Institutional quality and initial public offering underpricing
Evidence from Hong Kong
Bibliographic Data
| ID | 12705994 |
|---|---|
| Authors | Haitian Wei (0000-0001-8818-4817, School of Economics, Finance and Banking Universiti Utara Malaysia Sintok Kedah Malaysia), Rasidah Mohd‐Rashid (0000-0001-7231-2319, School of Economics, Finance and Banking Universiti Utara Malaysia Sintok Kedah Malaysia), Waqas Mehmood (0000-0002-7975-220X, School of Economics, Finance and Banking Universiti Utara Malaysia Sintok Kedah Malaysia, corresponding author), Ahmad Hakimi Tajuddin (0000-0002-7697-3234, School of Accounting & Finance Taylor University Subang Jaya Malaysia) |
| Year | 2021 |
| Volume | 22 |
| Issue | 4 |
| Publication date | 2021-03-21 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Journal of Public Affairs (JOURNAL) |
| Journal identifiers | ISSN: 1472-3891 • E-ISSN: 1479-1854 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1002/pa.2676 |
| OpenAlex | W3138223857 |
| Language | EN |
| Citations received | 1 |
| References cited | 58 |
The main objective of this research is to investigate the impact of institutional quality on the underpricing of IPOs in Hong Kong. Besides, ordinary least squares presented in the study used quantile regression as a robust technique to investigate the association of institutional quality and the underpricing level of 986 IPO from January 2000 to December 2017 in the Hong Kong stock market. Through research findings, it is asserted that voice and accountability, regulatory quality, control of corruption and firm size are significantly negatively correlated. Whereas, government effectiveness and rule of law are significantly positively correlated in influencing the underpricing of IPO in Hong Kong. Findings are consistent with the quantile regression analysis. The research is beneficial to the main participants of the market, such as investors, issuers and regulators
Accountability · Business · Corporate governance · Econometrics · Economics · Government (linguistics · Initial public offering · Institutional investor · Issuer · Language change · Monetary economics · Ordinary least squares · Political science · Quality (philosophy · Quantile regression · Regression analysis · Statistics · Stock (firearms · Auditing, Earnings Management, Governance · Corporate Finance and Governance · Financial Markets and Investment Strategies · Law · Accounting · Finance
| Citations per year | 1 |
|---|---|
| Citation span | 2026 - 2026 (1) |
| Highly cited | No |