While many countries have made significant strides toward meeting the United Nations Sustainable Development Goals (SDGs), others continue to struggle to make progress. We connect progress toward the SDGs with capital market outcomes for firms going public. We find that the degree of underpricing in initial public offerings (IPOs) is lower in countries that are closer to achieving the SDGs, particularly those focused on economic and social outcomes. The relation between SDG progress and underpricing is sensitive to IPO characteristics associated with uncertainty, and country‐level indicators of democracy and cultural attributes. SDG progress is also associated with important IPO characteristics correlated with uncertainty, including offer prices, underwriter reputation, VC backing, offer size, and underwriter spreads. Together, our results support the hypothesis that SDG progress reduces uncertainty for investors, which lowers the cost of capital for IPO firms.

中文翻译：

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可持续发展对首次公开募股抑价重要吗？


尽管许多国家在实现联合国可持续发展目标 (SDG) 方面取得了重大进展，但其他国家仍在努力取得进展。我们将可持续发展目标的进展与上市公司的资本市场结果联系起来。我们发现，越接近实现可持续发展目标的国家，尤其是那些注重经济和社会成果的国家，首次公开募股 (IPO) 的抑价程度较低。可持续发展目标进展与抑价之间的关系对与不确定性相关的 IPO 特征以及国家层面的民主和文化属性指标很敏感。 SDG 进展还与与不确定性相关的重要 IPO 特征相关，包括发行价格、承销商声誉、风险投资支持、发行规模和承销商利差。总之，我们的结果支持这样的假设：可持续发展目标的进展减少了投资者的不确定性，从而降低了 IPO 公司的资本成本。