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All Journal The Asian Journal of Technology Management (AJTM)
Matsuura, Yoshiyuki
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Decision Sciences, Operations Research & Management

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Journal : The Asian Journal of Technology Management (AJTM)

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Are Individual Investors Attracted to Shareholder Perks in the Emerging Markets? An Experimental Study in Indonesia Trihermanto, Febi; Nainggolan, Yunieta Anny; Matsuura, Yoshiyuki
The Asian Journal of Technology Management (AJTM) Vol. 16 No. 3 (2023)
Publisher : Unit Research and Knowledge, School of Business and Management, Institut Teknologi Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12695/ajtm.2023.16.3.1

Abstract

Abstract. Choice-Based Conjoint (CBC) analysis experiment is conducted in this study to investigate perception equivalency of shareholder perks (SP) and dividend policy among Indonesian investors and to examine whether SP as a new alternative of payout policy can attract more individual investors in Indonesia. The results show that investors prefer SP over dividend in both 2 and 4 percent yield. However, the marginal utility of SP is decreasing to yield. This result suggests that individual investors prefer to receive SP rather than no dividends but they do not expect to receive an excessive number of SP when it is possible for the company to distribute a high amount of cash dividend. Furthermore, the results grouped by gender indicates that female respondents are prefer SP to dividend and have a higher economic value on SP than their male counterpart. Practically, by investing in an SP-paying stocks, individual investors are able to buy their favourite brands and products at lower prices which might be more beneficial than receiving a small amount of cash dividends. Meanwhile, for companies, the results imply that the distribution of SP can attract a number of individual investors, particularly women. Keywords: Shareholder Perks, Dividend Policy, Individual Investor, Conjoint Analysis, Indonesia
Patent Signals of IPO Performance: Evidence from High- and Low-Tech Industries in Japan An, Le Thuy Ngoc; Matsuura, Yoshiyuki; Yahya, Norliza Che; Phuc, Nguyen Huu
The Asian Journal of Technology Management (AJTM) Vol. 15 No. 1 (2022)
Publisher : Unit Research and Knowledge, School of Business and Management, Institut Teknologi Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12695/ajtm.2022.15.1.2

Abstract

Abstract: Prior studies pointed to evidence that startups and venture capital (VC) companies tended to use different measures to provide signals to outsiders. This study adds to those previous insights by focusing on established firms’ patenting behaviors and their effect on the amount of money raised at the initial public offering (IPO). Since technology intensity may differ considerably between high and low-tech companies, our main interest in this paper lies on whether the significance of pre-IPO patenting activities as a predictor of IPO performance also varies between these two industry categories. Using cross-sectional data representing 308 Japanese industrial firms’ IPO commitments between 2000 and 2015, we find a robust positive correlation between patent applications and IPO performance. Contrary to the conventional wisdom proposing that high-tech firms with more patenting activities achieve better IPO performance, we show that the signaling power of patenting is stronger for the low-tech companies in our sample: While the high-tech firms do not seem to have significantly benefited from a patent signal, the low-tech firms seem to have attracted external investors more easily due to patenting at the IPO. Keywords:  Patent, signal, initial public offering (IPO), high-tech industries, low-tech industries
Co-Authors An, Le Thuy Ngoc Phuc, Nguyen Huu Trihermanto, Febi Yahya, Norliza Che Yunieta Anny Nainggolan, Yunieta Anny