Corporate governance and IPO underpricing in a cross-national sample: A multilevel knowledge-based view
(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.
Please use this url to cite or link to this publication:
https://lup.lub.lu.se/record/7790710
- author
- organization
- publishing date
- 2015
- type
- Contribution to journal
- 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 Inc.
- 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
- 2016-04-01 14:45:10
- date last changed
- 2024-01-10 08:07:22
@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}}, keywords = {{IPO underpricing; corporate governance; knowledge-based view; cross-national sample; multilevel models}}, language = {{eng}}, number = {{8}}, pages = {{1174--1185}}, publisher = {{John Wiley & Sons Inc.}}, 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}}, doi = {{10.1002/smj.2275}}, volume = {{36}}, year = {{2015}}, }