Institutional quality impacts on the offer size of IPOs in the Hong Kong market

The major purpose of the present study is to examine how the institutional quality impact on the offer size of initial public offering (IPO) listed on the Main Board of Hong Kong Stock Exchange during the year 2000 to 2017. This study utilizes three control variables for controlling the significance...

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Main Author:	Jingyu, Wu
Format:	Thesis
Language:	eng eng eng
Published:	2019
Subjects:	HG Finance
Online Access:	https://etd.uum.edu.my/8235/1/s824047_01.pdf https://etd.uum.edu.my/8235/2/DEPOSIT%20PERMISSION_s824047.pdf https://etd.uum.edu.my/8235/3/s824047_references.docx
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spelling	my-uum-etd.82352021-05-18T02:00:46Z Institutional quality impacts on the offer size of IPOs in the Hong Kong market 2019 Jingyu, Wu Mohd Rashid, Rasidah School of Economics, Finance & Banking School of Economics, Finance & Banking HG Finance The major purpose of the present study is to examine how the institutional quality impact on the offer size of initial public offering (IPO) listed on the Main Board of Hong Kong Stock Exchange during the year 2000 to 2017. This study utilizes three control variables for controlling the significance between institutional quality and offer size. Few empirical pieces of evidence measure the relationship between institutional quality and offer size. Therefore, this study fills the gap of literature on the significance of institutional quality on the offer size. There are six dimensions of institutional quality utilized from World Governance Indicators (WGI) that including government effectiveness, rule of law, control of corruption, political stability, voice and accountability and regulatory quality. The agency theory and signaling theory are used to further explain the impacts of institutional quality on the offer size. The present study utilizes the cross-sectional multi regression analysis to examine the hypothesis. Based on the analysis of the data of 1042 IPOs in Hong Kong, the result of this study shows that government effectiveness and regulatory quality negatively impact the offer size, and rule of law, control of corruption, political stability and voice and accountability positively impact on the offer size. Besides, the interest rate and the stock market return reflect a positive significance with offer size, but the Gross Domestic Price (GDP) growth shows a negative relationship with offer size. The significance of the present study may remind the regulators to improve the institutional quality to promote the growth of the market. 2019 Thesis https://etd.uum.edu.my/8235/ https://etd.uum.edu.my/8235/1/s824047_01.pdf text eng public https://etd.uum.edu.my/8235/2/DEPOSIT%20PERMISSION_s824047.pdf text eng staffonly https://etd.uum.edu.my/8235/3/s824047_references.docx text eng public other masters Universiti Utara Malaysia
institution	Universiti Utara Malaysia
collection	UUM ETD
language	eng eng eng
advisor	Mohd Rashid, Rasidah
topic	HG Finance
spellingShingle	HG Finance Jingyu, Wu Institutional quality impacts on the offer size of IPOs in the Hong Kong market
description	The major purpose of the present study is to examine how the institutional quality impact on the offer size of initial public offering (IPO) listed on the Main Board of Hong Kong Stock Exchange during the year 2000 to 2017. This study utilizes three control variables for controlling the significance between institutional quality and offer size. Few empirical pieces of evidence measure the relationship between institutional quality and offer size. Therefore, this study fills the gap of literature on the significance of institutional quality on the offer size. There are six dimensions of institutional quality utilized from World Governance Indicators (WGI) that including government effectiveness, rule of law, control of corruption, political stability, voice and accountability and regulatory quality. The agency theory and signaling theory are used to further explain the impacts of institutional quality on the offer size. The present study utilizes the cross-sectional multi regression analysis to examine the hypothesis. Based on the analysis of the data of 1042 IPOs in Hong Kong, the result of this study shows that government effectiveness and regulatory quality negatively impact the offer size, and rule of law, control of corruption, political stability and voice and accountability positively impact on the offer size. Besides, the interest rate and the stock market return reflect a positive significance with offer size, but the Gross Domestic Price (GDP) growth shows a negative relationship with offer size. The significance of the present study may remind the regulators to improve the institutional quality to promote the growth of the market.
format	Thesis
qualification_name	other
qualification_level	Master's degree
author	Jingyu, Wu
author_facet	Jingyu, Wu
author_sort	Jingyu, Wu
title	Institutional quality impacts on the offer size of IPOs in the Hong Kong market
title_short	Institutional quality impacts on the offer size of IPOs in the Hong Kong market
title_full	Institutional quality impacts on the offer size of IPOs in the Hong Kong market
title_fullStr	Institutional quality impacts on the offer size of IPOs in the Hong Kong market
title_full_unstemmed	Institutional quality impacts on the offer size of IPOs in the Hong Kong market
title_sort	institutional quality impacts on the offer size of ipos in the hong kong market
granting_institution	Universiti Utara Malaysia
granting_department	School of Economics, Finance & Banking
publishDate	2019
url	https://etd.uum.edu.my/8235/1/s824047_01.pdf https://etd.uum.edu.my/8235/2/DEPOSIT%20PERMISSION_s824047.pdf https://etd.uum.edu.my/8235/3/s824047_references.docx
_version_	1747828357421072384

Institutional quality impacts on the offer size of IPOs in the Hong Kong market

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