I. -(2009). Corporate governance and law-role of independent directors: Theory and practice in India. Social Responsibility Journal, 5(1), 94-111. Bossuyt, D.V., Hoyle, C., Turner, I.Y. & Dong, A. (2012). Risk attitudes in riskbased design: Considering risk attitude using utility theory in risk-based design. Artificial Intelligence for Engineering Design, Analysis and Manufacturing, 26(4), 393-406. Bottazzi, L., Rin, M.D. & Hellrnann, T. (2008). Who are the active investors?: Evidence from venture capital. Journal of Financial Economics, 89(3), 488-512. Bourne, L. (2011). Advising upwards: Managing the perceptions and expectations of senior management stakeholders. Management Decision, 49(6), 1001-1023. Boxer, R., Berry, A. & Perren, L. (2012). Differing perceptions of non-executive directors' roles in UK SMEs: Governance conundrum or cultural anomaly?. Accounting Forum, 36(1), 38-50. Brockman, P., Martin, X. & Puckett, A. (2010).Voluntary disclosures and the exercise of CEO stock options. Journal of Corporate Finance, 16(1), 120-136. Bromiley, P. (1986). Corporate capital investment: A behavioural approach. New York: Cambridge University Press. Butler, A.W. & Goktan, M.S. (2013). On the role of inexperienced venture capitalists in taking companies public. Journal of Corporate Finance, 22, 299-319. Buzzacchi, L., Scellato, G. & Ughetto, E. (2013). The investment strategies of publicly sponsored venture capital funds. Journal of Banking & Finance, 37(3), 707-716. Byrd, E.T. (2907) . Stakeholders in sustainable tourism development and their roles: Applying stakeholder theory to sustainable tourism development. Tourism Review, 62(2), 6-13. Campbell II, T.L. & Frye, M.B. (2009). Venture capitalist monitoring: Evidence from governance structures. The Quarterly Review of Economics and Finance, 49(2), 265-282. Canen, A.G. & Canen, A. (2008). Multicultural leadership: The costs of Its absence in organizational conflict management. International Journal of Conflict Management, 19(1), 4-19. Casamatta, C. & Haritchabalet, C. (2007). Experience, screening and syndication in venture capital investments. Journal of Financial Intermediation, 16(3), 368- 398. Chahine, S., Arthurs, J.D., Filatotchev, I. & Hoskisson, R.E. (2012). The effects of venture capital syndicate diversity on earnings management and performance of IPOs in the US and UK: An institutional perspective. Journal of Corporate Finance, 18(1), 179-192. Chan, Y., Siegel, D. & Thakor, A.V. (1990). Learning, corporate control and performance requirements in venture capital contracts. International Economic Review, 31,365-81. Chitnomrath, T., Evans, R. & Christopher, T. (2011). Corporate governance and post-bankruptcy reorganisation performance: Evidence from Thailand. Asian Review of Accounting, 19(1), 50-67. Celuch, K., Bantham, J.H. & Kasouf, C.J. (2011). The role of trust in buyer-seller conflict management. Journal of Business Research, 64(10), 1082-1088. Cerni, T., Curtis, G.J. & Colmar, S.H. (2012). Cognitive-experiential self-theory and conflict-handling styles: Rational and constructive experiential systems are related to the integrating and compromising conflict-handling styles. International Journal of Conflict Management, 23(4), 362-381. Chen, J. (2010). China's venture capital guiding funds: Policies and practice. Journal of Chinese Entrepreneurship, 2(3), 292-297. Chen, H., Gompers, P., Kovner, A. & Lerner, J. (2010). Buy local? The geography of venture capital. Journal of Urban Economics, 67(1), 90-102. Chen, Y., Chen, C.H. & Wu W.C. (2011). Is China's independent director system working? The case of the electronics industry. Journal of Economic Studies, 38(4), 360-383. Chen, C., Jin, Q. & Yuan, H. (2011). Agency problems and liquidity premium: Evidence from China's stock ownership reform. International Review of Financial Analysis, 20(2), 76-87. Cheng, M.Y., Tsai, H.C. & Chuang, K.H. (2011). Supporting international entry decisions for construction firms using fuzzy preference relations and cumulative prospect theory. Expert Systems with Applications, 38(12), 15151-15158. Chin, W.W. (1998). The partial least squares approach to structural equation modelling in modern methods for business research. Mahwah, New Jersey: Laurence Erlbaum Associates. Chowdhury, P.R. (2009). Joint venture instability and monitoring. Indian Growth and Development Review, 2(2), 126-140. Chua, J.H., Chrisman, J.J., Kellermanns, F. & Wu, Z. (2011). Family involvement and new venture debt financing. Journal of Business Venturing, 26(4), 472-488. Co, H.C. & Barro, F. (2009). Stakeholder theory and dynamics in supply chain collaboration. International Journal of Operations & Production Management, 29(6), 591-611. Cochrane, J.H. (2005). The risk and return of venture capital. Journal of Financial Economics, 75(1), 3-52. Collewaert, V. (2012). Angel investors' and entrepreneurs' intentions to exit their ventures: A conflict perspective. Entrepreneurship Theory and Practice, 36(4), 753-779. Corporate Law Reform Committee (2006). A Consultative Document: On Clarifying and Reformulating the Directors' Roles and Duties. Malaysia. Coyle, B. (2000). Venture capital and buyouts. Chicago: Glenlake Publishing Company, Ltd. Croce, A,, Marti, J. & Murtinu, S. (2013). The impact of venture capital on the productivity growth of European entrepreneurial firms: 'Screening' or 'value added' effect?. Journal of Business Venturing, 28(4), 489-510. Croucher, S.M., Holody, K.J., Hicks, M.V., Oommen, D. & DeMaris, A. (2011). An examination of conflict style preferences in India. International Journal of Confit Management, 22 (1), 10-34. Curnming, D.J. (2005). Agency costs, institutions, learning, and taxation in venture capital contracting. Journal of Business Venturing, 20 (5), 573-622. Cumming, D., Schmidt, D. & Walz, U. (2010). Legality and venture capital governance around the world. Journal of Business Venturing, 25(1), 54-72. Cumming, D.J. & Johan, S. (2010). Venture capital investment duration. Journal of Small Business Management, 48(2), 228-257. Cumming, D. & Dai, N. (2010). Local bias in venture capital investments. Journal of Empirical Finance, 17(3), 362-380. Cumming, D. & Dai, N.