Board characteristics and IPO underpricing in China: The perspective of moderating effect of venture capitalists

被引：5
|
作者：
Wang, Shuangjin [1 ]
Wang, Puxuan [2 ]
Cebula, Richard J. [3 ,4 ]
Foley, Maggie [5 ]
机构：
[1] Tianjin Univ Commerce, Sch Management, Tianjin 300134, Peoples R China
[2] Univ Sydney, Business Sch, Sydney, NSW 2006, Australia
[3] George Mason Univ, Dept Econ, Fairfax, VA 22030 USA
[4] George Mason Univ, Ctr Study Publ Choice, Fairfax, VA 22030 USA
[5] Jacksonville Univ, Davis Coll Business & Technol, Jacksonville, FL USA
来源：
FINANCE RESEARCH LETTERS | 2023年 / 52卷
关键词：
Board of directors; Venture capitalists; IPO underpricing; Moderating effect; CORPORATE GOVERNANCE; PERFORMANCE; MANAGEMENT;
D O I：
10.1016/j.frl.2022.103491
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Using a sample of 863 offerings on the ChiNext Market in China from 2009 through 2020, this study explores the roles of the board of directors and the moderating effects played by venture capitalists on IPO underpricing. The study finds that board reputation and board members' experiences could lower the degree of IPO underpricing. There is a U-shaped relationship between IPO underpricing and board independence. The participation of venture capitalists tends to weaken the role of the board on reducing IPO underpricing. The ownership of venture capitalists has a modest impact on the relationship between IPO underpricing and board characteristics.
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页数：15
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