Jose Luis Rivas' affiliation was changed on 17 October 2014 after online publication.
Corporate governance and IPO underpricing in a cross-national sample: A multilevel knowledge-based view
Article first published online: 27 MAY 2014
Copyright © 2014 John Wiley & Sons, Ltd.
Strategic Management Journal
Volume 36, Issue 8, pages 1174–1185, August 2015
How to Cite
Judge, W. Q., Witt, M. A., Zattoni, A., Talaulicar, T., Chen, J. J., Lewellyn, K., Hu, H. W., Shukla, D., Bell (Robert), R. G., Gabrielsson, J., Lopez, F., Yamak, S., Fassin, Y., McCarthy, D., Rivas, J. L., Fainshmidt, S. and Van Ees, H. (2015), Corporate governance and IPO underpricing in a cross-national sample: A multilevel knowledge-based view. Strat. Mgmt. J., 36: 1174–1185. doi: 10.1002/smj.2275
This article was first published online on 27th May 2014. Yves Fassin's affiliation was then corrected on 16th March 2015 after the original online publication.
- Issue published online: 3 JUL 2015
- Article first published online: 27 MAY 2014
- Accepted manuscript online: 12 APR 2014 03:02AM EST
- Manuscript Accepted: 2 APR 2014
- Manuscript Revised: 1 APR 2014
- Manuscript Received: 28 FEB 2012
- IPO underpricing;
- corporate governance;
- knowledge-based view;
- cross-national sample;
- multilevel models
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.