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

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 and Hans Van Ees

Strategic Management Journal, 2015, vol. 36, issue 8, 1174-1185

Abstract: type="main" xml:id="smj2275-abs-0001"> 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 © 2014 John Wiley & Sons, Ltd.

Date: 2015
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