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Governance, sentiment analysis, and initial public offering underpricing

dc.contributor.authorGonzález Ferrero, Maximilianospa
dc.contributor.authorGuzmán Vásquez, Alexanderspa
dc.contributor.authorTéllez Falla, Diego Fernandospa
dc.contributor.authorTrujillo Dávila , María Andreaspa
dc.date.accessioned2023-06-21T22:23:05Z
dc.date.available2023-06-21T22:23:05Z
dc.date.issued2019-01-28
dc.identifier.issn0964-8410
dc.identifier.urihttp://hdl.handle.net/10726/5088
dc.language.isoeng
dc.publisherWiley-Blackwell Publishing Ltd.
dc.subjectCorporate governance
dc.subjectFamily firms
dc.subjectIPO underpricing
dc.subjectLatin America
dc.subjectSentiment analysis
dc.titleGovernance, sentiment analysis, and initial public offering underpricingeng
dc.typearticle
dc.rights.accessrightsinfo:eu-repo/semantics/restrictedAccess
dc.rights.localAcceso Restringido
dc.type.versioninfo:eu-repo/semantics/acceptedVersion
dc.identifier.instnameinstname:Colegio de Estudios Superiores de Administración – CESA
dc.identifier.reponamereponame:Biblioteca Digital – CESA
dc.identifier.repourlrepourl:https://repository.cesa.edu.co/
dc.description.abstractenglishResearch Question/Issue What is the relationship between governance, tone in language, and underpricing of initial public offerings (IPOs) in Latin America? Research Findings/Insights We find a positive (negative) and statistically significant relationship between board size (board independence) and IPO underpricing at the time firms go public. But more importantly, when interacting with corporate governance variables at the firm level, uncertainty in tone still shows statistical significance, which suggests that tone in communications matters for underpricing independently of governance provisions at the firm level. Theoretical/Academic Implications Bigger boards seem to lead to greater underpricing, whereas more independent boards mitigate it. This finding stresses the relevance of functional convergence in regions with weak institutions such as Latin America. Our results also suggest that tone matters for underpricing even in firms with good governance practices. We argue that tone in corporate communications is a strong signaling mechanism for market participants. Practitioner/Policy Implications Our results suggest that tone in firms' communications is relevant for market valuation. In the context of family firms in an underresearched context such as Latin America, we show that reputation effect is priced by the market valuation of the IPO.eng
dc.type.coarhttp://purl.org/coar/resource_type/c_2df8fbb1
dc.relation.citationvolume27
dc.relation.citationissue3
dc.relation.citationstartpage226
dc.relation.citationendpage244
dc.contributor.orcidGonzález Ferrero, Maximiliano [0000-0002-8675-6911]
dc.contributor.orcidGuzmán Vásquez, Alexander [0000-0001-7675-048X]
dc.contributor.orcidTéllez Falla, Diego Fernando [0000-0002-1902-2870]
dc.contributor.orcidTrujillo Dávila, María Andrea [0000-0002-9592-7890]
dc.type.driverinfo:eu-repo/semantics/article
dc.type.redcolhttp://purl.org/redcol/resource_type/ART
dc.type.coarversionhttp://purl.org/coar/version/c_71e4c1898caa6e32
dc.contributor.scopusGonzález Ferrero, Maximiliano [17434254200]
dc.contributor.scopusGuzmán Vásquez, Alexander [55207224400]
dc.contributor.scopusTéllez Falla, Diego Fernando [57200984310]
dc.contributor.scopusTrujillo Dávila, María Andrea [55206416700]
dc.description.orcidhttps://orcid.org/0000-0002-8675-6911
dc.description.orcidhttps://orcid.org/0000-0001-7675-048X
dc.description.orcidhttps://orcid.org/0000-0002-1902-2870
dc.description.orcidhttps://orcid.org/0000-0002-9592-7890
dc.description.scopushttps://www.scopus.com/authid/detail.uri?authorId=17434254200
dc.description.scopushttps://www.scopus.com/authid/detail.uri?authorId=55207224400
dc.description.scopushttps://www.scopus.com/authid/detail.uri?authorId=57200984310
dc.description.scopushttps://www.scopus.com/authid/detail.uri?authorId=55206416700
dc.identifier.eissn1467-8683
dc.relation.ispartofjournalCorporate Governance: An International Review
dc.identifier.doihttps://doi.org/10.1111/corg.12272
dc.rights.coarhttp://vocabularies.coar-repositories.org/access_rights/c_16ec/


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