Determinants of oversubscriptions of initial public offerings (IPOs) in Malaysia

The main objective of this thesis is to examine the factors influencing oversubscription of initial public offerings (IPOs) in Malaysia. This study proposes eight pre-listing information variables, namely growth opportunity, Bumiputera equity ownership, revised Bumiputera equity requirement, Shariah...

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主要作者:	Ahmad Hakimi, Tajuddin
格式:	Thesis
语言:	eng eng
出版:	2018
主题:	HG Finance
在线阅读:	https://etd.uum.edu.my/7653/1/s95288_01.pdf https://etd.uum.edu.my/7653/2/s95288_02.pdf
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id	my-uum-etd.7653
record_format	uketd_dc
institution	Universiti Utara Malaysia
collection	UUM ETD
language	eng eng
advisor	Abdullah, Nur Adiana Hiau Taufil Mohd, Kamarun Nisham
topic	HG Finance
spellingShingle	HG Finance Ahmad Hakimi, Tajuddin Determinants of oversubscriptions of initial public offerings (IPOs) in Malaysia
description	The main objective of this thesis is to examine the factors influencing oversubscription of initial public offerings (IPOs) in Malaysia. This study proposes eight pre-listing information variables, namely growth opportunity, Bumiputera equity ownership, revised Bumiputera equity requirement, Shariah-compliant status, revised Shariah-compliant guidelines, cash, debt and pricing mechanism. The focus on such variables is motivated by the fact that the Malaysian market has different institutional and legal settings which might influence the oversubscription phenomenon. In formulating the hypotheses, signalling, agency and winner’s curse theories are relied upon. Multiple regression analyses were carried out to test the relationship between oversubscription and independent variables based on 410 IPOs listed on Bursa Malaysia during the period 2000 to 2015. This study shows that the utilisation of proceeds for investment purposes (growth opportunity) has a positive influence on investors subscribing to the IPOs. Meanwhile, the 30% Bumiputera equity requirement policy also is observed to have had a positive influence on oversubscription rate. It is believed that the issuers offer their IPOs at a larger discount in order to attract Bumiputera investors. However, the reverse occurs when the Government relaxed the requirements from 30% to 12.5%, effective July 2009, which reduced the oversubscription of IPOs. Besides, Shariah-compliant status and revised Shariah-compliant guidelines show a positive influence on oversubscription as the shares could be distributed to a wider group of investors. In addition, cash and debt are noted to have negative influence on oversubscription. However, the mix mechanism does not affect oversubscription. The findings of this study provide useful insights to an issuer to assure good subscription of its issuance as these indicators are available in the prospectus. For investors, information from this study would enable them to make better investment decisions when subscribing to IPOs, particularly the retail investors.
format	Thesis
qualification_name	Ph.D.
qualification_level	Doctorate
author	Ahmad Hakimi, Tajuddin
author_facet	Ahmad Hakimi, Tajuddin
author_sort	Ahmad Hakimi, Tajuddin
title	Determinants of oversubscriptions of initial public offerings (IPOs) in Malaysia
title_short	Determinants of oversubscriptions of initial public offerings (IPOs) in Malaysia
title_full	Determinants of oversubscriptions of initial public offerings (IPOs) in Malaysia
title_fullStr	Determinants of oversubscriptions of initial public offerings (IPOs) in Malaysia
title_full_unstemmed	Determinants of oversubscriptions of initial public offerings (IPOs) in Malaysia
title_sort	determinants of oversubscriptions of initial public offerings (ipos) in malaysia
granting_institution	Universiti Utara Malaysia
granting_department	Othman Yeop Abdullah Graduate School of Business
publishDate	2018
url	https://etd.uum.edu.my/7653/1/s95288_01.pdf https://etd.uum.edu.my/7653/2/s95288_02.pdf
_version_	1747828249689325568
spelling	my-uum-etd.76532021-08-09T03:33:45Z Determinants of oversubscriptions of initial public offerings (IPOs) in Malaysia 2018 Ahmad Hakimi, Tajuddin Abdullah, Nur Adiana Hiau Taufil Mohd, Kamarun Nisham Othman Yeop Abdullah Graduate School of Business Othman Yeop Abdullah Graduate School of Business HG Finance The main objective of this thesis is to examine the factors influencing oversubscription of initial public offerings (IPOs) in Malaysia. This study proposes eight pre-listing information variables, namely growth opportunity, Bumiputera equity ownership, revised Bumiputera equity requirement, Shariah-compliant status, revised Shariah-compliant guidelines, cash, debt and pricing mechanism. The focus on such variables is motivated by the fact that the Malaysian market has different institutional and legal settings which might influence the oversubscription phenomenon. In formulating the hypotheses, signalling, agency and winner’s curse theories are relied upon. Multiple regression analyses were carried out to test the relationship between oversubscription and independent variables based on 410 IPOs listed on Bursa Malaysia during the period 2000 to 2015. This study shows that the utilisation of proceeds for investment purposes (growth opportunity) has a positive influence on investors subscribing to the IPOs. Meanwhile, the 30% Bumiputera equity requirement policy also is observed to have had a positive influence on oversubscription rate. It is believed that the issuers offer their IPOs at a larger discount in order to attract Bumiputera investors. However, the reverse occurs when the Government relaxed the requirements from 30% to 12.5%, effective July 2009, which reduced the oversubscription of IPOs. Besides, Shariah-compliant status and revised Shariah-compliant guidelines show a positive influence on oversubscription as the shares could be distributed to a wider group of investors. In addition, cash and debt are noted to have negative influence on oversubscription. However, the mix mechanism does not affect oversubscription. The findings of this study provide useful insights to an issuer to assure good subscription of its issuance as these indicators are available in the prospectus. For investors, information from this study would enable them to make better investment decisions when subscribing to IPOs, particularly the retail investors. 2018 Thesis https://etd.uum.edu.my/7653/ https://etd.uum.edu.my/7653/1/s95288_01.pdf text eng public https://etd.uum.edu.my/7653/2/s95288_02.pdf text eng public http://sierra.uum.edu.my/record=b1698851~S1 Ph.D. doctoral Universiti Utara Malaysia Abdul-Rahim, R., & Che-Embi, N. A. (2013). Initial returns of Shariah versus Non-Shariah IPOs: Are There Any Differences? Jurnal Pengurusan, 39, 37-50. Abdul-Rahim, R., & Yong, O. (2008). Initial returns of Shariah-compliant IPOs in Malaysia. Capital Market Review, 16(2), 270-279. 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