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The Determinants of Delisting Risk in the Egyptian Initial Public Offering Equity Market

Algebaly, Esam Aldin Mohamed Aly (2011) The Determinants of Delisting Risk in the Egyptian Initial Public Offering Equity Market. PhD. thesis, Universiti Utara Malaysia.

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Abstract

The main objective of this thesis is to identify the determinants of delisting risk (comprises delisting rate and survival time) of the IPO companies that are listed on the Egyptian Exchange over the 1992-2009 period. This thesis consists of three specific objectives. The first two objectives are to identify the determinants of delisting rate and survival time, respectively. The third objective is to analyze the influence of some new variables on delisting risk, namely firm type, institutional ownership, and listing variables. Logit and probit regression models are used in the delisting rate analysis, while Cox nonproportional hazards regression model is employed in the survival time analysis. It is found that firm size, liquidity, growth rate in assets, cash coverage, operating performance, offering size, IPO activity, initial return, institutional ownership, and insider ownership variables have significant negative relationships with delisting risk, while financial leverage has a significant positive influence on delisting risk. In addition, delisting risk is significantly lower in firms listed on the Official Schedule, and those listed before August 2002. This study thus confirms the significant role of firm, signaling, offering, and listing variables in discriminating delisted and survived firms through a more robust statistical analysis.

Item Type: Thesis (PhD.)
Uncontrolled Keywords: Initial Public Offering, Equity Market, Egypt
Subjects: H Social Sciences > HG Finance
Divisions: College of Business (COB)
Depositing User: Mr Husni Ismail
Date Deposited: 11 Dec 2011 09:49
Last Modified: 18 Apr 2016 04:23
URI: http://etd.uum.edu.my/id/eprint/2594

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