From: The impact of prestigious attorneys on IPO withdrawal in the global primary market
Variables | Model 8 | Model 9 | Model 10 | Model 11 | Model 12 | Model 13 | Model 14 | Model 15 |
---|---|---|---|---|---|---|---|---|
Main variable | ||||||||
Prestigious attorney | − 0.12*** | − 0.11*** | − 0.12*** | − 0.11*** | − 0.12*** | − 0.11*** | − 0.12*** | − 0.12*** |
[− 4.41] | [− 4.36] | [− 4.52] | [− 4.20] | [− 4.60] | [− 4.35] | [− 4.67] | [− 4.47] | |
IPO firm-specific variables | ||||||||
IPO capital sold | − 0.011*** | − 0.011*** | − 0.010*** | − 0.011*** | − 0.010*** | − 0.011*** | − 0.010*** | − 0.011*** |
[− 16.3] | [− 16.4] | [− 15.9] | [− 16.5] | [− 15.8] | [− 16.0] | [− 15.8] | [− 16.1] | |
Technology firm | − 0.33*** | − 0.33*** | − 0.33*** | − 0.34*** | − 0.33*** | − 0.33*** | − 0.33*** | − 0.33*** |
[− 8.79] | [− 8.78] | [− 8.58] | [− 8.82] | [− 8.62] | [− 8.68] | [− 8.65] | [− 8.74] | |
Integer offer price | 1.13*** | 1.14*** | 1.11*** | 1.14*** | 1.12*** | 1.10*** | 1.11*** | 1.12*** |
[35.7] | [36.0] | [35.5] | [36.1] | [35.7] | [34.7] | [35.3] | [35.3] | |
Above range offer price | − 1.39*** | − 1.38*** | − 1.40*** | − 1.39*** | − 1.42*** | − 1.39*** | − 1.41*** | − 1.40*** |
[− 8.96] | [− 8.89] | [− 8.94] | [− 8.89] | [− 9.10] | [− 8.96] | [− 8.96] | [− 8.99] | |
Size of offering | − 0.010 | − 0.010 | − 0.010 | − 0.010 | − 0.010 | − 0.010 | − 0.010 | − 0.010 |
[− 0.79] | [− 0.81] | [− 0.75] | [− 0.82] | [− 0.73] | [− 0.75] | [− 0.79] | [− 0.76] | |
Ratio of institutional participation | − 0.010 | − 0.010 | − 0.010 | − 0.010 | − 0.010 | − 0.010 | − 0.010 | − 0.010 |
[− 0.83] | [− 0.84] | [− 0.83] | [− 0.84] | [− 0.78] | [− 0.89] | [− 0.85] | [− 0.83] | |
IPO market-specific variables | ||||||||
Hot IPO market | 0.039* | 0.042* | 0.039* | 0.044** | 0.050** | 0.047** | 0.052** | 0.041* |
[1.76] | [1.90] | [1.75] | [1.99] | [2.25] | [2.12] | [2.32] | [1.86] | |
Volume of IPO listing | − 0.001*** | − 0.001*** | − 0.001*** | − 0.001*** | − 0.001*** | − 0.001*** | − 0.001*** | − 0.001*** |
[− 30.1] | [− 29.7] | [− 29.8] | [− 29.8] | [− 29.6] | [− 29.8] | [− 29.5] | [− 29.9] | |
IPO discount | − 0.014*** | − 0.014*** | − 0.014*** | − 0.014*** | − 0.014*** | − 0.014*** | − 0.014*** | − 0.014*** |
[− 42.3] | [− 42.3] | [− 42.5] | [− 42.2] | [− 42.5] | [− 42.5] | [− 42.7] | [− 42.4] | |
IPO firm accounting variables | ||||||||
Financial leverage | 0.001* | 0.001* | 0.001* | 0.001* | 0.001* | 0.001* | 0.001* | 0.001* |
[1.82] | [1.81] | [1.77] | [1.84] | [1.76] | [1.80] | [1.72] | [1.80] | |
Profitability | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 |
[0.87] | [0.89] | [0.90] | [0.88] | [0.92] | [0.86] | [0.91] | [0.87] | |
Performance | − 0.010 | − 0.010 | − 0.010 | − 0.010 | − 0.010 | − 0.010 | − 0.010 | − 0.010 |
[− 0.33] | [− 0.31] | [− 0.35] | [− 0.33] | [− 0.40] | [− 0.36] | [− 0.37] | [− 0.34] | |
