Key factors affecting initial public offering return an examination of compannies going public in vietnam

UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business Phan Thi Thuy Mai KEY FACTORS AFFECTING INITIAL PUBLIC OFFERING RETURN AN EXAMINATION OF COMPANIES GOING PUBLIC IN VIETNAM MASTER OF BUSINESS (Honours) Ho Chi Minh City – Year 2013 UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business Phan Thi Thuy Mai KEY FACTORS AFFECTING INITIAL PUBLIC OFFERING RETURN AN EXAMINATION OF COMPANIES GOING PUBLIC IN VIETNAM ID: MBUS111021 MASTER OF BUSINESS (Honours) SUPERVISOR: Dr Pham Quoc Hung Ho Chi Minh City – Year 2013 ABSTRACT This research aims at identifying main factors affecting on IPO return of companies going public in Vietnam I took a simple random sample of 166 from all the companies that have come up with an IPO since 2007 to the third quarter of 2013 in Vietnam’s Stock exchange to identify the relationship between Underwriter prestige, Total asset, Leverage, A g e ( Number of years from the year founded to the year prior to IPO), Percentage of state ownership after IPO and Number of shares offered when IPO (independent variables) with the IPO return (dependent variable) IPO return is one of the most attractive investments in every stock market By using the published data that can be acquired by general investors, I investigate those data which have relations to the return of IPO Finally, I develop and test the prediction model Keywords: Initial public offerings, IPO Return, underwriter prestige, total asset, leverage, state ownership ACKNOWLEDGEMENT Firstly, I would like to send my sincere thanks to my supervisor, Dr Pham Quoc Hung for his enthusiastic support during the research He has helped me take the knowledge, know the way of research in order to complete this thesis Secondly, I would like to thank the faculty and staff of International School of Business (ISB) – University of Economy Ho Chi Minh, especially Prof Nguyen Dinh Tho, who has explained clearly and simply during the Research Design For Master Thesis; and Prof Dinh Thai Hoang, who has instructed me how to research through the Data analysis by SPSS Thirdly, I am grateful to my friends and my classmates from ISB MBUS1 for sharing knowledge to me Finally, I thank very much to my family and specially to my husband for their support, understanding and encouragement through my life, particularly in this time Sincerely thanks all Phan Thi Thuy Mai Dong Nai, September 2013 TABLE OF CONTENTS ABSTRACT ACKNOWLEDGEMENT TABLE OF CONTENTS LIST OF TABLES LIST OF FIGURES CHAPTER INTRODUCTION 1.1 Background 1.2 Research problems 1.3 Research objectives 12 1.4 Research scope 12 1.5 Outline of study 13 CHAPTER II LITERATURE REVIEW 15 2.1 The concept of IPO 15 2.1.1 Definition of IPO 15 2.1.2 Requirements of IPO 16 2.1.3 IPO Auction 17 2.1.4 IPO procedures: 19 2.1.5 Advantages and disadvantages in IPO 21 2.2 The concept of IPO Return 23 2.3 IPO pricing 25 2.4 Related research and hypothesis development 28 2.4.1 Underwriter prestige 28 2.4.2 Firm size (Total asset of the year prior to IPO) 29 2.4.3 Leverage of the year prior to IPO 30 2.4.4 AGE (number of years from founding to the year prior to IPO) 31 2.4.5 State ownership (percentage of state ownership after IPO) 31 2.4.6 Volume of IPO (Number of shares offered when IPO) 32 2.5 Hypotheses and research model 32 CHAPTER III RESEARCH METHOD 35 3.1 Research design 35 3.2 Collecting data 35 