Board characteristics and the amount of capital raised in the Malaysian IPO market

被引：22

作者：

Badru, Bazeet O. ^{[1
]}

Ahmad-Zaluki, Nurwati A. ^{[1
]}

Wan-Hussin, Wan Nordin ^{[1
]}

机构：

[1] Univ Utara Malaysia, Othman Yeop Abdullah Grad Sch Business, Sintok, Kedah, Malaysia

来源：

JOURNAL OF MULTINATIONAL FINANCIAL MANAGEMENT | 2017年 / 42-43卷

关键词：

Board size; Board independence; Capital raised; Ethnicity; Gender; Quantile regression; FIRM PERFORMANCE; CORPORATE GOVERNANCE; FINANCIAL PERFORMANCE; QUANTILE REGRESSION; GENDER DIVERSITY; OWNERSHIP STRUCTURE; CEO DUALITY; DIRECTORS; MANAGEMENT; WOMEN;

D O I：

10.1016/j.mulfin.2017.09.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study examines the impact of board characteristics on the amount of capital raised through an IPO for a sample of 220 Malaysian IPOs over the period of 2005-2015, applying both ordinary least squares (OLS) and quantile regression (QR) techniques. The OLS results show that board with ethnic Malay directors has a significant and positive association with the amount of capital raised, while a weak significance is found for board size. However, the QR results reveal that other than board ethnicity, other board characteristics namely board size, board independence and CEO duality are significantly associated with the amount of capital raised. The additional results suggest that QR provides a more insightful and full picture into the association than does OLS. The overall empirical evidence lends support to the resource dependence role of the board of directors at the time of an IPO. (C) 2017 Elsevier B.V. All rights reserved.

引用

页码：37 / 55

页数：19

共 50 条

[31] The Relationship Between Organization Characteristics and Capital Structure in Malaysian Firms
Rosli, Aizat Akmal
Ahmad, Kamilah
Zabri, Shafie Mohamed
[J]. ADVANCED SCIENCE LETTERS, 2018, 24 (05) : 3249 - 3253
[32] The performance and long-run characteristics of the Chinese IPO market
Chi, J
Padgett, C
[J]. PACIFIC ECONOMIC REVIEW, 2005, 10 (04) : 451 - 469
[33] Market reactions under registration-based IPO reforms: Analysis based on STAR market and ChiNext board
Bian J.
Yu M.
Wang S.
Gu M.
[J]. Xitong Gongcheng Lilun yu Shijian/System Engineering Theory and Practice, 2024, 44 (02): : 503 - 528
[34] The pricing of underwriting services in the Korean IPO market: Characteristics and determinants
Ahn, Ok Hwa
Kim, Joonghyuk
Son, Pando
[J]. ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES, 2007, 36 (05) : 731 - 764
[35] Intellectual Capital Performance and Board Characteristics of GCC Banks
Al-Musalli, Mahfoudh Abdul Karem
Ismail, Ku Nor Izah Ku
[J]. 2ND ANNUAL INTERNATIONAL CONFERENCE ON ACCOUNTING AND FINANCE (AF 2012) AND QUALITATIVE AND QUANTITATIVE ECONOMICS RESEARCH (QQE 2012), 2012, 2 : 219 - 226
[36] Audit committee characteristics and the moderating effect of Malaysian code of corporate governance on IPO liquidity
Al-Masawa, Amal Mohammed
Mohd-Rashid, Rasidah
Al-Jaifi, Hamdan Amer
Al-Duais, Shaker Dahan
[J]. MANAGEMENT RESEARCH REVIEW, 2022, 45 (11): : 1412 - 1430
[37] Gold VS Bonds: What Is the Safe Haven for the Indonesian and Malaysian Capital Market?
Robiyanto, Robiyanto
[J]. GADJAH MADA INTERNATIONAL JOURNAL OF BUSINESS, 2018, 20 (03) : 277 - 302
[38] THE IMPACT OF INITIAL PUBLIC OFFERING (IPO) ATTRIBUTES, FIRM-LEVEL CHARACTERISTICS AND OWNERSHIP ON MALAYSIAN IPO FIRMS' EARNINGS MANAGEMENT
Kalgo, Sani Hussaini
Nahar, Hairul Suhaimi
Noordin, Bany Ariffin Amin
[J]. ASIAN ACADEMY OF MANAGEMENT JOURNAL OF ACCOUNTING AND FINANCE, 2022, 18 (01): : 235 - 262
[39] The Complexity of Social Capital: The Influence of Board and Ownership Interlocks on Implied Cost of Capital in an Emerging Market
Rossoni, Luciano
Aranha, Cezar Eduardo
Mendes-Da-Silva, Wesley
[J]. COMPLEXITY, 2018,
[40] Board characteristics and IPO underpricing in China: The perspective of moderating effect of venture capitalists
Wang, Shuangjin
Wang, Puxuan
Cebula, Richard J.
Foley, Maggie
[J]. FINANCE RESEARCH LETTERS, 2023, 52

← 1 2 3 4 5 →