The browser you are using is not supported by this website. All versions of Internet Explorer are no longer supported, either by us or Microsoft (read more here: https://www.microsoft.com/en-us/microsoft-365/windows/end-of-ie-support).

Please use a modern browser to fully experience our website, such as the newest versions of Edge, Chrome, Firefox or Safari etc.

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

På svenska

Author

  • 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
Show all

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.

Department/s

Publishing year

2015

Language

English

Pages

1174-1185

Publication/Series

Strategic Management Journal

Volume

36

Issue

8

Document type

Journal article

Publisher

John Wiley & Sons Inc.

Topic

  • Business Administration

Keywords

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

Status

Published

ISBN/ISSN/Other

  • ISSN: 0143-2095