文献类型：期刊文献

英文题名：Success begets success! Exploring the carry-over effects of total underwriting effort on post-IPO issuer firm outcomes

作者：Cheng, Louis T. W.[1];Sharma, Piyush[2];Yan, Siyuan[3]

机构：[1]Hang Seng Univ Hong Kong, Siu Lek Yuen, Shatin, Siu Lek Yuen, Hong Kong, Peoples R China;[2]Curtin Univ, Fac Business & Law, Sch Management & Mkt, Bentley, WA 6102, Australia;[3]East China Univ Sci & Technol, Sch Business, Shanghai, Peoples R China

年份：2023

卷号：163

外文期刊名：JOURNAL OF BUSINESS RESEARCH

收录：;WOS:【SSCI(收录号:WOS:000985059500001)】；

语种：英文

外文关键词：Carry-over effects; Initial public offer (IPO); IPO marketing; IPO issuer satisfaction; Post-IPO marketing intensity; Total underwriting effort

摘要：Past research on initial public offers (IPO) marketing highlights the positive impact of underwriters' efforts on the post-IPO marketing and financial outcomes for the IPO issuer firms but the exact mechanism underlying these 'carry-over' effects is still not clear. We address this important research gap by exploring the impact of total underwriting effort (i.e., combined efforts by underwriters and other players involved in IPO issuance) on the issuer firms' post-IPO performance and the mediating role of IPO issuer satisfaction in this process. We test all the hypotheses using data from the China Stock Market and Accounting Research (CSMAR) database on 2,013 IPOs listed on Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE). Our findings provide a holistic view of the complex marketing forces that drive the total underwriting effort on the IPO issuer firms' post-IPO performance, and the focal role played by IPO issuer satisfaction in this process.