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Title: A Five-country study on the influence of corporate governance on IPO underpricing
Authors: Sharmeel Adam Rajaratnam
Jagaganesh Vejayaretnam
Wong, Wah Ming
Keywords: DRNTU::Business::Finance
Issue Date: 2010
Abstract: Our study empirically analyzes the impact of corporate governance on IPO underpricing using five ASEAN countries - Indonesia, Malaysia, Philippines, Singapore and Thailand. In our study, the corporate governance is represented by Accounting Standard, Disclosure, and country level corporate governance ratings from Credit Lyonnais Securities Asia (CLSA). We find that better country level corporate governance reduces the IPO underpricing measured by the first day return. We also analyze the impact of Islamic country characteristics on the IPO underpricing. Contrary to our hypothesis, we find that the IPO underpricing is higher in Islamic countries. Finally, we also analyze the country fixed effect of Singapore and find that the IPO underpricing is higher for Singapore compare to the other four countries considered.
Rights: Nanyang Technological University
Fulltext Permission: restricted
Fulltext Availability: With Fulltext
Appears in Collections:NBS Student Reports (FYP/IA/PA/PI)

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