Corporate Culture and IPOs

European Financial Management, Forthcoming

46 Pages Posted: 27 Apr 2023

See all articles by Douglas J. Cumming

Douglas J. Cumming

Florida Atlantic University; European Corporate Governance Institute (ECGI)

Antonio Meles

University Vanvitelli

Gabriele Sampagnaro

University of Naples Parthenope

Vincenzo Verdoliva

University of Naples "Parthenope"

Multiple version iconThere are 2 versions of this paper

Date Written: April 5, 2023

Abstract

This study documents corporate culture at the time of IPO and the relationship between corporate culture at the time of IPO and firm financial performance. Based on a sample of 1,157 US firms that went public between 1996 and 2011 and performance information through 2016, the data provide 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 (April 5, 2023). European Financial Management, Forthcoming, Available at SSRN: https://ssrn.com/abstract=4428142

Douglas J. Cumming (Contact Author)

Florida Atlantic University ( email )

777 Glades Rd
Boca Raton, FL 33431
United States

HOME PAGE: http://sites.google.com/view/douglascumming/bio?authuser=0

European Corporate Governance Institute (ECGI) ( email )

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

HOME PAGE: http://https://ecgi.global/users/douglas-cumming

Antonio Meles

University Vanvitelli ( 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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