Abstract
ABSTRACT We explore the relationship between organizational celebrity, the board chairman’s celebrity and underpricing. Based on signaling theory, we find that IPO underpricing is low when organizational celebrity or the board chairman’s celebrity is high. However, the negative association between board chairman celebrity and IPO underpricing pronounced when IPO firms show high performance. Using a sample of 289 initial public offerings over the period 2011–2016 in China, our results support these predictions. This study shows the importance of organizational celebrity and their leader’ celebrity in explaining variations in IPO underpricing.
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