Family firm and initial public offering initial returns

The main purpose of this study is to determine the relationship between family firm characteristics and IPO initial returns. The family firm characteristics chosen in this study are family firm status, share overhang, and family members on board. The control variables such as auditor reputation, firm size, firm age, and offer size are included based on previous research which finds that the value of IPO initial returns are influenced by these variables. A total of 96 firms which conducted IPO activity in Bursa Malaysia from year 2008 to 2014 are selected as the sample. The collected data were analyzed by using several data analysis techniques in order to answer the research questions