신 역량구축의 진화적 과정:미국 투자은행의 인터넷 기업 주식공개상장 수행 = Evolutionary Process of New Capability Building:* A Study on Investment Banking Firms Underwriting Initial Public Offering of Internet Firms

다국어 초록 (Multilingual Abstract)

This study investigates the evolutionary process of U.S. investment banking firms' capability building when banks conduct Initial Public Offerings (IPOs). During the five years between 1996 and 2000, the number of Internet firms increased dramatically in the total IPOs by investment banks. Specifically, the study investigates whether prior experience plays a role as dynamic capability or as static experience, the type of learning curve the newer business is showing, and whether banks are learning from other banks. The results suggest that some environmental factors and initial experiences affect the likelihood of choosing a new business of Internet IPO rather than a non-Internet IPO. Also the banks' non-Internet IPO experience plays a significant role as dynamic capability when they face a new Internet IPO underwriting business, thus increasing the likelihood of success in underwriting Internet firms' IPOs. In addition, the mechanism of social learning among the banks seems to be influential: The likelihood of a focal bank's success in its Internet IPO is positively related to the number of Internet IPOs successfully offered by other firms recently in the market.

국문 초록 (Abstract)

신 역량구축의 진화적 과정:미국 투자은행의 인터넷 기업 주식공개상장 수행

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