Corporate Culture and IPOs

63 Pages Posted: 9 Mar 2018 Last revised: 29 Dec 2019

See all articles by Douglas J. Cumming

Douglas J. Cumming

Florida Atlantic University

Antonio Meles

Second University of Naples (SUN)

Gabriele Sampagnaro

University of Naples Parthenope

Vincenzo Verdoliva

University of Naples "Parthenope"

Date Written: December 9, 2019

Abstract

This study documents corporate culture at the time of IPO and the relationship between corporate culture at the time of IPO and firms’ financial performance. Based on a sample of 1,355 US firms that went public between 1996 and 2011 and performance information to 2016, the data indicate strong evidence that regional culture, industry characteristics, and pre-IPO financing play key roles in explaining a firm’s cultural orientation. Moreover, the data indicate that IPO firms with a highly competition- and creation-oriented culture experience higher profitability and less risk of financial distress than other IPO firms.

Keywords: Corporate culture, Regional culture, IPOs

JEL Classification: G23, G24, G32, G33, M14

Suggested Citation

Cumming, Douglas J. and Meles, Antonio and Sampagnaro, Gabriele and Verdoliva, Vincenzo, Corporate Culture and IPOs (December 9, 2019). Available at SSRN: https://ssrn.com/abstract=3134577 or http://dx.doi.org/10.2139/ssrn.3134577

Douglas J. Cumming (Contact Author)

Florida Atlantic University ( email )

777 Glades Rd
Boca Raton, FL 33431
United States

HOME PAGE: http://booksite.elsevier.com/9780124095373/

Antonio Meles

Second University of Naples (SUN) ( email )

Corso Gran Priorato di Malta, 2
Caserta, 8103
Italy

Gabriele Sampagnaro

University of Naples Parthenope ( email )

Via Ammiraglio Ferdinando Acton, 38
Via Generale Parisi, 13
Naples, 80133
Italy

Vincenzo Verdoliva

University of Naples "Parthenope" ( email )

Via generale parisi
Naples, Naples 80133
Italy

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