|
|
|
| Can Inter-organizational Imitation Explain in IPO Firms' Selection of Underwriters? Analysis Based on New Institutional Theory and Organizational Learning Theory |
| WANG Jiang,CHEN Junfu |
|
|
|
|
Abstract Different from the previous research on IPO firms' selection of underwriters, this paper investigates the impact of inter-organizational imitation on IPO firms' selection of underwriters based on new institutional theory and organizational learning theory. Using a sample of IPOs from 2006-2012 in china SME stock market, we find that imitation is an important factor to explain the IPO firms' selection of underwriters and in the meantime they have different types of imitation behaviors. Under legitimate pressure, firms tend to imitate choices that have been frequently taken by other firms rather than those of the leading firms. Meanwhile, imitation is also motivated by rational factors and firms will selectively imitate practices that are perceived to provide favorable performance and the degree of the outcome salience will also affect firms' imitation behaviors.
|
|
Received: 06 May 2015
Published: 15 November 2015
|
|
Corresponding Authors:
WANG Jiang
E-mail: wj_611@hotmail.com
|
|
|
|
|
|
|
2015, Vol. 
浙公网安备 33011802000512号