{"title":"Institutions and IPO activity: a multi-country study","authors":"J. L. Rivas, Mercedes Adamuz","doi":"10.1108/MRJIAM-09-2018-0862","DOIUrl":null,"url":null,"abstract":"\nPurpose\nThe purpose of this paper is to analyze the differential effects that institutions have on country IPO activity.\n\n\nDesign/methodology/approach\nWith a sample of 64 countries over a 15-year period (2000-2014), the authors test the variables rule of law, uncertainty avoidance and masculinity on subsamples of developed (27) and emerging (37) countries to explore their influence on domestic IPO activity level.\n\n\nFindings\nFor developed countries, only uncertainty avoidance and masculinity are significant. Within emerging countries, it is uncertainty avoidance and rule of law that are significant.\n\n\nResearch limitations/implications\nUsing different country classification frameworks could yield more detailed and focused results on the influence that country-level variables have on IPO activity.\n\n\nPractical implications\nMultinational firms could use these findings for decisions related to their potential subsidiary IPOs.\n\n\nOriginality/value\nThis is a novel empirical work relating institutions to IPO activity, using emerging and developed country subsamples. It also focuses on IPO activity instead of IPO underpricing/performance and contributes to extend the scope of the IPO literature to global non-Anglo contexts.\n","PeriodicalId":45321,"journal":{"name":"Management Research-The Journal of the Iberoamerican Academy of Management","volume":"1 1","pages":""},"PeriodicalIF":1.4000,"publicationDate":"2019-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Management Research-The Journal of the Iberoamerican Academy of Management","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1108/MRJIAM-09-2018-0862","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"MANAGEMENT","Score":null,"Total":0}
引用次数: 1
Abstract
Purpose
The purpose of this paper is to analyze the differential effects that institutions have on country IPO activity.
Design/methodology/approach
With a sample of 64 countries over a 15-year period (2000-2014), the authors test the variables rule of law, uncertainty avoidance and masculinity on subsamples of developed (27) and emerging (37) countries to explore their influence on domestic IPO activity level.
Findings
For developed countries, only uncertainty avoidance and masculinity are significant. Within emerging countries, it is uncertainty avoidance and rule of law that are significant.
Research limitations/implications
Using different country classification frameworks could yield more detailed and focused results on the influence that country-level variables have on IPO activity.
Practical implications
Multinational firms could use these findings for decisions related to their potential subsidiary IPOs.
Originality/value
This is a novel empirical work relating institutions to IPO activity, using emerging and developed country subsamples. It also focuses on IPO activity instead of IPO underpricing/performance and contributes to extend the scope of the IPO literature to global non-Anglo contexts.
期刊介绍:
Management Research welcomes papers, including cross-disciplinary work, on the following areas (but is not limited to): • Human Resource Management • Strategic Management • Organizational Behaviour • Organization Theory • Corporate Governance • Managerial Economics • Cross Cultural Management.