Deng, ChaowenChaowenDengWan, WilliamWilliamWanLI Xuan, VanessaVanessaLI XuanYiu, DaphneDaphneYiu2025-10-082025-10-082023Deng, C., Wan, W., Li, X., & Yiu, D. (2023). Reciprocity relationships between underwriters and institutional investors in the IPO market. In Taneja, S (Ed.). Academy of management proceedings. 83rd Annual Meeting of the Academy of Management, Boston, United States. Academy of Management.0065-06682151-6561http://hdl.handle.net/20.500.11861/25865This study seeks to extend research on initial public offering (IPO) by examining the intricate relationships between institutional investors and underwriters by viewing the IPO market as a social relational structure. We posit that institutional investors and underwriters maintain reciprocity relationships in the IPO market, and such relationships have a significant impact on underwriters’ share allocations and institutional investors’ investment decisions. Using a reciprocity dynamics perspective, our study further depicts how perceived fairness and indirect reciprocity affect the reciprocity relationships between underwriters and institutional investors. By illuminating their reciprocity relationships, our study furnishes a more in-depth understanding of the processes and mechanisms in the IPO market.enConference Paper10.5465/AMPROC.2023.14715abstract