3.3 Research process 36 3.4 Measurement scales 37 3.5 Analysis 39 CHAPTER RESULTS AND DISCUSSION 42 4.1 Sample characteristics 42 4.2 Data description and correlation analysis 43 4.2.1 Data description 43 4.2.2 Correlation analysis 45 4.3 Empirical analysis 46 4.3.1 Multiple regression analysis 46 4.4 Chapter summary 50 CHAPTER CONCLUSION 52 5.1 Implication 52 5.2 Limitation 53 5.3 Recommendations 54 References 57 Appendix 1: Data of companies going public in Vietnam ………… ……… 61 Appendix 2: Outliners .65 Appendix 3: Normality and Heteroskedasticity 66 Appendix 4: MLR between IPO return and independent variables .68 LIST OF TABLES Table 3.1: Variable descriptions……………………… 39 Table 4.1: EXCHANGE ………………………… 42 Table 4.2: Descriptive Statistics………………………… ………………………….44 Table 4.3: Pearson Correlation Matrix……………………………… … ……….46 Table 4.4: Coefficients………….………………………………… …….………….48 Table 4.5: Model Summary…….…………………………………… …………….48 Table 4.6: ANOVA………………………………………………… … …….…… 49 LIST OF FIGURES Figure 2.1: The Research model …………………………… 33 Figure 4.1: Number of IPOs from 2007 to the third quarter 2013 ….……… ….43 CHAPTER INTRODUCTION 1.1 Background Vietnam Stock Exchange has been in operation for 12 years and has gradually established itself in the market economy, contributing to the success of the market with participation of the members of the State, the business organizations, the securities of listed companies and investors Along with development of the market economy in Vietnam, the trend of economic globalization, waves of new business flowing into our country, needs to exist and thrive in a competitive environment are forcing enterprises, especially state enterprises, to provide transparency of management mechanisms Thereby, we can also see the role of stock market in general and in particular to the development of national economy The more reputation a company gains in business, the more attention from the investors it gets on the first issue of larger stocks The initial public offering (IPO) is a very important step, it marks a new period of development of the company Although IPO has been made for about twelve years in Vietnam, it is still pretty weak compared with the world There are many questions such as how IPO should be understood, how to proceed with IPO, the benefits of an IPO and what key factors affecting IPO return in order to have an successful IPO From these things, I research with the topic: “Key factors affecting Initial public offering (IPO) return An examination of Companies going public in Vietnam.” The study identified the following the Ministry of Finance etc c It is inadequate to set time of stock issue: for some enterprises, sale of stock is done in period when the stock market are on the rise, this brings about improper pricing procedures, information release, hasty and inaccurate equitization procedures, all is aimed sell out stocks as conveniently as possible However, because the stock market of Vietnam is at beginning so the development is unstable, there are years when there are many companies releasing shares, there are years when there are very few companies d In fact, only a small number of investors really value an IPO business when attending auction In general, the investors analyze and learn about the business carefully before setting reasonable purchase price for themselves Although they have not yet value the enterprise, their analysis is initial basis to value the enterprise