Abstract
This paper aims to explore the influence, and more importantly, the influence mechanism of national culture on initial public offering (IPO). Consistent with hypotheses developed, empirical results find strong evidence that culture as a non-institutional force significantly affects IPO underpricing. Culture with high uncertainty avoidance, high tightness, and low trust respectively enhances effects of legal protection, peer underpricing behavior pressure, and information asymmetry on IPO underpricing.
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