How Different Institutional Logics Affect the Female CEO Gender Effect on IPO Underpricing in China-Reference-Cited by-同舟云学术

How Different Institutional Logics Affect the Female CEO Gender Effect on IPO Underpricing in China

Published:2023-04-30 Issue: Volume: Page:104225872311702
ISSN:1042-2587
Container-title:Entrepreneurship Theory and Practice
language:en
Short-container-title:Entrepreneurship Theory and Practice

Author:

Liu Yu Luna¹²^ORCID,Park Haemin Dennis¹^ORCID,Velamuri S. Ramakrishna³

Affiliation:

1. Organization, Strategy and International Management, Jindal School of Management, University of Texas at Dallas, Richardson, TX, USA

2. School of Business, Stevens Institute of Technology, Hoboken, New Jersey, USA

3. School of Management, Mahindra University, Hyderabad, India

Abstract

Female entrepreneurs and CEOs generally face greater challenges in securing funding to exploit entrepreneurial opportunities, yet contextual factors under which such challenges are more likely to arise are less understood. We find that female-led initial public offerings (IPOs) incur greater IPO underpricing, but this effect is moderated by their ownership structure, reflecting different institutional logics in which these firms operate. Specifically, the positive relationship between female CEOs and IPO underpricing is attenuated by venture capitalist ownership, whereas such a relationship is exacerbated by state ownership. Based on a sample of 958 IPOs in China between 2009 and 2015, this study corroborates these findings.

Funder

Cathay Private Equity Research Fund

Publisher

SAGE Publications

Subject

Economics and Econometrics,Business and International Management

Link

http://journals.sagepub.com/doi/pdf/10.1177/10422587231170210

Reference73 articles.

1. Why Research on Women Entrepreneurs Needs New Directions

2. Managerial Agents Watching other Agents: Multiple Agency Conflicts Regarding Underpricing in IPO Firms

3. Targets of Opportunity: Organizational and Environmental Determinants of Gender Integration within the California Civil Service, 1979-1985

4. Investment banking, reputation, and the underpricing of initial public offerings

5. Do women-owned businesses have equal access to angel capital?

Cited by 4 articles. 订阅此论文施引文献订阅此论文施引文献，注册后可以免费订阅5篇论文的施引文献，订阅后可以查看论文全部施引文献

1. Entrepreneurial finance and institutional logics in an emerging economy;International Small Business Journal: Researching Entrepreneurship;2024-04-23

2. Timing the transition: gender diversity’s role in family IPOs;Management Decision;2024-02-23

3. You scratch my back and i scratch yours: evidence from relationship-based bidding in IPO auctions;Review of Quantitative Finance and Accounting;2024-01-30

4. Financial Market Sustainability in a Dual-Track System: Venture Capital and Startups’ Speed of Passing;Sustainability;2023-07-17