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The relationship between corporate governance and underpricing: A case study in Ho Chi Minh stock exchange

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dc.title The relationship between corporate governance and underpricing: A case study in Ho Chi Minh stock exchange en
dc.contributor.author Tran, Hoang Khang
dc.contributor.author Nguyen, Thi Ngoc Diep
dc.contributor.author Knápková, Adriana
dc.contributor.author Aliu, Florin
dc.relation.ispartof Journal of Asian Finance Economics and Business
dc.identifier.issn 2288-4637 Scopus Sources, Sherpa/RoMEO, JCR
dc.identifier.issn 2288-4645 Scopus Sources, Sherpa/RoMEO, JCR
dc.date.issued 2021
utb.relation.volume 8
utb.relation.issue 7
dc.citation.spage 375
dc.citation.epage 381
dc.type article
dc.language.iso en
dc.publisher Korea Distribution Science Assoc
dc.identifier.doi 10.13106/jafeb.2021.vol8.no7.0375
dc.relation.uri http://koreascience.or.kr/article/JAKO202118057781268.page
dc.subject corporate governance en
dc.subject Initial Public Offering (IPO) en
dc.subject underpricing en
dc.description.abstract Underpricing signifies that IPO share prices do not reflect the fundamental value of the listed company. Corporate governance plays an essential role in IPOs where the board of directors, the independent board of directors, and the board of supervisors are significant elements of accurate share pricing. "The study investigates the underpricing phenomena and short-term performance of the IPO companies during the listing process in the Ho Chi Minh Stock Exchange (HOSE). The work outcomes illustrate the role of the corporate organizational structure in the period of the IPO process that may attract potential investors. The hypothesis testing is conducted with a multiple regression model including 100 observations from enterprises doing IPO listed on HOSE. The study results generate signals for the investors and regulators that the board of directors holds a strong negative influence on the underpricing process. Secondly, the level of the independent board of directors and stock exchange in itself has no significant impact on the underpricing process. Underpricing is one of the many anomalies of the stock exchanges that provide wrong signals for the market participants. Identifying stock prices that reflect their intrinsic value is an ongoing debate among scholars, investors, and other market participants. en
utb.faculty Faculty of Management and Economics
dc.identifier.uri http://hdl.handle.net/10563/1010440
utb.identifier.obdid 43882545
utb.identifier.wok 000670055700038
utb.source J-wok
dc.date.accessioned 2021-07-21T10:49:24Z
dc.date.available 2021-07-21T10:49:24Z
dc.description.sponsorship Faculty of Management and Economics, Tomas Bata University in Zlin (Czech Republic) [IGA/FaME/2020/011]
dc.rights Attribution-NonCommercial 4.0 International
dc.rights.uri http://creativecommons.org/licenses/by-nc/4.0/
dc.rights.access openAccess
utb.ou Department of Finance and Accounting
utb.contributor.internalauthor Tran, Hoang Khang
utb.contributor.internalauthor Nguyen, Thi Ngoc Diep
utb.contributor.internalauthor Knápková, Adriana
utb.fulltext.affiliation Khang Hoang TRAN1, Diep Thi Ngoc NGUYEN2, Adriana KNAPKOVA3, Florin ALIU4 1 First Author. Ph.D. Candidate, Department of Finance and Accounting, Faculty of Management and Economics, Tomas Bata University in Zlín, Czech Republic [Postal Address: Nám. T. G. Masaryka 5555, 760 01 Zlín, Czech Republic] Email: htran@utb.cz 2 Corresponding Author. Department of Finance and Accounting, Faculty of Management and Economics, Tomas Bata University in Zlín, Czech Republic. Email: t1nguyen@utb.cz 3 Department of Finance and Accounting, Faculty of Management and Economics, Tomas Bata University in Zlín, Czech Republic. Email: knapkova@utb.cz 4 Department of Finance, University of Business and Technology, Republic of Kosovo. Email: florin.aliu@ubt-uni.net
utb.fulltext.dates Received: March 30, 2021 Revised: June 07, 2021 Accepted: June 17, 2021
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utb.fulltext.sponsorship We are grateful for the great support and sponsorship of the Faculty of Management and Economics, Tomas Bata University in Zlin (Czech Republic) through the Project IGA/FaME/2020/011–Investigation of the current economic topics in the Southeast Asia region.
utb.wos.affiliation [Tran, Khang Hoang; Diep Thi Ngoc Nguyen; Knapkova, Adriana] Tomas Bata Univ Zlin, Fac Management & Econ, Dept Finance & Accounting, Nam TG Masaryka 5555, Zlin 76001, Czech Republic; [Aliu, Florin] Univ Business & Technol, Dept Finance, Pristina, Kosovo
utb.fulltext.projects IGA/FaME/2020/011
utb.fulltext.faculty Faculty of Management and Economics
utb.fulltext.faculty Faculty of Management and Economics
utb.fulltext.faculty Faculty of Management and Economics
utb.fulltext.ou Department of Finance and Accounting
utb.fulltext.ou Department of Finance and Accounting
utb.fulltext.ou Department of Finance and Accounting
utb.identifier.jel G10
utb.identifier.jel G11
utb.identifier.jel G12
utb.identifier.jel G18
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