OLS regression using investors' demand as a moderator variable
| Variable | OLS | VIF |
|---|---|---|
| Dependent: Initial return | ||
| Price range | 7.181** | 1.52 |
| OSR | 14.11*** | 1.2 |
| Offer price | −0.0736 | 1.77 |
| Flipping activities | 0.0133 | 1.62 |
| Range × OSR | 0.00500*** | 1.24 |
| Underwriter reputation | 10.95** | 1.27 |
| Auditor reputation | 6.345 | 1.31 |
| Board size | 0.0337 | 1.15 |
| Private placement | 0.0141 | 1.32 |
| Listing board | −11.04* | 2.08 |
| Sharia-compliant status | 4.358 | 1.11 |
| Constant | −10.67 | |
| Number of observations | 117 | |
| R-square | 0.657 | |
| Adj. R-squared | 0.621 | |
| F-value | 18.27*** | |
| Variable | OLS | VIF |
|---|---|---|
| Price range | 7.181** | 1.52 |
| OSR | 14.11*** | 1.2 |
| Offer price | −0.0736 | 1.77 |
| Flipping activities | 0.0133 | 1.62 |
| Range × OSR | 0.00500*** | 1.24 |
| Underwriter reputation | 10.95** | 1.27 |
| Auditor reputation | 6.345 | 1.31 |
| Board size | 0.0337 | 1.15 |
| Private placement | 0.0141 | 1.32 |
| Listing board | −11.04* | 2.08 |
| Sharia-compliant status | 4.358 | 1.11 |
| Constant | −10.67 | |
| Number of observations | 117 | |
| 0.657 | ||
| Adj. | 0.621 | |
| 18.27*** | ||
| Diagnostics tests | Chi-squares | p-values |
|---|---|---|
| White's test for heteroskedasticity | 76.3 | 0.3420 |
| Skewness | 12.51 | 0.3264 |
| Kurtosis | 3.35 | 0.0672 |
| Jarque-Bera normality test | 143.6 | 0.00 |
| Diagnostics tests | Chi-squares | |
|---|---|---|
| White's test for heteroskedasticity | 76.3 | 0.3420 |
| Skewness | 12.51 | 0.3264 |
| Kurtosis | 3.35 | 0.0672 |
| Jarque-Bera normality test | 143.6 | 0.00 |
Note(s): ***, **, * denote significance at 1, 5, and 10% levels, respectively