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Initial Public Offering (IPO) is a major milestone for a company. It allows a private company to issue shares to a much broader group of investors and become public. But conclusive evidence of the driving forces behind investors’ demand is yet to be identified. Therefore, the major purpose of this study is to assess the level of investors’ demand in IPO and how investors’ demand in IPOs is affected.

The study will employ 80 IPO companies of a Muslim-majority country, Bangladesh, starting from 2013 to 2021 with application of linear and quantile regressions. Apart from that, t-test will be used to compare means of groups of Shariah-compliant and non-Shariah-compliant firms and IPOs under fixed-price and book-building mechanism.

Oversubscription is higher for IPOs issued through fixed-price method compared to book-building method, but no significant difference is found in oversubscription for Shariah firms compared to non-Shariah firms based on t-tests. The authors found IPO size, firm size, IPO risk, proportion of shares offered to public, and bank interest rate to have significant impact on the IPO demand. Some models found non-Shariah compliance status of IPO companies to be a significant factor for the investors to demand IPO. Quantile regression results found board independence to have a positive association with larger, less-subscribed firms and board size to have a negative relation with IPO demand, for smaller firms with high demand.

Future studies may apply the findings to other settings, especially into the reasons behind preference for non-Shariah-compliant firms and higher demand for IPOs during higher interest rate. Equity issuing firms and issue managers can benefit from this study by wisely deciding on the proportion of shares for public, issue size and board of director composition. Shariah considerations cannot be ignored given that more information on Shariah compliance is disseminated among investors despite current non-preference for Shariah-compliant IPOs. On the other hand, institutional investors and general investors should consider firm-specific, governance and macroeconomic factors in IPO investment. Likewise, regulators would do well to bring in quality IPOs with characteristics mentioned in this study for ensuring stability of the market.

The main contribution of the study is identifying determinants of IPO demand: faith, governance, macro issues – understanding whether one or many of the above factors drive investor demand in IPOs of a Muslim-majority country will be the main contribution.

Press reports have indicated that firms frequently underprice restricted stock and employee stock options. I test for underpricing of stock and options.

I examined a sample of 5,333 private firm stock and option issuances between 1985 and 2017. I tested for underpricing using two approaches: assuming investors have no special market-timing ability and assuming instead they have perfect market-timing ability.

I find evidence of widespread stock and option underpricing by private firms before they go public reflecting large discounts that exceed reasonable compensation for lack of marketability. Unreported underpricing is more frequent in the last pre-IPO private equity transactions that offer the last opportunity to give such discounts before the stock is publicly traded, but the discounts are greater in the earlier pre-IPO transactions where unreported discounts are presumably tougher for the SEC to detect. Underpricing is still detected even when the actual DLOMs are tested against a benchmark that assumes investors have perfect market-timing ability.

Firms frequently underprice restricted stock and employee stock options. Firms tend to underprice stock options more frequently than restricted stock, but restricted stock tends to be priced at deeper discounts when recipients are assumed not to have any special market-timing ability.

Private firms issue restricted stock and options as incentive compensation. Lowballing the valuation transfers wealth from outside stockholders to employees/insiders. Wealth transfers take place through the issuance of equity claims to employees/insiders before firms go public. I found that more than a quarter of the DLOMs exceed the theoretical maximum by, on average, between 16% (median) and 20% (mean). This finding raises two questions worthy of investigation. First, to what extent do the frequency and magnitude of DLOMs above the theoretical maximum depend on whether a board of directors obtains an independent appraisal of a stock’s fair market value? Second, if DLOMs above the theoretical maximum are observed even when the stock is independently appraised, how do appraisers justify such large DLOMs?

The wealth transfers that take place through the issuance of equity claims to employees/insiders before firms go public benefit employees/insiders at the expense of outside shareholders.

My paper is the first to furnish evidence of widespread stock and option underpricing by private firms before they go public; demonstrate that the unreported underpricing is more frequent in the last pre-IPO private equity transactions that offer the last opportunity to give such discounts before the stock is publicly traded and show that the discounts are greater in the earlier pre-IPO transactions where unreported discounts are presumably tougher for the SEC to detect.

Knowledge sharing is critical to creating value in platform ecosystems. However, participants refrain from sharing knowledge and even engage in free-riding behavior, thereby causing the value co-destruction of the platform ecosystems. To encourage knowledge sharing among participants, it is essential to analyze the influencing factors and decision-making mechanisms of knowledge sharing in the platform ecosystems.

