Table 8 Additional analyses Model 1...

Table 8

Additional analyses

	Model 1	Model 2		Model 3
		Coefficient	Hazard ratios	Altman measure
Rm_PROXY	0.098***	0.611***	1.842	2.153***
Rm_PROXY	(4.682)	(2.462)		(3.579)
Poison Pill	0.441***	0.375***	0.960	0.025
Poison Pill	(4.026)	(4.274)		(0.164)
Abs_DA	−0.024	−0.041	1.454	−1.566**
Abs_DA	(−0.237)	(−0.476)		(−1.973)
Rm_proxy* Poison Pill*Abs_da	1.320**	1.047**	2.848
Rm_proxy* Poison Pill*Abs_da	(1.786)	(1.830)
Offerprice	−0.003	−0.004**	0.996	−0.003
Offerprice	(−1.243)	(−2.135)		(−1.186)
Firstday_ret	0.003	0.008***	1.008	0.007*
Firstday_ret	(1.063)	(3.717)		(1.681)
BTM	0.451***	0.280**	1.323	0.532**
BTM	(3.117)	(2.390)		(2.341)
Leverage	−0.137	−0.182	0.833	2.380***
Leverage	(−1.089)	(−1.576)		(13.201)
Logage	0.014	−0.028	0.972	−0.258***
Logage	(0.202)	(−0.527)		(−2.587)
ROA	−0.683*	−1.751***	0.173	−7.192***
ROA	(−1.647)	(−4.500)		(−6.655)
Overhang	−0.000	−0.000***	1	0.000
Overhang	(−0.658)	(−5.077)		(0.368)
VC_Dummy	0.087	0.231**	1.259	−0.248
VC_Dummy	(0.749)	(2.416)		(−1.507)
Big4	−0.039	0.090	1.094	0.111
Big4	(−0.374)	(1.020)		(0.681)
Gross_Margin	−0.368**	−0.455***	0.634	0.116
Gross_Margin	(−2.088)	(−3.029)		(0.385)
Nidummy	0.021	−0.024	0.976	0.946***
Nidummy	(0.141)	(−0.192)		(4.650)
Constant	2.251	–		−1.945
Constant	(1.401)			(−1.208)
Firm and year fixed effects	Yes	Yes		Yes
Wald χ²	355.80	729.7		556.73
Log pseudolikelihood	−1453.73	−5044.74		−738.81
Observations	2,997	2,994		2,883
Pseudo R²	0.136	–		0.392

	Model 1	Model 2		Model 3
		Coefficient	Hazard ratios	Altman measure
Rm_PROXY	0.098***	0.611***	1.842	2.153***
Rm_PROXY	(4.682)	(2.462)		(3.579)
Poison Pill	0.441***	0.375***	0.960	0.025
Poison Pill	(4.026)	(4.274)		(0.164)
Abs_DA	−0.024	−0.041	1.454	−1.566**
Abs_DA	(−0.237)	(−0.476)		(−1.973)
Rm_proxy* Poison Pill*Abs_da	1.320**	1.047**	2.848
Rm_proxy* Poison Pill*Abs_da	(1.786)	(1.830)
Offerprice	−0.003	−0.004**	0.996	−0.003
Offerprice	(−1.243)	(−2.135)		(−1.186)
Firstday_ret	0.003	0.008***	1.008	0.007*
Firstday_ret	(1.063)	(3.717)		(1.681)
BTM	0.451***	0.280**	1.323	0.532**
BTM	(3.117)	(2.390)		(2.341)
Leverage	−0.137	−0.182	0.833	2.380***
Leverage	(−1.089)	(−1.576)		(13.201)
Logage	0.014	−0.028	0.972	−0.258***
Logage	(0.202)	(−0.527)		(−2.587)
ROA	−0.683*	−1.751***	0.173	−7.192***
ROA	(−1.647)	(−4.500)		(−6.655)
Overhang	−0.000	−0.000***	1	0.000
Overhang	(−0.658)	(−5.077)		(0.368)
VC_Dummy	0.087	0.231**	1.259	−0.248
VC_Dummy	(0.749)	(2.416)		(−1.507)
Big4	−0.039	0.090	1.094	0.111
Big4	(−0.374)	(1.020)		(0.681)
Gross_Margin	−0.368**	−0.455***	0.634	0.116
Gross_Margin	(−2.088)	(−3.029)		(0.385)
Nidummy	0.021	−0.024	0.976	0.946***
Nidummy	(0.141)	(−0.192)		(4.650)
Constant	2.251	–		−1.945
Constant	(1.401)			(−1.208)
Firm and year fixed effects	Yes	Yes		Yes
Wald χ²	355.80	729.7		556.73
Log pseudolikelihood	−1453.73	−5044.74		−738.81
Observations	2,997	2,994		2,883
Pseudo R²	0.136	–		0.392

Note(s): In this table, model 1, we report the moderating effect of shareholder governance on IPO failure. The interaction term is the product of Rm_proxy, Abs_DA and poison pill. We also illustrate in Model 2 the estimation of the Cox proportional hazards model of the probability of failure. Finally, in Model 3, we report the result of our logistic regression using the Altman Z-Score as a proxy for IPO failure. Appendix outlines definitions and data sources for the regression variables. Robust t-statistics adjusted for clustering by the firm are reported inside the parentheses

* Statistical significance at the 10% level

** Statistical significance at the 5% level

*** Statistical significance at the 1% level

Source(s): Table by authors

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