Why does IPO activity vary across countries? This study proposes that the variation is attributable to differences in the overall quality of formal institutions and in the informal institutional effects of national culture directly and interactively. The empirical analysis of IPO activity in 45...

Investing in R&D is particularly relevant for firms competing in today’s globalized knowledge-based economy. This multilevel study offers a national culture perspective integrated with the behavioral theory of the firm to test whether outperforming industry peers motivates subsequent R&D...