The study investigated the issue of knowledge sharing among participants in platform ecosystems, based on the stochastic differential game model. Considering the uncertain factors, the Nash non-cooperative game, Stackelberg leader-follower game, and cooperative game models were proposed. By utilizing system dynamics and numerical simulations, the key influencing factors and mechanisms of knowledge sharing were deeply explored, consequently providing game solutions to achieve the Pareto optimality of the ecosystem.

Participants' innovation capability and the marginal benefits of knowledge-sharing positively impact knowledge-sharing decisions, while the environmental knowledge decay rate has a negative influence. The platform subsidy mode enhances the knowledge-sharing effect, and the collaborative cooperation mode can realize the Pareto optimization of the system.

The research findings will provide theoretical support for fostering knowledge innovation and sustainable development of platform ecosystems. Managers should cultivate an innovative environment, establish fair reward mechanisms, and utilize subsidies to promote knowledge sharing, leading to higher value creation.

Utilizing the stochastic differential game model, the study proposed various game-theoretic frameworks to analyze participants' knowledge-sharing strategies. The integration of system dynamics and numerical simulations provides a practical approach to understanding the key influencing factors and decision-making processes.

The present study investigates information-sharing behaviour and awareness of students towards the infringement of copyright and associated rights while information sharing. The purpose of this study is to seek answers to the issue of whether or not students infringe on the rights of others and, if they do, whether they do so deliberately or unwittingly. Even though the Copyright Act and copyrighted works are often disregarded, students, teachers and peers are long-term trading and adapting new e-resources for their use.

The study collected data from students in India through a survey using Google Forms from January 2022 to May 2022. It analysed it using SPSS software to identify behaviour patterns, trends and factors influencing actions and awareness regarding potential copyright issues during data sharing.

The study finds that many students in India engage in copyright infringement, either deliberately or unwittingly. Many students are unaware of copyright laws and regulations and do not understand the consequences of their actions.

The study’s findings are limited to students in Tamil Nadu, India, and may not represent students in other countries or regions. The findings can inform policies and educational programmes that promote ethical and legal behaviour among students and help reduce the incidence of copyright infringement.

This study’s originality and value stem from its unique approach of merging information sharing, seeking and copyright concepts.

The purpose of this paper is to investigate what factors can affect individuals’ knowledge sharing on social media from the perspectives of personality traits and social capital.

A theoretical model was developed with reference to the personality traits theory and the social capital theory. Accordingly, a questionnaire was designed to collect the individuals’ ideas on knowledge sharing on social media and further test the model. The questionnaire was then distributed to two LINE groups. Finally, the collected data were analyzed using the partial least squares (PLS) approach.

Personality traits not only directly affect knowledge sharing, but also indirectly influence it via social capital. Of all personality traits, agreeableness, openness and extraversion directly and indirectly influence knowledge sharing.

Knowledge sharing is undertaken by individuals and social groups. It starts with individuals and then diffuses to other members of a group.

Group managers have to identify the members who are friendly, open-minded or extroverted and encourage them to act as the bellwethers for knowledge sharing under an effective regulatory regime, through which intra-group knowledge sharing can be promoted.

This study introduces a new model to explore knowledge sharing on social media from individual and social perspectives. It illustrates what will affect individuals’ knowledge sharing on social media.

This study aims to explore how multinational lead buyers can play an active role in ensuring worker voices in garment supplier factories where workers have limited space to raise their voices, and how buyers’ involvement increases the possibilities of worker voices mitigating barriers to social dialogues and enhancing mutual interests of buyers and workers in garment factories.

Using a qualitative research approach and multiple embedded case study method, this study considered buyer−supplier dyads as the unit of analysis, i.e. two multinational lead buyers and their four corresponding suppliers in the garment industry of Bangladesh. Focus group discussion and key informant in-depth interviews were techniques applied to collect factory-level data, and within and cross-case analysis techniques were applied to develop an overall understanding.

The results of this study reveal that the opportunities for workers to voice their concerns through social dialogue in garment supplier factories are limited due to various obstacles. Similarly, the role of multinational lead buyers in addressing these issues is found to be less than ideal. This study also shows that buyers can take short-term and long-term initiatives to ensure social dialogues. Moreover, this study presents how social dialogues can meet the expectations of multinational buyers and their garment suppliers.

While this study focuses exclusively on the garment industry, similar scenarios also exist across a multitude of other industries. Thus, future research could extend this study’s scope to various sectors, providing a more comprehensive understanding of the general state of worker voices in Bangladesh. This study stands to make significant contributions to literature in the fields of global value chains, human relations and international business. It will pose critical perspectives on how upstream value chain suppliers can fortify worker rights through social dialogue, and elucidate the means and motives for lead buyers to play a more active role in this endeavour.