- (2011). Fund size, limited attention and valuation of venture capital backed firms. Journal of Empirical Finance, 18(1), 2-15. Curi, G. (2012). Topological inductive definitions. Annals of Pure and Applied Logic, 163 (11), 1471-1483. Dahiya, S. & Ray, K. (2012). Staged investments in entrepreneurial financing. Journal of Corporate Finance, 18(5), 1193-1216. Dai, N., Jo, H. & Kassicieh, S. (2012). Cross-border venture capital investments in Asia: Selection and exit performance. Journal of Business Venturing, 27(6), 666-684. Daly, T.M., Lee, J.A., Soutar, G.N. & Rasmi, S. (2010). Conflict handling style measurement: A best-worst scaling application. International Journal of Conflict Management, 21(3), 281-308. Darling, J.R. & Walker, W.E. (2001). Effective conflict management: Use of the behavioural style model. Leadership and Organizational Development Journal, 22(5), 230-242. Darling, J.R. & Heller, V.L. (2011). Managing conflict with the Chinese: The key from an in-depth single case study. Chinese Management Studies, 5(1), 35-54. Das, S.R., So, H. & Kim, Y. (2011). Polishing diamonds in the rough: The sources of syndicated venture performance. Journal of Financial Intermediation, 20(2), 199-230. Dawes, P.L. & Massey, G.R. (2005). Antecedents of conflict in marketing's crossfunctional relationship with sales. European Journal of Marketing, 39(11/12), 1327-1344. Dawes, P.L. & Massey, G.R.-(2007). Personal characteristics, trust, conflict, and effectiveness in marketing/sales working relationships. European Journal of Marketing, 41(9/10), 1117-1145. De Clercq, D. & Sapienza, H.J. (2006). Effects of relational capital and commitment on venture capitalists' perception of portfolio company performance. Journal of Business Venturing, 21(3), 326-47. Deutsch, M. (1949). A theory of cooperation and competition. Human Relations, 2, 129-51. De Wit, F.R.C., Sehn, K.A. & Scheepers, D. (2013). Task conflict, information processing, and decision-making: The damaging effect of relationship conflict. Organizational Behavior and Human Decision Processes, 122(2), 177-189. Dimov, D. & Milanov, H. (2010). The interplay of need and opportunity in venture capital investment syndication. Journal of Business Venturing, 25(4), 331-348. Donaldson, T. & Preston, L. (1995). The stakeholder theory of the corporation: Concepts, evidence, and implications. The Academy of Management Review, 20(1), 65-91. Doucet, O., Poitras, J. & Chenevert, D. (2009). The impacts of leadership on workplace conflicts. International Journal of Conflict Management, 20(4), 340-354. Duchin, R., Matsusaka, J.G. & Ozbas, O. (2010). When are outside directors effective?. Journal of Financial Economics, 96(2), 195-214. Dupeyrat, C. & Marine, C. (2005). Implicit theories of intelligence, goal orientation, cognitive engagement, and achievement: A test of Dweck's model with returning to school adults. Contemporary Educational Psychology, 30(1), 43-59. Ebbers, J.J. & Wijnberg, N.M. (2012). Nascent ventures competing for start-up capital: Matching reputations- and investors. Journal of Business Venturing, 27(3), 372-384. Eisenhardt, K.M. (1989). Agency theory: An assessment and review. Academy of Management Review, 14(1), 57-74. Elitzur, R. & Gavious, A. (2003). Contracting, signalling, and moral hazard: A model of entrepreneurs, 'Angels,' and Venture Capitalists. Journal of Business Venturing, 18(6), 709-725. Essid, W. (2012). Executive stock options and earnings management: Is there an option level dependence?. Corporate Governance, 12(1), 54-70. Etzkowitz, H. & Zhou, C. (2012). Developing venture capital system beyond economic capital concept. Journal of Knowledge-based Innovation in China, 4(3), 189-202. Evans, W.R., Haden, S.S.P., Clayton, R. W. & Novicevic, M.M. (2013). History-of management-thought about social responsibility. Journal of Management History, 19(1), 8-32. EVCA Yearbook (2002). Annual survey of pan-European private equity and venture capital activity, EVCA Yearbook, European Private Equity and Venture Capital Association, Utrecht. Fahlenbrach, R., Low, A. & Stulz, R.M. (2010). Why do firms appoint CEOs as outside directors?. Journal of Financial Economics, 97(1), 12-32. Fairchild, R. (2011). An entrepreneur's choice of venture capitalist or angelfinancing: A behavioral game-theoretic approach. Journal of Business Venturing, 26(3), 359-374. Farag, H., Hornrnel, U., Witt, P. & Wright, M. (2005). Contracting, monitoring, and exiting venture investments in traqsitioning economies: A comparative analysis of Eastern European and German markets. Venture Capital, 6, 257-282. Fayezi, S., 07Loughlin, A. & Zutshi, A. (2012). Agency theory and supply chain management: A structured literature review. Supply Chain Management: An International Journal, 17(5), 556570. Fleming, A.S. & Schaupp, L.C. (2012). Factor analysis of executive compensation determinants: Survey evidence from executives and non-Executive investors. Corporate Governance, 12(1), 16-41. Flor, C.R. & Grell, K.B. (2013). Venture capital budgeting- Carry and correlation. Journal of Corporate Finance, 21, 216-234. Follet, M.P. (1942). Constructive conflict. In Metcalf, H.C. and Urwick, L. (Eds.), DynamicAdministration: The Collected Papers of Mary Parker Follet (pp. 30-49). New York, NY: Harper. Fornell, C. & Larcker, D.F. (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of Marketing Research, 18(1), 39-50. Frank, H., Kessler, A., Nose', L. & Suchy, D. (2011). Conflicts in family firms: State of the art and perspectives for future research. Journal of Family Business Management, 1(2), 130-153. Freeman, R.E. (1984). Strategic management: A stakeholder approach. Pitman Books. Fried, V. & Hisrich, R. (1994). Towards a model of venture capital investment decision- making. Financial Management, 23, 28-37. Froud, J., Leaver, A., Tampubolon, G. & Williams, K. (2008). Everything for sale: How non-executive directors make a difference. Sociological Review, 1, 162-186. Frow, P. & Payne, A. (2011). A stakeholder perspective of the value proposition concept. European Journal of Marketing, 45(1/2), 223-240. Fu, P.P., Yan, X.H., Li, Y., Wang, E. & Peng, S. (2008). Examining conflicthandling approaches by Chinese top management teams in IT firms. International Journal of Conflict Management, 19(3), 188-209. Galichon, A. & Henry, M. (2012). Dual theory of choice with multivariate risks. Journal of Economic Theory, 147(4), 1501-1516. Gefen, D., Straub, D.W. & Boudreau, M.C. (2000). Structural equation modelling and regression: Guidelines for research practice. Communication of the Association for Information System, 4(7), 1-70. Giacomantonio, M., Pierro, A. & Kruglanski, A.W. (2011). Leaders' fairness and followers' conflict handling style: The moderating role of need for cognitive closure. International Journal of Conflict Management, 22(4), 358-372. Gimmon, E., Yitshaki, R., Benjamin, E. & Khavul, S. (2011). Divergent views of venture capitalists