A configurational approach to the intended use of IPO proceeds and performance

Purpose The authors seek an answer to the research question: how do disclosure of intended use initial public offering (IPO) proceeds and firm characteristics jointly influence IPO performance? Design/methodology/approach Data on proceeds, age, size, high- or low-tech industry, length section were collected from 341 IPOs in USA, UK, Hong Kong. Fuzzy-set Qualitative Comparative Analysis was used predict which configurations consistently led above-average performance. Findings Ten causal factors found lead Disclosure matters for performance but is contingent characteristics. Whether a low-technology industry along with its size age have distinct effects uses are beneficial long their must be Originality/value These findings contribute multidimensional view information processing management perspective see sections help frame IPO’s equity story. configurational methodology shows can viewed as bundle attributes.