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

Judge, William Q.; Witt, Michael A.; Zattoni, Alessandro; Talaulicar, Till; Chen, Jean Jinghan; Lewellyn, Krista; Hu, Helen Wei; Shukla, Dhirendra; Bell (Robert), R. Greg and Gabrielsson, Jonas LU , et al. (2015) In Strategic Management Journal 36(8). p.1174-1185
Abstract
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.
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organization
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publication status
published
subject
keywords
IPO underpricing, corporate governance, knowledge-based view, cross-national sample, multilevel models
in
Strategic Management Journal
volume
36
issue
8
pages
1174 - 1185
publisher
John Wiley & Sons
external identifiers
  • wos:000357595800005
  • scopus:84936951114
ISSN
0143-2095
DOI
10.1002/smj.2275
language
English
LU publication?
yes
id
d76e0b69-1530-4c99-86a5-da634fd48c22 (old id 7790710)
date added to LUP
2015-09-03 15:26:33
date last changed
2017-09-24 04:12:09
@article{d76e0b69-1530-4c99-86a5-da634fd48c22,
  abstract     = {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.},
  author       = {Judge, William Q. and Witt, Michael A. and Zattoni, Alessandro and Talaulicar, Till and Chen, Jean Jinghan and Lewellyn, Krista and Hu, Helen Wei and Shukla, Dhirendra and Bell (Robert), R. Greg and Gabrielsson, Jonas and Lopez, Felix and Yamak, Sibel and Fassin, Yves and McCarthy, Daniel and Rivas, Jose Luis and Fainshmidt, Stav and Van Ees, Hans},
  issn         = {0143-2095},
  keyword      = {IPO underpricing,corporate governance,knowledge-based view,cross-national sample,multilevel models},
  language     = {eng},
  number       = {8},
  pages        = {1174--1185},
  publisher    = {John Wiley & Sons},
  series       = {Strategic Management Journal},
  title        = {Corporate governance and IPO underpricing in a cross-national sample: A multilevel knowledge-based view},
  url          = {http://dx.doi.org/10.1002/smj.2275},
  volume       = {36},
  year         = {2015},
}