This shows that the investor have in-depth consideration and analysis before making investment decision and setting reasonable purchase price However there is still a high number of investors who set purchase prices based on their sensibility, this reflects that there is a high percentage of investors on the stock market of Vietnam who make decision based on herding-psychology 56 References Abdul M.A Rasheed, Deepak K Datta, and Ravi R Chinta (October 1997) “Determinants of Price Premiums: A study of Initial Public Offerings in the MedicalDiagnostics and Devices Industry”, Journal of Small Business Management, 11-23 Carter, R.B.; Dark, F.H and Singh, A.K (1998) "Underwriter Reputation, Initial Returns and Long Run Performance of IPO Stocks." The Journal of Finance 53, 285-311 Carter, R.B and Manaster, S (1990) "Initial Public Offerings and Underwriter Reputation." The Journal of Finance 45, 1045-1068 Hiren Haria, Ajay Hingane, Mohit Bansal, Nikhil Gore ( 2011) ”In partial fulfillment of course “, Econometrics for Finance 12-06-2011 Ibbotson, R G., Sindelar, J L., & Ritter, J R (1988) “Initial public offerings.”, Journal of Applied Corporate Finance 1, 37– 45 IPO market cycles: Bubbles or sequential learning?” Journal of Finance, Forthcoming Jain, B A., & Kini, O (1994) ” The post issue operating performance of IPO firms”, Journal of Finance 49, 1699 –1726 Jain, Bharat A., and Omesh Kini (1994) “The post-issue operating performance of IPO firms”, Journal of Finance 49, 1699–1726 Jean Loo, Dong – Woo Lee and Jong – Hwan Yi (1999), “Profitability and Volatility of IPO Firms and Underwriter Reputation”, International journal of business, 4(2), 16 Jensen, Michael C., and William H Meckling (1976), “Theory of the firm: 57 Managerial behavior, agency costs, and ownership structure”, Journal of Financial Economics 4, 305–350 Johnson, J and Miller, R (1998), "Investment Banker Prestige and the Underpricing of Initial Public Offerings." 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Poisson evidence from Germany”, Working paper, University of Oxford, Journal of Financial Economics 35, 293 Loughran, Tim, Jay R Ritter, and Kristian Rydqvist, (1994), “Initial public offerings: International insights”, Pacific-Basin Finance Journal 2, 165–199 Loughran, Tim and Jay R Ritter, (1995), “The new issues puzzle”, Journal of Finance 50, 23–52 Mikkelson, Wayne H., Megan Partch, and Ken Shah, 1997, “Ownership and operating performance of companies that go public”, Journal of Financial Economics 44, 281–308 Nancy, L L., Karen, C B., & George, A M (2005) SPSS for Intermediate Statistics: Use and Interpretation University of Colorado at Denver Nuray GÜNER , Zeynep Önder , Zeynep Onder and Seza Danisoglu Rhoades (1999), “Underwriter reputation and shord-run ipo returns: A Re-evaluation for an emerging 58 market”, The ISE Best Finance Paper Award-International Conference in Economics at the Middle East Technical University in 1999 Pagano, Marco, and Ailsa Röell, (1996), “The choice of stock ownership structure: Agency costs, monitoring and the decision to go public”, Quarterly Journal of Economics, forthcoming Pallant, J (2005), SPSS Survival Manual, A step-by-step guide to data analysis using SPSS for Windows (Version 12), Allen & Unwin, Crow Nest NSW 2065, Australia Rajan, Raghuram G., and Henri Servaes, (1997), “The effect of market conditions on initial public offerings”, Journal of Finance 52, 507–529 Ritter, Jay R., ( 