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Post Operating and Market Performance of Small and Medium Thai Enterprises |
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| รหัสดีโอไอ | |
| Creator | 1. Nareeporn Kongthon 2. Nipawan Thirawat |
| Title | Post Operating and Market Performance of Small and Medium Thai Enterprises |
| Publisher | Stamford International University |
| Publication Year | 2558 |
| Journal Title | ASEAN Journal of Management & Innovation |
| Journal Vol. | 2 |
| Journal No. | 1 |
| Page no. | 30 |
| Keyword | post operating performance,IPO, SMEs,ownership structure,signaling theory,market performance |
| ISSN | 2351-0110 |
| Abstract | This study investigates the effects of ownership structure on operating performance after 1 year of initial public offering (IPO), and examines initial return on the first day of trading and long-run performances. Managerial ownership is one of the most important factors causing the inferior performance of newly listed companies. The signaling theory of underpriced companies was tested, illustrating that the underpricing of IPO stocks is not an indicator of a company's quality. The findings contradict previous research on IPOs of Japanese firms and Thai small and medium enterprises (SMEs), which often demonstrates the opposite. Using a buy-and-hold abnormal return for 36 months, the performance of Thai IPOs fluctuates in the aftermarket. |
