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Corporate governance and IPO underpricing in a cross-national sample: A multilevel knowledge-based view
Department of Management, Old Dominion University, Norfolk, Virginia, U.S.A..
Economics & Political Science Area, INSEAD, Singapore, Singapore.
Strategic and Entrepreneurial Management Department, SDA Bocconi School of Management, Milan, Italy.
Department of Organization and Management, University of Erfurt, Erfurt, Germany.
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2015 (English)In: Strategic Management Journal, ISSN 0143-2095, E-ISSN 1097-0266, Vol. 36, no 8, 1174-1185 p.Article in journal (Refereed) Published
Abstract [en]

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. © 2014 John Wiley & Sons, Ltd.

Place, publisher, year, edition, pages
Chichester: John Wiley & Sons, 2015. Vol. 36, no 8, 1174-1185 p.
Keyword [en]
IPO underpricing, corporate governance, knowledge-based view, cross-national sample, multilevel models
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hh:diva-26898DOI: 10.1002/smj.2275ISI: 000357595800005Scopus ID: 2-s2.0-84936951114OAI: oai:DiVA.org:hh-26898DiVA: diva2:759406
Note

An earlier version of this paper was presented at the 2011 Academy of International Business meetings in Nagoya, Japan.

Available from: 2014-10-29 Created: 2014-10-29 Last updated: 2015-08-25Bibliographically approved

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CiteExportLink to record
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Citation style
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