From: The impact of prestigious attorneys on IPO withdrawal in the global primary market
 | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | (11) |
---|---|---|---|---|---|---|---|---|---|---|---|
Withdrawn IPOs (1) | 1.000 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Prestigious attorney (2) | − 0.047 | 1.000 |  |  |  |  |  |  |  |  |  |
IPO capital sold (3) | − 0.014 | 0.120 | 1.000 |  |  |  |  |  |  |  |  |
Technology firm (4) | − 0.013 | − 0.032 | − 0.056 | 1.000 |  |  |  |  |  |  |  |
Integer offer price (5) | 0.176 | − 0.004 | − 0.170 | 0.073 | 1.000 |  |  |  |  |  |  |
Above range offer price (6) | − 0.070 | 0.017 | − 0.059 | 0.112 | 0.084 | 1.000 |  |  |  |  |  |
Size of offering (7) | 0.010 | 0.147 | 0.012 | − 0.034 | 0.012 | 0.009 | 1.000 |  |  |  |  |
Ratio of institutional participation (8) | − 0.009 | 0.025 | 0.016 | 0.006 | − 0.010 | − 0.005 | 0.001 | 1.000 |  |  |  |
Hot IPO market (9) | − 0.032 | 0.084 | 0.070 | − 0.050 | − 0.035 | − 0.020 | 0.006 | − 0.010 | 1.000 |  |  |
Volume of IPO listing (10) | − 0.214 | − 0.065 | 0.035 | − 0.027 | − 0.124 | − 0.051 | − 0.031 | 0.009 | 0.261 | 1.000 |  |
IPO discount (11) | − 0.039 | − 0.020 | − 0.014 | 0.016 | − 0.040 | 0.015 | − 0.013 | 0.001 | − 0.015 | 0.021 | 1.000 |
Financial leverage (12) | 0.015 | − 0.002 | 0.008 | − 0.002 | 0.005 | − 0.002 | 0.003 | 0.000 | 0.005 | − 0.022 | − 0.001 |
Profitability (13) | 0.002 | 0.003 | 0.003 | 0.002 | − 0.004 | 0.001 | 0.001 | 0.000 | 0.007 | 0.012 | 0.000 |
Performance (14) | 0.030 | 0.028 | − 0.032 | − 0.018 | 0.038 | − 0.004 | 0.025 | 0.004 | − 0.004 | 0.004 | 0.001 |
Firm corporate governance (15) | − 0.095 | 0.151 | − 0.017 | − 0.033 | − 0.031 | 0.018 | 0.158 | 0.005 | 0.016 | 0.003 | 0.003 |
Inflows of foreign direct investment (16) | 0.008 | 0.078 | 0.302 | − 0.049 | − 0.231 | − 0.040 | 0.009 | 0.010 | − 0.017 | 0.013 | 0.031 |
Interest rate (17) | 0.070 | − 0.042 | − 0.199 | 0.035 | 0.288 | 0.082 | − 0.002 | − 0.007 | − 0.037 | − 0.114 | − 0.012 |
Growth of gross domestic product (18) | − 0.105 | 0.127 | 0.035 | − 0.039 | − 0.197 | − 0.048 | 0.040 | 0.032 | 0.107 | 0.265 | 0.018 |
Inflation rate (19) | 0.101 | 0.076 | 0.104 | − 0.039 | − 0.013 | − 0.004 | 0.004 | 0.029 | 0.107 | 0.127 | − 0.016 |
English common law origin (20) | 0.110 | 0.038 | 0.096 | 0.005 | 0.024 | 0.126 | − 0.039 | − 0.013 | − 0.005 | − 0.173 | − 0.004 |
French civil law origin (21) | 0.053 | − 0.016 | − 0.071 | − 0.001 | − 0.036 | − 0.045 | 0.069 | − 0.007 | − 0.015 | − 0.027 | − 0.024 |
 | (12) | (13) | (14) | (15) | (16) | (17) | (18) | (19) | (20) | (21) |
---|---|---|---|---|---|---|---|---|---|---|
Withdrawn IPOs (1) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Prestigious attorney (2) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
IPO capital sold (3) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Technology firm (4) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Integer offer price (5) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Above range offer price (6) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Size of offering (7) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Ratio of institutional participation (8) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Hot IPO market (9) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Volume of IPO listing (10) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
IPO discount (11) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Financial leverage (12) | 1.000 | Â | Â | Â | Â | Â | Â | Â | Â | Â |
Profitability (13) | 0.000 | 1.000 | Â | Â | Â | Â | Â | Â | Â | Â |
Performance (14) | − 0.001 | 0.006 | 1.000 |  |  |  |  |  |  |  |
Firm corporate governance (15) | − 0.001 | 0.003 | 0.057 | 1.000 |  |  |  |  |  |  |
Inflows of foreign direct investment (16) | − 0.004 | 0.000 | − 0.025 | − 0.029 | 1.000 |  |  |  |  |  |
Interest rate (17) | 0.004 | − 0.003 | 0.012 | − 0.017 | − 0.383 | 1.000 |  |  |  |  |
Growth of gross domestic product (18) | − 0.008 | 0.010 | 0.048 | 0.150 | 0.266 | − 0.364 | 1.000 |  |  |  |
Inflation rate (19) | 0.000 | 0.004 | 0.010 | − 0.022 | 0.089 | 0.046 | 0.285 | 1.000 |  |  |
English common law origin (20) | 0.005 | − 0.006 | − 0.074 | − 0.126 | 0.147 | 0.290 | − 0.372 | 0.053 | 1.000 |  |
French civil law origin (21) | 0.001 | 0.002 | 0.024 | − 0.036 | − 0.068 | 0.070 | − 0.095 | 0.046 | − 0.322 | 1.000 |