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Networks connecting two important supporting institutions – law firms and venture capital partnerships – explain regions’ disparate abilities to sustain diverse high-technology ventures. In order to explain the diversity of entrepreneurial activity in a region, we distinguish between institutional capacity (the number of law firms and venture capitalists in a locale), strong interinstitutional connections that span legal and financial domains, and cohesive structural communities of directly and indirectly connected supporting organizations. We argue that strong connections and cohesive communities are essential, but little examined contributors to the development of diverse research-based economies. We find support for the argument in an empirical analysis of initial public offerings (IPOs) by U.S. high-technology companies in five industries between 1993 and 2005. Linking regional outcomes to strong ties that span local legal and financial institutions and to cohesive structures that weld them into communities offers new insights for research on the institutional and network underpinnings of entrepreneurship and regional economic development.

This study aims to improve the understanding of the relationship between organizational slack and firm performance for high technology initial public offerings (IPOs).

Using cluster analysis the paper investigates configurations of slack and their associated performance implications.

The findings indicate the existence of distinct configurations of slack resources and associated performance differences among the configurations. Implications of the findings for managerial practice and future research are discussed.

The purpose of this study is to extend slack measurement research by examining the slack and performance relationship in high‐technology IPOs from a configurational perspective.

The purpose of this paper is to explore the role of the top management team (TMT) in determining whether IPO firms in high-tech industry will engage in acquisitions during the post-IPO period.

The authors collect IPO and TMT data from firm prospectuses, and acquisition and financial data from Securities Data Company Platinum and Compustat, respectively. Poisson regression analysis is applied to test the effect of TMT characteristics on acquisition activity.

Using 135 IPO firms, the authors find evidence that TMT composition directly influences acquisition activity of IPO firms during the post-IPO period. Specifically, the authors find that TMT experience serving as members other firms’ boards and TMT experience in senior level management positions are both positively associated with acquisition activity. TMTs with prior IPO experience and TMTs with longer organizational tenures are negatively associated with acquisition activity.

This study is among the first to examine the impact of TMT demography on newly public firms’ acquisition activity. In doing so, it adds meaningfully to the understanding of the factors driving such firms’ strategic behavior.

Building on new venture internationalization, agency, and signaling theories, the purpose of this paper is to examine the relationship between the level of firm internationalization and initial public offering (IPO) performance. Further, the purpose of this paper is to evaluate the moderating role of firm ownership structure on this relationship.

The data set for this study is composed of 298 firms that made IPOs in years 1997, 1998, 2001 and 2002 in the US stock exchanges. The study utilizes hierarchical ordinary least squares (OLS) regression analyses to test its hypotheses. The model developed in this study identified IPO firm ownership structure as the moderator variable, IPO firm internationalization as the predictor variable, and underpricing as the criterion variable. This paper utilized robust regression modeling analyses available in Stata to analyze the data and test their hypotheses.

Results based on data collected from 298 IPO firms suggest that firm internationalization has a positive impact on IPO underpricing. Results also report that the relationship between firm internationalization and IPO underpricing is moderated by CEO and blockholder ownership, with the relationship being stronger in IPO firms with higher levels of CEO and blockholder ownership.

The current paper examines the impact of an IPO firm's internationalization prior to its going public on the subsequent performance of the IPO. In doing so, this paper seeks to help in resolving some of the apparent theoretical and empirical contradictions identified in literature. In addition, the introduction of IPO ownership structure as a moderator variable in the relationship between IPO firm internationalization and performance extends the applicability of agency theory to IPO firms and ensures a multi‐theoretic, finer‐grained conceptualization of this relationship.

In our 1983 paper, McKelvey and I (McKelvey & Aldrich, 1983) took the field of “organization science” to task for not paying sufficient attention to the scope conditions under which research findings are valid. (Today I would argue that the field also had not paid sufficient attention to matching theoretical ambitions with research designs.) We argued that the field fell short on three critical criteria: classifiability, generalizability, and predictability. We noted that samples of organizations were so poorly described that classifying them was impossible, that generalizations were being carelessly drawn, and that the predictive power of most theories was extremely weak.

To date there is little understanding of the factors that impact the survival of foreign IPOs after they list on US stock exchanges. In this study, we examine how foreign IPO survival is contingent on institutional factors associated with the firm’s home country. We also explore how corporate governance and organizational identity influence the survival of foreign IPOs in the United States. Results suggest that the US institutional environment supports foreign firms with more independent and professional leadership, and that knowledge-intense organizations have higher chances of long-term success after listing on US exchanges.

