ความสัมพันธ์ระหว่างการจัดสรรหลักทรัพย์ที่ออกจำหน่ายต่อสาธารณชนเป็นครั้งแรกให้กับผู้มีอุปการคุณและผลการดำเนินงานของหลักทรัพย์

Abstract

The purpose of this study is to examine the allocation of Initial Public Offering (IPO) shares to sponsors and the short-term performance of IPO shares for the first time. Additionally, it aims to examine the allocation of IPO shares to sponsors and the long-term performance of IPO shares. The sample consisted of 95 companies listed on The Stock Exchange of Thailand (SET) and 73 companies on the Market for Alternative Investment (mai) between January 2004 and December 2013. The data were analyzed using descriptive statistics and multiple regression analysis, obtained from the SETSMART database (www.setsmart.com). The study found that there is a relationship between information asymmetry and abnormal short-term returns, specifically in the proportion of allocation of Initial Public Offering (IPO) shares to the benefactors during the initial public offering. It also identified a positive correlation between the age of the business, earnings per share, and the reputation of the underwriter with the abnormal short-term returns in the Market for Alternative Investment (mai). However, it did not find any correlation between the treatment of benefactors (stakeholders) and abnormal long-term returns in the Stock Exchange of Thailand (SET) and the Market for Alternative Investment (mai).