The role of national context in the relationship between founder CEO and IPO performance
研究了国家背景如何影响创始人CEO与IPO长期表现的关系，发现创始人CEO在管理自主权低、不确定性规避高、从众程度高的国家中表现更好。
Purpose Although founders are often replaced with external CEOs prior to firms making IPOs, firms that do retain founder CEOs generally perform better at IPO. However, this relationship may be contingent upon context. This study aims to investigate how national context influences the relationship between a founder CEO and IPO long-run performance. The authors hypothesize that founder-CEOs will perform better in IPO firms in countries where managerial discretion, future orientation, and the level of conformity to professionalize management are high, and uncertainty avoidance is low. Design/methodology/approach Using insights from the upper echelon and institutional theory, the authors used hierarchical linear modeling to analyze over 1,000 firms across eight countries. Findings Founder CEOs perform best in IPO firms in a national context where managerial discretion is low, uncertainty avoidance is high and the level of conformity is high. Originality/value This study contributes to a growing area of cross-national IPO research in management by investigating the relationship between culture, management and IPO performance.