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Operating performance of Malaysian initial public offerings

Tapa, Afiruddin and Mazlan, Ahmad Rizal (2013) Operating performance of Malaysian initial public offerings. In: 2nd International Conference on Management, Economics and Finance (2nd ICMEF 2013), 28 -29 Oktober 2013, Novotel 1Borneo, Kota Kinabalu, Sabah, Malaysia.

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This paper examines the operating performance of Malaysian Initial Public Offerings. Overall, we find that the operating performance declines after being listed in stock market. The listing causes a decline in profitability, sales growth and efficiency, and shows significant increase for leverage and sales volume. We then explore the relationship between IPOs’ underpricing and post-issue operating performance and find the underpricing is insignificant in explaining the post-issue operating performance. Using a crosssectional analysis, we examine the relation between post-issue performance and the long-run market returns of Malaysian IPOs. The results show that investors evaluate the fundamentals of the firms by studying the accounting measures when they make their investment decisions.

Item Type: Conference or Workshop Item (Paper)
Additional Information: ISBN: 978-967-5705-12-0
Uncontrolled Keywords: Initial public offerings, operating performance, underpricing and long-run performance.
Subjects: H Social Sciences > HG Finance
Divisions: School of Economics, Finance & Banking
Depositing User: Mr. Afiruddin Tapa
Date Deposited: 21 Oct 2014 07:03
Last Modified: 19 Apr 2016 03:20
URI: http://repo.uum.edu.my/id/eprint/12265

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