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

• 成果类型: Article
• 署名作者: 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
• 署名单位: Old Dominion University; INSEAD Business School; Bocconi University; University of Erfurt; University of Southampton; University of Wyoming; University of Melbourne; University of New Brunswick; Lund University; Universidad de Valladolid; Galatasaray University; Vlerick Business School; Ghent University; Northeastern University; Instituto Tecnologico Autonomo de Mexico; State University System of Florida; Florida International University; University of Groningen
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.2275
• 发表日期: 2015
• 页码: 1174-1185
• 关键词: IPO underpricing; corporate governance; knowledge-based view; cross-national sample; multilevel models

摘要

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. Copyright (c) 2014 John Wiley & Sons, Ltd.