Determinants of IPO Oversubscription on Islamic Stocks: Evidence From Indonesia

Title : Determinants of IPO Oversubscription on Islamic Stocks: Evidence From Indonesia

Authors :
1. Azwar Aulia Rasyad
2. Bayu Arie Fianto
3. Rogier Busser

Department : Ekonomi Islam

Journal Name : Journal of Islamic Monetary Economics and Finance

Kinds of Journal : Scopus Q4

Keywords : Oversubscription, IPO, Islamic stocks, OLS, Quantile regression, Economic growth.

ABSTRACT

This study aims to investigate factors that affect IPO oversubscription on Islamic
stocks. Using data of 202 IPOs indexed from Indonesia Sharia Stock Index, this study
uses ordinary least squaresand quantile regression to test the formulated hypothesis
from 2011 to 2020. This study finds that issue price and issue size negatively affect
IPO oversubscription. Meanwhile, firm size and raw return positively affect IPO
oversubscription. The findings of this study offer implications forcompanies especially
related to go public subscription. This study can be reference for investors as well
when engage in IPO related activities for Islamic stocks.

For details : https://jimf-bi.org/index.php/JIMF/article/download/1566/909