Moderating Effects of Founders’ Role on the Influence of Internationalization on IPO Performance of Listed Companies in Thailand

Previous research suggests that internationalization affects initial public offering (IPO) performance in the short term, but it less is known about founders’ role relationship between and IPO performance. The objectives of this study were to investigate moderating effects on impact newly listed companies. samples included 80 international firms Thailand stock markets from 2013 2020. Multiple regression analysis was employed test performance, PROCESS macro applied effects. Founder CEO as a proxy moderator variable where predictor underpricing, outcome variable. results revealed demonstrated no statistically significant effect underpricing. A non-founder had influence whereas founder effect. Specifically, negative underpricing once an firm CEO. decrease clearly explained by study.