The study compared venture-backed and non venture-backed companies going public in the U.S. It found that venture-backed firms had lower performance in the year of their IPO, but higher growth in the years leading up to it. Venture-backed firms had larger boards with more VCs involved, but fewer independent directors. They also had less CEO duality. Venture-backed firms tended to have higher IPO underpricing, except for the smallest firms. The study did not find a significant relationship between underpricing and firm performance or corporate governance.