This study is distinct in its approach, integrating buyer−supplier roles to pave the way for enhanced worker voice opportunities through social dialogue in garment supplier factories.

The purpose of this study is to see if market timing predicts the first reporting of earnings performance after the issue, i.e. the issue-year earnings performance. Furthermore, this study examines the behaviour of financial and non-financial issuers’ performance in the light of varied market timings.

This study focuses on 785 NSE-listed initial public offerings that took place between April 2010 and December 2021. This study evaluates market timing by using moving averages. Using multiple regression analysis, the research further investigates the impact of market timing on issue-year earnings performance for financial and non-financial issuers on the basis of an interaction (moderation) effect.

This study finds that there is a significant presence of market timing in India, which predicts issue-year earnings performance. This study also demonstrates that hot market issuers’ performance is heavily influenced by market timing for non-financial issuers only. However, financial companies are not influenced by market timing.

The findings of this study will assist the potential investors, analysts and stakeholders about performance of public issuers in India. Lower earnings performance for hot market non-financial issuers implies that the issuers’ market performance may not be supported by earnings figures. A market performance that is not synchronous with earnings will not last long. The findings of this study hold implications to the regulators as well to keep an eye on issuers’ earnings performance alongside the stock performance. Apart from that, the observations in context of financial and non-financial issuers provide insight about the variation in performance of public issues on the basis of background.

To the best of the authors’ knowledge, this is the only study to examine earnings performance in the context of market timing in India. This study holds significance in terms of methodology for anticipating the presence of market timing and the study of interaction effects. Moreover, it is one of the few studies that has focused on comparing financial and non-financial issuers around the world.

In public firms, the largest shareholder can make decisions on cash dividends in favor of its own interests at the expense of other investors. While the second largest shareholder can actively participate in corporate governance and protect the interests of investors, its impact has not been fully understood. This research investigates how shareholding ratio and ownership type of the second largest shareholder moderate the relationship between controlling shareholder's shareholding ratio and cash dividends.

The authors conducted econometrics analysis based on a panel data of China's A-share listed companies from 2007 to 2017.

The authors find that the controlling shareholder's shareholding ratio has a significant negative impact on cash dividends. However, this influence is conditional on the shareholding ratio of the second largest shareholder. The negative impact is weakened when the second largest shareholder holds a large proportion of shares or when the shareholding gap between the second largest and the controlling shareholder is small.

This research extends the existing literature by highlighting the nuanced moderating effect of the second largest shareholder on the relationship between the controlling shareholder and cash dividends, thus making a unique contribution to the understanding of corporate governances in the emerging financial market in China.

The purpose of this paper is to explore the connection between initial public offerings (IPOs) and knowledge management (KM). Specifically, the manuscript critically examines the literature on IPOs and KM underlying how KM practices influence the IPO processes of companies.

The authors employ a systematic literature review methodology to identify and thematically investigate 21 articles published in journals by the Chartered Association of Business Schools (ranked 2, 3, 4, 4*).

This research sheds new light on the relevance of KM practices in the context of IPOs. Specifically, the authors identify four crucial aspects concerning companies that opt for an IPO: (i) reasons for IPO and the role of KM; (ii) IPO process and the role of KM; (iii) underpricing and the role of KM; (iv) post-IPO and the role of KM.

This paper shows the pivotal role of effective KM strategies in fostering a successful IPO. Additionally, it provides practical recommendations for companies seeking to effectively harness their intellectual assets during the IPO process.

The objective of the study is to investigate the factors that differentiate long-term shareholder value (LTSV) creating firms from LTSV destroying firms.

Through the review of literature, the hypothesis for the study is developed. To test the hypothesis, the study collects data from S&P BSE 500 companies listed in Bombay Stock Exchange (BSE). Based on the average overall return to shareholders for the period from year 1991 to 2019, the study identifies top 25 LTSV creating and LTSV destroying firms. The top 50 firms form the basis of this study. The study uses descriptive statistics and independent sample t-test to test the hypothesis of the study.

Among the variables investigated such as capital management policy and effective capital management practices, business and financial strategy, intellectual capital strategy, relational capital strategy and human capital strategy, the study found effective capital management and governance as a long-term source of value for shareholders.

The study highlights the importance of inclusion of value-relevant information in the annual report of the company. The study also supports the proposition that discretionary disclosure of intangible assets is relevant for the market to enable market participants to reasonably comprehend the fair value of the firm.

Adoption of a reporting framework that ensures the availability of all value-relevant information including off-balance-sheet resources is in the interest of the investors and policymakers alike.

This is a first such study exploring the value-relevant information and the source of long-term value for listed firms.