DETERMINANTS OF IPO OVERSUBSCRIPTION ON ISLAMIC STOCKS: EVIDENCE FROM INDONESIA

Azwar Aulia Rasyad (), Bayu Arie Fianto () and Rogier Busser ()
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Azwar Aulia Rasyad: Universitas Airlangga, Indonesia
Bayu Arie Fianto: Universitas Airlangga, Indonesia
Rogier Busser: University of Applied Science, Amsterdam, the Netherlands

Journal of Islamic Monetary Economics and Finance, 2022, vol. 8, issue 3, 485-500

Abstract: This study aims to investigate factors that affect IPO oversubscription on Islamic stocks. Using data of 202 IPOs indexed from Indonesia Sharia Stock Index, this study uses ordinary least squaresand quantile regression to test the formulated hypothesis from 2011 to 2020. This study finds that issue price and issue size negatively affect IPO oversubscription. Meanwhile, firm size and raw return positively affect IPO oversubscription. The findings of this study offer implications forcompanies especially related to go public subscription. This study can be reference for investors as well when engage in IPO related activities for Islamic stocks.

Keywords: Oversubscription; IPO; Islamic stocks; OLS; Quantile regression; Economic growth (search for similar items in EconPapers)
JEL-codes: D53 F31 F37 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:idn:jimfjn:v:8:y:2022:i:3h:p:485-500

DOI: 10.21098/jimf.v8i3.1566

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