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The impact of stakeholders’ temporal orientaton on short- and long-term IPO outcomes

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dc.contributor Aalto-yliopisto fi
dc.contributor Aalto University en
dc.contributor.author Engelen, Peter Jan
dc.contributor.author Heugens, Pursey
dc.contributor.author van Essen, Marc
dc.contributor.author Turturea, Roxana
dc.contributor.author Bailey, Nick
dc.date.accessioned 2020-04-28T06:31:34Z
dc.date.available 2020-04-28T06:31:34Z
dc.date.issued 2020-04
dc.identifier.citation Engelen , P J , Heugens , P , van Essen , M , Turturea , R & Bailey , N 2020 , ' The impact of stakeholders’ temporal orientaton on short- and long-term IPO outcomes : A meta-analysis ' , Long Range Planning , vol. 53 , no. 2 , 101853 . https://doi.org/10.1016/j.lrp.2018.10.003 en
dc.identifier.issn 0024-6301
dc.identifier.issn 1873-1872
dc.identifier.other PURE UUID: 32fae89f-954e-42b8-bb7f-be6221383330
dc.identifier.other PURE ITEMURL: https://research.aalto.fi/en/publications/32fae89f-954e-42b8-bb7f-be6221383330
dc.identifier.other PURE LINK: http://www.scopus.com/inward/record.url?scp=85082728446&partnerID=8YFLogxK
dc.identifier.other PURE FILEURL: https://research.aalto.fi/files/42217519/SCI_Engelen_The_Impact.Manuscript.pdf
dc.identifier.uri https://aaltodoc.aalto.fi/handle/123456789/43846
dc.description.abstract An initial public offering (IPO) represents a unique milestone in the lifecycle of a firm. Yet, our understanding of the IPO phenomenon remains incomplete and marked by mixed findings. Using meta-analytical techniques on a sample of 123 empirical studies, we examine the factors that influence the short-term outcomes (i.e., underpricing and proceeds) and the long-term outcomes (i.e., financial performance and risk) of IPO firms. Our efforts yield few significant results for antecedents that prior research had proposed as effective signals of IPO firm quality, and we thus conclude that signaling theory is limited in its ability to capture the IPO process. Our findings, however, provide preliminary support for our contention that stakeholders influence short-term IPO outcomes depending on their temporal orientation. We also find strong support for our prediction that the IPO has consequences for long-term firm development. While high underpricing positively affects long-term firm performance, it also heightens long-term firm risk. Large proceeds result in higher long-term firm performance and lower firm risk, but they come at the expense of a higher percentage of equity being traded during the IPO. en
dc.format.mimetype application/pdf
dc.language.iso en en
dc.publisher Elsevier Limited
dc.relation.ispartofseries Long Range Planning en
dc.relation.ispartofseries Volume 53, issue 2 en
dc.rights openAccess en
dc.title The impact of stakeholders’ temporal orientaton on short- and long-term IPO outcomes en
dc.type A1 Alkuperäisartikkeli tieteellisessä aikakauslehdessä fi
dc.description.version Peer reviewed en
dc.contributor.department University of Antwerp
dc.contributor.department Erasmus University Rotterdam
dc.contributor.department University of South Carolina
dc.contributor.department Department of Industrial Engineering and Management
dc.contributor.department University of Northern Iowa
dc.identifier.doi 10.1016/j.lrp.2018.10.003
dc.date.embargo info:eu-repo/date/embargoEnd/2023-04-01

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