The purpose of this paper is to study whether there is correlation between valuation in initial public offering (IPO) and board composition, the ownership dispersion of top management teams (TMTs) and their human capitals, in entrepreneurial firms of China's new growth enterprise market (GEM). Also, it aims to evaluate the relative importance of various factors in determining initial public issuing value.

The SPSS 16.0 statistical package was used to perform the analysis. The authors compute descriptive statistics, calculate correlation coefficients for all variables and use multiple regression analysis test the hypothesis.

The paper shows that IPO valuation has significant positive correlation with board composition, significant negative correlation with TMT ownership dispersion, but it does not show significant correlation with TMT human capital. The empirical results also show that: the influence of variable “CEO also Founder” on IPO valuation is significant, which indicates that investors are concerned with the leadership of firms in IPO. Also the influence of the variable “underwriter prestige” on IPO valuation is also significant, but weaker, which indicates that investors still keep confidence in the well‐known underwriters for their vision and ability of judging the firms.

Based on the first batch of 28 entrepreneurial firms listed on Chinese GEM, the sample size is relative small. Also, the measure of TMT human capital, defined by the education degree level, is not an accurate rule in this paper.

Focusing on 28 new firms in China's new security market, this paper presents some interesting and new findings, by using data from the first batch of listed companies in China's GEM, which comprises many privately‐owned, high technology and entrepreneurial firms.

To test the effects of underpricing and share retention (i.e. the proportion of shares retained by the pre‐initial‐public‐offering (IPO) owners) on IPO aftermarket liquidity.

Uses both percentage spread and turnover ratio to measure liquidity. The percentage spread is the quoted bid‐ask spread divided by the quoted midpoint and measures the trading cost relative to share price. Turnover ratio is the daily trading volume divided by the number of shares offered and measures the speed of transaction. Both non‐parametric analyses and multiple regressions are conducted to investigate the effects of underpricing and share retention on liquidity.

Results indicate that initial return is positively related to turnover ratio and negatively related to percentage spread. These relations are significant even after controlling for other factors. Also finds that the pre‐IPO owners’ retention rate is positively related to turnover ratio and negatively related to percentage spread. High retention rates attract more trades, provide quality assurance, and improve IPO aftermarket liquidity.

This paper investigates the theoretical links between underpricing and liquidity and provides direct evidence on Booth and Chua's liquidity theory. In addition, this is one of the first empirical studies to analyze the effect of share retention on aftermarket liquidity.

This study aims to investigate the link between audit committee characteristics and the liquidity of initial public offerings (IPOs) in Malaysia, which is an emerging economy in Southeast Asia. Another purpose of this study is to examine the moderating effect of the revised Malaysian code of corporate governance (MCCG) on the link between audit committee characteristics and IPO liquidity.

The final sample consists of 304 Malaysian IPOs listed in 2002–2017. This study uses ordinary least squares regression method to analyse the data. To confirm this study’s findings, a hierarchical or four-stage regression analysis is used to compare the t-values of the main and moderate regression models.

The findings show that audit committee characteristics (size and director independence) have a positive and significant relationship with IPO liquidity. Also, the revised MCCG positively moderates the relationship between audit committee characteristics and IPO liquidity.

This study’s findings indicate that companies with higher audit committee independence have a more effective monitoring mechanism that mitigates information asymmetry, thus reducing adverse selection issues during share trading.

Policymakers could use the results of this study in developing policies for IPO liquidity improvements. Additionally, the findings are useful for traders and investors in their investment decision-making. For companies, the findings highlight the crucial role of the audit committee as part of the control system that monitors corporate governance.

To the authors’ knowledge, this work is a pioneering study in the context of a developing country, specifically Malaysia that investigates the impact of audit committee characteristics on IPO liquidity. Previously, the link between corporate governance and IPO liquidity had not been investigated in Malaysia. This study also contributes to the IPO literature by providing empirical evidence regarding the moderating effect of the revised MCCG on the relationship between audit committee characteristics and IPO liquidity.

This paper aims to explore the effects of entrepreneurial orientation (EO) on firm survival and examine whether founder chief executive officers (CEOs) are more effective than other types of managers at utilizing entrepreneurial orientation at initial public offerings (IPOs).

Using survival analysis the authors investigate the effects of EO on firm survival as well as the moderating role of founder CEOs.

The results suggest that EO increases post‐IPO survival. Further, founder‐CEOs moderate the EO‐survival relationship.

The paper shows that entrepreneurial orientation enhances long‐term survival in IPO firms. Survival is an important, though generally overlooked consideration in EO research. The paper also concludes that firms with founder CEOs are more likely to value and implement EO. Finally, the paper addresses calls for greater use of secondary measures of EO.