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Corporate governance and IPO underpricing in a cross-national sample: A multilevel knowledge-based view

In English

Författare

  • William Q. Judge
  • Michael A. Witt
  • Alessandro Zattoni
  • Till Talaulicar
  • Jean Jinghan Chen
  • Krista Lewellyn
  • Helen Wei Hu
  • Dhirendra Shukla
  • R. Greg Bell (Robert)
  • Jonas Gabrielsson
  • Felix Lopez
  • Sibel Yamak
  • Yves Fassin
  • Daniel McCarthy
  • Jose Luis Rivas
  • Stav Fainshmidt
  • Hans Van Ees
Visa allt

Summary, in English

Prior studies of IPO underpricing, mostly using agency theory and single-country samples, have generally fallen short. In this study, we employ the knowledge-based view (KBV) to explore underpricing across 17 countries. We find that agency indicators are insignificant predictors, board of director knowledge limits underpricing, and external knowledge both substitutes for and complements internal board knowledge. This third finding suggests that future KBV studies should consider how internal and external knowledge states interact with each other. Our study offers new insights into the antecedents of underpricing and extends our understanding of comparative governance and the KBV of the firm.

Avdelning/ar

Publiceringsår

2015

Språk

Engelska

Sidor

1174-1185

Publikation/Tidskrift/Serie

Strategic Management Journal

Volym

36

Issue

8

Dokumenttyp

Artikel i tidskrift

Förlag

John Wiley & Sons Inc.

Ämne

  • Business Administration

Nyckelord

  • IPO underpricing
  • corporate governance
  • knowledge-based view
  • cross-national sample
  • multilevel models

Status

Published

ISBN/ISSN/Övrigt

  • ISSN: 0143-2095