and entrepreneurs on strategic change in new ventures. Strategic Change, 20(3-4), 85-99. Gindis, D. (2009) . From fictions and aggregates to real entities in the theory of the firm. Journal ofInstitutiona1 Economics, 5(1), 25-46. Giot, P. & Schwienbacher, A. (2007). IPOs, trade sales and liquidations: Modelling venture capital exits using survival analysis. Journal of Banking & Finance, 31(3), 679-702. Gomez-Mejia, L.R., Balkin, D.B. & Welbourne, T.M. (1990). Influence of capitalists on high tech management. Journal of High Technology Management Research, 1, 103-118. Gompers, P. & Lerner, J. (1999). An analysis-of compensation in the U.S. venture capital partnership. Journal of Financial Economics, 51 (1), 3-44. Goo, S.H. & Hong, F.X. (2011). The curious model of internal monitoring mechanisms of listed corporations in China: The sinonisation process. European Business Organization Law Review, 12(3), 469-507. Greco, G. (2011). Determinants of board and audit committee meeting frequency: Evidence from ltalian companies. Managerial Auditing Journal, 26(3), 208-229. Green, C. (2008). Leader member exchange and the use of moderating conflict management styles: Impact on relationship quality. International Journal of Conflict Management, 19(2), 92-111. Grinstein, A. & Goldman, A. (2011). Beyond the final consumer: The effectiveness of a generalist stakeholder strategy. European Journal of Marketing, 45(4), 567-595. Guo, D. & Jiang, K. (2013). Venture capital investment and the performance of entrepreneurial firms: Evidence from China. Journal of Corporate Finance, 22, 375-395. Gupta, A.K. & Sapienza, H.J. (1992). Determinants of venture capital firms' preferences regarding the industry diversity and geographic scope of their investments. Journal of Business Venturing, 7(5), 347-362. Haggarty, R.A., Ferguson, C.A., Scott, E.M., Iroegbu, C. & Stidson, R. (2010). Extreme value theory applied to the definition of bathing water quality discounting limits. Water Research, 44(3), 719-728. Hair, J.F., Ringle, C.M., & Sarstedt, M. (2011). PLS-SEM: Indeed a silver bullet. Journal of Marketing Theory and Practice, 19(2), 139-151. Hamill, P.A., McGregor, P. & Rasaratnam, S. (2006). A temporal analysis of nonexecutive director appointments to UK firms: 1990-2000. Managerial Finance, 32(-6), 537-552. Harada, K. & Nguyen, P. (2011). Ownership concentration and dividend policy in Japan. Managerial Finance, 37(4), 362-379. Haugh, H. (2012). The importance of theory in social enterprise research. Social Enterprise Journal, 8(1), 7-15. Heaney, L.F. (2001). A question of management: Conflict, pressure and time. The International Journal of Educational Management, 15(4), 197-203. Hearn, B. (2013). The determinants of director remuneration, executive tenure and individual executive disclosure in North African IPO firms. Research in International Business and Finance, 27(1), 162-182. Hellmann, T.F. (1998). The allocation of control rights in venture capital contracts. Rand Journal of Economics, 29, 57-76. Henkin, A.B., Cistone, P.J. & Dee, J.R. (2000). Conflict management strategies of principals in site-based managed schools. Journal of Educational Administration, 38(2), 142-158. Higashide, H. & Birley, S. (2002). The consequences of conflict between the venture capitalist and the entrepreneurial team in the United Kingdom from the perspective of the venture capitalist. Journal of Business Venturing, 17, 59-81. Hou, S.R.S. & Cheng, C.W. (2012). Outside director experience, compensation, and performance. Managerial Finance, 38(10), 914-938. Huang, I.C., Huang, P.W. & Chen, Y.J. (2004). A study of Taiwan's travel agent salary system: An agency theory perspective. Tourism Management, 25(4), 483-490. Huang, J.C. (2010). Unbundling task conflict and relationship conflict: The moderating role of team goal orientation and conflict management. International Journal of Conflict Management, 21(3), 334-355. Hurnphreys, M.A., Williams, M.R. & Goebel, D.J. (2009). The mediating effect of supplier oriented purchasing on conflict in inter-firm relationships. Journal of Business & Industrial Marketing, 24(3), 198-206. Hypko, P., Tilebein, M. & Gleich, R. (2010). Benefits and uncertainties of performance-based contracting in manufacturing industries: An agency theory perspective. Journal of Service Management, 21(4), 460-489. Ibrahim, Y., Uddin, M.M., Taufil Mohd, K.N. & Minai, M.S. (2013). Agency costs and the long-run performance of debt issuers. Asian Academy of Management Journal of Accounting and Finance, 9(1), 1-15. Ihlen, O. & Berntzen, O. (2007). When lobbying backfires: Balancing lobby efforts with insights from stakeholder theory. Journal of Communication Management, 11 (3), 235-246. Inoue, A. & Kawakami, N. (2010). Interpersonal conflict and depression among Japanese workers with high or low socioeconomic status: Findings from the Japan Work Stress and Health Cohort Study. Social Science & Medicine, 71 (1), 173-180. Ito, J.K. & Brotheridge, C.M. (2012). Work- family and interpersonal conflict as levers in the resource/demand-outcome relationship. Career Development International, 17(5), 392-413 Janssen, O., Vliert, E.V.D. & Veenstra, C. (1999). How task and person conflict shape the role of positive interdependence in management teams. Journal of Management, 25(2), 117-141. Jansson, E. (2010). Deregulation and the stakeholder mode1,Corporate Governance, 10(2), 129-139. Jaskelainen, M. (2012). Venture capital syndication: Synthesis and future directions. International Journal of Management Reviews, 14(4), 444-463. Jensen, M.C. & Meckling, W.H. (1976). The theory of the firm: Managerial behaviour, agency costs and ownership structure. Journal of Financial Economics, 3,305-360. Jewitt, I, Kadan, 0 . & Swinkels, J.M. (2008). Moral hazard with bounded payments. Journal of Economic Theory, 143(1), 59-82. Jiang, L., Ferris, K.R. & Coffman, E.N. (2009). The association between financially expert independent directors and the accounting for employee stock options. Research in Accounting Regulation, 21(1), 1-10. Johnson, T, & Owens, L. (2003). Survey response rate reporting in the professional literature. Paper presented at Annual Conference of the American Association for Public Opinion Research, Nashville, Tenn., May 15, 127-133. Jurgens, M., Berthon, P., Papania, L. & Shabbir, H.A. (2010). Stakeholder theory and practice in Europe and North America: The key to success lies in a marketing approach. Industrial Marketing Management, 39(5), 769-775. Kallay, B. (2012). Contract theory of the firm. Economics & Sociology, 5(1), 39-50. Karnal, M., Weerakkody, V. & Irani, Z. (2011). Analyzing the role of stakeholders in the adoption of technology integration solutions in UK local government: An exploratory study. Government Information Quarterly, 28(2), 200-210. Kaplan, S.N. & Stromberg, P. (2003). Financial contracting theory meets the real world: An empirical analysis of venture capital contract. Review of Economic Studies, 70, 281-315. Karsai, J., Wright, M. & Filatotchev, I. (1997). Venture capital in transitioning economies: The case of Hungary. Entrepreneurship Theory & Practice, 21, 93-110. Karsai, J., Wright, M., Dudzinski, Z. & Morovic, J. (1998). Screening and valuing venture capital investments: Evidence from Hungary, Poland, and Slovakia. Entrepreneurship & Regional Development, 10, 203-24. Kaskarelis, I.A. (2010). The principal-agent problem in economics and in politics. Humanomics, 26(4), 259-263. Kaushal, R. & Kwantes, C.T. (2006). The role of culture and personality in choice of conflict management strategy. International Journal of Intercultural Relations, 30(5), 579-603. Key, S. (1999). Toward a new theory of the firm: A critique of stakeholder "theory". Management Decision, 37(4), 317-328. Keys, T.D., Conley, A.M.M., Duncan, G.J. & Domina, T. (2012). The role of goal orientations for adolescent mathematics achievement. Contemporary Educational Psychology, 37(1), 47-54. Kim, T.Y., Wang, C., Kondo, M. & Kim, T.H. (2007). Conflict management styles: The differences among the Chinese, Japanese and Koreans. International Journal of Conflict Management, 18(1), 23-41. Kim, C.N., Yang, K.H. & Kim, J. (2008). Human decision-making behavior and modeling effects. Decision Support Systems, 45(3), 517-527. Kim, H. & Lim, C. (2010). Diversity, outside directors and firm valuation: Korean evidence. Journal of Business Research, 63(3), 284-291. Kirilenko, A. (2001). Valuation and control in venture finance. Journal of Finance, 56, 565-87. Kirkulak, B. (2008). The initial and long-run returns of Japanese _venture capitalbacked and non-venture capital-backed IPOs. International Journal of Managerial Finance, 4(2), 112- 135. Klonowski, D. (2005). The evolution of the venture capital industry in transition economies: The case of Poland. Post-Communist Economies, 17, 331-48. Klonowski, D. (2006). Local laws and venture capital contracting in transition economies: Evidence from Poland. Post-Communist Economies, 18, 327-43. Klonowski, D. (2007). The venture capital investment process in emerging markets: Evidence from Central and Eastern Europe. International Journal of Emerging Markets, 2(4), 361-382. Koc, E. (2010). Services and conflict management: Cultural and European integration perspectives. International Journal of Intercultural Relations, 34(1), 88-96. Kollmann, T. & Kuckertz, A. (2010). Evaluation uncertainty of venture capitalists' investment criteria. Journal of Business Research, 63(7), 741-747. Kotlyar, I., Karakowsky, L. & Ng, P. (2011). Leader behaviors, conflict and member commitment to team-generated decisions. The Leadership Quarterly, 22(4), 666-679. Lafreniere, K.C., Deshpande, S., Bjornlund, H. & Hunter, M.G. (2013). Extending stakeholder theory to promote resource management initiatives to key stakeholders: A case study of water transfers in Alberta, Canada. Journal of Environmental Management, 129(15), 81-91. Lam, W. (2010). Funding gap, what funding gap? Financial bootstrapping: Supply, demand and creation of entrepreneurial finance. International Journal of Entrepreneurial Behaviour & Research, 16(4), 268-295. Lau, C.M. & Bruton, G.D. (2011). Strategic orientations and strategies of high technology ventures in two transition economies. Journal of World Business, 46(3), 371-380. Law, P. (2011). Audit regulatory reform with a refined stakeholder model to enhance corporate governance: Hong Kong evidence. Corporate Governance, 11(2), 123-135. Le, S.A., Kroll, M.J- & WaIters, B.A. (2013). Outside directors' experience, TMT firm-specific human capital, and firm performance in entrepreneurial IPO firms. Journal of Business Research, 66(4), 533-539. Lee, C.Y. (2010). A theory of the firm growth: Learning capability, knowledge threshold, and patterns of growth. Research Policy, 39(2), 278-289. Lee, S.P. & Chen, H.J. (2011). Corporate governance and firm value as determinants of CEO compensation in Taiwan: 2SLS for panel data model. Management Research Review, 34(3), 252-265. Lee, J.Q., McInerney, D.M., Liem, G.A.D. & Ortiga, Y.P. (2010). The relationship between future goals and achievement goal orientations: An intrinsic-extrinsic motivation perspective. Contemporary Educational Psychology, 35(4), 264-279. Leece, D., Berry, T. & Miao, J. (2012). The post-investment relationship between a venture capitalist and its investee companies. Robert Sweeting International Journal of Entrepreneurial Behaviour & Research, 18(5), 587-602. Legrand, M.D.P. & Pornmet, S. (2010). Venture capital syndication and the financing of innovation: Financial versus expertise motives. Economics Letters, 106(2), 75-77. Leisen, D.P.J. (2012). Staged venture capital contracting with ratchets and liquidation rights. Review of Financial Economics, 21 (1), 21-30. Li, X., Tan, H.H., Wilson, C. & Wu, Z. (2013). When should venture capitalists exit their investee companies?. International Journal of Managerial Finance, 9(4), 351-364. Li, Y. (2008). Duration analysis of venture capital staging: A real options perspective. Journal of Business Venturing, 23(5), 497-512. Li, Y. & Mahoney, J.T. (2011). When are venture capital projects initiated?. Journal of Business Venturing, 26(2), 239-254. Li, Y. & Zahra, S.A. (2012). Formal institutions, culture, and venture capital activity: A cross-coufitry analysis. Journal of Business Venturing, 27(1), 95-111. Lim, J.Y.K., Busenitz, L.W. & Chidambaram, L. (2013). New venture teams and the quality of business opportunities identified: Faultlines between subgroups of founders and investors. Entrepreneurship Theory and Practice, 37(1), 47-67. Lin, X. (2007). Appointing a general manager in Sino-US joint ventures: Partner competence and organizational consequences. International Journal of Organizational Analysis, 15(2), 152-165. Lingelbach, D. (2013). Paradise postponed? Venture capital emergence in Russia. Critical Perspectives on International Business, 9(1/2), 204-225. Liu, J., Fu, P.P. & Liu, S. (2009). Conflicts in top management teams and team/firm outcomes: The moderating effects of conflict-handling approaches. International Journal of Conflict Management, 