1987), “The costs of going public”, Journal of Financial Economics 19, 269–281 Ritter, Jay R., (1991), “The long-run performance of initial public offerings”, Journal of Finance 46, 3–27 Rock, Kevin, (1986), “Why new issues are underpriced”, Journal of Financial Economics 15, 187– 212 State Securities Commission of Viet Nam - The book "The most basic stock issues and stock securites” - Hanoi 2002 The persistence of IPO mispricing and the predictive power of flipping,” Journal of Finance 1999, Vol 54, No 3, pp 1015-1044 Tim Loughran and Jay Ritter, (2004), “Why has IPO Underpricing Changed Over Time?”, Finanacial Management, 5-37 Why don’t issuers get upset about leaving money on the table in IPOs? Review of 59 Financial Studies 2002, Vol 15, No 2, pp 413-443 Zingales, Luigi, (1995a), “Insider ownership and the decision to go public”, The Review of Economic Studies 62, 425–448 60 Appendix 1: Data of companies going public in Vietnam Order CODE NAME FLOOR IPO Year U W P 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 AGM DBT SRF SJS NTW PPC PVG NOS NNT CVT TV1 VIC HT2 NBP TMP DNS DXV LADOTEA VTV INTIMEX TATEX PDC TNB BTP DPM ASM TIP VCA VST TDS EMC ALSIMEX BWACO BDFC VIR DLR CTD CADIVI HOSE HNX HOSE HOSE UPCOM HOSE HNX UPCOM UPCOM HNX HOSE HOSE HOSE HNX HOSE UPCOM HOSE OTC HNX OTC OTC HNX UPCOM HOSE HOSE HOSE OTC UPCOM HOSE UPCOM HOSE OTC OTC OTC UPCOM HNX HOSE OTC 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 1 1 0 0 1 1 1 1 0 1 1 0 0 0 1 223.719 163.125 218.651 936.224 20.266 10.799.560 300.844 164.225 58.859 172.314 489.242 674.408 737.052 191.907 1.452.401 121.906 272.105 86.047 148.144 438.492 114.865 94.373 212.379 2.368.783 6.660.484 243.372 84.167 272.549 1.386.715 137.154 223.659 151.835 371.086 42.906 34.515 108.048 223.853 810.760 2.809 902 880 6.000 1.080 41.665 4.226 1.230 2.590 2.000 2.203 5.000 21.923 4.088 14.000 2.374 2.621 1.940 1.200 1.683 4.352 5.235 2.916 12.100 128.627 1.554 8.213 3.404 13.752 2.952 2.593 960 4.083 644 1.437 2.362 542 3.092 A G E (Y ear ) 31 24 14 25 14 15 47 25 14 33 13 16 32 31 14 28 13 13 32 15 10 32 32 29 31 20 25 15 39 40 41 42 43 44 45 SDG NBB CMV TS4 TTF VTEC FOPATRA VINAPLA ST BWA PPH JSC HNX HOSE HOSE HOSE HOSE OTC OTC 2007 2007 2007 2007 2007 2007 2007 0 1 220.604 338.848 212.895 93.703 331.295 821.830 44.105 1.228 3.000 1.890 2.000 2.800 4.029 2.149 21 15 28 14 30 284 529 275 73 24 191 219 210 277 333 13 44 31 250 156 88 257 1102 467 173 144 43 353 176 246 90 222 112 126 147 339 136 333 2000 2910 204 76 444 256 28 OTC UPCOM OTC 2007 2007 2007 0 261.109 28.544 133.330 10.716 770 1.606 31 32 83 218 46 47 48 FSIZE (Million dong) OFSIZE (Thousa nd Share) Leve rage (%) Closing Price (dong) IPOR eturn (CP/O P) (%) 11.000 17.000 67.000 235.000 10.500 43.000 10.500 10.100 11.000 10.500 11.000 80.000 20.000 15.000 20.000 10.010 11.000 10.500 11.000 10.200 10.010 11.000 10.100 15.750 50.000 16.000 40.000 13.000 15.000 13.000 10.500 10.100 10.500 10.300 10.500 11.000 14.000 40.000 36.310 134.186 130.939 235.004 18.882 69.710 115.113 58.406 11.169 16.910 71.695 119.479 26.242 28.648 67.929 14.202 45.407 16.468 31.436 160.025 10.098 21.884 24.750 78.528 54.403 103.713 52.250 31.319 21.485 26.705 11.384 35.622 12.359 14.451 12.669 38.363 220.185 60.681 330 789 195 100 180 162 1096 578 102 161 652 149 131 191 340 142 413 157 286 1569 101 199 245 499 109 648 131 241 143 205 108 353 118 140 121 349 1573 152 51 30 40 19 51 30 10.000 38.000 11.000 34.000 75.000 20.000 