FINANCIAL INDICATORS, NON-FINANCIAL INDICATORS, FIRM CHARACTERISTICS OF INITIAL PUBLIC OFFERINGS, AND POST-IPO EARNINGS MANAGEMENT OF LISTED FIRMS IN THAILAND
Keywords:
IPO Underpricing, Earnings Management, Stock Price , Initial Public Offerings, IPOAbstract
This research aimed to analyze the descriptive results of financial indicators, non-financial indicators, firm characteristics, underpricing of initial public offerings, and post-IPO earnings management. This research is quantitative research. The study sample was listed firms in Thailand during the year 2014 to 2018 with 138 examples. The statistics used for data analysis are descriptive statistics. The research found that the average price of the listed firms is 4.84 baht per share. The highest average price based on the industry is the consumer product industry. The highest underpricing rate is the technology industry which means that investors in Thailand are interested in the technology industry more than other industries. Post-IPO earnings management is quite high in the consumer product industry Also, financial indicator variables are in a good range indicating that IPO firms are well-prepared for their financial performance before the IPO. The highlights of the non-financial indicator variables are the discovery that 86 percent of the chief executive officer is the company’s founder. And there are 7 examples that were found supported by a venture capital company. The finding shows that there are few venture capital companies investing in newly listed firms in Thailand during the study periods. In addition, the study of firm characteristic variables found that firms listing in Thailand had an average total asset of approximately 4.6 billion baht and were established about 19 years before the IPO.
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