20(3), 228-250. Liu, J.Y.C., Chen, H.G., Chen, C.C. & Sheu, T.S. (2011). Relationships among interpersonal conflict, requirements uncertainty, and software project performance. International Journal of Project Management, 29(5), 547-556. Long, T., Dulewicz, V. & Gay, K. (2005). The role of the non-executive director: Findings of an empirical investigation into the differences between listed and unlisted UK board's. Corporate Governance, 13(5), 667-679. Lucky, I.O.E. & Minai, M.S. (2011). The conceptual framework of the effect of location on performance of small firms. Asian Social Science Journal, 7(12), 110-118. Luoma-alio, V. &. Paloviita, A. (2010). Actor-networking stakeholder theory for today's corporate communications. Corporate Communications: An International Journal, 15(1), 49-67. Luukkonen, T., Deschryvere, M. & Bertoni, F. (2013). The value added by government venture capital funds compared with independent venture capital funds. Technovation, 33(4-5), 154-162. Ma, Z., Lee, Y. & Yu, K.H. (2008). Ten years of conflict management studies: Themes, concepts and relationships. International Journal of Conflict Management, 19(3), 234-248. MacMillan, I.C., Zemann, L. & Subbanarasimha, P.N. (1987). Criteria distinguishing successful from unsuccessful ventures in the venture screening process. Journal of Business Venturing, 2, 123- 137. MacMillan, A., Chen, H., Richard, O.C. & Bhuian, S.N. (2012). A mediation model of task conflict in vertical dyads: Linking organizational culture, subordinate values, and subordinate outcomes. International Journal of Conflict Management, 23(3), 307-332. Madera, J.M., Dawson, M. & Neal, J.A. (2013). Hotel managers' perceived diversity climate and job satisfaction: The mediating effects of role ambiguity and conflict. International Journal of Hospitality Management, 35, 28-34. Mahadeo, J.D., Hanuman, V.O. & Soobaroyen, T. (2011). Changes in social and environmental reporting practices in an emerging economy (2004-2007): Exploring the relevance of stakeholder and legitimacy theories. Accounting Forum, 35(3), 158-175. Mainardes, E.W., Alves, H. & Raposo, M. (2011). Stakeholder theory: Issues to resolve. Management Decision, 49(2), 226-252. Mainardes, -E. W., Alves, H. & Raposo, M. (2012). A model for stakeholder classification and stakeholder relationships. Management Decision, 50(10), 1861-1879. High Level Finance Committee on Corporate Governance (1999). Report on Corporate Governance, Malaysia. Malaysia Venture Capital Statistics. (2013). Retrieved August 24, 2013, from http://www.mvcdc.com.my/details.asp?txtC=16. Manral, L. (2010). Towards a theory of endogenous market structure in strategy: Exploring the endogeneity of demand-side determinants of firm investment strategy and market structure. Journal of Strategy and Management, 3(4), 352-373. Masulis, R.W., Wang, C. & Xie, F. (2012). Globalizing the boardroom- The effects of foreign directors on corporate governance and firm performance. Journal of Accounting and Economics, 53(3), 527-554. Maula, M.V.J., Autio, E. & Murray, G.C. (2009). Corporate venture capital and the balance of risks and rewards for portfolio companies. Journal of Business Venturing, 24(3), 274-286. Mavlanova, T., Fich, R.B. & Koufaris, M. (2012). Signaling theory and information- asymmetry in online commerce. Information & Management, 49(5), 240-247. McCabe, M. & Nowak, M. (2008). The independent director on the board of company directors. Managerial Auditing Journal, 23(6), 545-566. McDonald, L.M. & Lai, C.H. (2011). Impact of corporate social responsibility initiatives on Taiwanese banking customers. International Journal of Bank Marketing, 29(1), 50-63. McKenna, S. (1995). The business impact of management attitudes towards dealing with conflict: A cross-cultural assessment. Journal of Managerial Psychology, 10(7), 22-27. Mediation (statistics). (n.d.). Retrieved August 6, 2013, from Wikipedia website, http://en.wikipedia.org/wiki/Mediation_ (statistics). Metrick, A. & Yasuda, A. (2011). Venture capital and other private equity: A survey. European Financial Management, 17(4), 619-654. Miller, T.L. & Wesley, C.L. (2010). Assessing mission and resources for social change: An organizational identity perspective on social venture capitalists' decision criteria. Entrepreneurship Theory and Practice, 34 (4), 705-733. Min, B.S. (2013). Evaluation of board reforms: An examination of the appointment of outside directors. Journal of the Japanese and International Economies, 29, 21-43. Minai, M.S., Lucky, I.O.E. & Olusegun, A.I. (2011). The moderating effect of culture on small firm performance: Empirical evidence. European Journal of Social Science, 23(3), 418-431. Minai, M.S. & Lucky, I.O.E. (2011). Re-investigating the effect of individual determinant, external factor and firm characteristics on small firm performance during economic downturn. Afiican Journal of Business Management, 5(26), 108-123. Minai, M.S. & Lucky, I.O.E. (2012). An empirical examination of the effect of entrepreneurs' biological makeup on the firm performance. International Business Management, 6, 621-628. Mitchell, R. & Meadheam, D. (2011). Knowledge worker control: Understanding via principal and agency theory. The Learning Organization, 18(2), 149-160. Mohammad, H., Minai, M.S. & Lucky, I.O.E. (2014). Managerial factors and management conflict in venture capital financing in Malaysia. Asian Social Science Journal, 10(3), 24-36. Montes, C., Rodri'guez, D. & Serrano, G. (2012). Affective choice of conflict management styles. International Journal of Conflict Management, 23(1), 6-18. Montresor, S. (2004). Resources, capabilities, competences and the theory of the firm. Journal of Economic Studies, 31(5), 409-434. Mura, G., Bonsignore, V. & Diamantini, D. (2010). Conflict management among secondary school students. Procedia-Social and Behavioral Sciences, 2(2), 2402-2408. Mustapha, M. & Ahrnad, A.C. (2011). Agency theory and managerial ownership: Evidence from Malaysia. Managerial Auditing Journal, 26(5), 419-436. Nahata, R. (2008) . Venture capital reputation and investment performance. Journal of Financial Economics, 90(2), 127-151. Nair, N. (2008). Towards understanding the role of emotions in conflict: A review and future directions. International Journal of Conflict Management, 19(4), 359-381. Naqi, S.A. & Hettihewa, S. (2007). Venture capital or private equity? The Asian experience. Business Horizons, 50 (4), 335-344. Nasution, D. & Ostermark, R. (2012). The impact of social pressures, locus of control, and professional commitment on