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Article
Publication date: 24 May 2021

Christina H. Tupper

Researchers have investigated the distinctions between founder and nonfounder chief executive officers (CEOs) for different performance variables. Researchers have also…

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Abstract

Purpose

Researchers have investigated the distinctions between founder and nonfounder chief executive officers (CEOs) for different performance variables. Researchers have also investigated the use of media as supplemental information that investors review to make decisions about initial public offering (IPO) firms. Research that investigates founders and nonfounder CEOs of IPO firms in the media is limited but growing. This paper aims to explore how founder and nonfounder CEOs' narratives are portrayed differently in business media following an IPO.

Design/methodology/approach

Using insights from the narrative paradigm, 1,057 news paragraphs about CEOs from 19 matched pairs (38 firms) were content analyzed using a contrasting coding strategy.

Findings

Founders and nonfounders' narratives differ in three ways. Specifically, founder CEOs are more likely to (1) have their personal background detailed in the media, (2) translate technical business information to easy-to-understand general language and (3) be quoted talking about positive information than nonfounder CEOs.

Research limitations/implications

The results of this study show the media's role in creating narratives about management and how the experiences of founders and nonfounders are represented differently in the media. The study is limited by only investigating media articles about CEOs and not investigating the entire organizational narrative.

Originality/value

This study adds to the growing literature that investigates the role the media plays in portraying management in the media at time of IPO.

Details

Baltic Journal of Management, vol. 16 no. 4
Type: Research Article
ISSN: 1746-5265

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Article
Publication date: 28 June 2023

Christina Tupper and Anju Mehta

Although founders are often replaced with external CEOs prior to firms making IPOs, firms that do retain founder CEOs generally perform better at IPO. However, this relationship…

201

Abstract

Purpose

Although founders are often replaced with external CEOs prior to firms making IPOs, firms that do retain founder CEOs generally perform better at IPO. However, this relationship may be contingent upon context. This study aims to investigate how national context influences the relationship between a founder CEO and IPO long-run performance. The authors hypothesize that founder-CEOs will perform better in IPO firms in countries where managerial discretion, future orientation, and the level of conformity to professionalize management are high, and uncertainty avoidance is low.

Design/methodology/approach

Using insights from the upper echelon and institutional theory, the authors used hierarchical linear modeling to analyze over 1,000 firms across eight countries.

Findings

Founder CEOs perform best in IPO firms in a national context where managerial discretion is low, uncertainty avoidance is high and the level of conformity is high.

Originality/value

This study contributes to a growing area of cross-national IPO research in management by investigating the relationship between culture, management and IPO performance.

Details

Multinational Business Review, vol. 31 no. 3
Type: Research Article
ISSN: 1525-383X

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Article
Publication date: 15 July 2022

Christina Tupper and Mark Mallon

The authors seek an answer to the research question: how do the disclosure of the intended use of initial public offering (IPO) proceeds and firm characteristics jointly influence…

612

Abstract

Purpose

The authors seek an answer to the research question: how do the disclosure of the intended use of initial public offering (IPO) proceeds and firm characteristics jointly influence IPO performance?

Design/methodology/approach

Data on the use of proceeds, firm age, size, high- or low-tech industry, and the length of the use of proceeds section were collected from 341 IPOs in the USA, UK, and Hong Kong. Fuzzy-set Qualitative Comparative Analysis was used to predict which configurations of IPO use of proceeds and firm characteristics consistently led to above-average IPO performance.

Findings

Ten configurations of causal factors were found to lead to above-average IPO performance. Disclosure of IPO proceeds use matters for IPO performance but is contingent on firm characteristics. Whether a firm is in a high- or low-technology industry along with its size and age have distinct effects on which intended uses of proceeds are beneficial and how long their intended proceeds section must be to lead to above-average IPO performance.

Originality/value

These findings contribute to a multidimensional view of IPO performance. The authors use information processing and a management perspective to see how the use of proceeds sections help frame an IPO’s equity story. The use of a configurational methodology and a management perspective shows how IPOs can be viewed as a bundle of attributes.

Details

Management Decision, vol. 60 no. 8
Type: Research Article
ISSN: 0025-1747

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