The Corporate Board Structure, Ownership Retention and IPO Underpricing: Evidence from China

This article uses all IPO companies in China from 2010 to 2019 as a sample to study the influence of board structure and ownership retention on IPO underpricing. The results show that the board’s senior management’s shareholding ratio, the number of board members, and the number of institutional shareholdings can reduce IPO underpricing. Independent directors and female directors have no influence on IPO underpricing. In addition, the time of company establishment, ROA, and gross profit can attract investors to buy shares of listed companies.