Moderating Effects of Founders’ Role on the Influence of Internationalization on IPO Performance of Listed Companies in Thailand

Kongkaew, Tharitsaya; Tongkong, Supa; Ngudgratoke, Sungworn

doi:10.3390/ijfs9030037

Cited by 3 publications

(3 citation statements)

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“…In a recent work, Kongkaew et al (2021) focused on establishing the importance of the founder's role as moderator for the relationship between internationalization and IPO performance. They worked on 80 international firms listed from the period 2013 to 2020 on Thailand Stock Market.…”

Section: Related Workmentioning

confidence: 99%

A Performance based Ranking of Initial Public Offerings (IPOs) in India

Biswas

Joshi

2023

J. Decis. Anal. Int. Comp.

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In recent times, Indian Stock Market (ISM) has been witnessing a surge in the number of IPOs listed in stock exchanges. However, in many occasions it has been noticed that post-listing performance of several IPOs are below par to the expectations of the investors. IPO performance has been one of the major concerns. In this context, the present paper endeavours to carry out a comparative performance assessment of a list of IPOs. We consider a period of three years after listing. Our sample consists of a list of IPOs having heterogeneous nature of business operations and introduced in 2018. We consider two aspects of the performance such as market-based indicators and fundamental efficiency in terms of profitability, liquidity and risk. For comparison, LOgarithmic Percentage Change-driven Objective Weighting (LOPCOW) is used. The study period is considered as Fy 2020-21. The results reflect that for IPOs, market performance does not necessarily because of the fundamental efficiency. Further, we notice that the nature of equity ownership does not influence the market performance significantly. We surmise that during initial years, the performance of the IPOs at the marketplace is more driven by speculations and short-term goals of the investors. The result of validation test indicates that the ranking using LOPCOW method is comparable and consistent with a widely used model like Entropy.

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Section: Related Workmentioning

confidence: 99%

A Performance based Ranking of Initial Public Offerings (IPOs) in India

Biswas

Joshi

2023

J. Decis. Anal. Int. Comp.

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“…Amin et al, 2020;Certo et al, 2001). Previous studies confirm that CEO founder status can have both direct and indirect effects on IPO outcomes (Certo et al, 2001;Kongkaew et al, 2021;Talaulicar, 2020). Prior research based on institutional theory has investigated factors such as country of origin, economic freedom and quality of formal institutions (Costa et al, 2013;Lewellyn and Bao, 2014;Moore et al, 2010).…”

Section: Background 21 Literature Reviewmentioning

confidence: 99%

“…Certo et al (2001) examined the relationship between CEO founder status and IPO underpricing more than 20 years ago and there have been a sparse number of studies since. Kongkaew et al (2021) investigated how CEO founder status moderated the impact of internationalization on IPO underpricing. Yet, none of the prior studies have examined how CEO founder status affects IPO long-term performance, which is a critical knowledge gap given that CEO founders have been shown to impact their firms in the long run.…”

Section: Introductionmentioning

confidence: 99%

The role of national context in the relationship between founder CEO and IPO performance

Tupper

Mehta

2023

MBR

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Purpose Although founders are often replaced with external CEOs prior to firms making IPOs, firms that do retain founder CEOs generally perform better at IPO. However, this relationship may be contingent upon context. This study aims to investigate how national context influences the relationship between a founder CEO and IPO long-run performance. The authors hypothesize that founder-CEOs will perform better in IPO firms in countries where managerial discretion, future orientation, and the level of conformity to professionalize management are high, and uncertainty avoidance is low. Design/methodology/approach Using insights from the upper echelon and institutional theory, the authors used hierarchical linear modeling to analyze over 1,000 firms across eight countries. Findings Founder CEOs perform best in IPO firms in a national context where managerial discretion is low, uncertainty avoidance is high and the level of conformity is high. Originality/value This study contributes to a growing area of cross-national IPO research in management by investigating the relationship between culture, management and IPO performance.

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