Intended use of IPO proceeds and firm performance: A quantile regression approach

Andriansyah Andriansyah and George Messinis

MPRA Paper from University Library of Munich, Germany

Abstract: This paper employs quantile regressions to investigate the link between the intended use of proceeds and the post-issue operating performance of IPO firms in Indonesia over the period of 2000-2010. The evidence presented here suggests that post-issue performance can be explained by a firm’s motivation to IPO issues. Investment in fixed assets and stock market shares associate with better performance for average and high-performing firms while other usages seem to lead to poor performance. The findings are robust when ownership structure was considered. These results have policy implications for the management of IPOs.

Keywords: IPO intentions; firm performance; compositional data; quantile regressions; Indonesia (search for similar items in EconPapers)
JEL-codes: C51 G14 G31 G32 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (7)

Published in Pacific-Basin Finance Journal 36.C(2016): pp. 14-30

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Journal Article: Intended use of IPO proceeds and firm performance: A quantile regression approach (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:116697

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