CEO Characteristics and the Amount of Capital Raised in Malaysian IPOs

CGN: CEOs (Sub-Topic) Pub Date : 2017-10-03 DOI:10.1504/IJMP.2017.10005860

B. Badru, Nurwati A. Ahmad-Zaluki, W. Wan-Hussin

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引用次数: 9

Abstract

This study examines the impact of the characteristics of the Chief Executive Officer (CEO) on the amount of capital raised in the Malaysian Initial Public Offering (IPO) market. To have a broader picture of the impact, the current study employs the Ordinary Least Squares (OLS) and quantile regression techniques, using a sample of 214 IPOs over the period of 2005-2015. The use of the quantile regression technique allows the study to estimate the impact of the CEO's characteristics at different quantiles of the conditional distribution of the capital raised. The results show that companies with a Malay CEO raise more capital than those companies with a non-Malay CEO. In addition, CEO age is significant and negatively associated with capital raised. However, the impact of CEO educational qualification is mixed, while CEO gender is insignificant. Other variables, such as company size and pre-IPO financial health, have significant and positive impact on capital raised. The practical implication of the study is that the characteristics of the CEO play a signalling role in IPO decisions. As such, investors can consider the characteristics of the CEO before making investment decisions.

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CEO特征与马来西亚ipo融资规模

本研究考察了首席执行官(CEO)的特征对马来西亚首次公开发行(IPO)市场筹集的资金量的影响。为了更全面地了解这种影响，本研究采用了普通最小二乘(OLS)和分位数回归技术，使用了2005-2015年期间214家ipo的样本。分位数回归技术的使用使研究能够估计CEO的特征在不同分位数的条件分配的影响。结果显示，由马来人担任首席执行官的公司比由非马来人担任首席执行官的公司筹集的资金更多。此外，CEO年龄与融资呈显著负相关。然而，CEO学历的影响是混合的，而CEO性别的影响不显著。其他变量，如公司规模和ipo前的财务状况，对筹资有显著的积极影响。该研究的实际意义在于，CEO的特征在IPO决策中起着信号作用。因此，投资者可以在做出投资决策之前考虑CEO的特点。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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CGN: CEOs (Sub-Topic)

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