How Different Institutional Logics Affect the Female CEO Gender Effect on IPO Underpricing in China

Yu Luna Liu, Haemin Dennis Park, S. Ramakrishna Velamuri

Research output: Contribution to journalArticlepeer-review

8 Scopus citations

Abstract

Female entrepreneurs and CEOs generally face greater challenges in securing funding to exploit entrepreneurial opportunities, yet contextual factors under which such challenges are more likely to arise are less understood. We find that female-led initial public offerings (IPOs) incur greater IPO underpricing, but this effect is moderated by their ownership structure, reflecting different institutional logics in which these firms operate. Specifically, the positive relationship between female CEOs and IPO underpricing is attenuated by venture capitalist ownership, whereas such a relationship is exacerbated by state ownership. Based on a sample of 958 IPOs in China between 2009 and 2015, this study corroborates these findings.

Original languageEnglish
Pages (from-to)451-477
Number of pages27
JournalEntrepreneurship: Theory and Practice
Volume48
Issue number2
DOIs
StatePublished - Mar 2024

Keywords

  • CEO gender
  • IPO underpricing
  • state-owned enterprises
  • venture capital

Fingerprint

Dive into the research topics of 'How Different Institutional Logics Affect the Female CEO Gender Effect on IPO Underpricing in China'. Together they form a unique fingerprint.

Cite this