Strategically camouflaged corporate governance in IPOs: Entrepreneurial masking and impression management

Benson, David; Brau, James C.; Cicon, James; Ferris, Stephen P.

doi:10.1016/j.jbusvent.2015.03.001

Cited by 42 publications

(38 citation statements)

References 142 publications

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“…9 A high dispersion in the distribution of terms is observed in natural language processing. 10 See, for example, Ritter (1984), Beatty and Welch (1996), Ljungqvist, Jenkinson, and Wilhelm (2003), Park, Borah, and Kotha (2017), Guldiken et al (2017), Bajo and Raimondo (2017), Benson et al (2015), Bertoni, Meoli, and Vismara (2014), Akyol et al (2014), Loughran and McDonald (2013), Ferris et al (2013), Ekkayokkaya and Pengniti (2012), and Liu and Ritter (2011). 11 Higher first-day returns imply more underpricing for the initial offer.…”

Section: Discussionmentioning

confidence: 99%

Governance, sentiment analysis, and initial public offering underpricing

González

Guzmán²,

Tellez‐Falla

et al. 2019

Corporate Governance

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Research Question/Issue: What is the relationship between governance, tone in language, and underpricing of initial public offerings (IPOs) in Latin America?Research Findings/Insights: We find a positive (negative) and statistically significant relationship between board size (board independence) and IPO underpricing at the time firms go public. But more importantly, when interacting with corporate governance variables at the firm level, uncertainty in tone still shows statistical significance, which suggests that tone in communications matters for underpricing independently of governance provisions at the firm level.Theoretical/Academic Implications: Bigger boards seem to lead to greater underpricing, whereas more independent boards mitigate it. This finding stresses the relevance of functional convergence in regions with weak institutions such as Latin America. Our results also suggest that tone matters for underpricing even in firms with good governance practices. We argue that tone in corporate communications is a strong signaling mechanism for market participants.Practitioner/Policy Implications: Our results suggest that tone in firms' communications is relevant for market valuation. In the context of family firms in an underresearched context such as Latin America, we show that reputation effect is priced by the market valuation of the IPO.

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Section: Discussionmentioning

confidence: 99%

Governance, sentiment analysis, and initial public offering underpricing

González

Guzmán²,

Tellez‐Falla

et al. 2019

Corporate Governance

View full text Add to dashboard Cite

show abstract

“…Still, they can be a double-edged sword. For example, an entrepreneurial approach to integration may drive negative reactions due to associated uncertainty and unclear communication (e.g., Benson, Brau, Cicon, & Ferris, 2015), and negative emotions that contribute to lower acquisition performance (cf. Larsson & Finkelstein, 1999;Sinkovics et al, 2011;Van den Steen, 2010;.…”

Section: Theoretical Developmentmentioning

confidence: 99%

Entrepreneurial Integration Skills: Knowing What You Acquire to Integrate It

Bauer

Schriber

King

et al. 2016

Technology, Innovation, Entrepreneurship and Competitive Strategy

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Acquisition integration is important to realize synergies and to achieve acquisition success. However, there is a lack of clarity on pertinent integration approaches suggesting that integration is more complex and dynamic than traditionally assumed. In this chapter, we shed light on ambiguous cause effect relationships by investigating the effect of integration related decisions on intermediate goals. Additionally, we argue that entrepreneurial integration skills, or proactivity under ambiguity, are needed to keep pace with the dynamism inherent in acquisition integration. Based on primary data on 116 acquisitions, we find that entrepreneurial integration skills can display both advantages and disadvantages. While it helps to realize expected and serendipitous synergies, it can also trigger employee uncertainty due to decreased transparency. In supplementary analysis, we show measures to outperform with various Mergers and Acquisitions, Entrepreneurship and Innovation Technology, Innovation, Entrepreneurship and Competitive Strategy, Volume 15, 1À29

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“…A long line of research on entrepreneurial impression management establishes that the ability to present their ventures in a favorable light is a key attribute of successful entrepreneurs (Benson, Brau, Cicon & Ferris, 2015). Impression management refers to acts and behaviors that individuals use to influence the perceptions of others in pursuit of a specific goal (Goffman, 1959;.…”

Section: Introductionmentioning

confidence: 99%

Leaders’ Image Concerns Is Moderator to Interfere with Leader Career Role and Leader Impression Management

Lin

2016

IJBM

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There is no same image who displayed out in the world because Leader career roles developed always leans on personal character, but it could describe as each person trend to play some a particular role. However the career role developed by nature and environment, impression management upon nurture education and skill training meanwhile involve with final result so that this work supposes career role would significant influence impression management. Hence image could be control if who would like to mold into a particular image on purpose for achievement. In addition to leaders in organization always have more pressure than employees whether performance or profit especial in such economic hardship. So that this work assumes leader career role significant affect to leader impression management and leaders' image concerns is moderator to interfere with the relationship of these two aspects. At last this work assays hypotheses successful via structural equation modeling. According to the result, this work looks forward to make industries to clear up management problem and digs out more potential crises.

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Strategically camouflaged corporate governance in IPOs: Entrepreneurial masking and impression management

Cited by 42 publications

References 142 publications

Governance, sentiment analysis, and initial public offering underpricing

Governance, sentiment analysis, and initial public offering underpricing

Entrepreneurial Integration Skills: Knowing What You Acquire to Integrate It

Leaders’ Image Concerns Is Moderator to Interfere with Leader Career Role and Leader Impression Management

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