외부 및 내부 자원의존도가 해외IPO 저가발행에 미치는 영향

Abstract

This study offers empirical evidence on how foreign initial public offering(IPO) firms' level of resource dependency determines the underpricing level. Given that securing resources is essential to IPO firms, we suggest that foreign IPO firms' vulnerability toward the continued relationship with resource providers is an important factor that can shape the attractiveness of investing in foreign IPO firms. As existing IPO studies have overlooked the business risk involved with the high dependence on resource providers, we provide theoretical and empirical insights into the impact of dependency on resource providers on the underpricing level. Furthermore, we expand existing studies that have mainly focused on dependency on external resource providers(supplier, manufacturer, and distributor) by emphasizing the role of dependency on internal resource providers(key executives) in determining the level of IPO underpricing. We also suggest that the effect of external and internal dependency risk on underpricing depends on the level of a IPO firm's knowledge resources. Higher knowledge intensity improves the bargaining power of IPO firms over the external resource providers and reduces the risk of losing the relationship. On the contrary, as executives' managerial expertise in knowledge-intensive IPO firms is essential, higher knowledge intensity implies intensified internal dependency risk.