Corporate governance and IPO underpricing in a cross‐national sample: A multilevel knowledge‐based view
运用知识基础观，分析17个国家的IPO抑价现象，发现董事会知识能降低抑价，而外部知识既替代又补充内部知识，为理解抑价成因和比较治理提供了新视角。
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.