IPO Underpricing and Predictive Power of Board Related Corporate Governance Mechanisms: A Study of Indian IPO Market

Singh, Amit Kumar; Maurya, Sheetal; Mohapatra, Amiya Kumar

doi:10.4236/tel.2019.96127

Cited by 5 publications

(4 citation statements)

References 26 publications

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“…In a longitudinal study on Indian IPOs, Singh et al (2020) found that from 1991 onwards, the amount of IPO capital grew at a rate of 11.54% compounded annually, while the number of IPO issues declined at a rate of 9.91% compounded annually. The average size of IPOs has increased by 21.46% annually (Jain et al , 2020).…”

Section: Background Of the Studymentioning

confidence: 99%

Studies on Indian IPO: systematic review and future research agenda

Chatterjee,

Bhattacharjee,

Chakraborty

2023

QRFM

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Purpose This paper aims to review, discuss and synthesize the literature focusing on the Indian initial public offering (IPO) market. Understanding the Indian IPO market can help answer broader corporate finance questions. The growing number of IPOs in the Indian context, coupled with the increasing importance of the Indian economy in the global market, makes this review an essential topic. Design/methodology/approach The systematic literature review methodology was adopted to review 111 papers published between 2002 and 2021. The authors used the Preferred Reporting Items for Systematic Reviews and Meta-Analyses approach during the review process. Additionally, the authors use a bibliometric review methodology to examine the pattern and trend of research in this area of interest. Furthermore, the authors conduct a critical review and synthesis of the top 20 papers based on citations. The authors also use a co-citation network and manual content analysis method to identify key research themes. Findings This review helps in identifying major themes of research in this area of interest. The authors find that majority of the research has focused on IPO performance whereas post-IPO performance needs critical attention as well. The authors develop a comprehensive framework and future research agenda based on their discussion. Research limitations/implications Meta-analysis of the literature can be conducted to gain better insights into the findings of prior studies. Practical implications This review paper develops a comprehensive overview on Indian IPO market which can be of interest not only to Indian scholarship. India as an economy is increasingly gaining attention at the global level. Hence, the future research objectives as illustrated in the study can be of interest for the global scholarship also. Originality/value To the best of the authors’ knowledge, this is the first comprehensive review paper that examines, synthesizes and outlines the future research agenda on Indian IPO studies. This review can be useful for researchers, business policymakers, finance professionals and anyone else interested in the Indian IPO market.

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Section: Background Of the Studymentioning

confidence: 99%

Studies on Indian IPO: systematic review and future research agenda

Chatterjee,

Bhattacharjee,

Chakraborty

2023

QRFM

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“…Corporation governance is a key part of agency theory since the presence of non-executive directors ensures that management activities are supervised and demonstrates the preservation of shareholders' interests. According to agency theory, the agent-principal link may provide a moral problem that might lead to agency costs (Jensen and Meckling, 1976;Singh et al, 2019).…”

Section: Agency Theorymentioning

confidence: 99%

Impact of CSR Committee on ESG Reporting Quality: Evidence from India

Matta¹,

Purohit²,

Mohanty³

2022

OJC

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A corporate social responsibility (CSR) committee plays a vital role in supervising, managing and controlling Environmental, Social, and Governance (ESG) disclosure practices of an organization.Therefore, this paper examines the link between the CSR attributes and ESG reporting quality. Using agency and stakeholders' theory and applying regression analysis on the sample of 225 Indian firms listed on stock exchanges in 2021, the results showed that the CSR committees' attributes such as independence, frequency of meetings, and size have positive and significant influence on the ESG reporting quality by companies. However, the financial expertise of the members of CSR committee does not influence the ESG reporting quality. This research contributes to the current literature and supports the relevance of management control systems in enhancing ESG reporting quality. This study is also valuable for regulators and policy makers to encourage the formation of CSR committees with larger memberships and greater proportions of independent members.

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“…Traders and investors estimate an asset's volatility to examine past price swings and forecast future price changes. To determine the level of risk associated with an investment, one must examine the level of volatility (Singh et al, 2019(Singh et al, , 2022. It has been observed that high volatility is associated with high risk, so investors want to invest in the stocks with the least volatility.…”

Section: Introductionmentioning

confidence: 99%

Nexus between foreign exchange rate and stock market: evidence from India

Mohanty,

Kumar Mohapatra,

Tripathy

et al. 2023

Investment Management and Financial Innovations

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This study examines the impact of foreign exchange rate fluctuations on various NSE capitalized indices of India. Five exchange rates were chosen based on trading contracts in the currency derivative segment of NSE. These exchange rates are US Dollar-Indian Rupee (USD/INR), Euro-Indian Rupee (EUR/INR), Great Britain Pound-Indian Rupee (GBP/INR), Chinese Yuan-Indian Rupee (CNY/INR) and Japanese Yen-Indian Rupee (JPY/INR), which are used as a regressor in this study. The data of NSE Nifty large-cap 100, Nifty mid-cap 100 and Nifty small-cap from December 1, 2012 to December 1, 2022 was considered for the study. GARCH (1, 1) model was used to analyze the nexus between exchange rate fluctuations and capitalized indices, and it was further validated by DCC GARCH to evaluate the volatility spillover. The result shows that exchange rate fluctuations have a positive effect on stock market volatility along with a varying degree of incidence on small-cap, mid-cap, and large-cap. DCC α has been found to be significant in USD &amp; GBP for small-cap, and GBP &amp; CNY for mid-cap. On the other hand, USD, Euro, CNY and JPY have a significant impact on the large-cap index in the short-run. Further, it is found that there is long-run spillover effect (DCC β) of exchange rates on all capitalized indices of the Indian stock market, and it is highest in in the large-cap case.

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IPO Underpricing and Predictive Power of Board Related Corporate Governance Mechanisms: A Study of Indian IPO Market

Cited by 5 publications

References 26 publications

Studies on Indian IPO: systematic review and future research agenda

Studies on Indian IPO: systematic review and future research agenda

Impact of CSR Committee on ESG Reporting Quality: Evidence from India

Nexus between foreign exchange rate and stock market: evidence from India

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