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- W4200301722 abstract "Previous studies show culture has an impact on IPO underpricing. Can Confucianism being a traditional culture system in China affect underpricing of Chinese IPOs? If yes, through what channels? This paper affirms the impact of Confucianism on IPO underpricing using a large sample in China. Results show that Confucianism can reduce IPO underpricing. This effect is more pronounced for non-state-owned firms and firms located in regions with weak investor protection. To investigate which channels of Confucianism affecting underpricing, we find that Confucianism can improve financial reporting quality and stock price informativeness, which is consistent with information asymmetry channel. We also find that Confucianism at underwriter's headquarter can decrease issuing firms' underpricing, consistent with rent seeking channel. We also find that Confucianism can reduce managers' agency costs, which is consistent with agency cost channel. Our results hold after considering alternative proxies for underpricing and proxies for Confucianism, controlling for the influence of formal institutions or other informal institutions, and employing instrumental variables in two-stage least squares regression." @default.
- W4200301722 created "2021-12-31" @default.
- W4200301722 creator A5061578365 @default.
- W4200301722 creator A5066445273 @default.
- W4200301722 date "2022-02-01" @default.
- W4200301722 modified "2023-10-01" @default.
- W4200301722 title "Confucianism and IPO underpricing" @default.
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- W4200301722 doi "https://doi.org/10.1016/j.pacfin.2021.101701" @default.
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