auditors' judgment: Indonesian evidence. Asian Review of Accounting, 20(2), 163-178. Nelson, T., Maxfield, S. & Kolb, D. (2009). Women entrepreneurs and venture capital: Managing the shadow negotiation. International Journal of Gender and Entrepreneurship, 1 (1), 57-76. Neus, W. & Walz, U. (2005). Exit timing of venture capitalists in the course of an initial public offering. Journal of Financial-Intermediation, 14(2), 253-277. Nguyen, B.D. & Nielsen, K.M. (2010). The value of independent directors: Evidence from sudden deaths. Journal of Financial Economics, 98(3), 550-567. Nguyen, H.H.D. & Yang, J. (2012). Chinese employees' interpersonal conflict management strategies. International Journal of Conflict Management, 23(4), 382-412. Niman, N.B. (2008). Charles Babbage's influence on the development of Alfred Marshall's theory of the firm. Journal of the History of Economic Thought, 30(4), 479-490. Nofsinger, J.R. & Wang, W. (2011). Determinants of start-up firm external financing worldwide. Journal of Banking & Finance, 35, 2282-2294. Obrimah, O.A. & Prakash, P. (2010). Performance reversals and attitudes towards risk in the venture capital (VC) market. Journal of Economics and Business, 62(6), 537-561. O'Connell, V. & Cramer, N. (2010). The relationship between firm performance and board characteristics in Ireland. European Management Journal, 28(5), 387-399. Oh, J., Kim, E., Kim, M. & Choo, S. (2010). Development of conflict techniques for left-turn and cross-traffic at protected left-turn signalized intersections. Safety Science, 48(4), 460-468. Oladele, O. (2007). Introduction to Research Methodology (l st. Ed.). Ilupeju, Onipanu, Lagos: NiyanPrint & Publications. Ommering, E.V. (2011). Schooling in conflict: An ethnographic study from Lebanon. International Journal of Sociology and Social Policy, 31(9/10), 543-554. Orij, R. (2010). Corporate social disclosures in the context of national cultures and stakeholder theory. Accounting, Auditing & Accountability Journal, 23(7), 868- 889. Ott, U.F. (2013). International business research and game theory: Looking beyond the prisoner's dilemma. International Business Review, 22(2), 480-491. Ozkalp, E., Sungur, Z. & Ozdemir, A.A. (2009). Conflict management styles of Turkish managers. Journal of European Industrial Training, 33(5), 419-438. Ozmel, U., Robinson, D.T. & Stuart, T.E. (2013). Strategic alliances, venture capital, and exit decisions in early stage high-tech firms. Journal of Financial Economics, 107(3), 655-670. Paeglis, I. & Veeren, P. (2013). Speed and consequences of venture capitalist post-IPO exit. Journal of Corporate Finance, 22, 104-123. Paletz, S.B.F., Schunn, C.D. & Kim, K.H. (2013). The interplay of conflict and analogy in multidisciplinary teams. Cognition, 126(1), 1-19. Pallant, J. (2007). SPSS Survival manual: A step-by step guide to data analysis using SPSS for Windows (version 15) (3rd ed.). Australia: Allan & Unwin. Parayitarn, S., Olson, B.J. & Bao, Y. (2010). Task conflict, relationship conflict and agreement-seeking behavior in Chinese top management teams. International Journal of Conflict Management, 21(1), 94-116. Park, H.S. & Park, M. (2008). Multilevel effects of conflict management preferences on satisfaction with group processes. International Journal of Conflict Management, 19(1), 57-71. Park, H.D. & Steensma, H.K. (2012). When does corporate venture capital add value for new ventures?. Strategic Management Journal, 33(1), 1-22. Parker, C.M. & Castleman, T. (2009). Small firm e-business adoption: A critical analysis of theory. Journal of Enterprise Information Management, 22(1/2), 167-182. Pesqueux, Y. & Ayadi, S.D. (2005). Stakeholder theory in perspective. Corporate Governance, 5(2), 5-21. Petty, J.S. & Gruber, M. (2011). In pursuit of the real deal: A longitudinal study of VC decision making. Journal of Business Venturing, 26(2), 172-188. Polonsky, M.J. (1995). A stakeholder theory approach to designing environmental marketing strategy. Journal of Business & Industrial Marketing, 10(3), 29-46. Pombo, C. & GutiCrrez, L.H. (2011). Outside directors, board interlocks and firm performance: Empirical evidence from Colombian business groups. Journal of Economics and Business, 63 (4), 251-277. Popov, A. & Roosenboom, P. (2013). Venture capital and new business creation. Journal of Banking and Finance, 37(2), 4695-4710. Porter, M.E. (1985). Competitive advantage: Creating and sustaining superior performance. New York: The Free Press. Posthuma, R.A. (2011). Conflict management and performance outcomes. International Journal of Conflict Management, 22 (2), 108-110. Posthurna, R.A. (2012). Conflict management and emotions. International Journal of Conflict Management, 23(1), 4-5. Prashantham, S. & Kumar, K. (2011). How do new ventures in MNC ecosystems proactively overcome inter firm asymmetries?. ILMB Management Review, 23(3), 177-188. Priem, R.L., Harrison, D.A. & Muir, N.K. (1995). Structured conflict and consensus outcomes in group decision making. Journal of Management, 21 (4), 691-710. Rahim, A., & Bonoma, T. V. (1979). Managing organizational conflict: A model for diagnosis and intervention. Psychological Reports, 44, 1323-1344. Rahim, M. A. (1983). A measure of styles of handling interpersonal conflict. Academy of Management Journal, 26, 368-376. Rahim, M.A., Antonio, D., Krurnov, K. & Iileva, S. (2000). Power, conflict, and effectiveness: A cross-cultural study in the United States and Bulgaria. European Psychologist, 5, 28-33. Rahim, M.A. (2002). Toward a theory of managing organizational conflict. International Journal of Conflict Management, 13, 206-35. Randeree, K. & Faramawy, A.T.E. (2011). Islamic perspectives on conflict management within project managed environments. International Journal of Project Management, 29(1), 26-32. Reid, G.C. (1998). Venture capital investment: An agency analysis of practice. London and New York: Routledge. Reid, D.A., Pullins, E.B., Plank, R.E. & Buehrer, R.E. (2004). Measuring buyers' perceptions of conflict in business-to- business sales interactions. Journal of Business & Industrial Marketing, 19(4), 236-249. Reid, S. (2011) Event stakeholder management: Developing sustainable rural event practices. International Journal of Event and Festival Management, 2(1), 20-36. Reuver, R.D. & Woerkom, M.V. (2010). Can conflict management be an antidote to subordinate absenteeism?. Journal of Managerial Psychology, 25(5), 479-494. Ring, P.S. & Van de Ven, A. (1994). Developmental processes of cooperative interorganizational relationships. Academy of Management Review, 