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The theory presented suggests that underwriters are both advisors and independent agents in the issuerʼs attempt to send “signals” of quality to investors by making pre-IPO organizational changes. These pre-IPO gambits are intended to increase IPO proceeds, and preemptively address potential investor concerns that would deter them from subscribing. These organizational changes initially can financially benefit founders, early investors and underwriters. But they can also have a longterm impact that some issuers, especially founders, would prefer to avoid. Utilizing signaling and resource-based power, we find that underwriter power is significantly associated with making pre-IPO gambits and lower levels of underpricing.

Although the term interpersonal leadership has been well established within the literature, there remains a dearth of theoretically derived models that specifically address the comprehensive nature of the underlying leader behaviors and activities. The intent of the present article is to attempt to synthesize the existent leadership models, behaviors, and factors to arrive at a coherent conceptual model of interpersonal leadership that can inform efficient and effective leadership education programs. The resulting model included 13 primary factors integrated within a hierarchical framework. Leadership educators are recommended to adopt or adapt the proposed model while developing educational curriculum and interventions.