Table 3 Quantile regression using... | Emerald Publishing

Table 3

Quantile regression using investors' demand as a moderator variable

Variables	25th	50th	75th
Dependent: Initial return
Price range	2.158	5.648**	8.906*
OSR	6.929*	8.878***	11.91*
Offer price	−0.0705	0.0639	0.0449
Flipping activities	0.0171	0.0438**	0.0482
Range × OSR	0.00546***	0.00505***	0.00466***
Underwriter reputation	2.101	7.110*	7.762
Auditor reputation	4.281	−0.281	1.922
Board size	1.325	−0.147	−1.396
Private placement	0.0130	−0.0166	−0.0203
Listing board	−4.625	−12.70***	−12.29
Sharia-compliant status	2.297	4.780	5.507
Constant	−12.04	−8.884	−2.518
Pseudo R²	0.272	0.350	0.4212

Variables	25th	50th	75th
Dependent: Initial return
Price range	2.158	5.648**	8.906*
OSR	6.929*	8.878***	11.91*
Offer price	−0.0705	0.0639	0.0449
Flipping activities	0.0171	0.0438**	0.0482
Range × OSR	0.00546***	0.00505***	0.00466***
Underwriter reputation	2.101	7.110*	7.762
Auditor reputation	4.281	−0.281	1.922
Board size	1.325	−0.147	−1.396
Private placement	0.0130	−0.0166	−0.0203
Listing board	−4.625	−12.70***	−12.29
Sharia-compliant status	2.297	4.780	5.507
Constant	−12.04	−8.884	−2.518
Pseudo R²	0.272	0.350	0.4212

Note(s): ***, **, * denote significance at the one 1, 5, and 10% levels, respectively