10.010 12.022 72.739 22.731 34.618 80.160 36.618 10.033 45 40 51 10.500 10.100 12.500 10.540 10.146 13.485 Stat eow n (%) Offering Price (dong) 30 51 20 51 51 65 60 51 51 70 51 65 51 80 30 65 45 55 45 49 51 65 80 60 51 65 60 65 51 52 65 65 30 10 63 61 120 191 207 102 107 183 100 100 100 108 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 FOODINC O VCB CTG VIWATER SABECO C32 TSHC D2D MHHC ACSC SPSC HPTRADE SUNCO HYCO UDC PHONGPH U SZT SPC JSC Cataco HMC Pymepharc o CPS XLXTV ALCI APT VGS AGR Vinatrans TRALAS CTS THI NAI PORT ALCII HEM TIS BTWASEC O Binhthuant ourist HLUECO LAS SZL VIDAMO MINEXCO PYGEMA CO STPC HNBR HBWATE R PV Machino DOCAM HUA SHI TNNP 100 OTC HOSE HOSE 2007 2007 2008 1 420.024 166.952.020 166.112.971 1.000 97.500 53.600 31 44 20 815 1390 1460 27 70 80 19.000 100.000 20.000 19.011 107.860 20.265 OTC OTC HOSE OTC HOSE OTC OTC OTC OTC OTC OTC HOSE 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 0 0 0 1 117.083 8.618.279 209.176 86.455 453.594 300.888 326.953 136.757 51.750 107.027 895.057 612.671 3.325 128.257 5.555 1.589 1.684 4.803 600 1.458 2.422 1.917 1.550 16.408 42 11 15 16 16 15 13 270 33 87 249 336 326 398 354 89 336 1195 147 65 80 45 60 79 30 15 51 51 58 45 10.500 70.000 10.000 12.000 30.000 10.000 21.000 11.000 13.500 10.500 10.500 10.100 10.500 70.003 10.000 12.224 46.917 10.032 23.452 11.001 13.500 10.500 10.710 10.105 OTC OTC OTC OTC HOSE 2008 2008 2008 2008 2008 0 1.817.312 56.174 256.100 231.324 445.500 11.450 2.379 2.140 3.158 10.826 33 12 19 33 277 95 438 995 142 52 36 51 30 70 12.500 10.600 11.000 10.100 14.000 12.511 13.394 41.388 10.120 14.493 OTC OTC OTC OTC OTC HNX HOSE OTC OTC HNX 2008 2009 2009 2008 2009 2009 2009 2009 2009 2009 0 0 0 0 0 411.507 30.585 22.634 2.122.851 419.014 430.212 7.417.810 378.935 52.771 1.109.067 1.072 770 582 5.119 3.228 8.254 30.042 12.375 1.774 19.192 19 16 33 11 34 1072 17 164 798 54 194 752 73 21 85 51 0 67 30 72 49 20 66 45.000 32.400 10.700 10.500 10.100 11.700 10.500 10.000 10.000 10.200 45.112 34.100 10.700 10.521 10.101 17.529 10.521 10.003 10.000 10.455 OTC OTC OTC UPCOM 2009 2009 2009 2009 0 14.254 4.043.080 453.018 3.716.537 1.412 13.354 8.019 26.561 15 11 47 1348 37 95 51 60 70 65 10.000 10.500 10.200 10.100 10.083 10.632 10.207 10.113 OTC 2009 171.620 3.632 17 293 51 10.000 10.040 OTC OTC HNX HOSE OTC OTC 2009 2009 2009 2009 2009 2009 1 1 38.919 8.715 2.186.853 307.911 89.668 194.578 900 1.403 2.000 5.328 3.452 3.264 13 12 47 16 72 327 20 28 51 70 70 60 75 10.100 10.000 14.000 25.000 10.500 10.800 12.436 10.051 15.214 25.012 14.036 10.810 OTC OTC OTC 2009 2009 2009 0 438.983 25.099 11.590 2.699 606 1.140 28 21 12 625 35 40 89 12.800 11.800 10.700 21.032 11.823 11.000 OTC 2009 96.468 1.624 50 42 70 10.010 10.010 OTC OTC OTC HOSE OTC 2009 2010 2010 2010 2010 1 556.894 143.403 1.173.359 761.410 92.803 5.641 3.519 9.520 4.000 1.549 6 34 12 14 41 27 221 274 94 70 60 65 75 10.500 10.300 11.000 16.000 10.000 10.509 10.302 13.288 21.359 10.000 62 108 101 100 100 100 102 156 100 112 100 100 100 102 100 100 126 376 100 104 100 105 100 100 100 150 100 100 100 103 101 101 100 100 100 123 101 109 100 134 100 164 100 103 100 100 100 121 133 100 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 ANTESCO HUT PET RCC geccom AGP INTOURC O SAIGONNI C AGRIBAN KTOUR EVNHPC DHD TRUONGT HINH ICC HCC DIP VPW2 SATS MASCONF OR Petec Agrimex GAS ARMEPH ACO AFIEX BSI BFC BIC GELIMEX VinhYen EUCO GELEX TFC I&C VIETRAN STIMEX POWACO EFI PGS