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Underwriter reputation and IPO valuation in an emerging market: evidence from Malaysia

机译：销售市场的承销商声誉和IPO估值：来自马来西亚的证据

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摘要

Purpose - The purpose of this study is to examine the influence of underwriter reputation on the valuation of Malaysian initial public offerings (IPOs). Design/methodology/approach - This study employed cross-sectional multiple regression models to analyse the relationship between underwriter reputation and IPO valuation that included 466 IPOs listed on Bursa Malaysia from 2000 to 2017. Findings - The results revealed that underwriter reputation had a significant negative association with IPO valuation. Firms that engaged the services of reputable underwriters had their IPO offer prices set lower than the intrinsic values during the listing. After incorporating firms' size, this study found a positive relationship between underwriter reputation and IPO valuation. Big firms (high quality) hired reputable underwriters for certification purposes as issuers were aware that the cost of hiring a reputable underwriter would be justified by increased transparency after listing. Therefore, firms that engaged reputable underwriters had approximately fair values since issuers assumed that the price would be close to the intrinsic value following enhanced transparency post-listing. Research limitations/implications - Future studies should focus on other non-financial factors, such as auditor reputation. Originality/value - The present study provides new insights into the certification role of underwriters in valuing IPOs in the Malaysian market.
机译：目的 - 本研究的目的是审查承销商声誉对马来西亚首次公开发行（IPOS）估值的影响。设计/方法/方法 - 本研究采用了横断面的多元回归模型来分析承销商声誉和IPO估值之间的关系，其中包括2000年至2017年Bursa Malaysia上市的466 IPO。调查结果显示 - 结果显示，承销商声誉具有重要负面与IPO估值相关联。从事信誉良好的承销商的服务的公司已提供价格低于上市期间内在价值观的价格。在纳入公司的规模之后，该研究发现了包销商声誉和IPO估值之间的积极关系。大公司（高质量）被聘用的信誉良好的承销商作为发行人的认证目的意识到雇用信誉良好的承销商的成本将通过上市后的透明度提高透明度。因此，从事信誉良好的承销商的公司有大约公允价值，因为发行人认为价格将接近在提升透明度后上市后的内在价值。研究限制/影响 - 未来的研究应该专注于其他非财务因素，例如审计师声誉。原创性/价值 - 本研究为承销商在评估马来西亚市场估值IPO的认证作用提供了新的见解。

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