Wealth and the effects of founder management among IPO-stage new ventures

被引：266
作者：
Certo, ST [1 ]
Covin, JG
Daily, CM
Dalton, DR
机构：
[1] Texas A&M Univ, Grad Sch Business, Lowry Mays Coll, Dept Management, College Stn, TX 77843 USA
[2] Indiana Univ, Kelley Sch Business, Bloomington, IN USA
来源：
STRATEGIC MANAGEMENT JOURNAL | 2001年 / 22卷 / 6-7期
关键词：
founder management; initial public offerings (IPOs); going public; underpricing;
D O I：
10.1002/smj.182
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
IPO underpricing is inherently related to both wealth retention and wealth creation. This paper reviews the relationship between IPO underpricing and wealth, then presents the results of an empirical study of the impact of CEO founder status (i.e., is the CEO also the founder?) on IPO underpricing Results based on data collected from 368 IPO-stage new ventures suggest that founder management has a positive impact on IPO underpricing and that the founder management-underpricing relationship is moderated by (a) the IPO market shave of the investment bunker employed and (b) the proportion of insiders on the IPO firm's board of directors. Copyright (C) 2001 John Wiley & Sons, Ltd.
引用
收藏
页码：641 / 658
页数：18
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