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Determinants Of Ipo Oversubscription On Islamic Stocks: Evidence From Indonesia

Author

Listed:
  • Azwar Aulia Rasyad

    (Universitas Airlangga, Indonesia)

  • Bayu Arie Fianto

    (Universitas Airlangga, Indonesia)

  • Rogier Busser

    (University of Applied Science, Amsterdam, the Netherlands)

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.

Suggested Citation

  • Azwar Aulia Rasyad & Bayu Arie Fianto & Rogier Busser, 2022. "Determinants Of Ipo Oversubscription On Islamic Stocks: Evidence From Indonesia," Journal of Islamic Monetary Economics and Finance, Bank Indonesia, vol. 8(3), pages 485-500, August.
    • Handle: RePEc:idn:jimfjn:v:8:y:2022:i:3h:p:485-500
    DOI: https://doi.org/10.21098/jimf.v8i3.1566
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    Keywords

    Oversubscription; IPO; Islamic stocks; OLS; Quantile regression; Economic growth;
    All these keywords.

    JEL classification:

    • D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F37 - International Economics - - International Finance - - - International Finance Forecasting and Simulation: Models and Applications

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