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

IF 7.8 1区管理学 Q1 BUSINESS

Entrepreneurship Theory and Practice Pub Date : 2023-04-30 DOI:10.1177/10422587231170210

Yu Luna Liu, H. Park, S. Velamuri

引用次数: 1

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.

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不同的制度逻辑如何影响中国女性CEO性别对IPO抑价的影响

女性企业家和首席执行官在获得资金以利用创业机会方面通常面临更大的挑战，然而，人们对更有可能出现这种挑战的背景因素了解较少。我们发现，女性主导的首次公开发行(IPO)会导致更大的IPO抑价，但这种影响受到其股权结构的调节，反映了这些公司运营的不同制度逻辑。具体而言，女性ceo与IPO抑价之间的正相关关系被风险资本所有权削弱，而这种关系被国有所有权加剧。本研究基于2009年至2015年中国958宗ipo的样本，证实了上述发现。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Entrepreneurship Theory and Practice BUSINESS-

CiteScore

19.00

自引率

12.40%

发文量

期刊介绍： Entrepreneurship Theory and Practice (ETP) is an interdisciplinary scholarly journal dedicated to conceptual and empirical research that advances, tests, or extends theory relating to entrepreneurship in its broadest sense. Article Topics: Topics covered in ETP include, but are not limited to: New Venture Creation, Development, Growth, and Performance Characteristics, Behaviors, and Types of Entrepreneurs Small Business Management Family-Owned Businesses Corporate, Social, and Sustainable Entrepreneurship National and International Studies of Enterprise Creation Research Methods in Entrepreneurship Venture Financing Content: The journal publishes articles that explore these topics through rigorous theoretical development, empirical analysis, and methodological innovation. ETP serves as a platform for advancing our understanding of entrepreneurship and its implications for individuals, organizations, and society.