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

被引：50

作者：

Judge, William Q. ^{[1
]}

Witt, Michael A. ^{[2
]}

Zattoni, Alessandro ^{[3
]}

Talaulicar, Till ^{[4
]}

Chen, Jean Jinghan ^{[5
]}

Lewellyn, Krista ^{[6
]}

Hu, Helen Wei ^{[7
]}

Shukla, Dhirendra ^{[8
]}

Bell , R. Greg ^{[9
]}

Gabrielsson, Jonas ^{[10
]}

Lopez, Felix ^{[11
]}

Yamak, Sibel ^{[12
]}

Fassin, Yves ^{[13
]}

McCarthy, Daniel ^{[14
]}

Rivas, Jose Luis ^{[15
]}

Fainshmidt, Stav ^{[16
]}

Van Ees, Hans ^{[17
]}

机构：

[1] Old Dominion Univ, Dept Management, Norfolk, VA 23529 USA

[2] INSEAD, Econ & Polit Sci Area, Singapore, Singapore

[3] SDA Bocconi Sch Management, Strateg & Entrepreneurial Management Dept, Milan, Italy

[4] Univ Erfurt, Dept Management & Org, Erfurt, Germany

[5] Univ Southampton, Ctr Accounting Finance & Int Banking, Southampton, Hants, England

[6] Univ Wyoming, Dept Management & Mkt, Laramie, WY 82071 USA

[7] Univ Melbourne, Dept Management & Mkt, Melbourne, Vic, Australia

[8] Univ New Brunswick, Management & Entrepreneurship Dept, Fredericton, NB, Canada

[9] Univ Dallas, Dept Management, Irving, TX USA

[10] Lund Univ, Ctr Innovat Res & Competence Learning Econ, Lund, Sweden

[11] Univ Valladolid, Dept Finance & Accounting, Valladolid, Spain

[12] Galatasaray Univ, Dept Management, Istanbul, Turkey

[13] Univ Ghent, Vlerick Business Sch, B-9000 Ghent, Belgium

[14] Northeastern Univ, Dept Management, Boston, MA 02115 USA

[15] ITAM Sch Business, Mexico City, DF, Mexico

[16] Florida Int Univ, Dept Management & Int Business, Miami, FL 33199 USA

[17] Univ Groningen, Fac Econ & Business, Groningen, Netherlands

来源：

STRATEGIC MANAGEMENT JOURNAL | 2015年 / 36卷 / 08期

关键词：

IPO underpricing; corporate governance; knowledge-based view; cross-national sample; multilevel models; ABSORPTIVE-CAPACITY; OWNERSHIP STRUCTURE; EXTERNAL KNOWLEDGE; FIRMS; CAPABILITIES; PERFORMANCE; MARKET; STOCK; US;

D O I：

10.1002/smj.2275

中图分类号：

F [经济];

学科分类号：

02 ;

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.

引用

页码：1174 / 1185

页数：12

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