DETERMINANTS OF IPO OVERSUBSCRIPTION ON ISLAMIC STOCKS: EVIDENCE FROM INDONESIA

Azwar Aulia Rasyad; Bayu Arie Fianto; Rogier Busser

doi:10.21098/jimf.v8i3.1566

DETERMINANTS OF IPO OVERSUBSCRIPTION ON ISLAMIC STOCKS: EVIDENCE FROM INDONESIA

Azwar Aulia Rasyad, Bayu Arie Fianto, Rogier Busser

Research output: Contribution to journal › Article › peer-review

1 Citation (Scopus)

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.

Original language	English
Pages (from-to)	485-500
Number of pages	16
Journal	Journal of Islamic Monetary Economics and Finance
Volume	8
Issue number	3
DOIs	https://doi.org/10.21098/jimf.v8i3.1566
Publication status	Published - 2022

Keywords

Economic growth
IPO
Islamic stocks
OLS
Oversubscription
Quantile regression

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10.21098/jimf.v8i3.1566

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title = "DETERMINANTS OF IPO OVERSUBSCRIPTION ON ISLAMIC STOCKS: EVIDENCE FROM INDONESIA",

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 = "Economic growth, IPO, Islamic stocks, OLS, Oversubscription, Quantile regression",

author = "Rasyad, {Azwar Aulia} and Fianto, {Bayu Arie} and Rogier Busser",

note = "Publisher Copyright: {\textcopyright} 2021 Asociaci{\'o}n Espa{\~n}ola de Historia Econ{\'o}mica.",

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AU - Fianto, Bayu Arie

AU - Busser, Rogier

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AB - 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.

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DETERMINANTS OF IPO OVERSUBSCRIPTION ON ISLAMIC STOCKS: EVIDENCE FROM INDONESIA

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Keywords

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