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dc.contributor.authorChorruk, Jirapun
dc.contributor.authorWorthington, Andrew C.
dc.contributor.editorAkimov, Alexandr
dc.date.accessioned2020-01-16T08:01:45Z
dc.date.available2020-01-16T08:01:45Z
dc.date.issued2010
dc.identifier.issn1836-8123
dc.identifier.otherRePEc:gri:fpaper:finance:201002
dc.identifier.urihttp://hdl.handle.net/10072/390406
dc.description.abstractThis paper examines the firm-specific determinants and outcomes of initial public offerings (IPOs) in Thailand using data on 5,228 private and newly publicly listed firms between 2001 and 2007. We use the listing requirements of the Stock Exchange of Thailand (SET) to identify all private firms compulsorily registered with the Department of Business Development, Thai Ministry of Commerce that are potential IPOs. Analysis of the determinants of IPOs reveals that firms that are younger, larger, more leveraged and with lower interest rates from borrowing are more likely to list. Analysis of post- IPO performance suggests that Thai firms going public succeed in lowering their borrowing rates, and that unlike comparable findings elsewhere, profitability does not decline after listing. However, despite these findings, the rate of listing in Thailand remains relatively low, and the paper hypothesises that relatively high listing costs and the availability of alternative cheaper debt financing sources, the large shares of foreign subsidiary and small and medium-sized business operating in Thailand, along with market and political instability and cultural factors act against Thai IPOs.
dc.format.extent28 pages
dc.languageEnglish
dc.publisherGriffith University
dc.publisher.placeBrisbane, Australia
dc.relation.ispartofpagefrom1
dc.relation.ispartofpageto28
dc.subject.keywordsG32 - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure
dc.subject.keywordsG24 - Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies
dc.subject.keywordsInitial public offerings
dc.subject.keywordsDecision to go public
dc.subject.keywordsListing costs and benefits
dc.title2010-02: Firm-specific determinants and outcomes of initial public offerings in Thailand, 2001-2007 (Working paper)
dc.typeReport
dc.type.descriptionDiscussion Paper
gro.facultyGriffith Business School
gro.description.notepublicFinance
gro.rights.copyrightCopyright © 2010 by author(s). No part of this paper may be reproduced in any form, or stored in a retrieval system, without prior permission of the author(s).
gro.date.issued2010
gro.hasfulltextFull Text
gro.griffith.authorWorthington, Andrew C.


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