Date of Publication

4-16-2024

Document Type

Bachelor's Thesis

Degree Name

Bachelor of Science in Accountancy

Subject Categories

Accounting | Business Administration, Management, and Operations | Sustainability

College

Ramon V. Del Rosario College of Business

Department/Unit

Accountancy

Honor/Award

Candidate for Best Thesis

Thesis Advisor

Arnel Onesimo O. Uy

Defense Panel Chair

Michelle A. Ang

Defense Panel Member

Julian C. Antonio

Abstract (English)

Sustainability has become an increasingly important aspect of business in recent years, especially now that stakeholders demand greater transparency on ESG impacts. This budding relevance also permeates the growing Southeast Asian market, where many companies conduct IPOs to raise funds and augment their competitive advantage. Thus, this study aimed to determine the influence of the presence of sustainability reporting on the IPO stock pricing behavior, represented by the AIR and IPE, among ASEAN-5 PLCs in Indonesia, Malaysia, Thailand, the Philippines, and Singapore from 2016 to 2022. The study utilized a total enumeration approach and a causal mixed-method research design to determine the sample for the research and employed a pooled OLS model to test the hypotheses. The findings of the study revealed that sustainability reporting had negatively and significantly influenced both AIR and IPE among PLCs in the region from 2016 to 2022 at a 95% confidence level. Further analysis of the results also indicated that sustainability reporting had a significant and negative influence on the AIR and IPE in Indonesia, Malaysia, Singapore, and Thailand. Meanwhile, no significant influence in the Philippines was observed for both AIR and IPE. The results provide an insightful understanding of how various sustainability efforts shape investor sentiment and, ultimately, influence the level of IPO underpricing primarily caused by the reduced information asymmetry from disclosing such initiatives in an organized report as supported by the Organizational Legitimacy Theory and Signaling Theory.

Abstract Format

html

Abstract (Filipino)

None

Abstract Format

html

Language

English

Format

Electronic

Keywords

Sustainable development; Stocks—Prices

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Embargo Period

4-15-2024

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