19, 90-118. Rispens, S., Greer, L.L. & Jehn, K.A. (2007). It could be worse: A study on the alleviating roles of trust and connectedness in intragroup conflicts. International Journal of Conflict Management, 18(4), 325-344. Riviere, J. & David, E. (2013). Perceptual-motor constraints on decision making: The case of the manual search behavior for hidden objects in toddlers. Journal of Experimental Child Psychology, 115(1), 42-52. Ro, H. (2012). Moderator and mediator effects in hospitality research. International Journal of Hospitality Management, 31(3), 952-961. Robbins, S.P. (2008). The truth about managing people (qnd.ed.). Upper Saddle River: Pearson. Rognes, J.K. & Schei, V. (2010). Understanding the integrative approach to conflict management. Journal of Managerial Psychology, 25(1), 82-97. Rosenbusch, N., Brinckrnann, J. & Miiller, V. (2013). Does acquiring venture capital pay off for the funded firms? A meta- analysis on the relationship nbetween venture capital investment and funded firm financial performance. Journal of Business Venturing, 28(3), 335-353. Ruester, S. & Neumann, A. (2009). Linking alternative theories of the firm- A first empirical application to the liquefied natural gas industry. Journal of Institutional Economics, 5(1), 47-64. Rutaisire, J. & Gahima, C. (2009). Policy and research in a post-conflict context: Issues and challenges in the implementation of the Rwandan teacher development and management policy. International Journal of Educational Management, 23(4), 326-335. Sahlman, WA. (1990). The structure and governance of venture capital organisations. Journal of Financial Economics, 27, 473-521. Salim, M.R. & Yong, T.T. (2008). Market freedom or shareholders' protection? A comparative analysis of the duties of nominee directors. International Journal of Law and Management, 50(4), 168-188. Sambasivan, M., Abdul, M. & Yusop, Y. (2009). Impact of personal qualities and management skills of entrepreneurs on venture performance in Malaysia: Opportunity recognition skills as a mediating factor. Technovation, 29(1l), 798- 805. Sarpkaya, P.Y. (2012). Types and causes of conflict experienced instructors. Procedia-Social and Behavioral Sciences, 46, 4349-4355. Schafer, A. & Steger, T. (2013). Distributional conflict in small open economies. Research in Economics, 6 (4), 355-367. Schertler, A. & Tykvovh, T. (2012). What lures cross-border venture capital inflows?. Journal of International Money and Finance, 31(6), 1777- 1799. Sekaran, U. & Bougie, R. (2013). Research Methods for Business. West Sussex, UK: John Wiley & Sons Ltd. Sharma, V. (2011) Independent directors and the propensity to pay dividends. Journal of Corporate Finance, 17(4), 1001-1015. Shanna, P.N. & Kim, K.H. (2012). A comparison of PLS and ML bootstrapping techniques in SEM: A Monte Carlo Study. Siagian, F.T. & Tresnaningsih, E. (2011). The impact of independent directors and independent audit committees on earnings quality reported by Indonesian firms. Asian Review of Accounting, 19(3), 192-207. Sison, A.J.G. (2007). Toward a common good theory of the firm: The Tasubinsa case. Journal of Business Ethics, 74, 471-480. Skjorshammer, M. (2001). Conflict management in a hospital: Designing processing structures and intervention methods. Journal of Management in Medicine, 15(2), 156-166. Sohairni, M.S. (2004) Venture capital financing: Managerial factors and management conflict in the ICT industry. Malaysian Management Review, 39(1), 94-106. Song, Y., Ji, X., Wen, C. & Lee, J. (2013). Ownership balance, supervisory efficiency of independent directors and the quality of management earnings forecasts. China Journal of Accounting Research, 6(2), 113-132. Speakman, J. & Ryals, L. (2010). A Re-evaluation of conflict theory for the management of multiple, simultaneous conflict episodes. International Journal of Conflict Management, 21(2), 186-201. Spector, B. & Spital, F.C. (2011). The ideology of executive bonuses: An historical perspective. Journal of Management History, 17(3), 315-331. Steen, E.V.D. (2010). Interpersonal authority in a theory of the firm. American Economic Review, 100(1), 466-490. Sternberg, R. J., & Dobson, D. M. (1987). Resolving interpersonal conflicts: An analysis of stylistic consistency. Journal of Personality and Social Psychology, 52, 794-812. Stromsten, T. & Waluszewski, A. (2012). Governance and resource interaction in networks, the role of venture capital in a biotech start-up. Journal of Business Research, 65(2), 232-244. Jenner, M.H. & Suchard, J.A. (2013). Foreign VCs aid venture success: Evidence from China. Journal of Corporate Finance, 21, 16-35. Tabachnick, B.G. & Fidell, L.S. (2012). Using Multivariate Statistics (6th. ed.). United States of America: Pearson. Tagar, M.R., Federico, C.M. & Halperin, E. (2011). The positive effect of negative emotions in protracted conflict: The case of anger. Journal of Experimental Social Psychology, 47(1), 157-164. Tan, J., Zhang, W. & Xia, J. (2008). Managing risk in a transitional environment: An exploratory study of control and incentive mechanisms of venture capital firms in China. Journal of Small Business Management, 46(2), 263-285. Tang, C.H. (2012). Revisiting the incentive effects of executive stock options. Journal of Banking & Finance, 36(2), 564-574. Tang, X., Du, J. & Hou, Q. (2013). The effectiveness of the mandatory disclosure of independent directors' opinions: Empirical evidence from China. Journal of Accounting and Public Policy, 32(3), 89-125. Tate, W.L., Ellrarn, L.M., Bals, L., Hartmann, E. & Valk, W.V.D. (2010). An agency theory perspective on the purchase of marketing services. Industrial Marketing Management, 39(5), 806-819. Tatum, B.C. & Eberlin, R.J. (2006). Organizational justice and conflict management styles: Teaching notes, role playing instructions, and scenarios. International Journal of Conflict Management, 17(1), 66-81. Ten, E.E. (2007). Applying stakeholder theory to analyse corporate environmental performance: Evidence from Australian listed companies. Asian Review of Accounting, 15(2), 164-184. Terjesen, S., Patel, P.C., Fiet, J.O. & D'Souza, R. (2013) Normative rationality in venture capital financing. Technovation, 33(8-9), 255-264. The Malaysian Companies Act 1965. Thomas, K.W., Thomas, G.F. & Schaubhut, N. (2008). Conflict styles of men and women at six organization levels. International Journal of Conflict Management, 19(2), 148-166. Tian, X. (2011). The causes and consequences of venture capital stage financing. Journal of Financial Economics, 101(1), 