Effect of Internationalization on IPO Underpricing in Thailand: The Moderating Roles of Institutional Investors and Founder Status

Name: Tharitsaya Kongkaew

Address: PATHUM THANI

Organization : RAJAMANGALA UNIVERSITY OF TECHNOLOGY THANYABURI. FACULTY OF BUSINESS ADMINISTRATION. PROGRAM IN BUSINESS ADMINISTRATION.

keyword: IPO underpricing

ThaSH: Environmental eeonomics

Classification :.LCCS: HF 79.E5

; internationalization

; institutional investors

; founder status

; moderating effect

Abstract: The objectives of this research were, in the context of Thai listed companies, 1) to study the effect of internationality on initial public offerings (IPO) underpricing, 2) to examine the moderating effect of institutional investors on the effect of internationalization on IPO underpricing, and 3) to investigate the moderating effects of institutional investors and founder status on the effect of internationalization on IPO underpricing. The samples used in this research included companies listed on the Stock Exchange of Thailand (SET) and companies listed on the Market for Alternative Investment (mai) from 2013 to 2020 with international and IPO underpricing, which amount to 80 companies from 220 listed companies. Data were collected from prospectus issued by each company, the SET website, and BISNEWS database. The statistical methods used to analyze the data were multiple linear regression to test the effect of internationalization on IPO underpricing along with Hayes’s regression-based analysis to test the moderating effects of institutional investors and founder status on the effect of internationalization on IPO underpricing. The study results revealed that internationalization had no effect on IPO underpricing and the institutional investors had no moderating effect on the effect of internationalization on IPO underpricing at a statistically significant level of .05. Moreover, it was found that institutional investors and founder status moderated the effect of internationalization on IPO underpricing. In the case of a company with a low or medium proportion of institutional investors and a non founder CEO, internationalization had a negative effect on IPO underpricing whereas in a company with a low or medium proportion of institutional investors and a founder CEO, internationalization had a positive effect on IPO underpricing.

Rajamangala University of Technology Thanyaburi. Office of Academic Resource and Information Technology

Address: PATHUM THANI

Email: elibrary@mail.rmutt.ac.th

Name: Supa Tongkong

Role: Faculty advisor

Name: Sungworn Ngudgratoke

Role: Co-advisor

Created: 2021

Modified: 2023-08-11

Issued: 2023-08-11

วิทยานิพนธ์/Thesis

application/pdf

CallNumber: THE HF 79.E5 .T52

eng

DegreeName: Doctor of Business Administration

Level: Doctor's Degree

Descipline: Business Administration

Grantor: Rajamangala Univetsity of Technology Thanyaburi

©copyrights Rajamangala Univetsity of Technology Thanyaburi

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