HUNEX PHH VINAINC ON BINCO BID Peacetourc o HAWASU CO VNSTEEL CPHACo COSEVCO MHB NAMVIET OIL Petrolimex HAFIC OTC HNX HOSE OTC OTC OTC 2010 2010 2010 2010 2010 2010 0 75.734 1.148.213 3.093.732 567.398 683.478 99.561 2.698 4.100 11.610 1.800 25.853 957 35 39 17 21 18 85 621 261 5574 51 49 13 44 51 51 10.100 20.000 17.000 12.100 11.500 10.000 10.109 22.307 17.123 12.109 14.424 10.000 OTC 2010 341.284 12.794 18 27 10.000 10.055 OTC 2010 619.736 4.000 0 11.500 12.000 OTC 2010 195.069 8.440 27 154 23 10.050 10.051 OTC 2010 9.230.817 105.745 126 75 14.000 14.041 OTC 2010 176.029 OTC OTC OTC OTC 2010 2010 2010 2010 1 17.000 10.700 10.235 10.100 10.000 OTC OTC OTC HOSE 2010 2010 2010 2010 OTC OTC HOSE OTC HOSE OTC 100 112 101 100 125 100 101 104 400 49 383.110 45.056 175.853 48.837 925 4.337 2.445 4.030 1.978 18 14 19 124 87 90 12 60 51 51 51 17.000 10.700 10.200 10.100 10.000 0 162.341 2.922.632 161.194 19.938.000 2.030 13.000 4.313 94.750 15 29 15 20 207 414 154 162 60 51 30 75 10.500 21.000 10.000 31.000 38.540 21.010 10.000 31.000 2010 2010 2010 2010 2010 2010 1 223.681 987.495 2.861.658 1.469.540 1.813.015 175.604 2.900 8.239 10.196 7.371 11.512 1.973 14 20 11 19 11 35 86 308 275 440 250 102 51 51 88 65 82 40 10.000 10.200 10.300 11.000 10.200 10.100 13.910 10.270 10.317 14.534 11.225 10.100 OTC OTC OTC OTC 2010 2010 2010 2010 0 0 61.324 1.462.456 527.687 10.151 1.336 15.699 8.959 1.435 22 15 12 16 63 17 51 85 64 20 10.000 10.500 12.000 10.050 10.000 10.502 12.000 10.050 OTC OTC HNX HNX OTC HNX 2010 2010 2010 2010 2010 2010 1 0 300.320 880.321 43.927 1.105.138 135.491 553.580 4.303 21.309 3.570 5.750 2.856 9.250 34 14 10 18 17 129 76 528 321 310 62 51 25 79 12 10.200 10.000 15.000 25.000 12.000 13.500 15.670 10.140 15.000 25.003 16.770 13.501 OTC OTC OTC 2010 2010 2011 4.680.423 138.856 366.267.000 8.807 2.472 84.754 12 54 916 64 1403 75 51 93 10.900 10.000 18.500 10.917 10.368 18.583 OTC 2011 387.688 5.281 31 35 10.050 14.270 OTC OTC OTC OTC OTC 2011 2011 2011 2011 2011 0 1 126.647 23.853.282 337.999 3.909.236 51.701.745 2.572 65.987 2.635 23.978 64.598 11 16 36 14 190 82 851 1500 73 90 45 68 10.000 10.100 22.500 10.300 11.000 10.000 10.100 22.697 10.601 11.025 OTC OTC OTC 2011 2011 2011 711.728 26.856.966 3.041.368 3.057 27.426 7.000 16 35 155 713 15 95 12 18.600 15.000 10.000 18.633 15.032 11.500 63 100 100 100 100 100 100 100 367 100 100 100 139 101 100 132 110 100 100 100 100 100 154 101 100 100 140 100 100 104 100 142 100 100 101 103 100 100 100 115 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 LISEMCO TPST VAB HIDICO DAGATEX Fafilm Việt Nam Vietrans PPIP VUNGTA USHIP VINASUG ARII TRACODI CARIC NAVETCO LAWACO DCID TMMN QUAWAC O TRADE TOUR Song Ma JSC QUYNHO N PORT HCCB OTC OTC OTC OTC OTC 2012 2012 2012 2012 2012 0 1.129.318 533.656 24.093.000 286.145 119.058 8.700 693 11.662 1.020 1.485 50 25 19 52 2339 448 691 28 21 52 10 0 10.800 15.000 11.500 16.900 20.000 10.800 15.000 11.500 17.000 20.000 OTC OTC OTC 2012 2012 2012 1 33.361 335.722 535.662 3.336 5.254 1.750 59 42 11 15 15 55 30 80 10.000 10.500 24.000 10.100 10.597 27.000 OTC 2012 139.242 6.288 20 28 65 10.000 10.000 OTC OTC OTC OTC OTC OTC OTC 2013 2013 2013 2013 2013 2013 2013 0 0 765.602 228.257 257.363 277.405 262.284 177.916 145.643 16.766 2.404 5.718 1.949 3.200 3.200 1.590 18 23 20 58 34 34 23 45 192 77 144 106 142 64 65 20 65 75 51 10.100 11.000 10.000 11.000 10.000 10.000 10.000 10.101 11.000 10.314 26.000 10.104 10.104 10.000 OTC 