Abstract
This study analyzed the performance of initial public offerings listed on Pakistani, Japanese, and American financial markets conditioned on group-level and founder-level concentration. We found that concentration harmed initial public offering (IPO) performance in Japan but had a positive impact in Pakistan. Looking more specifically at whether ownership concentration leads to positive or negative performance results, it was found that concentration was negatively related to performance in Japan; however, in Pakistan, founder-level concentration seemed to be aligned with positive performance results while group-level concentration to the negative performance results.