Post-IPO Operating Performance of Venture and Non Venture-Backed Companies in Malaysia

This study examines the changes in post-operating performance of venture-backed and non-venture IPO companies. Moreover,this study also expects to investigate the effect of venture capitalist and pre-IPO characteristics on post-IPO operating performance. The tests are conducted on a sample of 112 c...

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Main Author:	Sekar Suci, Asdityani
Format:	Thesis
Language:	eng eng
Published:	2012
Subjects:	HG Finance
Online Access:	https://etd.uum.edu.my/3139/1/SEKAR_SUCI_ASDITYANI.pdf https://etd.uum.edu.my/3139/3/SEKAR_SUCI_ASDITYANI.pdf
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id	my-uum-etd.3139
record_format	uketd_dc
institution	Universiti Utara Malaysia
collection	UUM ETD
language	eng eng
advisor	Ahmad Zaluki, Nurwati Ashikkin
topic	HG Finance
spellingShingle	HG Finance Sekar Suci, Asdityani Post-IPO Operating Performance of Venture and Non Venture-Backed Companies in Malaysia
description	This study examines the changes in post-operating performance of venture-backed and non-venture IPO companies. Moreover,this study also expects to investigate the effect of venture capitalist and pre-IPO characteristics on post-IPO operating performance. The tests are conducted on a sample of 112 companies going public during 2002 to 2008 on MESDAQ market of Bursa Malaysia. Out of 112 IPOs,22 were venture-backed and 90 were non-venture backed IPO companies.A significant decline in operating performance subsequent to the initial public offering (IPO) is found. The evidence shows declining pcrforrnance in the IPO year and up to three years following lPOs relative to the pre-IPO period. In contrast with the previous studies,the result reports that venture-backed IPO do not generate superior post-IPO performance to non-venture backed lPOs in Malaysia evidence. Additionally, there is a significant positive relation between post-IPO operating performance and changes in VC ownership, initial return. company age and company size and also significant negative relation between pot;t-IPO operating performances with market capitalization. However no relation between post-IPO operating performance with VC dummy and company size of offering.
format	Thesis
qualification_name	masters
qualification_level	Master's degree
author	Sekar Suci, Asdityani
author_facet	Sekar Suci, Asdityani
author_sort	Sekar Suci, Asdityani
title	Post-IPO Operating Performance of Venture and Non Venture-Backed Companies in Malaysia
title_short	Post-IPO Operating Performance of Venture and Non Venture-Backed Companies in Malaysia
title_full	Post-IPO Operating Performance of Venture and Non Venture-Backed Companies in Malaysia
title_fullStr	Post-IPO Operating Performance of Venture and Non Venture-Backed Companies in Malaysia
title_full_unstemmed	Post-IPO Operating Performance of Venture and Non Venture-Backed Companies in Malaysia
title_sort	post-ipo operating performance of venture and non venture-backed companies in malaysia
granting_institution	Universiti Utara Malaysia
granting_department	Othman Yeop Abdullah Graduate School of Business
publishDate	2012
url	https://etd.uum.edu.my/3139/1/SEKAR_SUCI_ASDITYANI.pdf https://etd.uum.edu.my/3139/3/SEKAR_SUCI_ASDITYANI.pdf
_version_	1747827507315343360
spelling	my-uum-etd.31392016-04-24T01:21:24Z Post-IPO Operating Performance of Venture and Non Venture-Backed Companies in Malaysia 2012-01 Sekar Suci, Asdityani Ahmad Zaluki, Nurwati Ashikkin Othman Yeop Abdullah Graduate School of Business Othman Yeop Abdullah Graduate School of Business HG Finance This study examines the changes in post-operating performance of venture-backed and non-venture IPO companies. Moreover,this study also expects to investigate the effect of venture capitalist and pre-IPO characteristics on post-IPO operating performance. The tests are conducted on a sample of 112 companies going public during 2002 to 2008 on MESDAQ market of Bursa Malaysia. Out of 112 IPOs,22 were venture-backed and 90 were non-venture backed IPO companies.A significant decline in operating performance subsequent to the initial public offering (IPO) is found. The evidence shows declining pcrforrnance in the IPO year and up to three years following lPOs relative to the pre-IPO period. In contrast with the previous studies,the result reports that venture-backed IPO do not generate superior post-IPO performance to non-venture backed lPOs in Malaysia evidence. Additionally, there is a significant positive relation between post-IPO operating performance and changes in VC ownership, initial return. company age and company size and also significant negative relation between pot;t-IPO operating performances with market capitalization. However no relation between post-IPO operating performance with VC dummy and company size of offering. 2012-01 Thesis https://etd.uum.edu.my/3139/ https://etd.uum.edu.my/3139/1/SEKAR_SUCI_ASDITYANI.pdf text eng validuser https://etd.uum.edu.my/3139/3/SEKAR_SUCI_ASDITYANI.pdf text eng public masters masters Universiti Utara Malaysia Abdul Rahman,R., & Wan Abdullah,W.R. (2005).The New Issue Puzzle in Malaysia: Performance and Earnings Management. Journal of Financial Reporting and Accounting ,3,91-110. Ahmad,Z.,& Lim,S.M. 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Post-IPO Operating Performance of Venture and Non Venture-Backed Companies in Malaysia

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