What is it about?

The purpose of this paper is to analyze the differential effects that institutions have on country IPO activity. With a sample of 64 countries over a 15-year period (2000-2014), the authors test the variables rule of law, uncertainty avoidance and masculinity on subsamples of developed (27) and emerging (37) countries. For developed countries, only uncertainty avoidance and masculinity are significant. Within emerging countries, it is uncertainty avoidance and rule of law that are significant

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Why is it important?

Multinational firms could use these findings for decisions related to their potential subsidiary IPOs. This is a novel empirical work relating institutions to IPO activity, using emerging and developed country subsamples. It also focuses on IPO activity instead of IPO underpricing/performance and contributes to extend the scope of the IPO literature to global non-Anglo contexts

Perspectives

To the best of my knowledge this is one of the first articles to test the influence of institutions on a split sample of emerging and developed countries over an extended period of time (2000-2014)

Dr jose luis rivas
ITAM School of Business

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This page is a summary of: Institutions and IPO activity: a multi-country study, Management Research The Journal of the Iberoamerican Academy of Management, August 2019, Emerald, DOI: 10.1108/mrjiam-09-2018-0862.
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