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Does culture play a role on underpricing? A study on 47 capital markets
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In this study, the potential cultural impact on underpricing in the initial public offerings at 47 countries was measured by the cultural dimensions of Hofstede. Results show that, power distance and underpricing has positive relationship at the level of 39%, with 0.01 significance. In countries where democracy hasn’t felt enough and inequality has increased, underpricing has been boomed due to the faulty trust among capital market players. In addition, 32.6% negative relationship was determined between individualism and underpricing, with 0.05 significance. | Does culture play a role on underpricing? A study on 47 capital markets