IPO firm corporate governance variable | ||||||||
Firm corporate governance | − 0.011*** | − 0.011*** | − 0.011*** | − 0.011*** | − 0.011*** | − 0.011*** | − 0.011*** | − 0.011*** |
[− 17.7] | [− 17.7] | [− 17.6] | [− 17.7] | [− 17.7] | [− 17.7] | [− 17.7] | [− 17.7] | |
Macroeconomic variables | ||||||||
Inflows of foreign direct investment | 0.037*** | 0.031*** | 0.052*** | 0.030*** | 0.048*** | 0.046*** | 0.059*** | 0.042*** |
[5.10] | [4.30] | [7.09] | [4.20] | [6.69] | [6.40] | [7.92] | [6.00] | |
Interest rate | − 0.016*** | − 0.016*** | − 0.015*** | − 0.017*** | − 0.015*** | − 0.015*** | − 0.013*** | − 0.015*** |
[− 7.64] | [− 7.55] | [− 7.48] | [− 7.74] | [− 7.36] | [− 7.54] | [− 6.02] | [− 7.31] | |
Growth of gross domestic product | 0.028*** | 0.031*** | − 0.0031 | 0.034*** | 0.0066 | 0.00087 | − 0.011* | 0.014** |
[4.63] | [5.52] | [− 0.50] | [6.06] | [1.26] | [0.14] | [− 1.95] | [2.17] | |
Inflation rate | 0.043*** | 0.046*** | 0.029*** | 0.052*** | 0.025*** | 0.027*** | 0.037*** | 0.034*** |
[7.14] | [7.69] | [5.53] | [8.13] | [4.73] | [5.11] | [7.18] | [5.70] | |
Legal origin variables | ||||||||
English common law origin | 0.17*** | 0.15*** | 0.28*** | 0.13*** | 0.27*** | 0.26*** | 0.28*** | 0.22*** |
[5.85] | [5.20] | [9.45] | [4.41] | [9.42] | [8.70] | [9.85] | [7.48] | |
French civil law origin | 0.16*** | 0.14*** | 0.15*** | 0.15*** | 0.097** | 0.13*** | 0.12*** | 0.17*** |
[3.67] | [3.08] | [3.32] | [3.29] | [2.14] | [2.88] | [2.60] | [3.85] | |
Rule of law | 6.93*** | Â | Â | Â | Â | Â | Â | Â |
[3.79] | Â | Â | Â | Â | Â | Â | Â | |
Regulatory quality | Â | 9.92*** | Â | Â | Â | Â | Â | Â |
 | [6.97] |  |  |  |  |  |  | |
Efficacy of corporate boards |  |  | − 0.17*** |  |  |  |  |  |
 |  | [− 5.45] |  |  |  |  |  | |
Government effectiveness | Â | Â | Â | 14.3*** | Â | Â | Â | Â |
 |  |  | [8.93] |  |  |  |  | |
Transparency of government policymaking |  |  |  |  | − 0.17*** |  |  |  |
 |  |  |  | [− 7.27] |  |  |  | |
Power distance | Â | Â | Â | Â | Â | 0.0042*** | Â | Â |
 |  |  |  |  | [3.92] |  |  | |
Enforcement of securities regulation |  |  |  |  |  |  | − 0.25*** |  |
 |  |  |  |  |  | [− 8.48] |  | |
Developing countries dummy | Â | Â | Â | Â | Â | Â | Â | 0.018 |
 |  |  |  |  |  |  | [0.42] | |
Industry dummy | YES | YES | YES | YES | YES | YES | YES | YES |
Year dummy | YES | YES | YES | YES | YES | YES | YES | YES |
Country dummy | YES | YES | YES | YES | YES | YES | YES | YES |
Constant | − 2.99*** | − 3.02*** | − 1.94*** | − 3.12*** | − 1.99*** | − 3.04*** | − 1.55*** | − 2.88*** |
[− 45.0] | [− 47.7] | [− 10.7] | [− 47.1] | [− 14.8] | [− 40.4] | [− 9.44] | [− 47.5] | |
Observations | 24,312 | 24,312 | 24,312 | 24,312 | 24,312 | 24,312 | 24,312 | 24,312 |
R squared | 0.28 | 0.28 | 0.29 | 0.30 | 0.31 | 0.32 | 0.29 | 0.28 |