Predictive Role of Ex Ante Strategic Firm Characteristics for Sustainable Initial Public Offering (IPO) Survival
نویسندگان
چکیده
This study attempts to predict how long a newly listed corporation, usually termed initial public offering (IPO), will survive on the equity listing market. The three-fold contribution of this comprises hand-collected and substantially expanded dataset for IPOs (1990–2017) over maximum tracking period 31 years (1990–2020) IPO survival emerging Malaysian capital market, rationale consequences unifying two boards (Main Board Second Board) in 2009, an investigation predictive role ex ante strategic prospectus information as early warning signals sustainable IPOs. We also make comparisons profile different boards. use Cox proportional hazard (PH) model estimate empirical results because cohort research design study. Overall show that curves Main were not statistically different. However, remained more vulnerable hazard. Market ACE are Empirical reveal high share premium, capital, longer firm age at date significantly increase (reduce hazard) Board. bigger size elevated risk factors reduce (increase mentioned above. premium is only variable has negative significant correlation with Market. These have implications regulators, prospective investors, policymakers markets, where disclosures bridge asymmetry gap prevailing due nonexistence prior IPO. findings can be generalized other developing markets mitigates characteristics act predicting survival.
منابع مشابه
Strategic Behaviour and a Notion of Ex Ante
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For over a year, the market for initial public offerings (IPO) for promising private companies has been slow. In 2007, there were just 234 IPOs, down from a decade high of 486 in 1999. As a result, private companies and their investors (including venture capital and private equity backed companies) have been left without a crucial exit strategy. More importantly, these private companies that mi...
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ژورنال
عنوان ژورنال: Sustainability
سال: 2021
ISSN: ['2071-1050']
DOI: https://doi.org/10.3390/su13148063