Moderating effects of founders' role on the influence of internationalization on IPO performance of listed companies in Thailand
Tharitsaya Kongkaew, Supa Tongkong and Sungworn Ngudgratoke
Previous research suggests that internationalization affects initial public offering (IPO) performance in the short term, but it less is known about the founders' role in the relationship between internationalization and IPO performance. The objectives of this study were to investigate moderating effects of the founders' role on the impact of internationalization on IPO performance of newly listed companies. The samples included 80 international firms listed in Thailand stock markets from 2013 to 2020. Multiple regression analysis was employed to test the effects of internationalization on IPO performance, and the PROCESS macro was applied to test the moderating effects. Founder CEO as a proxy of a founders' role was a moderator variable where internationalization was a predictor variable and IPO underpricing, a proxy of IPO performance, was the outcome variable. The results revealed that internationalization demonstrated no statistically significant effect on IPO underpricing. A non-founder CEO had a moderating effect on the influence of internationalization on IPO underpricing, whereas a founder CEO revealed no moderating effect. Specifically, internationalization had a negative effect on IPO underpricing once an international firm had a non-founder CEO. A decrease in IPO underpricing of international firm is clearly explained by the results of this study.
Year of publication: |
2021
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Authors: | Tharitsaya Kongkaew ; Supa Tongkong ; Sungworn Ngudgratoke |
Published in: |
International Journal of Financial Studies : open access journal. - Basel : MDPI, ISSN 2227-7072, ZDB-ID 2704235-2. - Vol. 9.2021, 3, Art.-No. 37, p. 1-16
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Subject: | founder CEO | initial public offering | internationalization | IPO underpricing | moderating effect | Börsengang | Initial public offering | Unternehmenserfolg | Firm performance | Thailand | Führungskräfte | Managers | Unternehmensgründung | Business start-up | Emissionskurs | Offering price | Aktiengesellschaft | Listed company | Underpricing | Multinationales Unternehmen | Transnational corporation | Börsenkurs | Share price | Globalisierung | Globalization |
Saved in:
freely available
Type of publication: | Article |
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Type of publication (narrower categories): | Aufsatz in Zeitschrift ; Article in journal |
Language: | English |
Other identifiers: | 10.3390/ijfs9030037 [DOI] hdl:10419/257782 [Handle] |
Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10012607529
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