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Academic directors and IPO initial returns

Badru, Bazeet Olayemi and Ahmad Zaluki, Nurwati Ashikkin and Wan Hussin, Wan Nordin (2018) Academic directors and IPO initial returns. International Journal of Business Governance and Ethics, 13 (1). pp. 33-58. ISSN 1477-9048

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This study examines the impact of academic directors on IPO initial returns. With a sample of 208 Malaysian IPOs over the period of 2005 to 2015 and applying a quantile regression (QR) technique, this study finds that the academic directors are significantly and negatively associated with IPO initial returns, indicating IPOs with more directors from the academia can better serve as a signal of a company's quality. Such directors are perceived by potential investors as intellectuals capable of providing knowledgeable skills in complex decision-making, like IPO, as well as advising and monitoring the management. These findings indicate that IPO issuers can demonstrate their quality through a highly educated board.

Item Type: Article
Uncontrolled Keywords: academic directors, corporate governance, IPO initial returns, quantile regression, Malaysia
Subjects: H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
Divisions: School of Economics, Finance & Banking
Depositing User: Mrs. Norazmilah Yaakub
Date Deposited: 01 Apr 2019 00:38
Last Modified: 01 Apr 2019 00:38
URI: http://repo.uum.edu.my/id/eprint/25798

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