Venture capital and post-IPO company performance: Evidence in Malaysia

This study examines post IPO company performance of venture capital-backed and nonventure capital-backed companies for IPOs listed on the MAIN and ACE markets during the years 2006 to 2009. This study also examines the effect of venture capital variables and other control variables on post-IPO comp...

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Main Author:	Nas'Asshraf, Naina Mohamad
Format:	Thesis
Language:	eng eng
Published:	2013
Subjects:	HG Finance
Online Access:	https://etd.uum.edu.my/5213/1/s809993.pdf https://etd.uum.edu.my/5213/2/s809993_abstract.pdf
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id	my-uum-etd.5213
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 Nas'Asshraf, Naina Mohamad Venture capital and post-IPO company performance: Evidence in Malaysia
description	This study examines post IPO company performance of venture capital-backed and nonventure capital-backed companies for IPOs listed on the MAIN and ACE markets during the years 2006 to 2009. This study also examines the effect of venture capital variables and other control variables on post-IPO company performance. Out of 103 companies listed during the years 2006-2009, only 77 companies were selected as the sample for this study. Moreover, only 15 IPOs are backed by venture capital while the remaining 62 IPOs are non-venture backed. The descriptive statistics show that in the post-IPO period, the performance of venture-backed companies does not exhibit better performance compared to non-venture backed companies. This result contradicts the prior literature that states that venturebacked IPOs do outperform non-venture backed IPOs. Moreover, the long run post-IPO company performance shows a significant decline relative to the pre-IPO period. In addition, the venture capital age and company size are positively correlated with the post-IPO company performance. Meanwhile, venture capital dummy, percentage change in venture capital ownership, company age and market capitalization show a negative correlation with the post-IPO company performance for MAIN and ACE markets in Malaysia.
format	Thesis
qualification_name	masters
qualification_level	Master's degree
author	Nas'Asshraf, Naina Mohamad
author_facet	Nas'Asshraf, Naina Mohamad
author_sort	Nas'Asshraf, Naina Mohamad
title	Venture capital and post-IPO company performance: Evidence in Malaysia
title_short	Venture capital and post-IPO company performance: Evidence in Malaysia
title_full	Venture capital and post-IPO company performance: Evidence in Malaysia
title_fullStr	Venture capital and post-IPO company performance: Evidence in Malaysia
title_full_unstemmed	Venture capital and post-IPO company performance: Evidence in Malaysia
title_sort	venture capital and post-ipo company performance: evidence in malaysia
granting_institution	Universiti Utara Malaysia
granting_department	Othman Yeop Abdullah Graduate School of Business
publishDate	2013
url	https://etd.uum.edu.my/5213/1/s809993.pdf https://etd.uum.edu.my/5213/2/s809993_abstract.pdf
_version_	1747827885725450240
spelling	my-uum-etd.52132016-04-18T00:39:13Z Venture capital and post-IPO company performance: Evidence in Malaysia 2013 Nas'Asshraf, Naina Mohamad Ahmad Zaluki, Nurwati Ashikkin Othman Yeop Abdullah Graduate School of Business Othman Yeop Abdullah Graduate School of Business HG Finance This study examines post IPO company performance of venture capital-backed and nonventure capital-backed companies for IPOs listed on the MAIN and ACE markets during the years 2006 to 2009. This study also examines the effect of venture capital variables and other control variables on post-IPO company performance. Out of 103 companies listed during the years 2006-2009, only 77 companies were selected as the sample for this study. Moreover, only 15 IPOs are backed by venture capital while the remaining 62 IPOs are non-venture backed. The descriptive statistics show that in the post-IPO period, the performance of venture-backed companies does not exhibit better performance compared to non-venture backed companies. This result contradicts the prior literature that states that venturebacked IPOs do outperform non-venture backed IPOs. Moreover, the long run post-IPO company performance shows a significant decline relative to the pre-IPO period. In addition, the venture capital age and company size are positively correlated with the post-IPO company performance. Meanwhile, venture capital dummy, percentage change in venture capital ownership, company age and market capitalization show a negative correlation with the post-IPO company performance for MAIN and ACE markets in Malaysia. 2013 Thesis https://etd.uum.edu.my/5213/ https://etd.uum.edu.my/5213/1/s809993.pdf text eng validuser https://etd.uum.edu.my/5213/2/s809993_abstract.pdf text eng public masters masters Universiti Utara Malaysia Adams, R. 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Venture capital and post-IPO company performance: Evidence in Malaysia

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