scholarly journals Examining affective and cognitive discourse at the time of IPO: Effects on underpricing and the moderating role of entrepreneurial orientation

2016 ◽  
Vol 19 (2) ◽  
pp. 13-25 ◽  
Author(s):  
William Wales ◽  
Fariss-Terry Mousa
Keyword(s):  
Initial Public Offering ◽  
Entrepreneurial Orientation ◽  
Time Span ◽  
High Tech ◽  
Negative Effects ◽  
Cognitive Rhetoric ◽  
Initial Support ◽  
Public Offering ◽  
Moderating Role

This study presents evidence concerning the effects of affective and cognitive rhetoric on the underpricing of firms at the time of their initial public offering. It is suggested that firms that use less affective, and more cognitively oriented discourse in their IPO prospectus will experience better underpricing outcomes. We examine these assertions using a sample of young high-tech IPO firms where investors rely on prospectuses as accurate and informative firm communications. Results from a robust five-year time span observe initial support for the hypothesized effects. Moreover, the signaling of a higher degree of entrepreneurial orientation in the firm prospectus is found to worsen the negative effects of affective discourse

Earnings Management During Lockup in Explaining IPO Operating Underperformance

2015 ◽  
Vol 18 (01) ◽  
pp. 1550002 ◽  
Author(s):  
Tsai-Ling Liao ◽  
Chih-Jen Huang ◽  
Hsiao-Chi Liu
Keyword(s):  
Earnings Management ◽  
Initial Public Offering ◽  
High Tech ◽  
Return On Assets ◽  
Management Behavior ◽  
Reversal Effect ◽  
Public Offering ◽  
Lockup Expiration ◽  
The Relationship

This study examines the relationship between initial public offering (IPO) managers' earnings management behavior during lockup (measured with discretionary accruals, DAs) and operating performance following lockup expiration (measured with operating return on assets, OPROAs). Based on a U.S. IPO sample, the results indicate that DAs during lockup are significantly higher than after lockup expiration. In addition, the reversal effect of DAs results in a negative association of DAs in lockup with post-lockup OPROAs. This negative relation is primarily concentrated in small-sized, non-venture backed, high-tech, and hot-market issued IPOs and is consistent with prior findings that such IPO firms have poorer post-issue performance. The overall evidence supports the role of managerial earnings management behavior during lockup in explaining post-IPO operating underperformance.

scholarly journals The Effect of Formal and Informal External Collaboration on Innovation Performance of SMEs: Evidence from China

2020 ◽  
Vol 12 (22) ◽  
pp. 9636
Author(s):  
Chang Lu ◽  
Bo Yu
Keyword(s):  
Entrepreneurial Orientation ◽  
Innovation Performance ◽  
Organizational Legitimacy ◽  
High Tech ◽  
Moderating Effects ◽  
Positive Effects ◽  
External Collaboration ◽  
The Relationship ◽  
Moderating Role

External collaboration is an effective way for small and medium-sized enterprises (SMEs) to improve innovation performance and obtain sustainable competitiveness. This study focuses on the influence of external collaboration on innovation performance of SMEs. Specifically, this study classifies external collaboration into formal and informal external collaboration, and explores their different impacts on innovation performance of SMEs, respectively. Moreover, this study examines the moderating effects of managers’ entrepreneurial orientation and organizational legitimacy on the relationships between formal and informal collaboration and innovation performance of SMEs. Survey data from 213 high-tech manufacturing SMEs in China reveals that: (1) Both formal and informal external collaboration have positive effects on innovation performance of SMEs, and informal external collaboration offers greater benefits than formal external collaboration; (2) managers’ entrepreneurial orientation positively moderates the relationship between informal external collaboration and SMEs’ innovation performance; (3) organizational legitimacy positively moderates the relationships between formal and informal external collaboration and SMEs’ innovation performance. This study enriches the research on the relationship between external collaboration and innovation performance of SMEs, and advances the understanding of the contextual factors between formal and informal external collaboration-SMEs’ innovation performance relationships through elucidating the moderating role of managers’ entrepreneurial orientation and organizational legitimacy.

