From: The impact of prestigious attorneys on IPO withdrawal in the global primary market
Variables | Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | Model 6 | Model 7 |
---|---|---|---|---|---|---|---|
Main variable | |||||||
Prestigious attorney | − 0.12*** | − 0.13*** | − 0.20*** | − 0.21*** | − 0.16*** | − 0.16*** | − 0.22*** |
[− 4.08] | [− 4.12] | [− 6.08] | [− 6.10] | [− 4.65] | [− 4.73] | [− 6.23] | |
IPO firm-specific variables | |||||||
IPO capital sold |  | − 0.01*** | − 0.01*** | − 0.01*** | − 0.01*** | − 0.01*** | − 0.01*** |
 | [− 11.6] | [− 11.3] | [− 11.2] | [− 11.4] | [− 11.9] | [− 12.6] | |
Technology firm |  | − 0.30*** | − 0.32*** | − 0.32*** | − 0.33*** | − 0.32*** | − 0.29*** |
 | [− 7.21] | [− 7.13] | [− 7.13] | [− 7.31] | [− 6.89] | [− 6.20] | |
Integer offer price |  | − 0.09*** | − 0.09*** | − 0.09*** | − 0.10*** | − 0.10*** | − 0.10*** |
 | [− 26.2] | [− 24.4] | [− 23.9] | [− 24.1] | [− 24.4] | [− 25.6] | |
Above range offer price |  | − 0.02*** | − 0.02*** | − 0.02*** | − 0.02*** | − 0.02*** | − 0.02*** |
 | [− 7.66] | [− 7.10] | [− 7.11] | [− 7.11] | [− 7.05] | [− 7.17] | |
Size of offering |  | 0.01 | − 0.01 | − 0.01 | 0.01 | 0.01 | 0.01 |
 | [0.34] | [− 0.14] | [− 0.18] | [0.39] | [0.38] | [0.23] | |
Ratio of institutional participation |  | − 0.010*** | − 0.01*** | − 0.01*** | − 0.02*** | − 0.02*** | − 0.02*** |
 | [− 4.25] | [− 4.24] | [− 4.25] | [− 4.39] | [− 4.90] | [− 5.03] | |
IPO market-specific variables | |||||||
Hot IPO market |  |  | − 0.059*** | − 0.059*** | − 0.055** | − 0.047** | − 0.069*** |
 |  | [− 2.25] | [− 2.26] | [− 2.10] | [− 1.80] | [− 2.57] | |
Volume of IPO listing |  |  | − 0.01*** | − 0.01*** | − 0.01*** | − 0.01*** | − 0.01*** |
 |  | [− 29.5] | [− 29.5] | [− 29.9] | [− 28.0] | [− 26.5] | |
IPO discount |  |  | − 0.012*** | − 0.012*** | − 0.012*** | − 0.012*** | − 0.011*** |
 |  | [− 34.9] | [− 34.8] | [− 33.5] | [− 32.1] | [− 29.8] | |
IPO firm accounting ratio variables | |||||||
Financial leverage | Â | Â | Â | 0.01 | 0.01 | 0.01 | 0.01 |
 |  |  | [0.98] | [0.55] | [0.42] | [0.71] | |
Profitability | Â | Â | Â | 0.01** | 0.01 | 0.01 | 0.01 |
 |  |  | [1.81] | [1.06] | [0.99] | [1.11] | |
Performance | Â | Â | Â | 0.01 | 0.01 | 0.01 | 0.01 |
 |  |  | [1.24] | [1.28] | [1.29] | [1.30] | |
IPO firm corporate governance variable | |||||||
Firm corporate governance |  |  |  |  | − 0.08*** | − 0.07*** | − 0.07*** |
 |  |  |  | [− 13.9] | [− 13.3] | [− 12.9] | |
Macroeconomic variables | |||||||
Inflows of foreign direct investment | Â | Â | Â | Â | Â | 0.05*** | 0.02** |
 |  |  |  |  | [5.74] | [2.17] | |
Interest rate |  |  |  |  |  | 0.01 | − 0.01*** |
 |  |  |  |  | [0.77] | [− 3.56] | |
Growth of gross domestic product |  |  |  |  |  | − 0.02*** | 0.01** |
 |  |  |  |  | [− 2.72] | [1.91] | |
Inflation rate | Â | Â | Â | Â | Â | 0.06*** | 0.05*** |
 |  |  |  |  | [8.59] | [7.73] | |
Legal origin variables | |||||||
English common law origin | Â | Â | Â | Â | Â | Â | 0.05*** |
 |  |  |  |  |  | [11.4] | |
French civil law origin | Â | Â | Â | Â | Â | Â | 0.06*** |
 |  |  |  |  |  | [9.60] | |
Industry dummy | YES | YES | YES | YES | YES | YES | YES |
Year dummy | YES | YES | YES | YES | YES | YES | YES |
Country dummy | YES | YES | YES | YES | YES | YES | YES |
Constant | − 2.72*** | − 3.28*** | − 3.03*** | − 3.02*** | − 2.99*** | − 3.20*** | − 3.53*** |
[− 63.8] | [− 60.8] | [− 52.3] | [− 52.2] | [− 50.8] | [− 42.6] | [− 43.3] | |
Observations | 24,312 | 24,312 | 24,312 | 24,312 | 24,312 | 24,312 | 24,312 |
R squared | 0.10 | 0.19 | 0.29 | 0.29 | 0.31 | 0.31 | 0.32 |