Do share allocations to the indigenous investor drive the demand for IPOS?

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dc.contributor.authorTajuddin, Ahmad Hakimi
dc.contributor.authorGopal, Kanesh
dc.contributor.authorSadik-Zada, Elkhan Richard
dc.date.accessioned2023-05-09T07:53:13Z
dc.date.available2023-05-09T07:53:13Z
dc.date.issued2023
dc.description.abstractThe purpose of this paper was to investigate the impact of allocating shares to the indigenous (Bumiputera) investors on the oversubscription ratio of IPO. This factor is unique to Malaysian IPOs and would enable us to reflect the signaling theory. Data on 348 IPO firms listed on Bursa Malaysia over a span of 17 years from 2002 to 2018 were examined using a cross-sectional regression analysis. The findings demonstrated no significant impact arising from the fractions of shares allocated to Bumiputera investors on the oversubscription ratios, except that the revised guidelines on the Bumiputera equity requirement had a significant negative influence on oversubscription. Further tests showed that the influence of such share allocation on oversubscription was moderated by firm size, which was proxied by market capitalization. The findings lend support to the signaling theory, indicating that the demand for IPOs will be slightly higher for larger firms listed in bigger markets.en_US
dc.identifier.citationTajuddin, A. H. et al. (2023). Do share allocations to the indigenous investor drive the demand for IPOS?. Economies, 11(4), 117. https://doi.org/10.3390/economies11040117en_US
dc.identifier.issn2227-7099
dc.identifier.urihttps://doi.org/10.3390/economies11040117
dc.identifier.urihttp://hdl.handle.net/10566/8907
dc.language.isoenen_US
dc.publisherMDPIen_US
dc.subjectIPOen_US
dc.subjectRetail investorsen_US
dc.subjectFinance sectoren_US
dc.subjectMalaysiaen_US
dc.subjectLabour marketen_US
dc.titleDo share allocations to the indigenous investor drive the demand for IPOS?en_US
dc.typeArticleen_US

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