2013 670.852 7.896 37 82 75 10.000 10.004 OTC 2013 18.302 778 13 45 10.000 70.200 OTC 2013 418.233 3.063 20 23 1111 10.000 10.000 OTC OTC 2013 2013 0 302.302 964.082 4.042 14.047 37 37 57 118 75 65 12.000 10.500 12.792 12.965 64 100 100 100 101 100 101 101 113 100 100 100 103 236 101 101 100 100 702 100 107 123 Appendix 2: Outliners Case Processing Summary Cases Valid N Missing Percent N Total Percent N Percent UWP AGE 166 100.0% 0.0% 166 100.0% Stateown 166 100.0% 0.0% 166 100.0% lnFISIZE 166 100.0% 0.0% 166 100.0% lnVOLUME 166 100.0% 0.0% 166 100.0% lnLEV 166 100.0% 0.0% 166 100.0% lnIPORETURN 166 100.0% 0.0% 166 100.0% 166 100.0% 0.0% 166 100.0% 65 Appendix 3: Normality and Heteroskedasticity 66 67 Appendix 4: MLR between IPO return and independent variables Variables Entered/Removeda Variables Entered Model Variables Removed lnLEV, UWP, Stateown, AGE, lnVOLUME, b lnFISIZE Method Enter a Dependent Variable: lnIPORETURN b All requested variables entered Mode l Model Summaryb R R Square Adjusted R Std Error of Square the Estimate a 167 136 51173 409 a Predictors: (Constant), lnLEV, UWP, Stateown, AGE, lnVOLUME, lnFISIZE b Dependent Variable: lnIPORETURN Model Regression Sum of Squares ANOVAa df Mean Square 8.374 1.396 Residual 41.637 159 262 Total 50.011 165 F 5.330 Sig .000b a Dependent Variable: lnIPORETURN b Predictors: (Constant), lnLEV, UWP, Stateown, AGE, lnVOLUME, lnFISIZE 68 Model Unstandardized Coefficients B (Constant) 5.912 Std Error 371 UWP 305 085 AGE -.001 Stateown Coefficientsa Standardized Coefficients Beta t Sig Collinearity Statistics Tolerance VIF 15.923 000 266 3.609 000 963 1.039 003 -.013 -.181 857 949 1.054 002 002 097 1.208 229 817 1.224 lnFISIZE 029 044 097 672 503 251 3.984 lnVOLUME -.189 062 -.409 -3.071 003 295 3.391 136 1.542 125 674 1.484 039 025 lnLEV a Dependent Variable: lnIPORETURN Collinearity Diagnosticsa Model Eigen Condition Variance Proportions Dimension value Index (Constant) UWP AGE Stateown lnFISIZE lnVOL lnLEV 5.809 1.000 00 01 01 00 00 00 00 626 3.046 00 89 03 00 00 00 00 255 4.772 00 05 94 03 00 00 01 179 5.692 00 00 00 70 00 00 14 085 8.248 03 04 00 19 01 01 56 042 11.761 09 00 02 04 33 00 05 004 40.184 88 00 00 02 66 99 22 a Dependent Variable: lnIPORETURN 69 Predicted Value Std Predicted Value Standard Error of Predicted Value Adjusted Predicted Value Residual Std Residual Stud Residual Deleted Residual Stud Deleted Residual Mahal Distance Cook's Distance Centered Leverage Value Residuals Statisticsa Mean Minimu Maximu m m 4.2529 5.5142 4.8905 -2.830 2.769 000 Std Deviation N 22528 1.000 166 166 055 264 101 029 166 4.2245 5.5838 4.8916 22857 166 -.80163 -1.566 -1.617 -.85406 -1.625 880 000 2.01346 3.935 4.010 2.10726 4.217 43.072 166 00000 000 -.001 -.00115 005 5.964 006 50234 982 1.002 52380 1.022 4.609 017 166 166 166 166 166 166 166 005 261 036 028 166 a Dependent Variable: lnIPORETURN 70 ...UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business Phan Thi Thuy Mai KEY FACTORS AFFECTING INITIAL PUBLIC OFFERING RETURN AN EXAMINATION OF COMPANIES GOING PUBLIC. .. affecting IPO return in order to have an successful IPO From these things, I research with the topic: Key factors affecting Initial public offering (IPO) return An examination of Companies going. .. going public in Vietnam. ” The study identified the following specific objectives: identifying of key factors affecting IPO return in Vietnam; and measuring the impact of these factors on IPO return