Title page for etd-0507114-123834


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URN etd-0507114-123834
Author Chih-Kai Lien
Author's Email Address No Public.
Statistics This thesis had been viewed 5342 times. Download 969 times.
Department Business Management
Year 2013
Semester 2
Degree Master
Type of Document
Language zh-TW.Big5 Chinese
Title Factors on IPO Delisting in Taiwan: IPO Characteristics, Financial Variables and Corporate Governance Variables in the Aftermarket
Date of Defense 2014-05-09
Page Count 84
Keyword
  • business life cycle
  • corporate governance variables
  • IPO characteristics
  • IPO
  • delisting
  • financial variables
  • Abstract This thesis assesses the probability of IPO delisting and the IPO’s survival time based on IPO characteristics, financial variables and corporate governance variables in the aftermarket.
    Our IPO sample consists of 1296 IPOs issued between 1990 and 2012 in Taiwan. There are three types of aftermarket status of IPOs after going public: including “survival”, “delisted voluntarily”, and “delisted due to financial crisis”. In this paper, we implement logistic regressions and multiple regressions to discuss how those variables influence the probability of delisting and IPO’s survival time. The results of this thesis are as follows:
    (1) According to IPO characteristics, IPO underwritten by prestigious underwriters, large proceeds, older in firm age before issued and high tech firms will decrease the probability of delisting.
    (2) Financial variables and corporate governance variables will affect delisting depending on their business life cycle. For example, the growth decreases the probability of delisting of growing firms, but increases the probability of delisting of mature firms. 
    (3) According to the financial variables and corporate governance variables, profitability, firms size and managerial ownership, are positively related to IPO’s survival time. R&D expenses, leverage, blockhold ownership, number of independent directors, the deviation between ownership and seats and pyramid structure are negatively related to IPO’s survival time.
    Advisory Committee
  • Lan-Feng Kao - chair
  • Cheng-Shou Lu - co-chair
  • Anlin Chen - advisor
  • Files
  • etd-0507114-123834.pdf
  • indicate access worldwide
    Date of Submission 2014-06-08

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