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Draws on agency theory and stewardship theory, this study examines the behavior of founder-CEOs post-initial public offering (IPO) stage in terms of compensation, R&D investment, and financial performance.
The results obtained from a sample of 132 firm-year observations in the French market shows that there is no difference in compensation between founder-CEOs and non-founder-CEOs.
Founder Managed firms tend to invest more in R&D post-IPO.
The study finds that there is no difference in financial performance between founder-managed firms and professional manager.
Keywords: Founder-CEO, Executive Compensation, R&D, Corporate governance, financial performance.
Haythem Send is a Ph.D.
candidate in Management Sciences at ESSEC Tunis (University of Tunis), working on the returnee-entrepreneurs business creation.
Holder of master degree research in Entrepreneurship, He is also enrolled in the International Business Communication Master program at EMUNI University in Slovenia.
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