Entrepreneurial orientation in turbulent environments: The moderating role of absorptive capacity

2014 ◽  
Vol 43 (8) ◽  
pp. 1353-1369 ◽  
Author(s):  
Andreas Engelen ◽  
Harald Kube ◽  
Susanne Schmidt ◽  
Tessa Christina Flatten
Keyword(s):  
Absorptive Capacity ◽  
Entrepreneurial Orientation ◽  
Turbulent Environments ◽  
Moderating Role

Part I General Aspects, 2 The IPO Process, IPO Disclosure, and the Prospectus Regulation

2020 ◽  
Author(s):  
Teerink Han
Keyword(s):  
Initial Public Offering ◽  
The Other ◽  
Business Information ◽  
Other Hand ◽  
The One ◽  
General Aspects ◽  
Public Offering ◽  
The Right ◽  
Insight Into

This chapter offers insight into a typical initial public offering (IPO) process, highlighting key practical and legal considerations around disclosure, through the IPO prospectus and otherwise. The prospectus plays a key role in the preparations for, and execution of, an IPO. As an IPO prospectus typically constitutes a company's first public dissemination of financial and business information, the company and other parties involved in the IPO process must carefully consider the right balance between, on the one hand, drafting the IPO prospectus as a marketing document introducing the company and its business to potential investors, whilst, on the other hand, being able to use the prospectus as a disclosure document that protects the company against liability arising from claims from investors or others after the IPO. Here, the chapter summarizes the different phases in an IPO process and the most important documents and parties involved, focusing on the central role of the IPO prospectus. In addition, a number of changes resulting from the enactment of the Prospectus Regulation are likely to be of particular relevance to IPO processes. The expected impact of these changes is therefore also discussed.

ENTREPRENEURIAL ORIENTATION, PERFORMANCE AND THE MODERATING ROLE OF INSTITUTIONAL CAPITAL: A CASE STUDY OF FEMALE ENTREPRENEURS IN THAILAND

2019 ◽  
Vol 24 (02) ◽  
pp. 1950008
Author(s):  
CHONNATCHA KUNGWANSUPAPHAN ◽  
JIBON KUMAR SHARMA LEIHAOTHABAM
Keyword(s):  
Risk Taking ◽  
Entrepreneurial Orientation ◽  
Business Performance ◽  
Female Entrepreneurs ◽  
Policy Makers ◽  
Institutional Capital ◽  
The Relationship ◽  
Moderating Role

This study examines the relationship between entrepreneurial orientation of female entrepreneurs and business performance, and analyzes the moderating role of institutional capital on the entrepreneurial orientation-performance link. The results of the study highlight the important role of entrepreneurial orientation, including proactiveness, innovativeness and risk-taking, in directing business performance of female entrepreneurs and the complex interplay among entrepreneurial orientation variables. It also indicates that accessibility to institutional capital, through regulative, cognitive and normative dimensions, encourages female entrepreneurs to be more entrepreneurially oriented, thus leading to better business performance. In addition, this research proposes an integrated framework to guide policy makers on how institutional capital can play a crucial role in helping female entrepreneurs, stressing the importance of becoming entrepreneurial oriented and thus, achieving superior business performance.

Workplace ostracism and deviant behaviour among nurses: a parallel mediation model

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Imran Shafique ◽  
Ahmad Qammar ◽  
Masood Nawaz Kalyar ◽  
Bashir Ahmad ◽  
Anila Mushtaq
Keyword(s):  
Structural Equation ◽  
Self Esteem ◽  
Equation Modeling ◽  
Mediation Model ◽  
Negative Effects ◽  
Deviant Behaviour ◽  
Content Type ◽  
Workplace Ostracism ◽  
Moderating Role