132-159. Timmons, J.A. & Bygrave, W.D. (1986). Venture capital's role in financing innovation for economic growth. Journal ofBusiness Venturing, 1, 161-176. Tjosvold, D. (2006). Defining conflict and making choices about its management: Lighting the dark side of organizational life. International Journal of Conflict Management, 17(2), 87-95. Tortella, B.D., Mejia, L.R.G., Castro, J.O.D. & Wiseman, R.M. (2005). Incentive alignment or perverse incentives? A behavioral view of stock options. Management Research, 3(2), 109-120. Treadwell, D. (2006). The role of the non-executive director: A personal view. Corporate Governance, 6(1), 64-68. Tsamenyi, M., Qureshi, A.Z. & Yazdifar, H. (2013). The contract, accounting and trust: A case study of an international joint venture (IN) in the United Arab Emirates (UAE). Accounting Forum, 37(3), 182-195. Tse, T. (2011). Shareholder and stakeholder theory: After the financial crisis. Qualitative Research in Financial Markets, 3(1), 51-63. Tullberg, J. (2013). Stakeholder theory: Some revisionist suggestions. The Journal of Socio-Economics, 42, 127-135. Tyebjee, T. & Bruno, A. (1985). The entrepreneurs' search for capital. Journal of Business Venturing, 1, 61-64. Tykvova, T. & Schertler, A. (2011). Cross-border venture capital flows and local ties: Evidence from developed countries. The Quarterly Review of Economics and Finance, 51 (1), 36-48. UI Haq,I. (2011). The impact of interpersonal conflict on job outcomes: Mediating role of perception of organizational politics. Procedia-Social and Behavioral Sciences, 25, 287-310. Ughetto, E. (2010). Assessing the contribution to innovation of private equity investors: A study on European buyouts. Research Policy, 39(1), 126-140. Vilanova, L. (2007). Neither shareholder nor stakeholder management: What happens when firms are run for their short-term salient stakeholder?. European Management Journal, 25(2), 146-162. Vinturella, J. & Erickson, S. (2013). Alternatives in venture financing: Debt capital. Raising Entrepreneurial Capital, 2, 41-80. Wacker, J.G. (1998). A definition of theory: Research guidelines for different theory-building research methods in operations management. Journal of Operations Management, 16, 361-385. Wang, G., Jing, R. & Klossek, A. (2007). Antecedents and management of conflict: Resolution styles of Chinese top managers in multiple rounds of cognitive and affective conflict. International Journal of Conjlict Management, 18(1), 74-97. Wang, X.L. (2012). Relationship or revenue: Potential management conflicts between customer relationship management and hotel revenue management. International Journal of Hospitality Management, 31(3), 864-874. Wendels, T.H., Keienburg, G. & Sievers, S. (2011). Adverse selection, investor experience and security choice in venture capital finance: Evidence from Germany. European Financial Management, 17(3), 464-499. Whipple, J.M. & Roh, J. (2010) . Agency theory and quality fade in buyer-supplier relztionships. The International Journal of Logistics Management, 21(3), 338-352. White III, G.O., Joplin, J.R.W. & Salama, M.F. (2007). Contracts and conflict resolution strategies in foreign ventures: A transaction cost perspective. International Journal of Conflict Management, 18(4), 376-390. Wilken, R., Jacob, F. & Prime, N. (2013). The ambiguous role of cultural moderators in intercultural business-negotiations. International Business Review, 22(4), 736-753. Winton, A. & Yerrarnilli, V. (2008). Entrepreneurial finance: Banks versus venture capital. Journal of Financial Economics, 88 (1), 51-79. Wong, L.H. (2009). Venture capital fund management. Kuala Lurnpur: Malaysian Venture Capital Association (MVCA). Wright, M. & Robbie, K. (1996). Venture capitalists, unquoted equity investment appraisal and the role of accounting information. Accounting and Business Research, 26(2), 153-168. Wright, M., Karsai, J., Dudzinski, Z. & Morovic, J. (1999). Transition and active investors: Venture capital in Hungary, Poland, and Slovakia. Post-Communist Economies, l, 27-46. Yang, F. & Heeman, P.A. (2010). Initiative conflicts in task-oriented dialogue. Computer Speech & Language, 24(2), 175-189. Yang, Y. (2012). Bilateral inter-organizational learning in corporate venture capital activity: Governance characteristics, knowledge transfer, and performance. Management Research Review, 35(5), 352-378. Yee, W.H., Lo, C.W.H. & Tang, S.Y. (2013). Assessing ecological modernization in China: Stakeholder demands and corporate environmental management practices in Guafigdong province. The China Quarterly, 213, 101-129. Yitshaki, R. (2008). Venture capitalist-entrepreneur conflicts: An exploratory study of determinants and possible resolutions. International Journal of Conflict Management, 19(3), 262-292. Yolles, M., Fink, G. & Frieden, B.R. (2012). Organisations as emergent normative personalities: Part 2, predicting the unpredictable. Kybernetes, 41(7/8), 1014-1049. Yuan, N. (2009). A brief analysis of the defects and countermeasures of the independent director system in China. International Journal of Law and Management, 51(4), 260-267. Yung, C. & Zender, J.F. (2010). Moral hazard, asymmetric information and IPO lockups. Journal of Corporate Finance, 16 (3), 320-332. Zakuan, N., Yusof, S.M., Mat Saman, M.Z., Shaharoun, A.M. & Laosirihongthong, T. (2012) The moderator effects of ISO/TS16949 certification in Thailand automotive industry. Procedia-Social and Behavioral Sciences, 40, 141-145. Zattoni, A. & Cuomo, F. (2010). How independent, competent and incentivized should non-executive directors be? An empirical investigation of good governance codes. British Journal of Management, 21, 63-79. Zeng, T. & Lin, H.C. (2006). Ownership structure and R&D spending: Evidence from China's listed firms. Chinese Management Studies, 5(1), 82-93. Zhang, J., Kuwano, M., Lee, B. & Fujiwara, A. (2009). Modeling household discrete choice behavior incorporating heterogeneous group decision-making mechanisms. Transportation Research Part B: Methodological, 43(2), 230-250. Zhang, Y. (2009). A study of corporate reputation's influence on customer- loyalty based on PLS-SEM model. International Business Research, 2(3), 28-35. Zhang, X. (2012). Venture capital investment selection decision-making base on fuzzy theory. Physics Procedia, 25, 1369-1375. Zsolnai, L. (2006). Extended stakeholder theory. Society and Business Review, 1(1), 37-44. Zu, X. & Kaynak, H. (2012). An agency theory perspective on supply chain quality management. International Journal of Operations & Production Management, 32(4), 423-446.

Similar Items