Corporate governance and IPO underpricing in a cross-national sample: A multilevel knowledge-based view
Authors
Judge, William Q.Witt, Michael A.
Zattoni, Alessandro
Talaulicar, Till
Chen, Jean Jinghan
Lewellyn, Krista
Hu, Helen Wei
Shukla, Dhirendra
Bell Robert, R. Greg
Gabrielsson, Jonas
Lopez, Felix
Yamak, Sibel
Fassin, Yves
McCarthy, Daniel
Rivas, Jose Luis
Fainshmidt, Stav
Van Ees, Hans
Issue Date
2014-05-27
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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.Citation
Judge, W.Q., Witt, M.A., Zattoni, A., Talaulicar, T. et al. (2015) Corporate governance and IPO underpricing in a cross-national sample: A multilevel knowledge-based view, Strategic Management Journal, 36 (8), pp. 1174-1185. doi:10.1002/smj.2275Publisher
WileyJournal
Strategic Management JournalDOI
10.1002/smj.2275Additional Links
http://doi.wiley.com/10.1002/smj.2275Type
Journal articleLanguage
enISSN
01432095ae974a485f413a2113503eed53cd6c53
10.1002/smj.2275
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