Purpose The aim of this study is to examine the influence of workplace ostracism on deviant behaviour and testified the mediating roles of organisational identification, burnout and organisation-based self-esteem (OBSE) by using a parallel mediation model. Then, the moderating role of ingratiation in the interrelation between ostracism, the mediators and deviant behaviour is examined. Design/methodology/approach A survey questionnaire was used to collect data from nurses working in public sector hospitals in Pakistan. Nursing context is appropriate for the study because this occupation involves a greater extent of social interaction among peer nurses, doctors and administration in the provision of health services. A total of 417 nurses provided complete responses, and the study hypotheses were tested using the partial least squares structural equation modeling (PLS-SEM). Findings The study findings show that ostracism is positively related to deviant behaviour of nurses, indicating that workplace ostracism is an important predictor of deviant behaviour. Ostracised nurses experienced higher job burnouts and low OBSE as well as organisational identification. Results also show that ostracism promotes deviant behaviour by reducing OBSE and organisational identification. Moreover, results provide evidence that high ingratiation overcomes the detrimental effects of ostracism on both deviant behaviour and mediators. Originality/value The present study integrates the literature on ostracism and its attitudinal and behavioural outcomes and submits that ostracism negatively affects the attitudes of victims which in turn results in negative behavioural outcomes (i.e. deviant behaviour). This study also suggests ingratiation as a tactic to control the negative effects of ostracism.

Dynamic capabilities, innovation and branding capabilities and their impact on competitive advantage and SME's performance in Portugal: the moderating effects of entrepreneurial orientation

2020 ◽  
Vol 12 (3) ◽  
pp. 255-286
Author(s):  
Jorge Ferreira ◽  
Arnaldo Coelho
Keyword(s):  
Competitive Advantage ◽  
Entrepreneurial Orientation ◽  
Dynamic Capabilities ◽  
Exploration And Exploitation ◽  
Content Type ◽  
Mediating Role ◽  
And Performance ◽  
Positive Direct ◽  
Moderating Role

Purpose The purpose of this paper is to understand the impact of dynamic capabilities (DC) (in the view of exploration and exploitation) on competitiveness and performance, considering the mediating role the innovation capability (IC) and branding capabilities (BC)on competitive advantage and firm’s performance and the moderating role of entrepreneurial orientation (EO). Design/methodology/approach This investigation proposes a theoretical model tested using structural equation modelling (SEM). Multi-group analysis was performed to understand the moderating role of. A questionnaire survey was developed to explore the relations between DC and innovation variable. For this study, 387 valid questionnaires were collected from a sample of Portugal SME’ firms. A 90-item questionnaire which consists to study the relationships among all the variables. Findings The results show that exists a positive direct and indirect influence of DC on competitive advantage and performance variables and mediating impact the IC and BC. Research limitations/implications This study has some methodological limitations affecting its potential contributions. As a cross-sectional study that captures one image in time, its ability to identify strict causality between variables is limited. Furthermore, the results are based on log collected from a key respondent, rather than broader actual data. The results are restricted to one country, Portugal. Some variables, such as ICs, may play a different role in other countries. Future research should initially target different countries. Such research could then test the generalizability of the results. Practical implications This study has important implications for the managers. It highlights the necessity of firms to develop superior strategic orientation of all their members and to invest in better resources and consequently superior capabilities as a way of achieving high levels of firm performance. Another implication from the study is that the firms should develop their marketing programs by focusing on developing innovativeness. Originality/value This study contributes to the understanding of the indirect and direct impact of exploration and exploitation variables, and the mediating role of ICs and BC on the competitive advantage and performance and the moderating effect of EO.

scholarly journals The Impact of R&D Alliance on the Survival of Newly Listed High Tech Firms

2016 ◽  
Vol 6 (2) ◽  
pp. 197
Author(s):  
Vicar S. Valencia
Keyword(s):  
United States ◽  
Longitudinal Data ◽  
Financial Performance ◽  
Initial Public Offering ◽  
The United States ◽  
High Tech ◽  
Estimation Strategy ◽  
Public Offering ◽  
The Impact

This paper investigates the extent to which R&D alliance participation affects the survival performance of newly listed high tech firms. The estimation strategy identifies the impact through changes on a firm’s alliance status. Using longitudinal data on high tech firms that had an initial public offering in the United States, results suggest that R&D collaborating firms experience greater survival, relative to non-R&D collaborating firms. In particular, participation in an R&D alliance is associated with an attenuation of delistment due to poor financial performance.

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